Day: February 29, 2024
TitleApproaching Pullback Resistance TypeBearish Reversal Preference:Price could rise towards the pivot point of 0.65234 which is a pullback resistance level and potentially reverse from here; we could see momentum carry price down to its 1st support at 0.64909 which is a pullback support level. Alternative scenario: If price breaks above the pivot point, it could […]
TitleEURUSD H4 | Potential bearish reversal TypeBearish Drop Preference:Price is currently at the pivot point of 1.0832, an overlap resistance level. A reverse from this level could lead the price to fall to 1st support at 1.0795, an overlap support level, above the 50% Fibo retracement Alternative scenario:If the price breaks above the pivot, it […]
The Japanese yen, paired with the US dollar, has reversed course and is now strengthening. The current USDJPY exchange rate stands at 149.80. Bank of Japan board member Hajime Takata urged the central bank to start discussing the potential end of its ultra-loose monetary policy. He emphasised the importance of considering all scenarios, including negative […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes have broken the 8/8 (0.8789) level, escaping the overbought area on H4. The RSI is testing the support line. In this situation, a further decline to the support at 6/8 (0.8667) is expected. The scenario could be cancelled by rising above the resistance at +1/8 (0.8850), in […]
Soft Data Weighing on USD The US Dollar remains muted as we move through into the back end of the week. Yesterday, advance Q1 GDP came in a touch below forecasts at 3.2% vs 3.3% expected. On the back of a run of weaker-than-forecast prints recently (retail sales, ISM services PMI, consumer confidence), the […]
The price of Bitcoin keeps renewing the many years’ maximum points. Currently, the price of this asset is testing the level of 60000. This might turn out to be a significant event. However, it is important to remember that the prices of cryptocurrencies can quickly fluctuate. The price of Bitcoin might potentially rebound to the […]
EURUSD, “Euro vs US Dollar” EURUSD is rising after a rebound from the support. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.0825 is expected, followed by a rise to 1.0925. An additional signal confirming the rise might be a rebound […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Shooting Star reversal pattern on H4. Currently, the instrument might go by the reversal signal in a descending wave. The correction target could be 1.3545. Next, the price might rebound from the support and extend the uptrend. However, the quotes could rise to 1.3635 without […]
Crypto Boom Helping Shares Shares in the leading global crypto-broker Coinbase are trading sharply higher this week as the ongoing surge in crypto prices drives up trading volumes and deposits. Coinbase shares suffered heavily over the crypto devaluation which took place across 2022. With the crypto market falling sharply from highs over that period, retail […]
TitleHeading into Resistance TypeBearish Reversal Preference:Price is rising towards the pivot point of 39,023.47 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 38,460.30 which is a pullback support that aligns with the […]