Day: February 16, 2024
Brent Brent quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above the 5/8 (82.81) level, subsequently reaching the resistance at 6/8 (84.38). The scenario could be cancelled by a breakout of the […]
EURUSD, “Euro vs US Dollar” EURUSD has escaped a consolidation range upwards, extending the correction wave to 1.0784. By now, the market has formed a consolidation range under this level. Today the quotes might escape the range downwards, reaching the 1.0732 level. This is the first target of a new decline wave. GBPUSD, “Great Britain […]
TitleXAUUSD H4 I Bearish Drop TypeBearish Drop Preference:Price is currently at the pivot point of 2004.6, an overlap resistance. A reverse from this level could lead the price to fall to 1st support at 1994.25, a pullback support Alternative scenario:If price breaks above the pivot, it could rise to 1st resistance at 2020. a pullback […]
Retail Sales Plunge Following a strong start to the week, driven in part by hotter-than-forecast inflation data, the US Dollar has reversed sharply into the end of the week. Yesterday’s US retail sales showed the first signs of weakness in the economy with both core and headline dropping sharply. Core retail sales came in at […]
The primary currency pair is neutral on Friday. The current EURUSD exchange rate stands at 1.0761. Yesterday’s US statistics came out mixed. The general conclusion drawn by investors implies a potential Fed interest rate cut in May due to certain weak macroeconomic parameters. US retail sales in January dropped by 0.8% m/m instead of the […]
The Australian dollar, paired with the US dollar, appears positive. The current AUDUSD exchange rate stands at 0.6518. The Aussie’s exchange rate rebounded from three-month lows and corrected fairly well as investors capitalised on the US dollar’s decline. Yesterday’s US retail sales statistics further reinforced expectations of future interest rate cuts by the Federal Reserve. […]
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UK Retail Sales Soar It’s been quite a muddled weak on the data front. In the US we had inflation coming in above forecast followed by retail sales plunging. In the UK, following a weaker-than-forecast GDP print earlier in the week, retail sales today were seen rising to their highest level in almost 3 years […]
TitleUSDCAD H1 I Bearish reversal TypeBearish Reversal Preference:Price is rising toward the pivot point at 1.3538, a pullback resistance that aligns with the 61.8% Fibo retracement. A reverse from this level could lead the price to fall to 1st support at 1.3462, an overlap support. Alternative scenario:If price breaks above the pivot, it could rise […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be the support at 1.0710. However, the price could correct to 1.0800 and extend the downtrend after the test […]
