Sunday 17 June 2012

FX

At this point markets await the happenings in Greece, thus any short term analysis is relatively futile until we see the results and Mondays open.

That being said, Yen charts do present with an interesting scenario and are contrarian to the Risk-On  Inverted SHS formations seen in the Daily ES, YM and NQ Futures charts.
A quick look at the daily charts suggests that we are commencing a final wave 5 lower to test the weekly 23.6 Fib levels at EurJpy 99.32, AudJpy 77.82 and GbpJpy 122.25.

AudUsd on the Daily looks Bullish and is currently sitting at the 38.2 Fib of the 1.0850//0.9580 run. Immediate res. lies at 1.0200/1.0250 zone with the 50 Fib at 1.0217.

UsdCad presents with a bearish SHS pattern with the neckline and 38.2 Fib at 1.0198. The target of the pattern would complete near 0.9950 just shy of the 78.6 Fib at 0.9938.

Cable also looks Bullish with topside resistance at the Fibs - 50% at 1.5784 and 61.8 at 1.5905. Support lies in the 1.5550/1.5600 area.

Crude - CLN2

Bullish RSI divergence present with support at 81.00 favours a bounce to 87.00 Res. 83.38 immediate directional support.


ES and YM

Daily charts show inverted Head and Shoulder patterns in both September Dow and S+P Futures. Dow Futures - YM currently leading the breakout topside. Anyone trading the Sep. Nasdaq should watch 2603 resistance zone.

YM - Neckline broken at 12665, Target 13294. Next resistance at the 61.8 @ 12787.

















ES - Neckline sits at 1345. Measured move target for a confirmed formation lies at 1420.50. 61.8 Fib sits overhead at 1354.25.