Stocks At Resistance: Watch Out For Higher Dollar

Hello traders!

The U.S. dollar is moving lower for some time now, driven by higher equity and commodity market, especially oil, which reached 82-83 dollars per barrel recently, and rose for almost $4 since Sunday open. Technically, oil moved into a powerfully Fibonacci resistance level, 76.4% retracement area of a previous decline (87.10-67.00), where usually a choppy and corrective structure reverses.

On the daily chart shown below, an upward structure from 67 region is very complex wave II, counted as double zig-zag move, which should be extremely near completion. Move to 83.50 is possible, before prices collapse.

We are also looking for a top of an upward zig-zag formation on the S&P 500, which seems to be trading in final stages of a current up-trend. One hour chart shows that a red wave 5), final sub-wave of wave (C) of a larger wave II, is underway, and will probably test the 1130-1140 resistance region in the coming sessions. Traders will watch this level very carefully, from where a technical bounce on the down-side may easily appear.

So, if S&P and Oil up-trends are near completion, then top on Aud/Usd should also be very near. However, be careful with any Short positions on that one for now, as we may see test of 0.9200 zone, before a turning point can be seen.

What we do?!

Our team makes daily updates for Eur/Usd, Gbp/Usd, Aud/Usd, Usd/Cad, Usd/Chf, Usd/Jpy, Oil, Gold, S/P Futures and Dollar Index.

Members of our service will receive weekly and daily wave counts that are updated during the weekend or when the price action or pattern has changed extremely.

Members will also receive all 4 hour wave counts that are updated every day, before the European session gets underway plus the intra-day wave counts (less than 4 hour chart, such as 1 hour or 30 min chart) which are posted and updated during the European and U.S. trading sessions.

Our members and e-mail subscribers (free) will also receive an Elliott Wave Newsletter where we present our bias and anticipations for the next 24 hours for one or more selected currency pairs. This Elliott Wave Newsletter will cover the trading plan that will be based on the intra-market analysis and Elliott Wave patterns. A full detail of a potential trading signal will be sent on members e-mail only and NOT to free newsletter subscribers!

If you do not want to miss a trading opportunity, or if you don’t have time to analyze the charts everyday and monitor the intra-day wave counts then follow us on twitter, and check out Our Elliott Wave Service now

Be Sociable, Share!

Tags: , , , , , , , , , ,

Leave a Reply

Easy AdSense by Unreal