Category: Technial Analysis

• AUDUSD broke support zone• Likely to fall to support level 0.6900 AUDUSD currency pair recently broke the support zone lying between support levels 0.7025 (low of the previous wave (1)) and 0.7000. The breakout of this support zone accelerated the active impulse wave 3 of the medium-term impulse wave (3) from the start of […]

Tesla Shares Fall Lower Again This Week Tesla shares continue to plunge lower this week. The company has undergone a sharp shift in sentiment since the test of 1142.17 highs with shares having now dropped by over 30% since that latest peak, currently sitting on support at the 777.11 level. News of Elon Musk’s purchase […]

EURCAD Testing Channel TopPrice action in EURCAD is looking interesting here. The pair has been grinding steadily lower within a well-respected bear channel over the course of 2022 so far. However, we’ve seen strong bullish divergence creeping in at the recent lows. Price has since reversed higher off the 1.3439 level and is testing the […]

Daily Market Outlook, May 9, 2022 Overnight Headlines China Export Growth Slows To Lowest In Almost 2 Years, Imports Flat China Paper Sees Q2 GDP Slow To 2.1%; RRR Cut Unlikely In May China Stimulus Fails To Ignite Housing Sales Over Key Holiday China Premier Warns Of ‘Grave’ Jobs Situation As Lockdowns Weigh Shanghai Tightens […]

AUDJPY Key Level on Watch Putting the focus back on AUDJPY this week. A previously highlighted setup is still in the offing here. The market is potentially carving out a head and shoulders pattern, suggesting room for at least a medium-term correction lower. The key level to watch for a is a break of the […]

Credit AgricoleAsia overnightThe USD has extended its gains against all its G10 FX peers at the start of this week, as the Antipodeans’ FX are underperforming in the wake of broad equity losses. Of special note, NZD/USD has dipped below 0.6350 for the first time since H120, while AUD/USD has slipped back toward the big […]

As global growth concerns mount, the Canadian dollar falls to a five-month low. On Monday, the Canadian dollar fell to its lowest level in nearly five months against the US dollar, as investors became more concerned about the global economic outlook after China’s two largest cities tightened COVID-19 curbs. Global stock markets extended recent losses, […]

Type: Bearish ContinuationKey Levels:Resistance: 783’4Pivot: 778’0Support: 767’2Preferred Case:With the Ichimoku indicating some bearish momentum, we have a bearish bias that price will drop to our 1st support in line with the 78.6% Fibonacci retracement and horizontal pullback support from our pivot of 778’0 in line with the horizontal pullback support.Alternative Scenario:Alternatively, price may break pivot […]

Metals Markets Falling On Higher USD Gold and silver remain subdued this week as recent strength in the US Dollar continues to act as a barrier. With the Fed having hiked rates by .5%, and signalling further .5% hikes to come, USD remains firmly in demand. The Fed cited excessive inflation and tightness in the […]

• WTI crude oil reversed from resistance zone• Likely to fall to support level 105.00 WTI crude oil recently reversed down from the resistance zone lying between the key resistance level 108.80 (top of the previous impulse wave 1) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the earlier […]