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Silver Technical Analysis: Prices Pressing Resistance / 2017 Highs

Silver prices have continued to struggle at a key Fibonacci confluence at 18.33/39 where the 100% extension of the December advance converges on the 50% retracement of the decline off the 2016 high. Keep in mind that this region is also defined by the 2017 yearly opening-range highs and if compromised, would reinforce the broader bullish outlook. Chart 1: Silver Daily Timeframe (June 2016 to April 2017) The precious metal continues to trade within the confines of an ascending pitchfork formation ...

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USD/CHF Possible Trendlines between 1.0080 and 1.0100

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -The last USD/CHF update noted that “I’m on high alert for at least a pause over the next few days and maybe more. It should be noted that the 61.8% of the drop from 3/7 is 1.0034.” The Fibonacci retracement is acting as resistance didn’t do much and focus now shifts to proposed trendlines (just as EUR/USD trendlines are lower) near 1.0100. If price...

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USD/JPY Indecision Candles at Range Lows

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -I wrote in the last USD/JPY update that “a close over February closing lows at 111.62 and 111.92 would increase confidence that a decent low is in place. The former level is being tested now and January lows near 112.60 still present a hurdle.” USD/JPY ended...

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Technical Analysis: ASX 200 Must Consolidate to Convince

Talking Points Australia’s equity benchmark has managed new 2-year highs But it doesn’t look particularly comfortable If it can’t hang on thena return to a more familiar range looks likely Australia’s ASX 200 equity index has risen to new two-year highs in the past week or so, raising the obvious question: can it stay up here? The index has certainly held its ground since peaking at 5900 on March 31. But the range traded since...

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Gold Price Continues to Probe 200 Day Average from Below

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -Gold has been at resistance (1250) for most of the last 3 weeks. The 200 day average is clearly important (tested and failed 3 times so far in 2017) but a push through the average would shift focus to 1278 (61.8% retracement from 2016 decline). If gold comes off now, then 1220 (resistance in January and support in February) should be...

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NZD/USD Can’t Get off the Ground

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -There is no change to the daily Kiwi comments. “FOMC brought NZD/USD some much needed relief but the immediate rejection suggests that the path is still lower. Focus remains on the 2015-2016 trendline (below .6800). Ideally, the action at the trendline will help identify the significant of the rally from the 2015 low....

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Crude Oil Rally Faces First Test Since March Low

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -“I’m positive on crude as long as the trendline holds. Now that’s a hold! Lows from January and February stretch from 50.69 to 51.25. The upper end of this range looks like the ‘best’ level for resistance (trendline intersection).” Crude is a few ticks from the upper end of the noted range. As such, respect potential for a pause in...

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USD/CAD Bearish Wick at Channel Center Line

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Real Time Positioning -The slightly positive tilt of the range following a sharp decline indicates that pattern may be forming a small bearish flag. Clearly, the March high is critical to this interpretation. Pay attention to the former highs just above 1.3200 for support. 1.3200 is also the 200 day average and a parallel. It’s safe to...

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