Greetings again, Everyone!

The positive importance of The U.K. Retails Sales Data is showing “slight” sign of Stabilization as Actuals of a 1.3% rise clipped the 0.3% Consensus with ease. While this translated into a nice Break of The Queen and Her Major Cross into Appreciation… we would really need to see stronger and stronger Purchasing “Evidence” coming out of the U.K. Consumer over a several-month period to really see Retail Sales as a Bellwether of positive Sentiment and Growth.

Let’s check in briefly with The GBP/USD and The GBP/JPY, and here are our same Hourly Views.

Give The Captures a Click, and Post-Time is 10:45 GMT.

 The Magenta Dynamic Support Line did, in fact, Hold for us and become a “new” Transitive Rollover Area of Static Support. Price now clips the 1.6510 Resistance Area, and if we do not see an Impulsive Correction back to the 1.6440’s Levels, then the 1.6600 Handle is on the way via 1.6555 Dynamic Resistance.

A Correction at 1.6600 then has a rather High-Probability of occurring, as Static Resistance at this Level is solid.

The Pound Yen show similar Price Action that is even more “extended” on the IntraDay View as we see a “potential” Double-Top Behavior if Price can fall on the Yen Strength, and bring the Corrective Sentiment further along. Solid Confluence is seen here with the Transitive Rollover Support Area and the Weekly 38.2% Fib Variant that we have held for months now.

The Daily Lower Channel Line may hinder this, and act as Dynamic Support… in the same fashion it acted as Dynamic Resistance over the last two Days of Hourly Candles.

While both of these Units are Overbought on the Hourly Views… taking a “Clue” from the U.S. Jobless Claims and Existing Home Sales Data will be relevant as we see to what “Degree” The Dollar is affected in a couple of hours!

Be sure and check back in for more Updates to follow, so I hope to see All of you soon!

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 at The NYSE Close!

Well… I think for the first time in the history of The Blog… I really do not have a lot to say!

OK OK… All of you can stop cheering now!… hee hee hee…   

Seriously… the continual Summer “Directionless” Sentiment out on the Larger Time-Cycles are certainly a sign of the Lower Summer Volumes… despite the increased Volatility and “Angular Noisy” Market Behavior.

Of course from The Hill with Bernanke, all The “Fed-Speak” was certainly out on the table for all of us to hear… as Economic Indicators and Data Point Releases get “Lost in Translation” for the Layman listener or viewer on T.V.

Housing and Consumer Sentiment are the “Name of The Game” here, as always, in any type of Economic stabilization and Recovery… so on it goes!

As we move into The Asian-Pacific Sectors, let’s take a look at The USD/JPY Unit as The Nikkei, The Aussie Markets, The Kospi, Hang Seng, etc… get moving along with their Morning.

The Unit could be the Classic Symbol of a Directionless Market!

Post-Time is 23:00 GMT.

On the Daily View, we are locked in a tight Range of about 91.70’s Static Support to the Transitive Rollover Area of Resistance at the 94.80’s. Our Long-Term Downtrend Channel from April is still very valid in “Anchoring” Price and current Momentum is leaning to more Depreciation of the Unit with Yen Strength.

The Hourly provides a little more Clarity as a Horizontal Range is in place. Price looks to Breach the Downside Dynamic Support Line first with a move towards the 93.20’s Support Area in the Immediate-Term… as Risk Aversion gradually comes back to The Markets.

We will see how Price progresses, so please join me for the “Big Blog” Post for Thursday in a few hours!

Greetings again, Everyone at The NYSE Close!

Sectors, The Indices, and overall Market “Sentiment” are all in positive Territory primarily on the back of continued Positive Earnings across many Sectors.

While we arrive at a 7-Day Positive Rally… I will bring up a Term all of you have heard me mention several times in the past few months.

“Bear Market Rally”.

Are we really seeing a semblance of overall Health here?… or are we simply seeing some Over-Extension and Over-Bought Conditions?

I would lean towards the Latter in my personal View. 

We certainly can see the S&P approaching the 960 Area, but in the “Case of The Correction”, as I like to say… the Extended Price Action truly may see a Immediate-Term Top there prime for a Reversal… hence a nice Daily Double-Top will then be in Formation.

This will obviously translate over to The Dow as well… despite the “Positive Earnings’ Sentiment.

Here is a quick View of The Daily S&P 500 to check on these Levels once again.

Post-Time is 20:50 GMT.

In looking at my “Real-Time” Currency Correlations, we can see some Disparity today with the poor Queen being the significant Driver of Depreciation… in Her Major and in The Crosses.

 While as of this exact moment, Price is beginning to stage Bullish Build from the previous “Re-Test” of the 1.6380’s Transitive Rollover Support… Price is still off about 90 Pips, and about 160 with the GBP/JPY Cross.

In contrast, EUR/GBP is holding on to its 40+ Pip Gain for the Day.

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

Price needs to Clip and regain the 1.6500 Handle here for the development of a “new” Transitive Rollover Area, and our IntraDay Trendline here will provide some Dynamic Support moving forward.

If we see Failure, and Price breaches the actual Lower Channel Daily Trendline here as well… then the 1.6200 Handle and beyond is certainly In View.

Now we move onto the Asian Sectors soon, where the Positive Sentiment will usually be picked up by the Nikkei and The Aussie Exchanges for our initial Indication of Continuation.

Please join me soon for tomorrow’s “Big Blog” Post as we also check in with how The Asian Sectors are progressing!

I hope to see you then!

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 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 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!

Greetings again, Everyone!

We close The NYSE in Positive Territory with The Dow and The S&P… as The Nikkei Futures look Well-Bid to open and continue on with the Global Equity Momentum.

Crude levels out at the massive $60.00 Handle, while Gold pulls back off of $921.65 Dynamic Resistance.

The Euro looks to take our earlier Flag Opportunity and finally Clip the 1.4000 Handle to form that “Transitive Rollover” area we were attempting to reach earlier in The Day.

We can now use a L.R. Channel as we work the Counter-Trend here on the Hourly Time -Cycle.

Price Appreciation will continue with Bullish Sentiment on the whole, as long as The Equities Correlation remains Intact.

The Next Focus is on the 1.4040’s Resistance, followed by 1.4072 where if Met and Held… an Hourly Double-Top will be In Place if Price is not breached through to the 1.4100 Handle.

Here is The Hourly Capture so give it a Click for Levels, as always.

Post-Time is 23:40 GMT.

Please join me again for more Updates as we move along, and check in on how The Currency Units are progressing in The Asian-Pacific Sectors!

UPDATE @ 1:30 GMT!

The Euro begins to retrace a bit , but still holds the integrity of The Channel. The 1.3940’s would be the next Area of Focus of Price Behavior continues.

We will check in with another Blog Update after The “Currency Majors Technical Perspective” Report at 6:30 GMT.

The two Major additions to The “Fundamental Forex Foundations” Section are now published… just in time for CPI and PPI in the U.S!… as well as the U.K., since many of these same Principles will apply to other Producer and Consumers in other Economies.

Producer Price Index

Consumer Price Index  (for Wednesday)

Retail Sales and Business Inventories will be published and active ASAP, so I will post those Links as well!

Greetings again, Everyone!

As we move along, our Thoughts on a Range-Bound but Volatile Day are proving correct… as usually happens with a lack of Fundamental Data Point Releases to “Anchor” Price and/or provided a “Catalyst” for Price to move with Significance out of IntraDay Range Areas.

The Swissy gives us a “portion” of our Flag Completion from last Week in terms of Clipping The Apex… although like The Euro earlier… Price does “overextend” Itself to literally Negate the entire Hourly Bear Flag.

As we mentioned, this will happen with Frequency on the IntraDay Views… but we can still obtain useful information concerning Directionality as price either Violates or Respects the Flag Itself.

Here is the Hourly View with Commentary, so give it a Click as always.

Post-Time is 14:00 GMT.

The thrust of Momentum out of The Flag could not sustain enough Appreciation to form a New “Transitive Rollover” Area at the 1.0900/15 Area with new Dynamic Support, so Price simply pulls back towards the Dynamic Area of the weekly 23.6% Fib Variant finding Dynamic Resistance as of this Writing.

Clear Fractal Behavior os obviously In-Play here, as Price grinds its way down, but Negates Contact with Daily Static Longer-Term Support at the 1.0800 Handle, especially as we work through the “Building of Energy” in the larger Symmetrical Triangle Formation… similar to what we are working with on The Euro.

Neutral to Bearish Sentiment remains unless Price can Clear with Conviction the 1.0889 Static Resistance Area… with even stronger Bullish Sentiment towards to the 1.0900 Handle in The Near-Term.

We will check in on The Unit as we move along, and I will have more of these shorter “Single-Currency Unit” Updates for you as we move along!

Similar to some changes I am making with the  6:30/7:00 GMT Currency Majors Technical Report at the Asian/Frankfurt Rollover…  I am hoping the subtle changes will prove beneficial for you!

Greetings, Everyone and Welcome to Monday!

We begin the new Week essentially where we left off Friday in most Currency Units, as Price looks to continue some Quiet Accumulation leading into IntraDay Consolidating Areas.

The Majors still maintain larger Macro-Swings, albeit in some Clear Ranges moving forward.

We check in with our “IntraDay Flag Series” that we began last Thursday with several Units, so let’s check in and see how Price behaved moving forwards.

Remember, Chart Formations such as Flags/Pennants, Triangles, Coils, Head-and-Shoulders, etc. will always hold more Validity on the Larger Time-Cycles, and on the IntraDay View… they may be a bit “Looser” in Construction, but still hold their Functions nonetheless.

Here are The Hourly Views of The Fiber and The Queen with their respective Flags left Intact, so give The Captures a Click for various Levels of Reference.

Post-Time is 7:15 GMT.

( I hold the same Support, Resistance, and Transitive Rollover Areas on the Captures simply for the integrity of The Flags so we can see Price Progression of our Examples… they will be adjusted accordingly. )

The Hourly Bull Flag on The Fiber was soundly “defeated”, as Price violated the Apex of the Flag, and simply continued on towards the daily static Support levels at the 1.3890’s/1.3900 Handle.

 The Queen, on the other hand, found Success with Her Bear Flag, as price snapped the Apex to the Upside with a sharp Reversal, Consolidation at the “Transitive Rollover” Area @ the 1.6200 Handle, and continued Price Depreciation towards the 50% weekly Fib Variant Confluence with Dynamic Support.

As always, these Formations may Fail… especially on the IntraDay View. In most cases, though… they will find some Success moving forward, even if they do not find “Full Completion”.

We can still use the Flag/Pennant Apex Respect or Violation as a “Leading Indicator”, if you will, of Price Directionality in the Immediate-Term.

As always,  The “Currency Majors Technical Perspective” Report  has been published for more Immediate-Term Perspectives on the Four Majors. I have also changed the Analysis a bit to be more Concise and Direct for you in terms of Immediate-Term Directionality.

I wanted to get back to the true Essence and Purpose of these Tech Reports each Day at 6:30 GMT, so  I hope the subtle changes prove beneficial for you!

As always, I will have plenty of Updates as we move along throughout our Day with Technicals, as Data Points concerning the U.S. are rather “light” in Scope.

Please join me later, and i hope to see Everyone again Soon!