Greetings Everyone, and Welcome to Thursday!

We look a bit ahead today and tomorrow with some significant Data Point Releases that may give The Queen some Impetus to really break it’s larger Time-Cycle Areas of Consolidation.

Retail Sales out of The U.K. brings the spotlight to The Queen, as Consensus calls for a slight Build in Retail Sales… despite the very fragile British Consumer Sentiment Outlook.

(For additional Information on this Data Point, please have a look at “Retail Sales” , among my other Releases, in the new “Fundamental Forex Foundations” Section).

Preliminary GDP is to follow on Friday, which is also looking for a Positive Build… however so slightly it may be… and we will get to this Release in a later Post.

Even with the relatively “Positive” Sentiment out of The MPC, we are still working a 6-Week Range on The Daily View… with Static Support at the 1.6000 Handle and Resistance at the 1.6600 Handle.

I also have a “Mid-Term Dynamic Range” here that will give us a bit more Clarity with Dynamic Support at 1.62000 and Dynamic Resistance at  about 1.6665… although we can still see a rather “Clean” Range of Behavior here.

Give The Captures a Click as always, and Post-Time is 2:00 GMT.

The Hourly View for all of my IntraDay Friends provides a bit more Short-Term Probability with a decent 150-Pip Range to the Downside, and a Dynamic Support Area with 1.6440 Magenta Trendline of the Daily Dynamic Channel to “Bounce” off of if the Area holds for Price Appreciation.

It will be interesting to see if the “slightly positive” Consensus of Retail Sales will actually move the Unit into one of these two “Scenarios”… or if we may simply get a purely Technical Move to simply get out of The larger Range Itself.

Just like The Queen Herself… Price can also be a bit “Impatient”, can’t it!       

We will check back with plenty of more Updates, so please feel free to join me!

Greetings again, Everyone!

We have had some time to “digest” a significant portion of Bernanke’s Testimony on The Hill, as well as today’ EIA Crude Inventory Builds and we see our Crude/Equities/Euro Correlations functioning well from an IntraDay View.

While in the “Trasditional” sense, The Fiber’s Correlation with Gold is always significant… we often see Oil playing a solid Role here as well due primarily to the Euro moving “loosely but generally” In Tandem with the NYMEX WTI Continuous Contract ( The West Texas Intermediate Futures).

The Rationale behind this is rather extensive to get into, but for the sake of my point… we can use the Classic “Inversion” of Strong Oil and Gold equalling A Weak Dollar… since both Commodities are bought and sold in Dollars.

This translates for us with a Rising EUR/USD correlating very highly with a Rising Oil Price… since both are seeing a Weakening Dollar.

Relative Performance so far today with The Dollar sees Crude off about 0.30 %, while the Euro is up about 0.10%.

OK… all of you know me very well by now and if I do not stop… I will start going into my “CVJ’s Bag of Analogies”, and ramble for days…so let’s move on to The Captures!   

Here we have The Hourly Views of both Units, where we can see how tightly Price is correlating on the IntraDay Basis… literally right down to The Wicks and “Directionality” of Support and Resistance Levels.

Give The Captures a Click, as always… and Post-Time is 18:30 GMT.

Of course… time for one of my “Rhetorical” Questions!

“Is this a Euro and Crude Move here?… or are we seeing The Dollar driving these two Ships…”

I have my Views… but what are yours?… Please feel free to Comment, as always!

As always, more Updates to come… so please join me after The NYSE Close, and we can check on those larger Equity and Index Correlations as well!

Greetings once again, Everyone!

The IntraDay Market Corrections we have spoken of have surely come to Fruition, as The Dollar and The Yen strengthen on overall Market Sentiments.

The Dow and The S&P are largely “flat” coming into additional Bernanke Testimony, as we are, once again, dealing with Ranging and somewhat “Directionless’ Market activity moving forward.

We can see with The current EUR/USD Activity that even though we have plenty of IntraDay Volatility and Macro-Factors to use as Impetus for Movement… We really are still dealing with these “larger” Consolidations of Activity out on the larger Time-Cycles.

 Here is The Capture, so give it a Click for this Range we are speaking of, as price currently sits on the 1.4080’s Dynamic Support Areas. Continued Clearance here to the Downside may certainly see a “Re-Test” of the 1.3800 Handle of Mid-Term Support.

Give the Captures a Click, as always, and Post-Time is 17:15 GMT.

The Hourly View sees clear Delineation of the Price Appreciation, as we reverse with probable Profit-Taking and Equities Correlation weakness as we move forward.

A Clip of this Dynamic Support can certainly see the 1.4080’s “In Concert” with the overall Daily View.

As Bernanke continues on, we will monitor any additional Rhetoric moving forward and I will have an Update for you as we move towards the NYSE Close!

Please stop by for a visit then!

Greetings once again, Everyone!

As expected, The Bank of Canada held Rates at 0.25% in which the future Forecast to keep this Level through the middle of 2010 is a somewhat surprising consideration in terms of looking that “Far into The Future” for a Central Bank Entity.

We are quite accustomed in our present Climate to see Policy Views and Shifts simply going from Meeting to Meeting…although Canada’s emphasis on maintaining its 2% Target Inflation Rate is “In Line” with this type of rhetoric.

Our Thoughts on the concern of the Canadian Dollar strength were emphasized as expected,  as The Statement shed light on “The higher Canadian Dollar significantly moderating the pace of overall growth”.

Crude Oil certainly took advantage of this Momentum in its Correlation with The Loonie, while certainly having its own Appreciation lately due to positive Equities Correlations moving forward.

Let’s check in with both Units and observe the Price Appreciation, so give The Captures a Click for reference.

Post-Time is about 30 Minutes after The NYSE Open at 14:00 GMT… where The Dow is bidding up in positive territory a bit over 44 Points.

Here I have the new September Futures Crude Contract, which again, will vary slightly with the Continuous Contract on The NYMEX… where we see an IntraDay High so far of about $66.65 and a new “Transitive Rollover” Area right at the $66.00 Handle.

A deeper Correction… which is probable in my personal View…may simply take us back into the Consolidating Range of $64.20’s to the $66.00 Handle with the Conclusion of Bernanke’s Testimony here.

His emphasis will place Rhetoric on Macro-Economic Growth remaining in Contraction Mode which will give the Dollar and Yen a little boost of “Corrective Steam”, if you will.

The Strength of The Loonie here reaching the 1.0960’s but not being able to sustain the Level as Price moves back to the massive 1.1000 Handle… is precisely the Sentiment the BoC is after.

Corrections may also be due here with the Bernanke Testimony Rhetoric, as well as the Crude and even Gold Corrective Sentiment that looks to be on the way… although a Retracement of this “Wick” surely is possible through to the 1.0930’s Dynamic Support Areas as well.

As always on such an interesting Day, I will have more Updates for you as we move along!

The Curiosity of the potential Dollar and Yen Corrections against the backdrop of strong Equity Earnings will be a unique InterPlay to see concerning general Correlations between all of these Units!

Please join me soon!

Greetings again, Everyone at The Close!

The Dow and S&P 500 cross positive Territory with nice and consistent Gains on the back of Equities Appreciation, and talk of The CIT Bankruptcy not coming to fruition as Bond Holders “give up the ship” of 3 Billion in a Bailout.

The Dollar gets edged out by The Euro as we see about a 6-Week Low in the 1.4240’s, and on The Indices side, The S&P looks to 6 Sessions of Appreciation with the 956 Resistance-Area in View.

Here is The Capture, so give it a Click for reference… as our “Higher Equities/Lower Dollar and Yen Correlation” is Intact.

Post-Time is about 1 Hour after The NYSE Close at 21:00 GMT.

We now look to The Aussie since we checked in with Aussie Yen earlier in the Day… considering the Gold Correlation here is keeping both Units rather Well-Bid.

Here is The Hourly so give it a Click for all of my “Transitive Rollover” Areas that will take place and come to fruition in strongly-trending Climates. Price looks for a bit of Consolidation now, and any Clip of the .8190’s/.8200 Handle will provides even one more Transitive Rollover to add to our View here!

The Minutes due out of the MPC should offer no real “surprises” in Sentiment and text… as The RBA is, in my personal View, one of the most “effective” and fiscally-responsible Central Banks out there.

Speaking of The Commodity Currencies, I will have The Canadian Dollar for tomorrow’s “Big Blog” Post, since we have The BoC Rate Decision at 13:00 GMT… so I look forward to seeing you then… as well as later this evening at 6:30 GMT for the “Currency Majors Technical Perspective” Report to get our Tuesday on it’s Way!

Greetings again, Everyone!

With the “Risk Appetite Day” we are involved in, a detailed look at The Fiber reveals quite a bit about current Sentiment.

Various Confluence and Cluster Levels can be seen as Price moves on the Monthly through the Hourly Time-Cycles.

Here are the Captures, so give them a Click as always.

Post-Time is 17:00 GMT.

Our Long-Term Monthly sees Price just above the 50% Fib Variant Confluence Areas in what may be seen as a “loose” Bear Flag Pattern.

The Weekly gives us more Clarity with a larger Double-Bottom Formation here that would have given us an Indication of Sentiment back in February as it continued to form.

The Daily gives us a nice Consolidating Range with the 38.2% and the 50% Levels providing Dynamic Support and Resistance Areas.

The Hourly continues to use a 50% Fib Variant as a “Transitive Rollover” point turning from Resistance to Support… as Price continues to “Rest” a bit and consolidate.

This is certainly one of the joys of using Multiple Time-Frame Analysis… when we can find many Common Denominators with the “Anchoring” and “Structure” of Price as we move along!

We are about 3 hours from The NYSE Close, so I will certainly be back with you as we round out this Day of overall Risk Appetite!

Greetings again, Everyone!

We certainly have some Volatility to work with on an IntraDay Basis, with plenty of “Market Noise” and Breaks moving forward.

Perhaps Crude and Gold are the finest Illustrations of this Price Behavior so far, as Clean Breaks have seen Momentum, due perhaps, indirectly to falling Treasuries and a relatively “Flat” Dow and S&P 500 as of this Writing.

Here are the Hourly Views, so give them a Click, as always, for various Levels of Reference.

Post-Time is 15:10 GMT.

Gold looks to a new “Transitive Rollover” of Support and Resistance as Price is “caught” in a $5.00 Range after emerging from the Congestion Zone Upleg from the $912.00 Area. Price will need to see a Clear Momentum-Break of the $940’s to continue on with the overall Hourly Uptrend… otherwise a Retracement of Price to the $920’s is certainly feasible here.

Crude is quite similar in Behavior, with an even “cleaner” Break of the Congestion Area. A potential Hourly Bull Flag is in development here, with “Full Completion” coming in above the $65.00 Handle…. although this may be in the Distant Future as Price may simply begin to consolidate at the “new” Transitive Rollover Area of the $63.30’s.

We look to some “Quieting” of Price Action as the Day moved on into The Weekend, so be Mindful of Institutional Re-Positioning moving forward as “Covering” will surely be a Factor here.

As always, I will be back with you for more Updates, so please join me soon!

Greetings, Everyone and Happy Friday!

My Apologies for my delay… I had a major Service Issue here, and all is fine and back to normal with The Servers and my Provider!

We jump right back in and in getting my Platforms back up and running, I immediately noticed a Double-Top Formation on the Hourly View of The Queen.

Give The Capture a Click, and Post-Time is about one hour ahead of the NYSE Open at 12:30 GMT.

Price clips the 1.6460’s Static Resistance Area, as we now move towards the 1.6200 Handle with significance.

The Elipsed Area from last Week will look to attract Price to these Congestion Zones, and if Price continues to Breach with Dollar Strength, then the 1.6080’s will also be In View.

We will l follow along with more Updates moving into the London Close, as well as throughout our last Trading Day of the Week!

Please join me again, and it is great to be back with you!

Greetings again, Everyone!

As our Equities/Indices Correlations move along with some Dollar and Yen Risk Appetite, most Units are moving into Areas of Accumulation after consistent Appreciation throughout the Day and the NY Session.

The Dow and S&P are largely “Flat” as of Writing-Time, confirming a certain “Neutrality” as Price Points continue to “rest” a bit as we move closer towards The Close.

The GBP/USD illustrates these Points quite well from an IntraDay Perspective.

Here is The Hourly View, so give it a Click for various Levels of Reference.

Post-Time is 17:45 GMT.

The Queen looks to completely negate the previous Downleg of Dollar Strength, as Price forms a “V” Hourly Reversal combined with a Double-Top at the 1.6230’s Dynamic Resistance. This is the “Active Volatility” we are referring to… while we have Activity, we are still “caught” in a Range anchored by clear 1.5980’s Support and 1.6380’s Resistance.

A “Catalyst” is needed to Breach the “Neutrality” on either Side, as a solid Break of 1.6380’s Static Resistance will bring some Bullish Builds back into the Game towards the 1.6430’s and 60’s in the Near-Term… as will a Clip of the 1.5980’s for continual Bearish Sentiment.

So… as always… We work with what we have… and various Support and Resistance Strategies would be quite effective here if your Trading Style compliments an IntraDay View.

The volatile, yet “controlled” Price Action here is quite indicative of Market Sentiment as we still work within these larger intraDay Ranges.

We know the “Boundaries” of our Playing Field… but it is surely an active and eventful Game!… to use a Sports Analogy.

Ranging and Consolidating Climates like these on the larger Time-Cycles are one Rationale that Position Traders and others with Longer-Term Views will cite as part of their “Toolbox” of justifications for their own Trading “Styles”… myself included.

Others will thrive an excel in these types of Climates, such as those Traders  who prefer” Fading” Price Action and working in the larger and wider Range-Bound Environments.

I always mention on The Blog that I am “Style-Neutral”.

Whatever works for you is Best for you… Period.

The Beauty of The Markets is there is always Room for Everyone… but Room for No One with inconsistent and Unmanaged Risk.

I will be back at The Close as we move along and prepare for The Asian Pacific Sectors to pick up on the Price Action as well… so please join me soon!

Greetings once again, Everyone!

We move to The NYSE Open, where Positive Sentiment begins the Day with The Dow and S&P both in Positive Territory. Equities and Indices have been largely Well-Bid throughout the Global Exchanges overnight and into today’s Session Openings.

Gold and Crude Oil are also a Major Component here as The Dollar and Yen retreat into the Shadows concerning most Units “Across The Board”.

Despite lackluster Earnings overall during “Earnings Season”, Goldman Sachs keeps the optimism alive, as well as Alcoa from last week, to give the Equities and Indices some Impetus to see Corrective Behavior that has and will “Carry Over” into The Currency Markets.

The Producer Price Index and Retail Sales come in “Better-Than-Expected” overall, but the “Weight” of Core Retail Sales will always be the “Factor” here, and without Autos and Energy, we really have nothing to “Hang our Hat On” here… hence the “Noisy Whipsaw” Price Action we have seen within the last Hour across The Markets.

(Please feel free to look at my latest Installments for the “Fundamental Forex Foundations” Section of the FXstreet Education Area… PPI, Retail Sales, Business Inventories, and CPI set for Release tomorrow.)

We check in with USD/JPY since these two will often run in Correlation in both Risk Averse and Risk Appetite Climates, except when they are battling with each other!

The Dollar Yen is always a unique Unit, since we can really observe the “Push and Pull” of Price Action since both Units have such similar Characteristics and Qualities. 

Here are The Daily and Hourly Views, so give them a Click for various Levels, and Post-Time is 13:50 GMT.

The Daily keep Price “anchored” with its Long-Term Downtrend Channel, and sees the Lower Channel Line providing clear Dynamic Support moving forward. The Key Area in my personal View, will be if Price can reach the Weekly Fib Variant Confluence of the 94.25/31 Area of Dynamic Resistance, and Beach through to the 97.00 Handle in the Mid-Term.

The Hourly shows our Daily Mid-Term 97.00 Thoughts to be rather “Distant”, as Probabilities rest with Price looking for a “Re-Test” of the 91.75 Channel and Support Lows in this case. If the Area is reached, Price may simply work in this “Tight range” of 91.75 to the 93.50’s Static Resistance Area.

As always, more IntraDay Updates for you as we move along, as we need to check in with The Queen and other Units as we move along.

Please join me soon, and I look forward to it!