The USDJPY looks poised to break higher as the pair cleared a downtrend line from the June 2021 highs. The USDJPY looks to be tracking 10yr yields higher. However, with the pair quickly approaching the 61.8% retracement at the 110.50 level and horizontal resistance that has capped the pair since August, I may sit this one out. Good luck to those who think we are...
Just like the EURUSD is toying with the 1.1700 level, the EURJPY is toying with key support at the 128.00 level. The reason why this is such a MAJOR support level is this is the 13 year re-test of the broken trend line (2008 - present). The pair broke this trend line back in April of this year, and now we are back testing it once again. Also, the EURJPY is at the...
"False breakdown" and hold of the 61.8% Fibonacci retracement level is at risk of a false breakdown of the August lows and could see the 15.xx levels once again in the $USDZAR
The DOW hit all time highs last month and since then has been consolidating its gains. More importantly, the index broke the ascending trend line from the Covid lows back in June. However, the index didn't turn bearish at that point, we grinding higher and consolidated all summer. Today, the Index is parked on another ascending trend line since February 2021....
USDZAR is testing the long term 61.8% Fibonacci retracement after breaking some horizontal support, bears should take notice just in case we see a reaction from this Fibonacci level.
The DAX has broken a major ascending wedge and flirting with another minor wedge support, must note this index has been underperforming.
USDMXN is nearing trend line support and 88% retrace, double top target at 19.9100, should find support near these levels.
On August 16th, the CADJPY was our "Chart of the Day" (www.forexanalytix.com) and the pair was expected to develop the neckline of a possible longer term head and shoulder pattern. The pair did just that, but did a little more than expected. On that drop following August 16th, the pair fell to a low of the 84.67 level and bounced. The problem with this move is...
Tomorrow is a big day for the markets as we are bracing to hear Fed Chair Powell's speech at the Jackson Hole Symposium. Bonds look a little weak and if he leads us to believe a "taper" of bond purchases will happen sooner rather than later, then bonds may be pressured sending yields higher. If that happens, we have seen that some of the tech stocks could trade...
The EURGBP has held recent gains well coming out of a "false breakdown" a few weeks ago on the break of the .8470 support and reversal out of the descending wedge. Since then, the EURGBP rallied to test the 61.8% Fibonacci retracement of the July high to August low at .8584. From here, dips to the .8525 level could find support as a bull flag is setting up....
Looking for a resumption of trend AHEAD of the Jackson Hole Symposium as long as the 1.2600 level holds
Looking for range previous highs at 20.2500 level to be supported, and now dips will find buyers now that we are above the 200dma.
Ahead of Jackson Hole, the DXY may find support here as this is the wedge breakout point.
Not sure if we will see a repeat of 2018/2019 due to a myriad of factors, but the topping patterns look very similar
Cryptos have been hot! With the COIN IPO today, Coinbase surged in trading today, and it took higher most of the "crypto space" and Ethereum was one of the leaders. The breakout above the 2000 has allowed for another 20%+ climb the last couple weeks. We are nearing a bearish "crab" possible harmonic setup (as confirmed by Andre from the Forex Analytix team) as we...
Crude may be building a head and shoulder pattern with the neckline at the $57 level near term. The break of the $60 level may put a test of that support in the next couple days.
The Silver market has traded above the 200dma since May of 2020 and now we closed below it, and looking to test key horizontal support at the 22.25 level near term. The RSI is nearing oversold so a dip towards this key horizontal support may find buyers for those traders wanting to be long the silver market.
The USDCAD looks to rally out of the descending wedge which suggests a bullish reversal. Above the 50dma moving average would be a key breakout point