In this brief post I share today s daily review for the EUR/USD forex pair, the S&P500 emini, the Dollar Index futures and the Gold mini futures. The EUR/USD path of least resistance is still downwards on the daily chart. S&P500 could be retracing on the upside before completing its move into 1,757 where we will need to test long participation. Dollar Index apparently showing resistance, but if the correction in Euro continues will correct higher as anticipated. Finally gold hit and went through its 1st target and is now retracing
The short setups I have mentioned in my free Newsletter weekly Review for EUR/USD and S&P500 are still on. Gold, on the other hand, has reached its first long target.
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Below the video analysis, you can find the commentaries for the above mentioned markets:
After having a huge move higher due to Davos news (a move not supported by Program Trading), we saw the market slowly correcting lower into the 1.3623, 4 hour support level. Market is pushing lower on the daily timeframe and there is a clear 15min short too. Below the 1.3594 we will get confirmation of continuation towards the 1.3320 and, eventually, 1.2970.
This market pushed lower on friday and is now headed towards 1,757 where new program trading longs will be located. This area will need to be tested for participation using the FibStalking timing technique.
The Dollar Index has short term resistance apparently but will continue higher if the Euro keeps correcting as anticipated.
Gold reached the first target at 1,263 and then price moved above it. It did not reach the second target at 1,288 but retraced and it is anticipated to find some long participation at 1,244 for another push higher towards 1,291 closer to that 1,302 area where we could witness new shorts.
Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.
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Have a great evening.
Giuseppe, the FibStalker