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Wednesday, December 28, 2011

Technical analysis on EUR/CAD; US T-Bond Yield; Gold and Crude oil

An other slow day with very low volume.

EUR/CAD - Seems to be breaking down from its six months corrective pattern, which ultimately calls for a decline to below 124.75. The former support line at 133.17 is now becoming resistance. That doesn't mean we can't penetrate it slightly but not beyond 135.50 as that would leave us with a failure break.


US T-bond Yield - Has broken below support and is currently back testing the former support line, which has now turned into resistance. The downside should now be open to a decline towards the Double Top neckline (pink) near 135.50.


Gold - Should be headed towards support near 1,528, where strong support will be found. Looking at the bigger picture (see this link:
http://theelliottwavesufer.blogspot.com/2011/12/elliott-wave-analysis-on-eurusd-usdjpy_15.html) a much deeper decline could well be in the doing.


Crude Oil - Here we most likely have a failure break above the resistance line, whats needed now is a break below support in the 100.30 - 100.40 area, which would call for a quick decline to support at 96.09 and a break here confirms the next powerful decline towards 89 and below 75 longer term.

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