Philip Chua Business Blog

Posts Tagged ‘resistance’

The latest rally has stalled again against ‘channel’ resistance which happens to lie at the 200-day moving average at 92.25. Though well below the weekly Ichimoku ‘cloud’, slightly worrying is that the 9 and 26-week moving averages have crossed to a buy while all other elements of this chart suggest…

Consolidation to corrective price action dominated most of GBP’s activities the past week pushing it a higher close at 1.5697. This is coming on the back of its decline off its 2009 high at 1.7041. While that continues to be seen, we expect its resistance zone between the 1.5830 and…

Retreating from ‘channel’ resistance, as expected, closing on Friday just under the first Fibonacci retracement support. Prices are holding between the 9-week and 26-week moving averages and might do so again this week as other currencies get to grips with changes in the first three weeks of this year. All…

Retreating from ‘channel’ and Fibonacci retracement resistance, as expected, as consensus opinion sees the yen weakening to 99.00 in twelve months’ time. The weekly close below the 9-week moving average has turned momentum bearish and many other yen crosses are doing something similar. All other elements of the ‘cloud’ chart…

Immediate risk has turned to the upside having broken and held above its key overhead resistance at the 1.6234/39 levels, its Dec 31’09/Jan 04’10 highs. Though failing to follow through higher on the back of its Thursday strength on Friday, the caveat is as long as the pair holds above…

The USD has seen its correction extend further this past week, but critical resistance levels (EUR/USD support levels) we highlighted in last week’s issue appear to be exerting some influence. The 1.4250 level has held as support on a daily closing basis thus far, and the more significant 1.4170/90 area…

A PROPOSAL to ban property agents from representing both the seller and buyer in the same transaction has generated strong public interest – with many giving the idea the thumbs up.
This practice, widespread in the HDB resale market, leaves the agent with a clear conflict of interest.
But there is likely to be resistance from some agents who stand to lose commissions if it is implemented.

The pr… more

The moves this week should convince anyone that had any doubt, that the correlation between equity markets and currencies remains alive and well. It was a rollercoaster, with EUR/USD oscillating between 1.4800 support and 1.5000 resistance for the better part of the week. The S&P 500 meanwhile continued to find…

Although GBP closed higher the past week reversing most of its previous week losses, its negative rejection candle top coming in at 1.6692 must be taken out to relief the pair of further downside threats. While the mentioned level continues to hold as resistance ,GBP remains vulnerable to the downside…

Having closed higher the past week reversing its previous week losses and rallying through its minor resistance at the 1.4720 level, its Sept 28’09 high, risk has now turned higher for a retarget of its YTD high at 1.4844. This view is consistent with its broader medium term uptrend and…