Euro has responded to confluent downtrend support this week with EUR/USD poised to snap a six-week losing streak.
The immediate focus is on a breakout of the January opening-range (1.02-1.0448) range for guidance with the broader short-bias vulnerable while above parallel support.
Bottom line: rallies would need to be capped by 1.06 IF price is heading lower...
Apple's stock has experienced a decline of over 9% from its peak price of $260 , recorded during the last days of December. The stock has seen a reduction in market confidence, with selling positions now dominating.
Crucial Barrier: The current $234 zone serves as a critical support level, where the upward trendline, the 100-period moving average, and the...
The GBP/JPY is displaying a bearish engulfing candle on its daily chart - and similar patterns are observed on all other major yen pairs.
The GBP/JPY outlook has turned bearish as the Japanese yen gains strength amidst falling global bond yields, driven by softer-than-expected US and UK inflation data. Markets have shifted Fed rate-cut expectations forward,...
FTSE futures continue to coil in a triangle pattern dating back nearly a year. While that suggests we may eventually see a decisive break at some point, today’s setup looks at playing the existing range.
The price has been well supported on dips towards and through 8200 recently, bouncing on four consecutive occasions.
Considering the price action, one setup...
The Mexican peso gained value against the dollar during the last session, accumulating a growth of nearly 1% . The event occurred shortly after the release of U.S. PPI data, which showed a moderate increase of 0.2%, compared to the expected 0.4%. This indicates that price levels have slowed down, potentially moderating the pace at which the Fed maintains high...
DXY has put in a noticeable pullback so far to start the week, and that move stands out with the retracement in EUR/USD and the bounce so far in GBP/USD. Notably, however, the USD isn't weak everywhere, as USD/JPY has held support at prior resistance, so far.
This similarly directs attention to tomorrow's CPI print but I think what's important in USD/JPY is the...
I posted about a Fibonacci level in-play on EUR/USD yesterday and that's since led to a spirited bounce.
Yesterday's daily bar finished as a dragonfly doji after catching a bounce from the 1.0200 level, and today that's been continuation with the pair testing above the 1.0300 level following this morning's release of PPI data.
Of course, this is just setting...
USD/CHF has been testing channel resistance since the start of the year with price marking bearish divergence into these highs- risk for exhaustion here with U.S. CPI on tap tomorrow.
Monthly-open support rests at 9074 and is backed by the monthly low / 38.2% retracement of the 2022 decline at 9009/26 - broader bullish invalidation now raised to the...
After Monday's reversal-looking candle, all eyes today will be on whether the bulls will be able to take charge and further erode the bears' control.
Earlier, weaker PPI data helped to fuel a rise in US futures, but since then we have seen a bit of a pullback from the highs, although nothin too alarming so far.
Key support to watch include Monday's high at...
Chart Analysis:
WTI Crude Oil is approaching a pivotal juncture as it tests the long-term descending trendline resistance, while short-term momentum remains firmly bullish.
1️⃣ Downtrend Resistance (Red Line):
Prices are testing the multi-month descending trendline resistance near $78.
A breakout above this level could signal a shift in the broader bearish...
Chart Analysis:
The 10-Year US Treasury Yield continues to climb within a well-defined ascending channel, highlighting robust bullish momentum in recent months.
1️⃣ Ascending Channel:
Yields are trading near the upper boundary of the ascending channel (green-shaded area), reflecting sustained upward pressure.
Traders should monitor reactions at this boundary...
Chart Analysis:
The AUD/USD pair remains in a persistent downtrend, with prices recently testing a critical horizontal support level near 0.6170.
1️⃣ Downtrend Line:
A steep descending trendline (red line) highlights sustained bearish momentum.
Price has yet to break above this line, signaling continued pressure on the downside.
2️⃣ Key Support...
Recent ventures below 5900 have not last long, as demonstrated by the string of long downside wicks on the dailies in November and December. With a pin candle printing Monday following a bounce off 5808, a close above 5900 on Tuesday would generate a bullish setup heading into Wednesday’s inflation report.
If the price can push through 5900, longs could be...
More USD strength to start the week and the big item for the dollar on this week's calendar is the CPI release on Wednesday morning.
USD is overbought on both weekly and daily charts and EUR/USD is oversold on the weekly.
That doesn't necessarily spell reversal, however, and we're likely waiting for that CPI data on Wednesday to see if there's going to be...
The AUDUSD has experienced a consistent decline of over 3% in the past month. This is primarily due to the growing strength of the U.S. dollar as the next Fed decision approaches (January 29), where interest rates are expected to remain stable at 4.5%.
Bearish Channel: Since October 4, 2024, a solid bearish channel has been maintained, with the price...
USD/CAD has been trading just below resistance for over a month now at the 1.618% extension of the 2023 advance at 1.4483 . Note that the upper parallel of the ascending pitchfork continues to cap the December breakout.
Initial support rests with the 75% parallel (currently ~ 1.43 ) with bullish invalidation now raised to 1.4099-14115.
Ultimately a breach /...
The DXY's strength has pressured markets into critical territories, pushing the pound toward key support levels towards 1.2030.
Fibonacci Extensions
Using the Fibonacci extension tool on the corrective pattern between the July 2023 high (1.3125), October 2023 low (1.2030), and September 2024 high (1.3434), the notable 1.272 extension level aligns with the...
While USD/JPY remains strongly correlated with yields in the belly of the US Treasury curve, that’s not translated to explosive upside recently, a noticeable departure from the trend seen in previous months where rising yields saw dollar-yen rip higher.
With the pair unable to hold gains despite the blowout nonfarm payrolls report last Friday, the price action...
