Bond Report: Treasury yields come off session lows as traders brace for $…






Treasury prices fell Monday, pushing yields off intraday lows, as traders sold government paper to make way for a raft of debt auctions this week. A key inflation reading later this week was also on investors’ radar.

The 10-year Treasury note yield












TMUBMUSD10Y, +0.07%










rose 1.4 basis points to 2.517%, after trading as low as 2.485%. The 2-year note












TMUBMUSD02Y, +0.70%










 was up 1.3 basis points to 2.358%. The 30-year bond yield












TMUBMUSD30Y, +0.16%










 ticked higher by 1.4 basis points to 2.923%. Bond prices move inversely to yields.

Investors made room for the fresh wave of supply this week during the so-called “concession” process, when broker-dealers push yields higher in an effort to ensure a successful showing in coming bond auctions, said market participants. The U.S. Treasury is set to sell $78 billion of government paper, across 3-year, 10-year and 30-year maturities.

“It’s a concession being built ahead of the auctions,” Subadra Rajappa, head of U.S. rates strategy at Société Générale, told MarketWatch.

In economic data, February’s factory orders fell 0.5% in February, the fourth time in five months. But the key highlight of the week will be March’s consumer-price index data that could indicate if inflation growth is bottoming out. Inflation is anathema to bonds because it can chip away at the fixed value of owning government paper.

Elsewhere, jitters from Libya put investors on edge as civil war threatened to break out again in the country. The U.S. military said it would pull its military forces, which has been stationed in the country to combat Islamic State. The unrest has crimped oil production, lifting crude prices.

See: Oil taps fresh 5-month highs amid Chinese buying, Libyan conflict

In Europe, U.K. Prime Minister Theresa May was attempting to gather support among the European Union for an extension of Brexit.

Japanese bond yields retreated after the Bank of Japan cut its assessment for several economic regions as the global growth slowdown weighed on its manufacturing and export industries. The 10-year Japanese government bond yield












TMBMKJP-10Y, -57.82%










fell 1.6 basis points to negative 0.05%.

“What’s keeping bond markets from selling off is the gravitational pull from overseas. There’s still a lot of economic uncertainty abroad, and that’s going to anchor Treasury yields,” said Rajappa.























Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Sunny Oh is a MarketWatch fixed-income reporter based in New York.


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MAG Silver Fully Funded for 2019, Mine Development Advancing

By The Gold Report

Source: Streetwise Reports   04/06/2019

The company’s main focus currently is a joint venture project in Mexico’s Fresnillo Trend, where both development and exploration are ongoing.

MAG Silver Corp. (MAG:TSX; MAG:NYSE.MKT) provided its full-year 2018 financial result and an operations update in a news release.

As for its Juanicipio project, a joint venture with Fresnillo Plc (FRES:LSE), on site, underground and other development are progressing, and more than 18.5 kilometers of underground work are now finished. As of Dec. 31, 2018, contracts totaling $23.1 million with suppliers of processing equipment suppliers and totaling $69.5 million with development contractors have been secured. Other construction and operating agreements are being finalized.



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Commercial production is expected to commence at Juanicipio in H2/20.

The exploration program continues at Juanicipio with five drill rigs on site with another underground rig expected shortly. Two Devico directional drills are at work on the Valdecañas vein. Three conventional rigs are turning in other places, one on the Venadas vein, the second on a prospective target and the third underground.

“The Juanicipio joint venture property continues to be the gift that keeps on giving,” President and CEO George Paspalas said in the release. “Discovering two new mineralized veins readily accessible from the underground workings we have been developing over the last 5 years, once again demonstrates Juanicipio’s exceptional mineral endowment. We are pleased with the progress we are making with our JV partner Fresnillo, finalizing construction and operating agreements, and look forward to commencing the process plant construction in the near term.”

Regarding full-year 2018, MAG reported a net loss of $5.8 million, or $0.07 per share, an improvement over the previous year, which yielded a net loss of $6.497 million, or $0.07 a share.

As of Dec. 31, 2018, the company had working capital of $129.3 million, including cash and cash equivalents, and no debt. It remains fully funded to maintain all of its properties and currently planned programs for beyond a year.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: MAG Silver. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: MAG:TSX; MAG:NYSE.MKT,
)

TD Ameritrade Adds 10 ETFs to 24-Hour Trading Program

US-based brokerage firm TD Ameritrade, a broker-dealer subsidiary of TD ‎Ameritrade Holding Corporation‏,‏‎ has extended the number of exchange-traded funds available in its 24/5 trading program. The offering extends trading hours on its platform to 24 hours, five days a week for several popular securities, now totaling 24 products.

The e-broker has added 10 new securities to its currently installed 14 instruments, which investors on the Thinkorswim or mobile platforms can trade during the off-hours between 8 p.m. EST Sunday and 8 p.m. EST Friday.

The iFX EXPO is Back in Limassol!

The program allows immediate reaction to overnight news, rather than waiting until the stock market opens to react. TD Ameritrade’s platform is used largely by retail investors.

“In the digital age, people are accustomed to a 24-hour news cycle and headlines like the U.S.-China trade dispute have a constant influence on the market. That’s why TD Ameritrade was first to introduce online overnight trading, and improving that offering is all about delivering on our promise to innovate and provide greater value to our clients,” said Steve Quirk, VC of trading and education at TD Ameritrade.

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Fierce competition among US discount brokers

TD Ameritrade and other trading platforms already let clients trade in the premarket session and after-hours, but what it added is to allow them trade during the eight-hour window between the close of the first session and the start of premarket trading.

TD Ameritrade, however, warned that extended-hour trading is subject to unique conditions, including lower liquidity and higher volatility.

TD Ameritrade, as well as several US discount brokers, are enhancing their offering to attract digitally savvy and younger investors, as a slew of emerging micro-investing apps like ‎Robinhood now offer mobile apps that let beginners buy and sell public stocks without trading ‎fees.

Earlier last year, the broker also leveraged an artificial intelligence (AI)‎ technology to launch a bot for Twitter that serves as a virtual assistant to allow the company to communicate with its ‎customers. It resembles the one it launched in 2017 and ‎enabled customers from trading equities and exchange-traded funds using ‎Facebook’s messenger services.‎

US Dollar Bearish Topping Pattern Fuels Improved Gold Price Forecast

Talking Points

– A continual reassessment of expectations around how the US economy performed in Q1’19 has filtered through into rate expectations evolving in a more supportive way for the US Dollar.

– As both American and Chinese officials talk in more optimistic tones, it appears that we’re in the final stages of the trade war talks.

Retail traders continue to sell the US Dollar, and moreover, buy EURUSD as it approaches it yearly lows.

Looking for longer-term forecasts on the US Dollar? Check out the DailyFX Trading Guides.

The US Dollar (via the DXY Index) has started the week on weak footing, working towards its weakest performance since the March Fed meeting. Prices remain constrained below range resistance going back to February, hampered by a multiplicity of issues: progress on the Brexit front; perception around the April ECB meeting due later this week; and a lack of movement on the US-China trade war front.

Yet the biggest factor for the US Dollar on a day without significant economic data may in fact be something hanging around from the end of last week.

US President Trump Tweets About the Fed

A new issue for the US Dollar may have emerged last week when US President Donald Trump gave explicit commentary on Federal Reserve policy. Certainly, the commentary was a more aggressive foray into challenging the Federal Reserve’s independence that what market participants heard at the end of 2018.

But now that US President Trump is saying that “the Fed should drop rates,” and that “in terms of quantitative tightening, it should actually now be quantitative easing, it’s clear that messaging from the top fiscal policymaker in the country will be overtly dovish. This fits neatly with news of potential appointments to the Federal Reserve in Stephen Moore and Herman Cain.

Weak US Dollar Helping Gold Prices

In the immediate wake of the US Dollar weakness at the start of the week, it’s of little surprise that USD-denominated commodities are trading higher on the day. Directly benefiting has been the precious metals complex, with Gold continuing to post gains from recent support:

Gold Price Technical Forecast: Daily Price Chart (March 2018 to April 2019) (Chart 1)

gold price forecast, gold price daily chart

A weaker US Dollar appears to be of significant consequence for Gold prices continuing their turn higher. The 20-day correlation between the DXY Index and Gold prices has strengthened to -0.77, the strongest negative correlation since January 16.

In the near-term, there may not be much of a trade in Gold just yet. Momentum is flat, with price enmeshed in the daily 8-, 13-, and 21-EMA envelope. But a look back on price action since the start of the year suggests that Gold has been consolidating within a symmetrical triangle; the recent move from last week’s low came at triangle support, maintaining the consolidation. Topside resistance in the triangle comes in near 1308/10 over the coming days.

US DOLLAR (DXY Index) Technical Forecast: Daily Price Chart (June 2018 to April 2019) (Chart 2)

dxy index chart, dxy index price chart, us dollar forecast, us dollar price forecast

A close above the 97.37 topside resistance in place since the start of February failed to materialize at the end of last week; the DXY Index closed the week at 97.36. The second failure in four days to clear the range top has yielded to selling pressure at the start of the second week of April, with a potential bearish evening star candle cluster starting to take shape.

If the range is going to hold, then the seeds may be planted for a reversal lower for the US Dollar. In turn, the odds would increase for Gold prices to see continued gains towards its symmetrical triangle resistance.

DXY Index Technical Forecast: Daily Price Chart (June 2018 to April 2019) (Chart 2)

ig client sentiment index, igcs, gold price chart, gold price forecast

Retail trader data shows 76.2% of traders are net-long with the ratio of traders long to short at 3.19 to 1. The number of traders net-long is 0.4% higher than yesterday and 2.0% lower from last week, while the number of traders net-short is 1.8% higher than yesterday and 2.1% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail at cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

View our long-term forecasts with the DailyFX Trading Guides

AUDUSD April Range in Focus Ahead of RBA Financial Stability Review

Australian Dollar Talking Points

AUD/USD tracks the monthly opening range ahead of the Reserve Bank of Australia’s (RBA) semi-annual Financial Stability Review (FSR), and the aussie-dollar exchange rate may continue to consolidate over the coming days as it appears to be stuck in a wedge/triangle formation.

Image of daily change for major currencies

AUDUSD April Range in Focus Ahead of RBA Financial Stability Review

Image of daily change for audusd rate

AUD/USD attempts to retrace the decline following the RBA meeting as the U.S. and China, Australia’s largest trading partner, appear to be on track to finalize a trade agreement, but the development may do little to alleviate the downside risks surrounding the Australian economy as the central bank endorse a wait-and-see approach for monetary policy.

Updates to the RBA’s Financial Stability Review (FSR) may produce headwinds for the Australian dollar as the central bank warns that ‘growth has slowed and downside risks have increased,’ and Governor Philip Lowe & Co. may show a greater willingness to insulate the economy as ‘growth in household consumption is being affected by the protracted period of weakness in real household disposable income and the adjustment in housing markets.

Image of rba official cash rate

In turn, the RBA may insist that ‘the low level of interest rates is continuing to support the Australian economy’ at the next meeting on May 7, but the central bank may continue to adjust the forward-guidance for monetary policy as officials see ‘scenarios where an increase in the cash rate would be appropriate at some point and other scenarios where a decrease in the cash rate would be appropriate.

With that said, AUD/USD may continue to consolidate over the near-term as it appears to be stuck in a wedge/triangle formation, with the monthly opening range on the radar as the Relative Strength Index (RSI) highlights a similar dynamic. Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups.

AUD/USD Rate Daily Chart

Image of audusd daily chart

  • Keep in mind, the AUD/USD rebound following the currency market flash-crash has been capped by the 200-Day SMA (0.7201), with the exchange rate still tracking the bearish trend from late-2018 as the rebound from the March-low (0.7003) fails to push aussie-dollar back above the Fibonacci overlap around 0.7170 (23.6% expansion) to 0.7180 (61.8% retracement).
  • However,AUD/USD appears to be stuck in a wedge/triangle formation, with the Relative Strength Index (RSI) also generating a mixed signal as the oscillator highlights a similar dynamic.
  • In turn, need a break of the April-low (0.7053) to open up the 0.7020 (50% expansion) area, which sits just above the March-low (0.7003).

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019

— Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

The Fed: Former Fed insider accuses Trump of trying to pack central bank …










Getty Images, Bloomberg


President Trump wants to put political allies Herman Cain, left, and Stephen Moore, on the Federal Reserve. But critcism is mounting.

The former head of the Dallas Federal Reserve blasted President Trump’s plan to add two political allies to the U.S. central bank’s chief decision-making board, predicting neither will get Senate approval.

Richard Fisher told CNBC that the president’s attempt to pack a Fed board and strip it of its independence is likely to get bottled up in the Republican-controlled Senate. Trump has said he plans to nominate Stephen Moore and Herman Cain to fill two empty seats on the seven-member Fed Board of Governors.

“Those guys are not going to get confirmed. I do think that is going to be a very long shot,” Fisher said in the CNBC interview. “I think the Senate will ferret this out and delay the nominations.”

The outspoken Fisher is one of the few former senior Fed officials to openly criticize the potential nominations of Moore and Cain. Sen. Mitt Romney, the former investment adviser and Republican presidential nominee in 2012, has also been sharply critical. Wall Street pros are also skeptical.

Most Republicans have been mum so far.

Read: Why Senate Republicans may turn on Trump Fed picks Moore and Cain

Trump has repeatedly bashed the Fed and Chairman Jerome Powell, whom he appointed last year, for raising interest rates in 2018. He’s accused the Fed of damaging the economy and has urged the central to cut interest rates and use so-called quantitative easing to make money even cheaper.

Ironically, many Republicans harshly criticized the use of “QE” by the Fed during the Obama presidency, including Trump himself.

Read: Why the Fed will swat away Trump’s call for QE4

Moore is a well-known supporter of conservative economic policies who’s long advised Republican candidates. He’s also worked at the conservative Heritage Foundation think tank and the right-leaning Wall Street Journal editorial page.

The 73-year-old Cain, an African-American, is a former CEO who ran for the Republican presidential nomination in 2012. He was chairman of the Kansas City Federal Reserve in the 1990s, but he has mostly been involved in politics and media for the past 20 years.

“It’s pretty clear [Trump] is going to try his utmost to politicize the Fed,” Fisher said. “He is building a case of what he wants the Fed to look like long term.”

Read: Goldilocks economy? No. But steady job gains, low inflation to keep recession at bay

Fisher served as Dallas Fed president from 2005 to 2015 and developed a reputation as a “hawk” who worried more about inflation and tended to favor higher interest rates. He has lots of contacts in the business and political worlds stemming from his long career in financial markets and government.

He said he would be “personally disappointed” if Moore got on the board. He also opposed Cain, but was less critical.

“Neither of them has the right stuff to be a Fed board governor,” Fisher said. “Moore I don’t pay any attention to. He is a politician, a political economist. Not a very well-trained economist, by the way.”

The big danger, Fisher warned, is that the Fed becomes a tool of whichever party holds power in Washington. Republicans and Democrats could try to add their own supporters to the board, giving them tight control over what is now a very independent-operating Fed.

“It represents a threat to the independence of the most important central bank in the world,” Fisher said. “I think the markets












DJIA, -0.41%










 would go into a frenzy and our allies, other central banks, would go into a frenzy if indeed he succeeds with Moore and with Cain.”























Jeffry Bartash is a reporter for MarketWatch in Washington.


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Oil Weekly Price Outlook: Crude Rips into Resistance, Five-Month High

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. Crude Oil Prices are up more than 33% since the start of the year with the breakout now testing a major technical resistance zone at five-month highs early in the month. These are the updated targets and invalidation levels that matter on the WTI weekly price chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Oil Trading? Get started with this Free How to Trade Crude Oil Beginners Guide

Crude Oil Weekly Price Chart (WTI)

Crude Oil Price Chart - WTI Weekly

Notes: In my previous Crude Oil Weekly Technical Outlook we noted that price was testing a key resistance zone at 59.61-60.06 – “A weekly close above would be needed to suggest that a more meaningful low was registered in December with such a scenario targeting the 52-week moving average at ~62.82 and the 61.8% retracement of the 2018 decline at 63.68.” Price is testing this resistance zone into the August low at 64.40 early in the week and leaves the immediate advance at risk while below.

A breach / close above is needed to keep the long-bias viable targeting channel resistance / 68.72. Key support / bearish invalidation now raised to the Monthly open / 50% retracement at 59.61-60.14 -Weakness beyond this threshold would risk a larger correcting in price.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: Crude prices are testing BIG resistance here and we’re looking for a reaction off the 63.68-64.40 zone heading into the close of the week. From a trading standpoint, a good place to reduce long-exposure / raise protective stops. Be on the lookout for possible near-term exhaustion near this zone with a pullback to ultimately offer more favorable long-entries while above 59.61. I’ll publish an updated Crude Oil Price Outlook once we get further clarity in near-term price action.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Crude Oil Trader Sentiment

Crude Oil Trader Sentiment - WTI Price Chart

  • A summary of IG Client Sentiment shows traders are net-short Crude Oil – the ratio stands at -1.84 (35.2% of traders are long) – bullish reading
  • Traders have remained net-short since March 28th; price has moved 8.1% higher since then
  • The percentage of traders net-long is now its lowest since September 4th
  • Long positions are 11.8% lower than yesterday and 19.1% lower from last week
  • Short positions are 8.5% higher than yesterday and 24.8% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Crude Oil-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in Crude retail positioning are impacting trend- Learn more about sentiment!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

— Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

White House adviser Willems: Simply will not work to take agricultural se…

White House adviser Willems is crossing the worse with respect to trade negations between the EU and U.S.

Key comments so far:

  • Trump administration pleased with soybeans progress in discussion with EU;
  • US, EU discussing building LNG terminals and infrastructure;
  • US, EU want to work together on joint projects that provide market-based alternative to state-led initiatives ‘that can come with strings attached’;
  • Simply will not work to take the agricultural sector off the table in EU-US trade talks.

Elliott Wave Analysis: Selling Coffee Rally in Blue Box

Welcome traders, today we look at a couple of 30-min Coffee futures (KC_F) charts and its price action within hours. The following analysis will show how profitable and efficient it can be to trade with our philosophy and basic Elliott Wave analysis.

First of all, we start on March 27th with a 30-minute chart presented to our members. Here, we believe the market favors the downside in the near term based on our count. The top at $98.75, labeled as wave ‘((ii))’,  serves as a resistance pivot after finishing a 7 swing move ‘w-x-y’. From there, an overlapping 5 wave structure is identified and a pullback initiates for wave ‘(b)’. Due to the nature of wave (i) down as a diagonal, we expect a 3,7 or 11 swing move down for wave ‘(iii)’. According to Elliott Wave theory, we are safe to assume an Elliott Wave zigzag structure move to complete wave ‘((iii))’; hence, the projected ‘(a)-(b)-(c)’ move .

Under our methodology, we do not take action with an unconfirmed ‘right side of the market’. In this particular example we have a confirmed ‘right side’ . This is represented by the “RightSide” arrow in red. So, we let the market shows itself and act when the price reaches extreme areas countering to the ‘right side’. As soon as wave (a) was confirmed, and an a-b swing is identified, we derived a 1:1 minimum target and a 1:1.618 extreme target. These targets are combined to provide a blue box target area where high probabilities favor the instrument to react from and very possibly resume the trend lower.

Coffee 03.27.2018 1 Hour Chart Elliott Wave Analysis

Below you will see an updated chart of coffee later on the same day. The bounce took the the structure of a 7 swing ‘w-x-y’ into the blue box, then coffee reacts and resumes the dominant trend. Our members were advised to take the short and were rewarded. Trading is always about taking a chance. But, what can be better than taking a chance with probabilities on your side. Now, we continue adapting and we wait for a new opportunity as the market repeats itself. Once again, our blue box target areas showing how accurate they can be. In the Live Trading Room, we have closed our short position from 96.08 blue box at 92.8 for a $3.28 profit.

Coffee 03.27.2018 1 Hour Chart Elliott Wave Analysis

*Note : Keep in mind the market is dynamic and the presented view might have changed after the post was published.

If you like what you read or if you are interested on our Elliott Wave theory application visit us at Elliott Wave Forecast.  We cover 78 instruments in total for which we provide daily live analysis. Up-to-date Elliott wave analysis, and potential reversal target areas are always available. And if that was not enough, we provide support through a 24/7 chat room.

GBPCAD Found Buyers In Blue Box And Rallied

Hello fellow traders.  In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPCAD. As our members know GBPCAD is showing incomplete bullish sequences in the cycle from the August 15th 2018 low. Break of the 01/25 peak made the pair bullish against the 1.697 pivot. Consequently, we advised members to avoid selling the pair and keep on favouring the long side.  In the following article, we’re going to explain the Elliott wave structure and Forecast.

GBPCAD 4 Hour Elliott Wave Analysis 3.21.2019

Besides we have bullish sequences in August 2018 cycle, short term rally from the 1.697 low has 5 waves structure which supports idea of further rally. 5 waves from the mentioned low suggests we have ended only the first leg of potential Elliott Wave ZIG ZAG Pattern . So once B pull completes we can get another leg up C red.   As of right now GBPCAD is correcting the short term cycle from the 1.697  low. Pull back is labeled as B red , having ((a)) ((b)) ((c)) subdivisions. We see pull back incomplete when we can still be in ((c)) black leg. Chart is calling for potentially another leg lower, however we don’t recommend selling it.

GBPCAD

GBPCAD 1 Hour Elliott Wave Analysis 3.21.2019

B red pull back can be still in progress. We are calling for another short term swing down to allow the price to reach important technical area marked at the blue box : 1.74306-1.7345 ( buyers zone) . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. Because of incomplete swing sequences in August cycle and 5 waves from the 1.69704 low, we expect to see reaction in 3 waves up from the blue box at least.

GBPCAD

GBPCAD 1 Hour Elliott Wave Analysis 3.24.2019

Eventually GBPCAD has made leg lower as expected. The price has reached proposed Blue Box area at 1.74306-1.7345. Buyers appeared right at the blue box when pull back completed at  1.74198 low. We got expected rally. Now, we need to see break above March 12th peak to confirming next leg is in progress. Any longs from blue box area should be already risk free. If not already long we don’t recommend buying short term dips against the 1.74198 low until March 12th peak gets broken.

Keep in mind that market is dynamic and presented view could have changed in the mean time.  Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

GBPCAD