The USD/JPY daily chart shows a bearish divergence pattern as prices surged to new 20-year highs this week, while the relative strength index (14-day RSI) declined significantly from overbought levels.
The Moving Average Convergence Divergence (MACD) is nearing a bearish crossover, as the MACD line (blue line) is sloping lower and may intersect the signal line...
The AUD/USD daily chart formed a double bottom at 0.685 last week, a level reached by the pair in mid-May before rebounding to 0.727.
A double bottom is a chart pattern that consists of two pretty equal lows separated by a tiny peak that creates a 'neckline.' It often occurs near the end of a downward trend and may foreshadow a positive reversal.
The last...
The Swiss franc ( USD/CHF ) rallied against the dollar in London morning trading, after the Swiss National Bank (SNB) unexpectedly raised interest rates by half a percentage point to -0.25%, shocking the market which had anticipated rates to remain unchanged.
Rising inflationary pressures prompted the SNB's unexpected rate rise, after Switzerland's inflation...
US natural gas prices posted their worst daily performance since mid-November 2018 today, plummeting 17% to $7.2/MMBtu, as of writing, after Freeport LNG announced early Tuesday morning that it does not expect the export facility to resume full plant operations until late 2022 due to the explosion occurred on June 8.
The Freeport LNG facility has a production...
The euro-yen exchange rate ( EUR/JPY ) hit new year-to-date highs, surpassing the psychological level of 144, as monetary policy divergences between the European Central Bank, which has already widely telegraphed its first rate hike in over a decade, and the Bank of Japan, which remains imprisoned by an extremely dovish monetary policy, widened further.
The ...
In recent sessions, a technical bullish divergence has emerged on the GBPCAD pair, with prices reaching fresh lows at 1.575 while the momentum oscillator (14-day RSI) gaining pace, indicating that bears may have lost a bit of steam.
As of this writing, the GBPCAD exchange rate is down around 8% year-to-date and 9.5% from its February highs.
Since February...
WTI crude surpassed the resistance level of $115.7 per barrel (highs of March 24) and reached an intraday high of $118 per barrel before retreating to $116 per barrel as of this writing. Earlier today EU leaders agreed to ban about 90% of Russian seaborne oil by the end of 2022, renewing worries of a tighter global energy market.
Germany and Poland decided to...
The EUR/USD pair has crossed over the 50-day simple moving average (SMA) at the 1.074 level, following preliminary data showing Germany's overall inflation rising 7.9% year-on-year in May, reaching its highest level since winter 1973 and above expectations of 7.6%.
German inflation has sparked speculations about a 50 basis point increase in ECB interest rates,...
Copper has attempted a rebound from technical oversold levels in recent days, following a 20% drawdown from its all time highs, thus officially entering a bear market.
Is this an indication that investors have already priced in a global economic downturn and that the worst is now over?
Or are we merely experiencing a copper bear market rally, with further...
The New Zealand dollar (NZD/USD) has been one of the poorest performing major currencies in recent months, losing approximately 7% versus the dollar since mid-March and closely tracking the decline in global equities markets.
The 30-day correlation between the NZD/USD pair and the S&P 500 index was nearly equal to one in May, but it has recently began to...
As the US Federal Reserve plans to tighten monetary policy at a more aggressive pace, the dollar index is actively growing against reserve currencies and GBP.
Accordingly, we still adhere to the previous forecast for the GBP USD pair - a decline in the area of 1.3200, followed by a rebound to the dynamic resistance zone of the downtrend.
The GBP has been...
Bitcoin, wider crypto markets and risk assets in general have been in a steep decline since the start of the year. Although Bitcoin had a slight rebound from yesterday, bearish pressure remains strong. We could see trading in a range between $32,000 and $42,000. This is the same range where Bitcoin traded between May and August 2021 after bans in China. If we see...
The GBP/USD pair has been bouncing back as it waits on the decisions of the Bank of England and the Fed to tighten monetary policy. The Bank of England has already raised the rate to 0.25% and there are plans for more hikes, which would add strength to the British pound. However, a potential rate hike from the Fed could cause a decline and a repeat of the test of...
After providing the roadmap for 2022, the ADA (Cardano) token has increased in price quite impulsively. Its price surged to just over $1.60 on Tuesday from Sunday’s lows of $1.28, before retreating to $1.48.
The growth was stopped at $1.60, which intersects with the dynamic resistance line of the downtrend. Given that the crypto market is currently under...
Solana currently remains in a stable downward trend. It is being affected by the bearish dynamics of the current crypto market and there are also rumours of security problems. Recently, the ecosystem had a failure which was thought to be a DDOS attack, but the CEO clarified that this was a congestion issue. To break through the downtrend, SOL must break through...
The EUR/USD trading pair once again met resistance near the 1.1375 mark this morning.
This level has been a sideways trend resistance since November 2021 and has already beaten the price down 4 times. The price growth lows is interesting.
Every attempt to push the price down is getting weaker, and the dynamic support line is aimed at the north. It is likely...
The S&P 500 had a tough week with notable losses in tech stocks. The stock market tends to be reactive to interest rate decisions so this performance may not be so surprising when considering the hawkish tone of the Fed. The fight against inflation looks set to dominate 2022 and Goldman Sachs predicts four rate hikes this year from the Fed.
But, is the bull run...
Ether prices fell to their lowest in more than three months on Thursday, plunging below $3,200. The recent crypto crash has affected many other major cryptos including Bitcoin, Solana, Cardano, XRP, and Dogecoin. Ether also fell against Bitcoin, dropping to 0.076639 on Friday.
Why are cryptos suddenly crashing? In an effort to deal with rising inflation, the...
