50+ Global Markets: Today’s Top Opportunities (free)

By Elliott Wave International

[biiwii comment: I just remembered that this event is starting today and wanted to put up a reminder for anyone interested in these extensive, premium services… free for a week.  Here is a screenshot of the real-time menu of items they have updated so far…]

ewi pro services

On Wednesday, April 12, Elliott Wave International is “opening the doors” to its entire line of trader-focused Pro Servicesfree for 7 days — during their Pro Services Open House.

EWI Pro Services bring you opportunity-rich, professional-grade forecasts for 50+ of the world’s top markets — many 24 hours a day, complete with Elliott-wave charts and precise forecasts.

On April 12-20, you’ll have free 24/7 access to forecasts from the following Pro Services:

  • Currency Pro Service (11 biggest FX pairs)
  • Stocks Pro Service (major indexes: U.S., Europe, Asia)
  • Metals Pro Service (gold, silver, industrial metals)
  • Energy Pro Service (crude, natgas, ETFs)
  • Interest Rates Pro Service (bonds: U.S., Europe, Asia)

Why are we “opening the doors”?

Before, the EWI’s Pro Services line was reserved mostly for institutional subscribers. Today, everyone can trade the same markets. Now you can experience the same professional-grade market forecasting — free for an entire week.

Chances are, Pro Services are like nothing you’ve experienced before.

Register now and you’ll also get:

  • Instant free access to a valuable Elliott wave trading resource
  • New subscriber-only videos and analyst interviews
  • Alerts via email as market action warrants
  • Free access to analysis and forecasts for 50+ of the world’s top markets

Join your fellow traders for 7 free days of forecasts now.

Morning Market Report; Currencies

By Ino.com

Currencies

currenciesThe December Dollar closed higher on Tuesday and above the 10-day moving average crossing at 95.35 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off August’s high, the 75% retracement level of the May-July-rally crossing at 93.47 is the next downside target. First resistance is the reaction high crossing at 96.21. Second resistance is August’s high crossing at 96.45. First support is the 62% retracement level of the May-July-rally crossing at 94.20. Second support is the 75% retracement level of the May-July-rally crossing at 93.47.

The December Euro closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, the late-August’s low crossing at 111.76 is the next downside target. If December extends the rally off the late-August low, August’s high crossing at 114.21 is the next upside target. First resistance is last Thursday’s high crossing at 113.73. Second resistance is August’s high crossing at 114.21. First support is the late-August’s low crossing at 111.76. Second support is August’s low crossing at 111.09.

The December British Pound closed lower on Tuesday and below the 20-day moving average crossing at 1.3223 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today’s decline, the reaction low crossing at 1.3090 is the next downside target. If December resumes the rally off August’s low, the reaction high crossing at 1.3542 is the next upside target. First resistance is the reaction high crossing at 1.3501. Second resistance is the reaction high crossing at 1.3542. First support is the reaction low crossing at 1.3090. Second support is August’s low crossing at 1.2897.

The December Swiss Franc closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If December resumes the decline off August’s high, July’s low crossing at 1.0141 is the next downside target. If December renews the rally off September’s low, August’s high crossing at 1.0556 is the next upside target. First resistance is last Thursday’s high crossing at 1.0418. Second resistance is the reaction high crossing at 1.0448. First support is September’s low crossing at 1.0187. Second support is July’s low crossing at 1.0141.

The December Canadian Dollar closed lower on Tuesday as it extends last week’s decline. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, July’s low crossing at 75.50 is the next downside target. Closes above the 20-day moving average crossing at 77.19 would confirm that a low has been posted. First resistance is August’s high crossing at 78.38. Second resistance is June’s high crossing at 78.99. First support is August’s low crossing at 75.80. Second support is July’s low crossing at 75.50.

The December Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 0.9891 are needed to confirm that a short-term low has been posted. If December renews the decline off August’s high, the 75% retracement level of the aforementioned rally crossing at 0.9544 is the next downside target. First resistance is the 20-day moving average crossing at 0.9891. Second resistance is August’s high crossing at 1.0095. First support is the 62% retracement level of the July-August’s rally crossing at 0.9641. Second support is 75% retracement level of the aforementioned rally crossing at 0.9544.

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Morning Market Report: Currencies

By Ino.com

currenciesThe following is excerpted from a daily report that also includes stock markets, commodities, currencies and interest rates.  Sign up for free.

The September Dollar closed lower on Tuesday as it consolidated some of the rally off last Thursday’s low. The mid-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 62% retracement level of the February-May-decline crossing at 97.53 is the next upside target. Closes below the 20-day moving average crossing at 94.58 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 96.86. Second resistance is the 62% retracement level of the February-May-decline crossing at 97.53. First support is Thursday’s low crossing at 93.02. Second support is May’s low crossing at 92.00.

The September Euro closed higher on Tuesday as it consolidated some of the decline off last Friday’s high. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June’s high, March’s low crossing at 108.980 is the next downside target. Closes above the 20-day moving average crossing at 112.92 are needed to confirm that a short-term low has been posted. First resistance is last Friday’s high crossing at 114.55. Second resistance is May’s high crossing at 116.65. First support is the 75% retracement level of the December-May-rally crossing at 109.21. Second support is the 87% retracement level of the December-May-rally crossing at 108.01.

The September British Pound closed higher due to short covering on Tuesday as it consolidated some of the huge decline off last Friday’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, long-term support crossing at 1.2550 is the next downside target. Closes above the 20-day moving average crossing at 1.4295 would confirm that a short-term low has been posted. First resistance is last Friday’s high crossing at 1.5009. Second resistance is last December’s high crossing at 1.5239. First support is Monday’s low crossing at 1.3133. Second support is long-term support crossing at 1.2550.

The September Swiss Franc closed lower on Tuesday as it extended the decline off last Thursday’s high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last Thursday’s high, May’s low crossing at 1.0103 is the next downside target. Closes above the 10-day moving average crossing at 1.0404 would confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 1.0552. Second resistance is the reaction high crossing at 1.0600. First support is the reaction low crossing at 1.0131. Second support is May’s low crossing at 1.0103.

The September Canadian Dollar closed higher on Tuesday as it consolidates some of the decline off last Thursday’s high. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 38% retracement level of the January-May-rally crossing at 75.69 is the next downside target. Closes above the 20-day moving average crossing at 77.66 would confirm that a short-term low has been posted. First resistance is June’s high crossing at 79.02. Second resistance is May’s high crossing at 0.8018. First support is May’s low crossing at 75.87. Second support is the 38% retracement level of the January-May-rally crossing at 75.69.

The September Japanese Yen closed lower due to profit taking on Tuesday as it consolidates some of this year’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .9499 are needed to confirm that a short-term top has been posted. If September extends this year’s rally, the 50% retracement level of the 2011-2015-decline crossing at 1.06217 is the next upside target. First resistance is last Friday’s high crossing at 1.01310. Second resistance is the 50% retracement level of the 2011-2015-decline crossing at 1.06217. First support is the 20-day moving average crossing at .9499. Second support is the reaction low crossing at .9298.

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Sound as a Dollar

By Tim Knight

Back on May 3rd, I did a Slope Plus post suggesting going long the US dollar. As I phrased it at the time: “The Yen and Euro have been very strong in recent months. I believe this is about to turn, and thus I am banking on a strengthening dollar. There are plenty of ways to play this (short the Euro, short the Yen, etc.) but I’m going to use the lame-o, thinly-traded UUP.”

Well, let’s take a fresh look at the charts. Shorting the Yen has gone pretty well, and there doesn’t seem to be much in the way of support, so this probably is a good “hold”:

0524-FXY, japanese yen

The Euro has a little to go before its lower trendline, but I’ve got to say, it’s looking pretty close to being done for now.

Continue reading Sound as a Dollar

Precisely Wrong on Dollar, Gold?

By Axel Merk

Since the beginning of the year, the greenback has shown it’s not almighty after all; and gold – the barbarous relic as some have called it – may be en vogue again? Where are we going from here and what are the implications for investors?

Like everything else, the value of currencies and gold is generally driven by supply and demand. A key driver (but not the only driver!) is the expectation of differences in real interest rates. Note the words ‘perception’ and ‘real.’ Just like when valuing stocks, expectations of future earnings may be more important than actual earnings; and to draw a parallel to real interest rates, i.e. interest rates net of inflation, one might be able to think of them as GAAP earnings rather than non-GAAP earnings. GAAP refers to ‘Generally Accepted Accounting Principles’, i.e. those are real-deal; whereas non-GAAP earnings are those management would like you to focus on. Similarly, when it comes to currencies, you might be blind-sided by high nominal interest rates, but when you strip out inflation, the real rate might be far less appealing.

It’s often said that gold doesn’t pay any interest. That’s true, of course, but neither does cash. Cash only pays interest if you loan it to someone, even if it’s only a loan to your bank through a deposit. Similarly, an investor can earn interest on gold if they lease the gold out to someone. Many investors don’t want to lease out their gold because they don’t like to accept the counterparty risk. With cash, the government steps in to provide FDIC insurance on small deposits to mitigate such risk.

Continue reading Precisely Wrong on Dollar, Gold?

Pro Services Free Week

By Elliott Wave International

Starting at 9 a.m. ET Wednesday, April 20, Elliott Wave International is “opening the doors” to the entire line of trader-focused Pro Servicesfree for 7 days — during: Pro Services Open House.

EWI Pro Services bring you opportunity-rich, professional-grade forecasts for 50+ of the world’s top markets — many 24 hours a day, complete with Elliott-wave charts and precise forecasts.

On April 20-27, you’ll have free 24/7 access to forecasts from the following Pro Services:

  • Currency Pro Service (11 biggest FX pairs)
  • Stocks Pro Service (major indexes: U.S., Europe, Asia)
  • Metals Pro Service (gold, silver, industrial metals)
  • Energy Pro Service (crude, natgas, ETFs)
  • Interest Rates Pro Service (bonds: U.S., Europe, Asia)

Why are we “opening the doors”?

Before, the EWI Pro Services line was reserved mostly for institutional subscribers. Today, everyone can trade the same markets. Now you can experience the same professional-grade market forecasting — free for an entire week.

Chances are, Pro Services are like nothing you’ve experienced before.

Register now and you’ll also get:

  • Instant free access to a valuable Elliott wave trading resource
  • New subscriber-only videos and analyst interviews
  • Alerts via email as market action warrants
  • Free access to analysis and forecasts for 50+ of the world’s top markets

Join your fellow Elliott wave traders for 7 free days of forecasts now.