Following a strong move higher that breached through several areas of resistance, the EURUSD is in danger of posting a double top if it fails from current support level.
Kiwi has developed an inverted H&S formation where the head is a prior H&S formation indicated previously in our analysis.
Following up on Sunday’s blog post (read it HERE), crude has now broken below the horizontal support area and the ascending channel’s support (both confluenced at $63.75).
Crude Oil is quite a peculiar instrument to trade, given that its supply side has been managed for decades. If we look at a multi-year chart, there was a very evident move which happened in 2014. The drop from over $100 to $40 was very sharp and relentless, and it was driven mostly by the […]
The EURUSD has finally cracked the multi month range lows and seems to be breaking lower (finally!) to test the 127% extension of the last rally.
The USDCAD has a longer term inverted head and shoulder’s pattern in play.
Oil went into free fall in mid-2014, experiencing a relentless bear move which saw oil price drop by over 70%. US shale producers turned out to be the tipping point in terms of the global supply glut. This, combined with a decrease in global demand, proved to be an unstoppable force that lasted for over a year.
Back on January 3rd, we blogged about a smaller time frame USDNOK head and shoulder pattern developing, and now a longer term one is taking shape.