Category: Technial Analysis
Copper Traders Eyeing A Downside Break? The fear and uncertainty around the prospect of a global recession over the remainder of the year are well reflected in the recent price action we’ve seen in copper futures. Following the heavy sell off we saw over Q2, prices attempted a recovery across July but were rebuffed into […]
The Australian dollar against the US dollar continues falling. The current quote is 0.6742. After a crash on Tuesday, the Aussie has somewhat stabilized but sellers are still prevailing. As morning statistics demonstrated, the unemployment rate in Australia in August grew to 3.5% against 3.4% in July, while no changes had been expected. The number […]
USDCHF, “US Dollar vs Swiss Franc” On H4, the pair is under the 200-day Moving Average, which means the prevalence of a downtrend. A test of 6/8 is expected, followed by a bounce off it and falling to the support level of 4/8. The scenario can be cancelled by a breakaway of 6/8 upwards, which might […]
CADCHF Looking to Break Lows CADCHF shorts look good here. The market has been grinding lower from the May highs and has now broken below the rising trend line from 2020 lows. The retail market is more than 90% long the pair, suggesting plenty of room for the current breakdown to continue. While the BOC […]
Type: Bearish Drop Key Levels:Resistance: 9.250 Pivot: 8.945 Support: 8.495 Preferred Case:On the H4, with the Stoch is over 80 and the price dropping from the 1st resistance, we have a bearish bias that the price may drop from the pivot at 8.945, which is in line with the 23.6% fibonacci retracement and overlap resistance […]
The market major today remains weak, the current quote being 0.9975. The statistics from the Euro zone published yesterday disappointed investors and compromised the EUR. Industrial production in the region in July dropped by 2.3% m/m against the forecast 1% and by 2.4% y/y against the forecast growth by 0.4% and growth in June by […]
GBPUSD, “Great Britain Pound vs US Dollar” The pair is testing the support level. It is going inside the Cloud, which means the prevalence of a flat. A test of the upper border of the Cloud is expected at 1.1545, followed by falling to 1.1275. The decline will be signaled by a bounce off the […]
Type: Bullish Rise Key Levels:Resistance: 148.125Pivot: 144.475Support: 141.150 Preferred Case:On the H4, with price moving along the ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 144.475 to the 1st resistance at 148.125 where the 127.2% fibonacci extension is. Alternative Scenario:Alternatively, price could break […]
Wild Volatility Following US CPI Yesterday was a wild day for markets with the latest US CPI release causing wide-spread volatility. The headline annualised reading came in at 8.3%, above forecasts for an 8.1% reading, though still down on the prior month’s 8.5% reading. So, the takeaway here is that inflation cooled again in August, […]
Type: Bullish Rise Key Levels:Resistance: 1.04785Pivot: 1.04350Support: 1.03890 Preferred Case:On the H4, with RSI is showing an ascending trend, and the price is consolidating now, we would hold a short term bullish bias that price may rise from the pivot at 1.04350 where the swing highs are to the 1st resistance at 1.04785 where the […]