EUR/USD – 1 Hr Chart
A like ‘M’ pattern was thought to be forming as of yesterday as the correction failed to happen at the C level but carried on upwards instead following the 1 Hr chart. Prices was supposed to have reached the C point as of yesterday itself at approximately 1.3053 to 1.3059 and then start moving downwards. Then didn’t happen. Overall the Euro is still believed to be in Bullish territory. For longer term traders, the 5-0 Bearish pattern seemed to still be intact.
EUR/USD Forecast
As for patterns this morning, I am not particualrly keen in making any ‘set-in-stone’ forecasts as the closest I got to was the ABCD pattern for the EUR/USD 1 Hr chart. The chart below is one that compares the uptrend move as indicated as ‘momentum’ but a divergence occured with the Volume to be total the opposite. That move up could potentially be the first leg of an ‘M’ pattern indicating Bullishness. Although being Bullish in most time frames for the EUR/USD, I am not forgetting positive sentiments for the Dollar follwoing the FOMC meetings. I am doubting the formation of a clear pattern forming so ‘when in-doubt, stay out’ which is my strategy for the day.
Gold Forecast
For a Friday, markets are hinting towards the dollar and yen’s downward movement while more investors are betting on the upside move for the Euro, Aussie and Kiwi. What could have been the catalyst for the Comm dolls (Aussie & kiwi) moving upwards? The answer to that is – China’s strong data coming from its government indicating initiatives in the financial sector proven by the increased amount of lending or loans. Isn’t it bizarre how local Australian data such as its labor market report in march didn’t influence it as much as the Chinese data.
[links removed]
A like ‘M’ pattern was thought to be forming as of yesterday as the correction failed to happen at the C level but carried on upwards instead following the 1 Hr chart. Prices was supposed to have reached the C point as of yesterday itself at approximately 1.3053 to 1.3059 and then start moving downwards. Then didn’t happen. Overall the Euro is still believed to be in Bullish territory. For longer term traders, the 5-0 Bearish pattern seemed to still be intact.
EUR/USD Forecast
As for patterns this morning, I am not particualrly keen in making any ‘set-in-stone’ forecasts as the closest I got to was the ABCD pattern for the EUR/USD 1 Hr chart. The chart below is one that compares the uptrend move as indicated as ‘momentum’ but a divergence occured with the Volume to be total the opposite. That move up could potentially be the first leg of an ‘M’ pattern indicating Bullishness. Although being Bullish in most time frames for the EUR/USD, I am not forgetting positive sentiments for the Dollar follwoing the FOMC meetings. I am doubting the formation of a clear pattern forming so ‘when in-doubt, stay out’ which is my strategy for the day.
Gold Forecast
For a Friday, markets are hinting towards the dollar and yen’s downward movement while more investors are betting on the upside move for the Euro, Aussie and Kiwi. What could have been the catalyst for the Comm dolls (Aussie & kiwi) moving upwards? The answer to that is – China’s strong data coming from its government indicating initiatives in the financial sector proven by the increased amount of lending or loans. Isn’t it bizarre how local Australian data such as its labor market report in march didn’t influence it as much as the Chinese data.
[links removed]