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The Bank of England is widely expected to hold the benchmark interest rate at 0.50% and is likely to maintain its GBP 175B asset purchase program as the board anticipates economic activity to improve throughout the second-half of the year, and the central bank may adopt a neutral policy stance going forward as the extraordinary efforts work their way through the real economy.
FXstreet.com (Barcelona) – The Aussie has risen back during the European morning against the Greenback from 0.8563 to test 0.8600 level. AUS/USD bounced at its intra-day low coming from its 100 pips decline from 2009 highest level at 0.8660.
After breaking out yesterday above the last major high of 1.4445 within the current uptrend, price action on EUR/USD has hit its initial upside resistance target at the top of a parallel uptrend channel that the pair has been traversing since early June. In the process, this currency pair has…
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The cad is currently in a pull-back mode after wave III) found the bottom, after the break through the support line and just above the 1.0630, wave III lows. If the wave count is correct, wave IV) is now in process, which means that another push down to previous lows…
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Having rallied strongly on Tuesday breaking above its key resistance at the 1.4446 level to resume its medium term uptrend, EUR was seen digesting those gains in early trading today. The immediate challenge for the pair is to maintain above the 1.4446 level and keep its break higher valid thereby…
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As EUR and AUD continue to lead the G10 currency block having resumed their medium term uptrends, GBP looks to follow while targeting its Aug 21′09 high at 1.6622. Successfully breaking and holding above the latter will clear the way for further upside towards the 1.7041 level, its Aug 05′09…
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Euro rose yesterday towards 1.4530-40, forming new highs for this year. These levels were slightly higher from our targets, regarding the triangle formation scenario. Technically, euro has tested the ranges of the triangle formation as you can see in the daily chart, but the upper part of the short…
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http://www.netcastdaily.com/broadcast/fsn2009-0905-3a.m3u
No matter if you are in the inflation camp or deflation camp, taking one hour to listen to this interview of Robert Prechter (Founder of Elliott Wave International and co-author of The Elliott Wave Principle) is well worth it.
This crisply paced (even at 1 solid hour) covers a very broad range of stuff from the Fed, inflation/deflation,
Gold, dollar, government actions, social mood, financial markets, banks, etc.
Do not miss this opportunity to hear him effortlessly answer every conceivable question covering a broad range of topics. Extremely insightful even if you may take an opposite stance.
Persuasive to say the least.
PS – He is still offering his latest EW Theorist for free through the 9th of September (tomorrow). Become a Club EWI member (free) and download it. Click link on left. ( Disclosure: EWI gives me $3 for you becoming a free Club EWI member – and a small commission if you decide to buy any of their services once your registered)
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(EDIT:7:15 pm: Ignore the degree markings on the $DJUSFN chart, I was too lazy to adjust them downward – they’ve been like that for a while.)
The more I look, the more I see scary situations for longs. Take my Apple Chart (whats it doing in the financial update section Dan? – its just a bonus chart)
The financials look done. All the notes are on the charts.
What was really neat was the near perfect 1:1 price ratio in my double zigzag interpretation. Just look at my XLF chart.
Head and Shoulders setting up big time on all the indexes. The MM’s got to be licking their chops.
This market is looking pretty creaky….
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Looks like the ending diagonal is perhaps in the making as I suggested a few weeks back. It may be ending but somehow I think we’ll have a drumbeat of “dollar is doomed” stories for the next few weeks for the final waves.
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My eyes are on the qqqq’s like I said this weekend. The qqqq’s were lowish volume again.
Overall the indexes are all forming a very nice head and shoulders pattern has setup on just about everything with a right shoulder forming. Total volume picked up a bit today as expected but advancing volume was much lower than on Thursday/Friday.
Today looked like a small consolidation for the bulls and tomorrow may be the day they attempt to assault the breakdown resistance gap at 1030 or so. So far the whole thing looks a bit of a dead cat bounce up from the recent 991 low.
DOW up .59% SPX up .88% and NASDAQ up .94%. A small bit of a fractured market continuing from Friday. A little push on this sector one day and then a push on another sector the next day. So far, it is not wave [iii] price behavior if you ask me! If this is some kind of Minute wave [iii] of C up then the advancing and total volume needs to pick up pronto or else it will get hammered back under major support.
The SPX sports a 2.5 point gap up and it only advanced .88% overall yet held the full gap! This is the MM’s working the tape to its fullest.
I am still going with 1039 as the P2 high and this is just a deep correction back up. The market will have to prove itself come tomorrow/Thursday that P2 is not yet over.
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UPDATE (5:40a.m.) Futures keep on chugging. They now sport a wee bit more negative divergence than they did last night. Somehow I think a huge gap up at this stage strangely seems more bearish a market move than if it did not. (i.e.-exhaustion gap?) Well still 4 hours from open so lots of time left. Must go to work.
Channeling upward. One thing I notice is the channel is tighter so far and smaller-looking waves than the preceding up channel I have drawn. A tad of negative divergence popping up on the MACD and stochs indicator. It looks potentially more corrective than the previous channel.
I am betting that any gap up open tomorrow on the cash index would be covered sometime during the day one way or another.
Good Luck!
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FXstreet.com (Buenos Aires) – EUR/USD Current Price: 1.4498. Pair remains strongly bullish despite overbought, with downside capped by the 1.4470 area 20 SMA in the hourly with a strong bullish slope; hourly charts point for a downside correction, favored by Nikkei opening to the downside 0.5%, although any downside movements should remain short lived in the pair; under mentioned area, 1.4445 …
FXstreet.com (Córdoba) – The recovery of the Dollar against the Euro found support at 1.4485. EUR/USD rebounded and now is back above 1.4500. The pair rose early to 1.4532 posting a fresh high for the year.
