Crude oil prices have rebounded by over 3% so far this week, though risks remain tilted towards the downside following a 9% drop the previous week. WTI crude has now reclaimed the crucial $70.00 level, but still below the broken support $71.50 to $72.50 area, which it was testing at the time of writing.
Middle East tensions have slightly stabilized as Israel has...
Whether it reflects US economic exceptionalism reducing the need for large-scale rate cuts from the Federal Reserve or improved prospects for Donald Trump winning the US Presidential election, or a combination of both, it’s obvious the US interest rate outlook is dictating direction across FX markets.
Higher US yields are sucking capital from other parts of the...
The EUR/USD's brighter start faded as the session wore on, with the US dollar rebounding across the board. Today’s macro calendar has been quite quiet apart from that bigger than expected rate cut by China’s central bank we saw overnight. In fact, there won’t be much in the way of any important scheduled data release until Thursday’s publication of the PMI numbers...
Bitcoin’s break of downtrend resistance has opened the door for a run towards the record highs set in March, especially with the price action today suggesting the break will stick.
Even though RSI (14) is nearing overbought territory, both it and MACD continue to offer bullish signals on momentum. One look at historic price patterns also tells you overbought...
bitcoin was testing its old all time high made in 2021 at $69K at the time of writing. If it can hold above here, then it may soon challenge this year's all-time high of $73.8K next. Can it get there? Key short-term support is now see around $67.5K which will need to hold to sustain this latest attempt to break out.
By Fawad Razaqzada, market analyst with FOREX.com
Thursday's bearish engulfing candle has seen the price move below 1.6188, a level that has acted as both support and resistance over recent weeks.
If the price can remain beneath this level into the European open, consider shorting below with a stop above for protection.
The initial target would be 1.6115. If that were to give way, a retest of 1.6000 could be...
Following Tuesday's drop, the markets stabilised on Wednesday in a quiet trade and now the S&P has hit a new record high, lifting the Nasdaq 100 with it. This is despite continued weakness in China, where the government’s latest attempt to shore up the property market, failed to lift sentiment overnight. The recovery has been driven by tech sector after results...
Russell 2000 futures closed at cycle highs on Wednesday, benefitting apparently from optimism Donald Trump will win the Presidential election. That may be so, but for the US small cap space, technical signals often come across as far more important when it comes to directional risks than any fundamental factor.
The latest rally was sparked by a break of downtrend...
Gold had been in a consolidation phase over the past couple of weeks, before staging a breakout attempt this week. Its earlier rally came to a halt just slightly below its all-time high of $2685 hit in September. This is the bear's first real attempt to cause a bit of a reversal in prices, but it is far too early to jump into any conclusions.
While it remains to...
The USD/CAD epic winning streak is over, delivering an obvious topping signal on Tuesday.
There’s a couple of options available to traders: the first would be to sell now with a stop either above 1.3792 or Monday’s high of 1.3806. Possible targets include 1.3700 or 1.3647, depending on the risk-reward ratio you’re looking for.
The other would be to wait for a...
Support and resistance levels are fundamental concepts in technical analysis, widely used by traders across asset classes, strategies, and trading techniques. In this post, we’ll cover the basics of support and resistance so that any trader following us here on TradingView can have a foundation to work with.
What is Support?
Support is a price level where a...
The GBP/USD finally found some mild buying interest in the last few days, but will it be enough to reverse the trend remains to be seen. Last week, we had some weaker US jobless claims and consumer sentiment data, helping to reduce the appeal of US dollar as traders’ confidence in the Fed’s ability to cut rates grew further. Not that there were many doubts but...
Everyone wants to dunk on the euro and buy dollars right now, explaining why EUR/USD continues to grind lower. With signs of US economic exceptionalism evident again, the number of Fed rate cuts expected this cycle continues to dwindle just as the amount of easing from the ECB ramps up.
USD looks great, EUR does not. But that’s now priced in, meaning we may need...
USD/MXN seems to be consolidating within the September range after closing below the 50-Day SMA (19.4039) for the first time since May, but the exchange rate may struggle to retain the advance from the monthly low (19.1112) as it carves a series of lower highs and lows.
USD/MXN may no longer reflect the bullish trend from earlier this year amid the flattening...
USD/CAD sits just below a known level heading into Tuesday’s Canadian inflation report, providing a potential setup for bulls or bears depending on the price action evolves.
1.3792 is the level in question, acting as both support and resistance on multiple occasions earlier this year. Sitting less than 10 pips away, how the price interacts with the level before...
Oil prices have been edging higher from their earlier lows. Understandably, traders do not want to be caught holding short bets on oil heading into the long weekend. The potential for Israel to strike Iran could see oil prices gap higher at the Asian open next week. There’s also the potential that China’s finance minister will announce substantive fiscal support...
If you want clues on directional risks for the US dollar, there are worse places to look than US 2-year Treasury note futures, shown in the left-hand pane of the chart. As one of the most liquid futures contracts globally, the price signals it provides can be very informative for broader markets, especially in the FX universe.
Having tumbled most of October,...
USD/JPY has continued to rally after last month's false breakout at the 140.00 handle, which is part of a large zone of longer-term support spanning from 139.28 up to 140.30.
I tracked that setup in these ideas, first with the support test itself:
and then the initial bounce:
and then the build of a falling wedge + the higher-low from the FOMC rate cut:...
