The Dollar index broke below support of 89.80 yesterday and is now testing the lower cloud boundary in the 4-hour chart. Trend has changed from bullish to neutral and is very close to turning bearish. After being rejected at the resistance of the 38% Fibonacci retracement, the Dollar index is making lower lows and lower […]
Gold price is now in a neutral short-term trend after entering inside the Ichimoku cloud of the 4-hour chart. Price reached the upper cloud boundary and got rejected. Gold continues to trade inside a range of $1,310-$1,350. Short-term resistance is at $1,337. The 4 hour candles did not manage to close above that level and […]
EUR/JPY has been quite indecisive and volatile recently after reaching 131.50 resistance area from where it is currently expected to push lower. Despite disappointing economic data from Japan today ahead of more macroeconomic reports later this week, JPY gained impulsive momentum over EUR which is indeed quite remarkable. EUR has been struggling amid mixed economic […]
USDCAD has been extremely volatile and indecisive recently after breaking above 1.29 price area with a daily close. The price is still struggling to make a definite trend move in this pair which is currently expected to proceed higher in the coming days. The economic calendar contains a series of high impact economic reports from […]
AUD/USD has been quite impulsive with the bullish gains recently inside the bearish trend which is expected to continue further after breaching below 0.7750 in the coming days. AUD found support from recent economic reports which helped the currency to gain impulsive momentum over USD. Today, Australia released a GDP report with a significant decrease […]
Markets are in risk-off mode this morning, as news broke just after the US market close yesterday that Presidents Trump’s Chief Economic Advisor, Gary Cohn, resigned after a clash with the president due to the implementation of trade tariffs. Cohn was an advocate of free trade and his resignation will dent market confidence in the […]
AUDUSD skyrocketed during Tuesday’s trading session and created a one-week high of 0.7841. The pair jumped above the 23.6% Fibonacci retracement level at 0.7827 of the upleg from the low of 0.6820 and the high of 0.8135, however, it ended the day below it and started Wednesday’s session with negative movement. In the daily timeframe, from the […]
Forex Market Reviews: http://thefxlounge.com/#Market-Review -YEN gains but MXN CAD and KRW all loose vs USD. -Gary Cohn resigns as CEA over Trump Tariffs. -Jared Kushner to try and rescue Mexico talks. -Aussie GDP & Japan leading indices miss forecasts. -The Dollars role & influence in international trade. The overnight changes and price moves to be […]
Wave summary: EUR/NZD continues to follow the expected path almost to perfection. After the minor dip to 1.6968 we are looking for a firm break above the resistance at 1.7100 for a continuation higher to 1.7470 on the way towards 1.7777. Support is now seen at 1.7010 and again at 1.6968. R3: 1.7264 R2: 1.7166 […]
Wave summary: Wave B is unfolding nicely but has run into minor overhead resistance near 132.00. However, it should be a matter of time before a second run and likely break above this resistance is seen for the expected rally higher to 132.90. Ideally, the wave B will complete near 132.90 and turn the prices […]
When the European market opens, some Economic Data will be released such as Revised GDP q/q and French Trade Balance. The US will also release the Economic Data such as Consumer Credit m/m, Beige Book, Crude Oil Inventories, Trade Balance, Revised Unit Labor Costs q/q, Revised Nonfarm Productivity q/q, and ADP Non-Farm Employment Change, so […]
In Asia, Japan will release the Leading Indicators and the US will release some Economic Data such as Consumer Credit m/m, Beige Book, Crude Oil Inventories, Trade Balance, Revised Unit Labor Costs q/q, Revised Nonfarm Productivity q/q, and ADP Non-Farm Employment Change. So there is a probability that the USD/JPY pair will move with medium […]
The index stays under pressure below the 200 SMA on the H1 chart after having a sellers’ wave during Tuesday’s session. As the greenback is weakening, we can expect a test of the support zone at 89.36, at which a breakout should expose the 87.88 level. To the upside, gains will be limited by the […]
GBP/USD is having a bullish momentum across the board as it managed to break above the 200 SMA. Such a move could open the doors to test the resistance zone of 1.4078. However, as long as the bearish structure remains below the 1.4078 level, the pair could scope to test fresh lows below the support […]
Overview The gold price begins today’s trading above 1,316.48 after yesterday’s decline. Stochastic provides a clear positive signal for more positive trading in the upcoming sessions. Therefore, we still expect the bullish trend on the intraday and short-term basis conditioned by the stability above 1,316.48. Our main targets begin at 1,335.40 and extend to 1,365.97 […]
Overview The silver price continues to fluctuate at the bullish trend line shown on the chart as it gets positive signals from stochastic, which keeps the expected bullish trend valid and without any changes. We are waiting for the price to breach 16.65 levels to head towards our next target at 17.43. We should note […]
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Bitcoin has been quite impulsive with the bearish gains recently which is expected to push the much lower towards $10,000 in the coming days. The price area of $12,000 has been quite near to the price from where it had a drastic fall below $11,000 price level as a result. The market is currently expected […]
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The Bank of Japan will be concluding its meeting on monetary policy on Friday, with a decision on rates being made public at 0400 GMT. Markets project the Bank to maintain its ultra-easy monetary policies firmly in place. However, despite no change being expected, the meeting is gathering more attention than past ones on the […]
EUR/JPY There is recently an upwards bounce in the market – in the context of a downtrend. The upwards bounce is yet to nullify the downtrend, but it would do so as soon as price goes above the supply zone at 132.50, which would require a strong buying pressure. The demand zone at 129.50 was […]
USD/JPY The USD/JPY did nothing significant on Monday and it is trying to go upwards right now. Price is currently below the supply level at 106.50 and the demand level at 105.50. Price might oscillate between the supply and demand levels and then breach either of them as a directional movement resumes. There is currently […]
USD/CHF This currency trading instrument is bearish in the long-term, neutral in the short-term, and it is quite choppy at the present. Price oscillates between the resistance level at 0.9450 and the support level at 0.9300. Price is thus expected to breach any of these boundaries before the end of this week. There is a […]
Global equity markets were on the rebound on Tuesday as fears eased over a looming global trade war. Sterling ventured higher thanks to optimism over the UK securing a transitional deal with the EU. In the foreign exchange market, the Pound edged higher thanks to a weakening Dollar. Gold remained supported by uncertainty with prices […]
The Reserve Bank of Australia (RBA) left interest rates unchanged at a record low of 1.50% at its monetary policy meeting. There was little reaction from the Australian Dollar, as the decision was already priced in by the market. Interest rates are expected to remain unchanged until early 2019. The RBA stated that the country’s […]
WTI crude oil futures are surging after the rebound on the 60.10 support level, which overlaps with the 23.6% Fibonacci retracement level of the downleg from 66.60 to 58.00. Currently, the price is aggressively approaching the 61.8% Fibonacci mark near the 63.40 resistance level, while it jumped above the 40-simple moving average in the 4-hour chart. Technically, in the […]
The beginning of this week brought a deterioration in the US Dollar prices across the board. The market participants cannot really blame the poor data releases because yesterday’s final PMI reading for services in February was slightly higher than expected and amounted to 55.9 points. On the other hand, the ISM index for services slightly […]
Investors are beginning to forget about the Italian elections and are focusing their attention on global trade and problems caused by Trump’s recent proposals regarding import duties. Some people think that criticism from abroad and also from their own staff will induce the US president to change his mind, which helps to slightly weaken the […]
The first half of the trading day is over and it’s time for us to take a look at the performance of the traders with the Dukascopy Midday Snapshot. Euro/Dollar jumped hours into the session and a gain of point 49% has been posted. Traded volume is average and neutral sentiment of the traders is […]
The EURGBP pair has managed to hold above the 0.89000 level, which adds to the confidence that resistance above can be tested in order to achieve a breakout above 0.90000. Resistance, for now, is found at 0.89274, followed by trend line resistance at 0.89365. Major resistance is seen at 0.89550, with a falling trend line […]
