Mid-week Markets Highlights, July 17, 2014

Hello traders,

I planned to provide a Mid-week review as I did last week, however I have incurred is some technical issues 😦

Therefore I am going to provide some highlights on a few markets and record the video tomorrow.

My apologies for the issue – it will be fixed tomorrow. Bear with me!

 

EUR/USD: the 1.3670 short area and setup which I gave in the Newsletter two weeks ago keeps working beautifully. That setup has a first target around 1.3425 and I am sure we can get lower into 1.3380 area before we can see some profit taking. The inner measured move with resistance at 1.3640 area is also working and price is now past the first target at 1.3550 area and moving into the 1.35 area of the second target. Once there we would see a small retracement. EUR/USD is “following the plan”.

 

S&P500 e-mini: bounced off that area indicated on Sunday at 1,948 and directed into 1,992.

 

Gold mini: failed the 1,308 stop-level we have been watching since Sunday, now at all the way half way support at 1,292.40. 4-hour shorts to break above 1,312.4. This market is still in a lateral move on the daily and higher prices cannot be excluded.

 

USD/JPY: 4-hour longs broken (back of the bulls broken). Possible daily support at 101.40 *use the FibStalking Timing technique there*

 

EUR/JPY: launched on a retest of the 136.80 area of short setup as mentioned at the beginning of June. Slowly getting into the 136.80 area of target and weekly support.

 

GBP/JPY: bears keep getting their back being broken here. Shorts are not simply able to contain price. Support at 172.50 should be able to contain lower price and see participation from bulls.

 

EUR/CAD: weak euro could not make it into 1.4720 area. Bulls broke at the lower 1.4650 area and targets are now: first  at 1.4340 and second at 1.4170. Would not be surprised to see price quickly move into the second target.

 

GBP/USD: trading the 1.7065 area, one of the two indicated on Sunday and offered a risk-free trade. Heading into 1st target at 1.7230.

 

AUD/USD: support area starting at 0.9355 and ending at 0.9320 (stop) is still holding after retest on Wednesday. I still think this market has still not done to the upside. So I would wait for a short. I will wait for a new move higher on the daily and then short this pair when the sequence of measured moves in the 15min or 240min is interrupted. Be patient here.

 

USD/CAD: the sequence of measured move higher on the 15min has been interrupted and this market is technically in a short. A similar behavior after a full retrace into 1.09 would have confirmed participation of shorts on the daily, but that did not happen so we need to work with what we have. Stops are above current highs.

 

NZD/USD: this market has broken the sequence of measured moves higher and is now retracing into the 0.8620 area. This market is still bullish and I anticipate finding participation at that level. Testing can be done with the FibStalking timing technique.

 

Please leave me your view, your thoughts and levels on the above markets in the form below!

Note 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.

I like to help traders at all level of development “level plain” the trading game showing what banks, institutions and big hedge funds are actually doing (and not what they are saying they are doing). Follow my work to learn how to spot the Algorithmic Trading footprints.

I send a free Newsletter in the weekend and provide updates throughout the week. The newsletter typically includes 3 video reviews for (1) EUR/USD,  S&P500 emini, Dollar Index and Gold emini; (2) the Japanese Yen majors, i.e. USD/JPY, EUR/JPY, GBP/JPY & EUR/CAD; (3) the other majors: GBP/USD, AUD/USD, USD/CAD & EUR/CHF. Please, register here to receive the free weekly newsletter.

Note: if you find this analysis interesting, please share it on social media!

To your success!

Giuseppe Basile, CMT, B.Sc. Eng., MA.Fin,
SIAT/IFTA associate, Researcher and Trading Mentor
FXStreet.com Contributor and Toronto Forex Meetup leader

Fibstalker_face_picture
Giuseppe Basile, ~FibStalker

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Filed under Commodities, English language, Euro FX analysis and trade setups videos, Euro FX setups and trades, Forex, Market Timing, S&P mini futures setups and trades, Trading Plan

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