A-B-C-D Trade - page 173
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EUR/USD 138.2 = 1.41068 (just hit and bounce). The next support s 161.8 = 1.40729, which is also previous significant low on June 16th.
EUR/USD
High = June 24th 1.43054 and Low = June 24th 1.41592
Once support of 1.41252 (June 23rd low) was broken, and extension to 138.2 made, it retraced back up to 1.41252, which is now resistance.
Pair now poised to make reattempt at low.
The IEA jawboned oil markets down today, after physical intervention last week. They said they are "monitoring" the market and won't hesitate to release more from the strategic petroleum reserves.
Since certain currency pairs move in tandem, we have to monitor oil even more under these circumstances.
Meanwhile, Basel III reportedly coming out with multi-tier bank reserve requirements. Assume thre would be a complex formula to determine which tier each bank slots into.
George Soros might have a short on the Euro as his verbiage today is a negative outlook.
Update pic on XAU_USD (mimics gold futures) 4-Hour chart with Golden Section and Andrew's Pitchfork, both generated by indicator.
We added yellow fib channels by aligning A-B pull to APF's middle and Lower fork. Excellent adherence to channels as well as fan lines.
thanks guru ....give view on gold ... pls thank s
Chart 1 EUR/USD 1-HR Fibo Fans
Continuance of the 2 fibo fan plots, where we moved the fan that’s pointing up. We moved it again down one notch, with the high at June 22nd 23:00 (pink).
This fan plots’ 88.6% ray caught the low on June 27th 00:00. We also had BAJA bullish divergence. We saw excellent adherence before bottom
We kept the fan plot pointing down (orange).
Horizontal fibs High = 1.44406 and Low = 1.41252 (yellow).
The bottom exceeded the previous low on June 23rd, taking out tight stops of lurking bounce traders. Various exit levels to upside during strong move. HAMa keeps trader calm.
50% fib level had divergence and bounce slightly. This also near June23rd peak and therefore good level to exit. Another push made it to the 61.8 horizontal, and intersection of both fans. This also level of adjusted fan’s high
Chart 2 EUR/USD 1-HR Trend Line
Simple trend line using peaks of June 22nd 18:00 high 1.44284 and June 24th 09:00 high 1.43054. The 3rd hit to the TL was June 27th 10:00. Bounce down to the 50% retrace fib was about 67 gross pips. The 38.2 = 51 pips.
Negative U.S. data at 12:30 and 14:30 pushed pair through Tl to hit both the 138.2 and 161.8 extensions.
Chart 3 XAU_USD (mimics gold futures) 1-HR APF
Fib plot - Intra-day:
High = June 24th 00:00 1525.60
Low = June 26th 22:00 1497.65
Hit to 127% extension 1490 June 27th 14:00, after coming close at 05:00. Both occasions had BAJA bullish divergence. High for retrace plot had 3 options since it was choppy. All 3 had a fib near the Low of 1497.65.
Now we also have a plot for the Andrew’s Pitchfork and AM for interior fibs.
Handle = June 13th 17:00 low 1510.70
Upper corner = June 22nd 14:00 high 1557.99
Lower corner =June 27th 16:00 low 1490.40
Chart 4 USOIL 4-HR GannBox_144
Start box June 2nd 114.80, pointing down. Prices (Height) = 4050 and Times (Width) = 360
The red 1/1 acted nicely as support since June 1st. The blue 2/4 horizontal line (72) with price 94.55 was respected on several occasions. The hits to the 90 line recorded recently.
*******
When looking at our multi-instrument chart, it confirms that the currency pairs EUR/USD and EUR/CHF was diverging form oil and gold. While the Euro was taking off on verbiage from the French President and the Greek PM, oil and gold was choppy with muted and belated movement up.
*******
Today, Greece has a general strike. France has floated a plan to convert Greek debt into 30-year term based on “voluntary” rollover by debt holders. UK GDP at 08:30. U.S. Consumer Confidence at 14:0
EUR/USD broke the 61.8 fan ray during 05:00 candle period. When looking at horizontal intra-day fib plot 1.41674/1.43284, we have the 38.2 fib at 1.42669, which is now being tested.
This also 225-degree from posted SQ((price) plot. Looking left, we see June 23-24th congestion at this level.
Stall at 53 pivot should be minor.
The Moon 0-degree acting as resistance with Mars just above.
The test of support at 66 ran into start of the Euro session. Regret not pointing this out.
London/Europe open loved Euro on anticipation of Greek rollover of debt, and we can see it approach previous high of 1.43284, where a natural bounce will occur.