Copper prices might be forming a medium-term base above 3 levels. 3 level acted as strong support and it was tested for 3 times over the past two years. Inverted head and shoulder chart pattern has a trend resistance (neckline) at 3.4 levels. Breakout above this level will clear the neckline and the 200 day moving average. Such […]
It has been a difficult month for the emerging market currencies and especially for the Indian Rupee. Sharp depreciation of the currency and rising yields have caught the attention of the mainstream media. Tech Charts frequently updated the outlook on the rupee starting from 55 levels. While the Indian currency had a sharp depreciation, equities held well and moved […]
Earlier during the month I’ve analyzed the Japanese yen cross rates. USD/JPY, EUR/JPY and CHF/JPY all showed weakness for the japanese yen in the coming weeks. First USD/JPY breached its resistance and cleared its consolidation range. Now we are seeing further strength in USD against the JPY followed by a similar breakout on the EUR/JPY chart. #USD / #JPY#EUR […]
Japanese yen is once again weakening against major currencies. Few days back I posted the USD/JPY chart showing the range bound price action and drew attention to a possible breakout. Yesterday USD/JPY cleared the resistance at 99 levels. Similar price action could follow in EUR/JPY and CHF/JPY as they both get ready to breakout from their four-month long consolidation ranges. EUR/JPY continues […]
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Since April Tech Charts frequently updated the USD/TRY analysis and drew attention to a weakening Lira against the U.S. dollar (Apr 22, May 13, May 28, Jun 20) . Breakout above 1.83 levels was followed by a sharp rise towards 1.92 levels which was also breached on the upside after a short consolidation. Latest breakout from the flag […]
In November 2012, Japanese yen started weakening against the U.S. dollar. Cross rate started rising from 77 levels and reached 104 levels in almost six months. This was a sharp rally and was followed by a lengthy consolidation. Price action is cyclical. It will have high volatility, trend periods that are followed by low volatility, trading ranges. […]
This will be an important week for Crude oil. WTI crude oil continues to consolidate directly above the long-term symmetrical triangle. After its breakout above $98 levels and $104 levels, WTI crude oil formed a bullish chart pattern as part of the continuing uptrend. Short-term bullish flag is signaling a pause before the uptrend resumes. WTI should clear $109 levels to target $110-$115 area, […]
Earlier in May, Tech Charts blog followers read three different updates on the USD/INR suggesting strong U.S. dollar versus the Rupee (May 7, May 13, May 28). Since then the cross rate had a strong breakout and entered into a parabolic upward move. Over the past month price reached a strong trend channel resistance between 65 […]
Emerging markets are taking a hit with their bond, currency and equity markets. We are seeing clear technical damages on mainly emerging asia and the rest of the emerging markets. Two equity indices that show similarities are Thailand’s SET index and Turkey’s BIST 30 index. Both indices had strong uptrend between 2009 and 2013. They were the […]
