USD-Index - Has clearly broken above the neckline support, which indicates a rally to the 87 area (S/H/S target). The neckline should now act as support. we might penetrate it slightly, but should remain above 78.80.
EUR/USD - The picture is the same as for the USD-Index just inverted. We have clearly broken below neckline support and should see a decline towards the 112 area (S/H/S target). The neckline should now act as resistance. Again we must allow a slight penetration, but overall resistance at 132.40 should not be broken.
USD/JPY - Focus is still on long term resistance in the 78.50 - 78.75 area. A clear break above here will confirm, that a firm bottom is in place at 75.50 for a rally towards the wave 4 triangle apex at 115.
GBP/USD - Seem ready to break below support at 154.20 for a firm test of important support at 152.70 and a break below here confirms, that the next powerful downswing is underway. Long term we should be headed for the 118 area (triangle target)
USD/CHF - Here too an important long term bottom was most likely found at 70.85 for a rally back towards strong support near 101 and a break above here will call for a much higher rally towards the 115 - 116 area.
Shanghai Composite - Is accelerating its decline towards next support near 1,665. On the way down 2,100 will mark a good support area too. 
S&P 500 - The decline is still not clear enough to say, that wave 2 from 1,075 is over, but I still prefer that scenario and continue to look for supports to be broken. The next support to be broken is in the 1,198 - 1,200 area. If this area is broken too the next short term support will be at 1,158.
Gold - Still trading above the blue support-line, but just barely. A break below that support-line will call for a much deeper decline in the coming months towards the 1,456 area and probably lower.
Crude Oil - Crash time? We could be very close to a very powerful decline in Crude oil. A break below 97.35 and more importantly 95 is still the best indicator for this decline towards 75 and even deeper longer term. The two charts below is a daily chart of Crude oil, pretty much the same as above and the lower chart is an hourly chart showing that the red pitchfork keeps turning down prices.
Thanks! Do you have any upside targets for USD/CAD and downside targets for silver?
ReplyDeleteYour blog is like one's morning coffee (essential).
Hi ND!
ReplyDeleteThank you very much!
USD/CAD is headed for the 106.00 - 106.30 area, a break above this resistance will open up for a continuations towards the 119 area.
I do belive we will see the break above 106.30, but maybe not straight away.
Silver will test strong support at 26 again and if this support breaks we will see next support at 24.12 tested. If we see support at 24.12 tested I do expect it to cause a rebound to the 33 area.
I will post some charts tomorrow on the two.
Kind regards
EWS
Hello sir,
ReplyDeleteexcellent analysis in crude oil.......i am expected 91.00USD
Hi Swami,
ReplyDeleteThank you.
The break below 95 should open for a decline to 92.54 as next support, but I would expect stronger short term support at 89.19 to be seen soon.
I would not be surprised to see a short term rebound from 89.19 towards the 94 - 95 area, before the next serious decline takes over towards 75.
Kind regards
EWS