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Some of our members trade Oil, so here’s a updated chart with a few thoughts.

IMO its possible oil could [The forex alerts and charts are protected for Trader Membership members only. Join us to see all content]

Action spiked into the Chikou resistance zone with some potential building for printing an Evening Star, although still 18 hours before candle end a more confirmation needed to be totally sure that a top is in.

Some important (red flag) meetings to remember in the next 24 hrs that could affect GBP, EUR, CAD, USD pairs. (New Zealand time shown).
Here’s a world clock if you want to calculate these times in your time zone

New Zealand Time

Thurs 10:00pm GBP  Halifax HPI m/m

Fri         1:00am GBP  Asset Purchase Facility, Official Bank Rate, MPC Statement

Fri         1:45am EUR  Minimum Bid Rate

Fri         2:30am CAD Building Permits m/m

Fri         2:30am EUR ECB Press Conference

Fri         2:30am USD Unemployment Claims

Fri         4:00am CAD Ivey PMI

Fri         4:00am USD Pending Home Sales m/m

Please remember you can access all posts using the #number from the ‘forex forecast quicklinks’ widget on the RH side of the page. Also if you want to access a particular pair/commodity you can do that from the tag cloud on the RH side and it will bring up all posts relating to that particular pair in date order (last post first).

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4/3. The overnight action almost spanned the extent of the first solid part of the purple trace shown on the chart posted 25/2. The movement also ‘popping’ through the down trend line and then halting initially at the Senkou A/Kumo resistance for about +240 pips off yesterdays candle  (or maximum +500 pips for any members who did some scaling in over the past few days).

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Some important (red flag) meetings to remember in the next 24 hrs. (New Zealand time shown).
Here’s a world clock if you want to calculate these times in your time zone

New Zealand Time

Wed 10:30pm GBP  Services PMI

Thursday 2:15am USD  ADP Non-Farm Employment Change

Thurs 4:00am USD ISM Non-Manufacturing PMI

Thurs 1:30pm AUD  Trade Balance

4th-5th GBP Halifax HPI m/m

Please remember you can access all posts using the #number from the ‘forex forecast quicklinks’ widget on the RH side of the page. Also if you want to access a particular pair/commodity you can do that from the tag cloud on the RH side and it will bring up all posts relating to that particular pair in date order (last post first).

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Updating the chart.

The south bound move on the Purple Trace ran out of steam after a profitable move lower of around maximum $US39.  Daily action has now retraced higher into the thick  bearish Kumo, and just above where  I have placed a yellow box there

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In the light of the Chilean earthquake, and its possible after effects on copper prices, a member has asked for my thoughts on the copper chart. Copper is not something I have looked at for some time, but you can see on the chart there was an ideal opportunity to go long (first 2 yellow spots) using the Ichimoku signals. Currently the up-trend line has been broken and the price action is now testing from the underside. Old support often becomes new resistance, so perhaps pay attention to the yellow box (4H chart) area which contains the trend-line, a Chikou resistance and the round figure (350) near a recent high. Perhaps this pattern could turn into a 123 reversal. (See education on 123).

For Ichimoku learning.

Notice the candles giving a  Piercing Pattern/Tweezer bottom against the bullish Kumo (3rd Yellow spot). This also came just on the old Chikou resistance (green slatted line).  A great signal for entering or adding.

The market had some severe overnight moves making it harder to judge the possibly direction. We need to let this situation settle on some pairs until it gets back into a workable rhythm and watch several charts that appear to be setting up (see new posts for some potential movers).

Some important (red flag) meetings to remember in the next 24 hrs. (New Zealand time shown).
Here’s a world clock if you want to calculate these times in your time zone

New Zealand Time

Tues  4:30pm AUD RBA Rate Statement

Wed  3:00am CAD  BOC Rate Statement and Overnight Rate

Wed  1:30pm AUD  GDP q/q

3rd-5th           GBP  Halifax HPI m/m

Please remember you can access all posts using the #number from the ‘forex forecast quicklinks’ widget on the RH side of the page. Also if you want to access a particular pair/commodity you can do that from the tag cloud on the RH side and it will bring up all posts relating to that particular pair in date order (last post first).

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