Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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The dollar erased gains made in the first half of the weekwhile risk assets posted moderate gains after release of ADP report for May,which was rather pessimistic about US labor market gains. According to the ADPreport, the economy added just 128K jobs, less than half of the 300K forecast.The dollar index left the range of […]
Type: Bullish RiseKey Levels:Resistance: 32154.75Pivot: 29499.38Support: 27331.52Preferred Case:On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 29499.38 in line with the overlap support to the overlap resistance at 32154.75 in line with the 78.6% fibonacci projection.Alternative Scenario:Alternatively, price may reverse […]
• Apple reversed from resistance level 150.00• Likely to fall to support level 140.00 Apple recently reversed down from the pivotal resistance level 150.00 (former multi-month low from March) intersecting with the 38.2% Fibonacci correction of the downward impulse from March. The downward reversal from the resistance level 150.00 started the active minor correction (b). […]
• AUDUSD reversed from resistance level 0.7265• Likely to fall to support level 0.7200 AUDUSD today reversed down exactly from the key resistance level 0.7265 (top of the previous minor correction (iv) from last month) intersecting with the 50% Fibonacci correction of the downward impulse 1 from April and the upper daily Bollinger Band. The […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD is testing the bearish channel’s downside border. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 1.2625 and then resume moving downwards to reach 1.2325. Another signal in favour of a further downtrend […]
EURUSD, “Euro vs US Dollar” As we can see in the H4 chart, the asset has formed a Hanging Man reversal pattern close to the resistance area. At the moment, EURUSD may reverse in the form of a new descending impulse. In this case, the downside correctional target may be at 1.0700. However, an alternative […]
Gold prices fell, during trading today, Friday, June 3, 2022, abandoning its highest level in a month, which it had achieved earlier. Gold prices had started trading higher, driven by the weakness of the US dollar, which put bullion on the right track, on its way to achieving a third consecutive weekly gain. Gold Prices […]
Type: Bearish ContinuationKey Levels:Resistance: 104.235Pivot: 102.510Support: 101.315Preferred Case:With the donchian channel and MACD showing further bullish momentum , we have a bullish bias that price will rise from our pivot at 101.315 in line with the horizontal pullback support and 23.6% Fibonacci retracement to our 1st resistance at 104.235 in line with the horizontal overlap […]
CIBCFX FlowsNew Zealand first quarter terms of trade rose 0.5% over the quarter against estimates of +1.3%. Slight improvement in the previous quarter to -0.9% from -1.0%. Stats New Zealand said export volume fell 7% while import volume fell 2.6%. Little change in the NZ$. Intraday resistance 0.6568 and support around 0.6425. Small option expiry […]
CADJPY Movin’ On UpThe recent CADJPY bull flag trade has now triggered. The market broke out above the bear channel top and has now breached the 102.17 level. With MACD and RSI turned bullish the focus is on a continuation higher towards the 105.33 level. The driver behind the current move is primarily JPY weakness […]
Oil Traders Raise Upside Bets AgainThe latest CFTC COT institutional positioning report from the shows that oil traders increased their net long positions last week. Total upside exposure jumped from 325k positions to 334k positions. This marks the third consecutive weekly gain in oil prices. Despite the increase in upside bets, however, crude oil prices […]
AUDUSD doesn’t care about global risk aversion and continues holding its position. The Australian Dollar doesn’t pay attention to the external pressure against the USD on Thursday. The current quote for the instrument is 0.7184. The Aussie is looking quite strong against the USD, which is now attacking on all fronts, but its chances to […]