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Oil Price Reversal from $100/110 Resistance

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Mar 14 2011

Oil prices were sharply higher in recent weeks, gained well above $100 per barrel. Since this level was reached crowd become very bullish, someone are even calling $200 per barrel, but usually exactly the opposite reaction follows.

Technically speaking, we know that market is just in a corrective retrace, that reached 61.8% retracement level against the leg seen in 2008. This Fibonacci level is very typical reversal zone for B) waves, and since we can count only three waves up from $33, we are very confident that recovery is just temporary and that bearish reversal will follow in months ahead. As such, we must pay attention to lower time frames now where powerful impulsive decline from a top will confirm a bearish case!


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Video: EurAud EurCad update

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Mar 10 2011



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Usd/Jpy Triangle, bearish breakout to come!

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Mar 07 2011

Three-wave structures are shown on a daily chart, with the trapped price action between 80.30 support and 84.00/40 resistance region for some time now. We know that three-wave formations are corrective waves, and as such, the whole price structure since October 2010 must be a corrective pattern, that may finish soon.
Wave E, final leg of a pattern must complete somewhere below 83.96 region

New lows should be seen in days/weeks ahead.




Will Eur gain against Cad and Aud!?

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Mar 03 2011

Hello Traders!
Today we will take a look at Eur/Cad and Eur/Aud crosses, where Euro appears to be the strongest currency. In fact the recent price action suggests that Euro may gain even more against Australian and Canadian dollar. Well, if the US stocks will continue lower, then lower Aud and Cad definitely can be the case, since these two are showing tight correlation with the stock market. More in the video below.



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Gold Targeting 1430, 1440

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Mar 01 2011

Wave (iii) has found the top around 1418 region in the past week from where prices moved lower, but only into a wave (iv). Wave (iv) is a corrective wave, which means that bulls should continue into a higher blue wave (v) in this week, since we are monitoring an impulsive continuation from 1308 lows! But meanwhile gold prices must stay above critical 1367 support, as we know that wave (iv) must never trade into a territory of a wave (i).
Next upside targets are at 1430 and 1440 regions!

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Gold 4h chart


Video: Cad/Jpy Chf/Jpy

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Feb 24 2011

In the next video we will discuss about Cad/Jpy and Chf/Jpy where both pairs are trapped in a corrective phase already for more than two years now. In the video below will make a detailed technical outlook for these two pairs, and where prices are likely headed in the next few months.

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OIL: New highs to come!?

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Feb 21 2011

Oil prices are higher today after the anti-government protesters rallied in Tripoli's streets, tribal leaders spoke out against long-time leader Muammar Gaddafi, and army units defected to the opposition as one of the bloodiest revolts in the region, CNBC reported.

Oil moved lower in recent weeks, but technically speaking, prices were able to stay above the lowest rising base channel line, which means that trend remains bullish.

In fact, a decline from the most recent 93 highs was in three waves, so it appears to be only a corrective retrace, labelled as a wave (4), with wave (5) yet to come. If we are on the right track then levels around 94, and 97 will be reached in weeks and months ahead! Bullish bias as long as the supports around $83.70 per barrel holds!

With higher oil and gold prices, we would expect that commodity currencies such as Australian dollar will surge! Well, Aud/Usd is lagging but bullish triangle break appears to be very near! (Aud/Usd chart)

Oil Daily Chart

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