Category: Technial Analysis

CIBCKey Headlines $YEN took out the crucial level 120.00, printed 120.08, high since Feb 2016. Questions raised if the BoJ will tolerate YEN weakness? Governor Kuroda spoke today, there was no mention of FX. Another question was will $YEN will pullback due to financial year-end. Weak consumer confidence out of New Zealand and Australia were […]

Daily Market Outlook, March 22, 2022 Overnight Headlines RBA: Won’t Respond Until There Is Evidence Of Pervasive Price Pressures Kuroda Renews Powerful Easing Pledge In Wake Of Hawkish Fed Signal Australia Consumer Confidence Plunges As Price Expectations Jump Japanese Yen Moves Through 120 To US Dollar, Weakest In Six Years Ether Outperforms Bitcoin As Excitement […]

EURUSD stopped declining and is currently trying to reach stability in anticipation of the news. The major currency pair remains in balance on Wednesday. The current quote for the instrument is 1.1025. There is still no important macroeconomic data and investors continue analysing the past and future moves of the US Fed, and make plans. […]

EURUSD, “Euro vs US Dollar” After reaching the short-term upside target at 1.1040, EURUSD has completed the correction towards 1.1012. Today, the pair may form a new correctional structure to reach 1.1004 and then form one more ascending wave with the target at 1.1063. GBPUSD, “Great Britain Pound vs US Dollar” After breaking the consolidation […]

Type: Bearish DropKey Levels:Resistance: 1759’2Pivot: 1728’4Support: 1637’4Preferred Case:With price expected to reverse off the stochastics resistance , we have a bearish bias that price will drop to our 1st support at 1637’4 in line with the horizontal swing low support and 100% Fibonacci projection from our pivot at 1728’4 in line with the 61.8% Fibonacci […]

Type:Bearish ReversalKey Levels:Resistance: 121.24Pivot: 115.71Support: 104.43Preferred Case: Prices are on bearish momentum. We see the potential for a further bearish continuation from our Pivot area at 115.71 in line graphical overlap and 61.8% Fibonacci retracement and 127.2% Fibonacci Extension towards our 1st support at 104. 43 in line with 50% Fibonacci retracement. Alternative Scenario:If prices […]

Powell’s speech yesterday definitely impressed investors as the Fed Chair took the opportunity to communicate a possibility of faster rate hikes which was interpreted as the policy bias of the Fed getting more hawkish. Markets were quick to price in 50 bp hike on May as a baseline scenario, the odds of the outcome rose […]

Type: Bullish BounceKey Levels:Resistance: 19.88Pivot: 19.01Support: 18.56Preferred Case:Price is near the pivot level of 19.01 in line with 38.2% Fibonacci retracement and overlap support. We expect price to move towards 1st resistance level of 19.88 in line with 61.8% Fibonacci projection, along with a swing high resistance.Alternative Scenario:Price may break our pivot structure and head […]

AUDUSD, “Australian Dollar vs US Dollar” As we can see in the H4 chart, AUDUSD is trading within the “overbought area”. In this case, the price is expected to test 8/8, break it, and then continue falling to reach the support at 7/8. However, this scenario may no longer be valid if the price breaks […]

USDCAD, “US Dollar vs Canadian Dollar” As we can see in the H4 chart, after forming a Hammer reversal pattern close to the support level, USDCAD is reversing and may form a new rising impulse. In this case, the upside target may be at 1.2640. However, an alternative scenario implies that the asset may fall […]