USDCAD has been generating a structure of lower highs but higher lows after peaking at the 2023 high of 1.3860 in mid-March. Even though the price broke below the base of the symmetrical triangle pattern following the unanticipated rate hike by the BoC, it failed to decisively close below it and post a lower low. The […]
AUDJPY is continuing its journey higher, moving within the March 24, 2023 upward trend channel. It is currently testing the resistance set by the 23.6% Fibonacci retracement of the August 20, 2021 – September 13, 2022 downtrend at 93.63. This is the highest price recorded since December 1, 2022 and a full 9% higher from […]
EURUSD strengthened its positive momentum on Thursday, rising as high as 1.0758 despite disappointing GDP data out of the eurozone. The market structure has improved in the four-hour chart, with the pair marking a higher high at 1.0778 and a higher low at 1.0666, flagging a potential bullish trend reversal. A sustainable recovery above June’s high […]
WTI oil futures (July delivery) have been moving without a clear direction in the last month. Even though the commodity managed to spike above the upper end of its downward sloping channel after OPEC’s decision to cut output, the price quickly retraced lower and re-entered its long-term bearish pattern. The momentum indicators are reflecting a cautiously positive tone. […]
The much-anticipated downward AUDUSD breakout managed to disappoint the bears despite reaching 0.6458, the lowest level for almost 7 months. The bulls’ reaction has been forceful with this pair now trading at the midpoint of the rectangle that has been dominating the price action since February 24, 2023. Apart from the actual price gains, this […]
ETHUSD (Ethereum) has been trading sideways in the past two months, hovering around its 50-day simple moving average (SMA). Moreover, the digital coin has been forming a symmetrical triangle pattern, indicating that a breakout could occur soon. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is descending […]
It’s been a fantastic year for mega-cap tech stocks, which have defied all the economic gloom to stage a stunning comeback. The risk is that this rally is approaching its ‘finale’ in an environment where valuations are stretched, earnings are stagnant, and liquidity flows are about to turn negative. Tech party News flow this year […]
GBPAUD is trading a tad below the busy 1.8701-1.8724 area, a sizeable correction following the April 28, 2023 high of 1.9034. This was the highest print for almost 15 months, with the pair also recording an impressive 18% increase since the September 26, 2022 low of 1.5937. The bears have a long way to go […]
BoC delivers second surprise hike of the week, aussie and loonie shine Markets forced to reassess their understanding of a ‘pause’ Dollar slips amid confusion over Fed policy, tech rally hit by un-pause fears Markets rattled by renewed higher-for-longer push The Bank of Canada became the second central bank to hike interest rates this week, […]
EURGBP posted limited gains following the pivot from a six-month low of 0.8566 as the 0.8615 territory proved a tough obstacle this week. Previously, the pair stopped near the lower boundary of the channel containing the price action since the beginning of the year, hinting at a possible bullish reversal. The momentum indicators are higher than their recent lows, sustaining […]
The US 30 cash index is hovering around 33,518 and conforming to the recent series of lower highs. On the downside, the October 13, 2023 upward sloping trendline appears to be acting as a strong support. The US 30 index has essentially entered a range-trading phase as market participants are trying to figure out their […]
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AUDUSD had been trending lower after peaking at the upper end of its rectangle pattern in early May. Although the pair managed to recover firmly from its 2023 low of 0.6457 on the back of an unexpected 25 basis points hike by the RBA, its advance got rejected by the 200-day simple moving average (SMA). The momentum indicators are […]
USDCAD has been generating a structure of lower highs and lower lows after peaking at the 2023 high of 1.3860 in mid-March. In today’s session, the price pierced through the base of the triangle following the unanticipated rate hike by the BoC. The momentum indicators currently suggest that near-term risks remain tilted to the downside. Specifically, […]
Micron is hovering around the 67.41 level as the bears are trying to limit their losses from the May 24 upward breakout. This is the first serious upward breakout from the rectangle that has been dictating price action since June 2022. However, the upleg halted at the 50% Fibonacci retracement of the January 5, 2022 – September […]
EURCAD is marking its sixth week of losses, falling by more than 4.0% since creating a bearish double top structure around a two-year high of 1.5111. The pair is currently eyeing the key base of 1.4257, where the price pivoted higher in January and February. The 38.2% Fibonacci retracement of the previous upleg is also […]
Silver is edging lower today as market participants weigh their options after the sizeable correction. The recent double top pattern achieved its theoretical target of 22.90 and thus does not appear to exert bearish pressure anymore. Silver has actually returned inside its December 2022-February 2023 rectangle, hence pointing to a range-trading phase. The bears are […]
USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair has been trading sideways in the past few sessions after its advance got rejected in the upper end of the bullish pattern. The momentum indicators currently suggest that buying forces are subsiding. […]
EURJPY has been declining over the past three days, stopping at the 148.58 zone that has been preventing upside and downside movements since April. The 23.6% Fibonacci retracement of the 138.81-151.60 upleg is adding extra credibility to the region. Spring’s upward structure seems to be cracking given the lower high of 151.00 that preceded the latest bearish correction. […]
The probability of a Fed pause next week rises to 80% Dollar gains the most against euro, loses versus the aussie Investors are split on whether the BoC should hike today Wall Street enjoys another day of gains Investors more convinced that the Fed will pause The US dollar traded mixed against the other major […]
Intel managed to record a strong day yesterday, trying desperately to join the AI frenzy that has been driving the market aggressively higher. However, it remains stuck inside the wide 24.63-31.27 rectangle that has formed since September 2, 2022. Three false upward breakouts have taken place up to now, increasing the importance and the difficulty […]
EURCHF had been in a steady downtrend since its latest rebound got rejected just shy of the parity level in late March. Even though the pair attempted a recovery after bouncing off the seven-month low of 0.9670, its advance got rejected at 0.9761, which has held its ground multiple times in the past few months. The […]
EURUSD got rejected from the resistance trendline that comes from May 2021, edging lower to find support near the 200-day exponential moving average (EMA). The 23.6% Fibonacci retracement of the 0.9535-1.1094 upleg came to further limit bullish actions around 1.0722 this week. The price is trading slightly above the lower Bollinger band, while the RSI is a […]
After a surprise rate hike by the Reserve Bank of Australia (RBA), the spotlight will fall on the Bank of Canada (BoC) on Wednesday. The central bank is expected to keep rates steady, while Friday’s Canadian jobs data could generate fresh volatility in USDCAD. Australian GDP growth figures may challenge AUDUSD earlier on Wednesday. Meanwhile […]
Tesla’s stock has been in a sustained uptrend since late April when it found its feet at the 152.00 support zone. Moreover, in the last daily session, the price jumped to its highest levels since November 2022 before paring some gains. The momentum indicators currently suggest that buying forces are strengthening despite being in overbought territories. Specifically, […]
Aussie jumps after RBA’s shock hike, loonie buoyed ahead of BoC decision US dollar on the backfoot after disappointing ISM services PMI Oil and stocks struggle amid economic and rate path uncertainty RBA shocks again, puts spotlight on BoC The Reserve Bank of Australia caught markets off guard for a second straight meeting on Tuesday, […]
The US 100 index is trading a tad above the 14,346-14,382 range, close to the highest level for almost 14 months. The pace of the recent rally remains very aggressive, pleasing the bulls but opening the door for a sizeable correction towards the March 13, 2023 upward sloping trendline. The bulls are probably feeling confident […]
On 13 May, we hosted a highly acclaimed seminar in Santo Domingo, Dominican Republic, on how to use Fibonacci and ADX to make better trading decisions. The seminar was presented by well-known trading mentor, Christian Borjón. He taught our clients to identify and capitalise on trading opportunities using the Fibonacci strategy and the Avramis ADX […]
GBPUSD had been in a downside correction after peaking at the one-year high of 1.2678 on May 10. However, the pair retraced back higher when it found support at the long-term ascending trendline, while it is currently challenging a fortified zone that includes the 50-day simple moving average (SMA), the upper end of the Ichimoku […]
After staying inactive for two consecutive meetings, the BoC is now expected by a decent percentage of market participants to raise interest rates when it meets on Wednesday at 14:00 GMT. The hype of another rate hike was bolstered by the much-better-than-expected GDP data for Q1. Will policymakers indeed press the button, or will they […]
