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09 November, 2011
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MA RK ET
EUR/USD GBP/USD USD/JPY USD/CHF
Ron William, CMT, MSTA
S-TERM
MULTI-DAY
L-TERM
MULTI-WEEK
OBJECTIVES/COMMENTS
STOP
1.3840 1.5740
0.8900/0.8550/0.8250 (Entered 07/11/2011) 1.0360/1.0480/1.0670 1.0010/0.9710 (Entered 01/11/2011) 124.10/126.00/127.32 105.45/104.00/100.76 (Entered 09/11/2011) Look to sell.
Sell stop 3
1.2130
1.2230
SHORT 3
34.1300
35.6880
Notes: Entries are in 3 units and objectives are at 3 separate levels where 1 unit will be exited. When the first objective (PT 1) has been hit the stop will be moved to the entry point for a near risk-free trade. When the second objective (PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All orders are valid until the next report is published, or a trading strategy alert is sent between reports. CH-2008 Neuchtel Switzerland info@migbank.com www.migbank.com
MIG BANK / Forex Broker14, rte des Gouttes dOr Tel +41 32 722 81 00 Fax +41 32 722 81 01
EUR/USD EUR/USD
EUR/USD (Daily)
BERMUDA TRIANGLE FAILED
BREAKOUTS
the emotionally charged bull-trap that we had anticipated, which has been driven by recent positive EU News. Key support is now holding at 1.3653 (18
th
200-DMA (1.4104)
confirmation beneath here will unlock further downside scope into 1.3146 (Oct swing low) and that all-important psychological level at 1.3000. Further pressure is also weighing from broad risk-related proxies. The euro
UPTREND (2 YEARS)
currently shares a high correlation of 0.85% with the S&P500 which is now falling sharply from its recent multi-week highs.
Inversely, USD Index has turned back higher above its long-term 200-day MA. The bulls are likely to recapture the recent 6-month highs near 80. Speculative (net long) liquidity flows are holding steady around their recent spike highs (3 standard deviations from the yearly average). This will likely remain strong and help resume the USDs major bull-run from its historic
+27% +19%
+10%
SO FAR
VIDEO
BREAKOUT ZONE
MIG Bank Webinar: Why the US dollar is likely to gain up to 30% in 6-12 months. US Dollar Interview on Bloomberg
TRIGGER (15000)
DEMARK BUY SIGNALS
13
COT LIQUIDITY
S-T TREND
L-T TREND
STRATEGY
SHORT 3: 1.3655, Objs:1.3520/1.3140/1.2860, Stop: 1.3840
USD Index daily, weekly chart and COT Liquidity, Bloomberg Finance LP
www.migbank.com
Ron William, Technical Strategist, E-mail: r.william@migbank.com, Phone: +41 32 7228 454 2
GBP/USD
S-T TREND
L-T TREND
STRATEGY
Buy limit 3 at 1.5840, Objs: 1.5940/1.6153/1.6400, Stop: 1.5740.
www.migbank.com
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424 3
USD/JPY
USD/JPY (Daily 1 YEAR)
even a new post world war record low beneath 75.35. Sentiment in the option markets continues to suggest that USD/JPY buying pressure remains overcrowded as everyone in the market continues to try and be the first to call the market bottom.
82.00
psychological levels at 75.00 and perhaps even sub-74.00. Such a move would help flush out a number of downside barriers and stop-loss orders.
80.24
POST BOJ MOVE (III) HIGH
The medium/long-term view remains bullish, as USD/JPY verges toward a major long-term 40 year cycle upside reversal. Expect key cycle inflection pints to trigger into November-December this year, offering a sustained move above our upside trigger level at 80.00/60, then 82.00 and 83.30. Keep in mind that such a scenario would help reactivate the longer-term technical bias, including prior monthly DeMark exhaustion signals, within the ending diagonal pattern, which is part of the long-term cycle.
Please select the link below to review our MIG Bank webinar on USD/JPY. This is a featured update to our previous Special Report USD/JPYs Long-Term Structural Change
PIR II
S-T TREND
L-T TREND
STRATEGY
Exited at 77.70.
Ron William, Technical Strategist, E-mail: r.william@migbank.com, Phone: +41 32 7228 426 4
USD/CHF
S-T TREND
L-T TREND
STRATEGY
Short 3 at 0.9015, Objs: 0.8900/0.8550/0.8250, Stop: 0.9130.
www.migbank.com
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424 5
USD/CAD
USD/CAD (Daily)
August High (1.0673)
200-DMA (0.9817)
1.0673 (August high & Congestion zone). Only a sustained close beneath here will unlock bearish setbacks into the long-term 200-day MA at 0.9817 and 0.9726 (31 Aug low). A strong directional confirmation above here will open a much larger
st
recovery into 1.0850 plus. This would extend the upside breakout from the rates ending triangle pattern, which was part of a major Elliott Wave cycle. EUR/CAD is extending above its 200-day MA, within a large multi-month trading range. Key resistance continues to hold at 1.4379 (June swing high),
CHF/CAD (Daily)
REVERSAL PATTERN
which has for some time marked a strong distribution pattern. CHF/CAD is retesting its support nearby the 200-day MA at 1.1314, following the dramatic price slide lower (triggered by the SNB intervention). The cross-rate has now retraced more than half of its 2011 gains.
50%
(1.3570)
61.8% 50% 200-DMA (1.3841)
(1.3379)
(1.1488)
61.8%
(1.0893)
200-DMA (1.1314)
EUR/CAD (Daily)
S-T TREND
L-T TREND
STRATEGY
Buy Stop 3: 1.0250, Objs:1.0360/1.0480/1.0670, Stop: 1.0050
Ron William, Technical Strategist, E-mail: r.william@migbank.com, Phone: +41 32 7228 454 6
AUD/USD
AUD/USD
(1 YEAR)
DEMARK SELL SIGNALS
the 200-day MA (1.0415). A sustained move below here is likely to mount downside pressure on the
3 YEAR UPTREND IS UNDER PRESSURE
38.2%
(0.9144)
50%
rates multi-year uptrend. The bears need to confirm beneath 1.0322 (26 Oct low) and 1.0188 (18 Oct low). A break here will unlock sharp setbacks into 1.0000. Elsewhere, the Aussie dollar remains stable against the New Zealand dollar. The pair is still locked within its new bear cycle structure while it holds beneath its 200-day MA. Key support can be found at 1.2320 and 1.2100.
th th
(0.8546)
200-DMA (1.0413)
61.8%
The Aussie dollar has reversed gains against the Japanese yen and is now
13
trading back below the long-term 200-day MA which is currently at 83.11. Near-term support continues to hold at 77.63 (18 Oct low). A break here will resume downside scope into 76.70 and signal further unwinding of risk
th
appetite.
(76.70)
50%
200DMA (83.12)
(72.58)
61.8%
(68.47)
S-T TREND
L-T TREND
STRATEGY
SHORT 2: 1.0570, Obj: 1.0010/0.9710, Stop: 1.0470
Ron William, Technical Strategist, E-mail: r.william@migbank.com, Phone: +41 32 7228 454 7
GBP/JPY
S-T TREND
L-T TREND
STRATEGY
Buy limit 3 at 122.70, Objs: 124.10/126.00/127.32, Stop: 121.30
www.migbank.com
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424 8
EUR/JPY
S-T TREND
L-T TREND
STRATEGY
SHORT 3 at 106.45, Objs: 105.45/104.00/100.76, Stop: 107.50
www.migbank.com
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424 9
EUR/GBP
sustained break under 0.8530 will weaken the longer-term outlook considerably, ending the general range bound trade that we have witnessed thus far. Scope would then be seen for a return back down to 0.8068, over time. In fact, should stresses in the Euro Zone intensify then it is possible that Sterling may gain safe haven status. Failure to break the floor of the medium-term range will warn of a return back towards 0.8831 where short positioning would become attractive again. EUR/GBP daily chart, Bloomberg Finance LP A move back over 0.8960 is required to neutralise our mild bearish bias, in a generally rangebound environment.
S-T TREND
L-T TREND
STRATEGY
Look to sell if a break under 0.8530 can be realised.
www.migbank.com
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424 10
EUR/CHF
downside pressure returning to EUR/CHF. Initial resistance has been seen close to the recent high at 1.2474, with scope for a further correction, towards 1.2300 initially. Should a re-test of EUR/CHF weekly chart, Bloomberg Finance LP the 1.2000 region take place with a fall under 1.1973 also following, this would warn of the end of the recovery seen since 1.0075, increasing the probability of a return to this level. In any case, strong resistance is anticipated should this rate reach the 1.2500 zone. The recent failure to maintain trade above the 50 week
moving average is also noted. Time will tell whether or not the SNB will be able to hold back the possible flow of funds into Swiss Francs that may occur if further stresses lead to yet higher yields in Italian government bonds.
S-T TREND
L-T TREND
www.migbank.com
Bijoy Kar, Technical Strategist, E-mail: b.kar@migbank.com, Phone: +41 32 7228 424 11
GOLD
GOLD KEY TRIGGER LEVELS
DOWNSIDE: $1600 / $1530 UPSIDE: $1760 / $1844
20% SO FAR
$1760 $1704
also timed a key cycle peak, ahead of that all-important $2000 glass-ceiling. However, short-term price activity is building constructively higher above key
$1600
level at 1760. A sustained move above here would open moves into 1844.
34%
$1532
BREAKOUT 200-DMA NOT BROKEN IN 3 YEARS!
Speculative (net long) flows remain a concern having recently breached a key downside level which may threaten over 2 years of sizeable long gold positions. There is heightened risk of a much larger decline if we confirm a weekly
26%
CONFIRMATION BELOW $1530 UNLOCKS LARGER DECLINE INTO $1300 & $1040-1000 TREND CHANNEL
(12 YEARS)
close beneath $1600 and $1554-30 (200-day MA/swing low), which has not been breached in 3 years! A number of bargain hunting trend-followers will be watching this benchmark line in the sand for repeat support or a potential big squeeze lower into $1300 and perhaps even $1040-1000. Remember, this would still
I
25%
OVER 2 YEARS OF SIZEABLE LONG GOLD POSITIONS UNDER THREAT IF KEY LEVEL BREAKS
Special Report Golds mountainous peak at riskbeneath $1600 Bloomberg Countdown CNBC Squawk Box
(BLOOMBERG & CNBC REPORTS)
VIDEO
II
S-T TREND
L-T TREND
STRATEGY
Awaiting New Sell Trade Setup.
Ron William, Technical Strategist, E-mail: r.william@migbank.com, Phone: +41 32 7228 454 12
SILVER
Silver HITS 1980 Spike High! Silver (Daily)
DEMARK SELL SIGNALS DEMARK SELL SIGNAL
13
II
has now wiped out almost 50% of silvers prior gains (taken from Silvers alltime high at 49.7900) which was last seen in 1980.
(32.3135)
allows the market to have enough time to recover and accumulate renewed buying interest.
Expect a large trading range to hold between $37.0000-26.0700 over the multi-week/month horizon, with downside macro risk into $21.5165 (61.8% Fib-1999 bull market) and $20.0000. This would still maintain silvers long-
(26.9150)
61.8%
term uptrend and help offer a potential buying opportunity for the eventual resumption higher. Continue to watch the gold-silver mint ratio which has now accelerated higher by 67%, suggesting further risk aversion over the next few weeks.
OVER
Spot Silver daily, weekly chart and Gold/Silver mint ratio, Bloomberg Finance LP
www.migbank.com
Ron William, Technical Strategist, E-mail: r.william@migbank.com, Phone: +41 32 7228 454 13
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Material Interests
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Notes: Entries are in 3 units and objectives are at 3 separate levels where 1 unit will be exited. When the first objective (PT 1) has been hit the stop will be moved to the entry point for a near risk-free trade. When the second objective (PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All orders are valid until the next report is published, or a trading strategy alert is sent between reports.
www.migbank.com
14
CONTACT