Monthly Archives: August 2014

Today’s Trading Edge: EUR/CHF – Will the SNB Intervene at the start of Next Week?

The kings of currency manipulation, also known as the Swiss National Bank (SNB) may need to intervene for the first time in about two years because the recent euro weakness has been putting too much pressure on the franc.  The

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Today’s Trading Edge: AUD/USD – Bearish Butterfly May Signal Reversal

Last week, I wrote about how the RBA Minutes release may keep investors’ expectations for rates to remain steady for quite some time.  Price has since then been fairly bid for the Australian currency, but the gains have so far

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Today’s Trading Edge: Is it time for the S&P 500 to correct?

Yesterday, the S&P 500 closed above the 2000 level for the first time and has formed a potential double top pattern.  The first top (around the 1991 area) helped trigger a move that also drove prices towards the 100-day SMA. 

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Today’s Trading Edge: US Oil Respects 7-Month Lows and Major Trendline Support

U.S. oil prices fell to a 7-month last week on slowing economic growth in Europe and on the strong dollar rally.  This morning oil prices rebounded slightly ahead of tomorrow’s Energy Information Administration report that many are expecting to show

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Today’s Trading Edge: Silver’s Slide Rests On Major Support

Silver (daily chart shown above) has been entrenched in a relatively strong downtrend since mid-July highs.  In the process of this slide, multiple key technical support levels have been breached, including the psychological 20.0 handle and 200-day SMA. While gold

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Today’s Trading Edge: EUR/USD- Decline Stalls at Bullish Gartley Pattern and as we await Draghi

The euro-dollar made fresh lows this morning when it slid through the key 1.3250 level and is currently finding tentative support with the bullish Gartley pattern at around the 1.3226 area.  The weekly chart above shows that the X to

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Today’s Trading Edge: Gold’s Collapses as the Dollar Rallies on Rate Outlook

On Monday, I wrote about how downside risks remained in place for the precious metal.  While gold prices remain under pressure, the potential fireworks from Jackson Hole may provide a significant pause in this downward move.  Many may still be

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Today’s Trading Edge: CAD/JPY – Poised to Surge Above 50-Day SMA

The daily chart for CAD/JPY shows that since forming a bullish ABCD pattern on August 8th at the 92.74, price has maintained a strong bullish rally that is currently facing key resistance with the 50-day SMA.  This morning, Statistics Canada

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Today’s Trading Edge: AUD/USD – Gartley Pattern Rallies Toward 100-Day SMA

Last night, the Australian currency rallied to the U.S. dollar after the RBA Minutes release kept investors’ expectations for rates to remain steady for quite some time.  This morning’s positive U.S. housing data however has helped the U.S. dollar regain

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Today’s Trading Edge: Gold’s Decline Struggles to Find

My last precious metal post identified the key summer range that may contain gold’s summer swoon.  Major support would come from $1,280 and critical resistance from the $1,340 region.  Both the top and bottom of this range were identified by

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