Category: Technial Analysis
Well, it’s been a much quieter week for FX markets. On the back of the US jobs report last week the market appears to be awaiting the next major catalyst. We have seen some interesting moves, however, with the reversal lower in EUR, and strength in AUD and NZD headlining the week’s action. However, talking […]
USDCAD, “US Dollar vs Canadian Dollar” As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support level, USDCAD is reversing and may form a new ascending impulse. In this case, the upside target may be the resistance area at 1.2740. However, an alternative scenario implies that […]
Type: Bearish ContinuationKey Levels:Resistance: 152″18Pivot: 154’05Support: 152’14Preferred Case:With price moving below the Ichimoku cloud, we are biased that price retest at our pivot of 154’05 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance and dip to our 1st support at 152’14 in line with the horizontal swing low support.Alternative Scenario:Alternatively, price could […]
Type: Bullish ContinuationKey Levels:Resistance: 15256Pivot: 14812Support: 14512Preferred Case:With price moving above the ichomoku cloud, we are bias that price will retest at the pivot at 14812 in line with the 38.2% Fibonacci retracement level and horizontal overlap support to 1st resistance at 15256 in line with the horizontal overlap resistance and 61.8% Fibonacci projection level.Alternative […]
EURCAD, “Euro vs Canadian Dollar” EURCAD is trading at 1.4477; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.4445 and then resume moving upwards to reach 1.4740. Another signal in favour of a further uptrend will be […]
USDCHF, “US Dollar vs Swiss Franc” In the H4 chart, after rebounding from the 200-day Moving Average, USDCHF is trading above it, thus indicating a possible ascending tendency. In this case, the price is expected to test 8/8, break it, and continue growing to reach the resistance at +1/8. However, this scenario may be cancelled […]
Oil prices rose again by more than 1% during trading on Thursday, with Brent crude rising above $92, in a volatile session, with the release of the monthly OPEC report. Crude prices turned lower earlier in trading, with a noticeable rise in the US dollar during trading, after US data showed inflation accelerating to a […]
Euro zone inflation doesn’t require significant policy tightening, ECB’s Lane says As pandemic-related bottlenecks in goods and labor are removed, euro zone inflation will return to trend without considerable policy tightening by the European Central Bank, according to the ECB’s top economist Philip Lane. Lane was maintaining his long-held belief that the euro zone’s current, […]
US CPI On Watch US CPI will be the key data focus today and, on the back of last week’s bumper NFP result, USD bulls are looking for another quick win here to help drive USD higher. If we remembers back to last month’s CPI release however it was interesting to see that despite a […]
Oil Traders Cut Longs FurtherThe latest CFTC COT institutional positioning report shows that oil traders continued to reduce their net long positions last week as profit taking develops further. Crude prices had surged to fresh two-month highs just a few weeks ago but are now well off these levels and are down by around 200k […]