Category: Technial Analysis
TitlePotential Bearish Breakout TypeBearish Breakout Preference:Price is falling towards the pivot point of 1.08619 which is a pullback support level and could potentially break below this level; we could see momentum carry price down to its 1st support at 1.08148 which is a pullback support that aligns with the 78.6% Fibonacci retracement level. Alternative scenario:If […]
Stronger USD Weighing on Copper Copper prices remain under pressure into the middle of the week as a combination of a stronger US Dollar and weaker data out of China weigh on trader sentiment. With the Fed pushing back against those calling for imminent US rate cuts, USD is seeing decent demand currently. Comments from […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target could be 1.3545. Next, the price might rebound from this level and extend the downtrend. However, the quotes could drop to 1.3450 without […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. However, the RSI has reached the overbought area. In the end, a test of 7/8 (148.43) is expected, followed by a rebound from this level and a decline to the support at 5/8 (146.09). The […]
TitleUSDJPY M15 | Bullish bounce TypeBullish Bounce Preference:Price is falling toward the pivot point of 145.92 which is an overlap support level. A bounce from this level it could lead price to rise to 1st resistance at 146.94 that aligns with the 127.2% Fibo extension. Alternative scenario:If price breaks below the pivot, it might fall […]
Euro Under Pressure The Euro has come under fresh selling pressure today on the back of comments from ECB’s Villeroy. Speaking this morning, Villeroy said that while it was too early to declare victory on inflation, rates in the eurozone should not move higher than they currently are. He went on to say that he […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a decline wave to 1.0882. Today the market has formed a consolidation range around this level and, breaking the range downwards, continues developing the wave to 1.0765. This is a local target. Once this level is reached, a correction link to 1.0882 is not excluded, followed by […]
NZDUSD, “New Zealand Dollar vs US Dollar” NZDUSD is declining within a bearish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 0.6165 is expected, followed by a decline to 0.6005. The decline could be additionally supported by a rebound from the upper boundary […]
The enthusiasm for pricing in rate cuts by major central banks appears to have reached its peak. The greenback is surging on Tuesday, fueled by headlines of former US President Donald Trump dominating the first Republican Presidential Candidate runoff for Iowa, solidifying his position as the frontrunner in the Republican primary. The risk-averse atmosphere is […]
TitlePotential Bullish Reversal TypeBullish bounce Preference:Price is falling towards the pivot point of 0.66138 which is a pullback support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.66551 which is a pullback resistance level. Alternative scenario: If price breaks below the pivot point, it […]