"We are waiting for a retracement
higher towards the 4,900 resistance level in order to reinstate short positions," Menacorp said in a technical report note.
The 88.6 per cent retracement
comes from Fibonacci ratio analysis and is not as widely known as other ratios, but valid nonetheless.
Stabilization and a slight retracement
in oil prices after strong growth as well as US negative macroeconomic statistics help the ruble partly compensate for a two-week strengthening.
On the daily chart, gold is falling towards $1,287, the 61.8 percent retracement
of the uptrend from $1,159.96 to $1,365.23.
The ADI will then be targeting the 50 per cent retracement
zone of the most recent rally around 4,766.93.
CBOT March wheat may break a resistance at $5.19-3/4 per bushel and edge up to the next resistance at $5.22, as suggested by a retracement
The next upside target remains the 50.3 high from February 9 after the XIV implosion, while support has been pivotal at 20.0 50% retracement
area of the October swing.
To date the retracement
has completed a 38.2 per cent Fibonacci retracement
, where clear support is being seen.
Previous: (http://www.fxtimes.com/technical-updates/audusd-holding-at-the-end-of-a-harmonic-retracement/) AUD/USD Holding at the End of a Harmonic Retracement
CBOT soybean January contract may fall towards $8.82 per bushel, as suggested by a retracement
Otherwise, the 20.0 50% retracement
level of the October swing will continue to anchor.
That is the 50 per cent retracement
level of the full uptrend coming off the January 2016 bottom.
The 78% Fibo retracement
from 3.407 to 2.79 is 3.27, in line with the 3.30 swing high that was made 9 August.