During August, the EUR/USD pair has been trading in a narrow range between 1.0950 and 1.1050, waiting for a clear direction from the market sentiment and the economic data. Shortly after, the pair failed to maintain upside movement above the depicted uptrend. Instead, it was broken-down terminating the sideway movement. Shortly after, an upside pullback […]
The EURUSD pair broke above the key level of 1.0550-1.0600 and continued its bullish trend towards 1.1000 and 1.1200. The bulls reached the resistance zone around 1.1200 but failed to sustain the momentum. Meanwhile, the bears pulled back the price towards 1.0950 where the pair met the short-term uptrend line. The price reversed from this […]
The GBP/USD pair faced a strong resistance near 1.3200 and started a fresh downtrend. It broke the 1.2800 support level on a H4 candlestick and extended its decline towards 1.2500, where it met a crucial Fibonacci retracement level. This could be a good opportunity for intraday traders to go long, with a stop loss just […]
The U.S. Commerce Department report indicates a rise in core inflation, primarily due to increased housing costs. However, with the anticipated spending cuts in early 2024, most experts expect the Federal Reserve will not raise interest rates, although certain risks remain. Jeffrey Roach, Chief Economist at LPL Financial, asserts that the current data will likely […]
USD/JPY displays bearish momentum, potentially heading towards the 1st support at 144.94, which aligns with overlap support. On the resistance front, the 1st resistance at 150.30, marked as a multi-swing high resistance, may hinder further upward movement. A 2nd resistance at 152.72, coinciding with the 100% Fibonacci Projection, adds to its potential as a significant […]
Analysis of macroeconomic reports: For Monday, the lineup of macroeconomic events is practically barren. The only notable event is the consumer price index in Germany, which is not super significant on its own since there’s also the eurozone-wide inflation, which holds a higher priority for the euro. However, inflation in Europe for October might slow […]
Analyzing Friday’s trades: GBP/USD on 30M chart GBP/USD edged up on Friday. It’s quite challenging to determine the pair’s direction at the moment. When looking at the hourly chart, it appears that the pair is mostly moving sideways. Last week, it couldn’t initiate a new upward correction due to unconvincing British reports and strong US […]
Analyzing Friday’s trades: EUR/USD on 30M chart On Friday, EURUSD failed to continue its downward movement or resume the uptrend. At the beginning of the US session, there was a burst of emotions in the market due to the US reports, but it was relatively formal. It resulted in a daily volatility of approximately 60 […]
We can look forward to upcoming events. A whole package of different reports will be published in the U.S., which traders may find interesting. Among them are the Nonfarm Payrolls, unemployment, ISM indices, the ADP report, and others. In addition, the Federal Reserve will hold its policy meeting. The Bank of England will hold a […]
During August, the EUR/USD pair has been trading in a narrow range between 1.0950 and 1.1050, waiting for a clear direction from the market sentiment and the economic data. Shortly after, the pair failed to maintain upside movement above the depicted uptrend. Instead, it was broken-down terminating the sideway movement. Shortly after, an upside pullback […]
The EURUSD pair broke above the key level of 1.0550-1.0600 and continued its bullish trend towards 1.1000 and 1.1200. The bulls reached the resistance zone around 1.1200 but failed to sustain the momentum. Meanwhile, the bears pulled back the price towards 1.0950 where the pair met the short-term uptrend line. The price reversed from this […]
The GBP/USD pair faced a strong resistance near 1.3200 and started a fresh downtrend. It broke the 1.2800 support level on a H4 candlestick and extended its decline towards 1.2500, where it met a crucial Fibonacci retracement level. This could be a good opportunity for intraday traders to go long, with a stop loss just […]
USD/CHF Uptrend Intact! The currency pair is trading at 0.9028 at the time of writing. You knew from my previous analysis that passing above 0.8997 activates further growth. As long as USD/CHF stays above the uptrend line, the rate could approach and reach new highs. Technically, the former high of 0.9033 represents a key upside […]
GBP/JPY Drops Like A Rock! The GBP/JPY pair crashed and now is located at 181.29 at the time of writing. As you can see on the H1 chart, the rate drops within a down-channel pattern. As long as it stays below the downtrend line, the price could extend its drop. Escaping from the previous up […]
Bitcoin climbed as much as 35,198 on Tuesday where it has found resistance. Now, it has slipped lower and is located at 33,928 at the time of writing. After such an impressive growth, a retreat is natural. The cryptocurrency could come back to test and retest the near-term support levels before jumping higher. In the […]
BHC/USD is trading in the red at 239.80 at the time of writing and it seems very heavy. After such an impressive rally, the retreat is natural. Still, this could be only a temporary correction. Bitcoin’s upside continuation could force the altcoin to jump higher as well. Bitcoin Cash dropped by 11.87% from Tuesday’s high […]
The EUR/USD pair executed a reversal in favor of the European currency on Thursday, returning to the level of 1.0561. Today, on Friday, the pair completed a very weak close above this level, which allows traders to count on a small rise, but it is unlikely that we will see a strong strengthening of the […]
The currency pair rebounded in the last hours and now is located at 158.46 level at the time of writing. After the last sell-off, the rate tries to rebound. EUR/JPY could test and retest the immediate resistance level before going down. The Japanese Yen Futures’ further growth could boost the JPY. Fundamentally, the Spanish Flash […]
In recent weeks, the markets have calmed down. They believed that central banks had managed to conquer inflation, and keeping their rates at elevated levels was necessary for hedging. Indeed, looking at how the American PCE has slowed down from 6.8% in July 2022 to 3-3.5% in July-September, you start to believe in better times. […]
The AUD/USD currency pair marked a new annual low yesterday, reaching the level of 0.6273. The last time the pair was at the base of the 62nd figure was in October of the previous year. Recall that the sharp decline in AUD/USD back then was due to the slowing pace of the RBA’s monetary policy […]
USD/JPY is falling, having reached a high of about 150.77. This strong technical correction could continue over the next few days as the Yen has been heavily overbought. During Friday’s Asian session, the yen started a sharp decline, suggesting that any technical bounce will be seen as an opportunity to sell. We can see on […]
EURUSD has been switching between gains and losses around the lower band of a short-term bullish channel at 1.0540. The US core PCE inflation came as expected at 3.7% y/y on Friday, but personal spending clocked in slightly higher than analysts anticipated at 0.7%m/m, providing some support to the dollar. The technical signals are not encouraging, with […]
Early in the American session, gold (XAU/USD) is trading around 1,983.75, below the 21 SMA, and within an uptrend channel formed since October 23. According to the H1 chart, gold will be able to maintain bullish momentum provided that it settles above 1,985. In this case, is it likely to resume its bullish cycle. For […]
During today’s Asian trading session, the Australian dollar strengthened significantly, and the AUD/USD pair rose after the publication of positive macroeconomic data from Australia. Today’s release of the Australian Producer Price Index accelerated in the third quarter, from +0.5% to +1.8%, although it slowed slightly on an annual basis, from +3.9% to +3.8%. On Thursday, […]
After the publication of PMI indices last Tuesday, macroeconomic data released on Thursday once again confirmed the strength of the American economy. Economists, on the other hand, believe that the stability of the American economy and its relatively high growth rates create conditions for increased investor interest in American assets and government bonds, which, in […]
Red line- bearish trend line Blue lines- Fibonacci retracement levels Green line- RSI support trend line In recent analysis on the AAPL stock we warned traders that as long as price is below the red downward sloping resistance trend line, AAPL stock price will be vulnerable to a move to lower lows. Recently price got […]
DIS stock price remains well below the blue resistance trend line at $85. What was once support is now resistance. After breaking below it, DIS stock price has made two attempts to recapturing and pushing above the blue trend line. Both attempts failed. This price action confirms the importance of the resistance by this trend […]
Blue line- neckline support Orange lines- Head and shoulders pattern NVDA stock price recently broke below the $407.50 price level pushing price to new 4 month lows. A bearish Head and Shoulders pattern has been activated in the NVDA chart as price has just broken below the neckline support. NVDA stock price is expected to […]
SPX is trading around 4,148. Short-term trend remains bearish as price is still below the Kumo (cloud) in the Daily chart. In previous posts we warned bulls that the Ichimoku cloud indicator suggested that price would continue lower to new lower lows. The index remains well below both the tenkan-sen (red line indicator) and the […]
Red lines- bearish channel black line- short-term support trend line EURUSD is trading around 1.0544. Recently EURUSD broke out of the bearish channel it was and it bounced towards our 1.07 target area. Shortly after EURUSD came back under pressure and price declined below the short-term support trend line. The recent price action is not […]
