The 10yr notes, or "ZN's" are nearing some key key resistance. The 50dma and 200dma (orange/red) moving averages have been intertwined for most of 2024 as price action has consolidated in this tight triangle for months. Considering we are at the top of the triangle and also at the 61.8% Fibonacci retracement of the 2024 range (and coming off a solid 20yr auction...
Intraday Update: Ahead of today's retail sales data, the EURUSD has has rejected the 38% retracement and the 1.0740 level will be key resistance for the pair following the release. Strong data may put the 1.0668 trend low back in play again.
Intraday Update: Ahead of today's retail sale numbers, the gold market is finding buyers ahead of the triangle support. A break of 2305 would put the critical 2280 level in play.
Intraday Update: EURJPY has reached triangle resistance and the 88% retracement of the post BOJ move lower.
Intraday Update: The USDMXN is at triangle resistance intraday. A break of the 18.60 level may expose a move back to the 18.77 level.
Intraday Update: The GBPJPY is getting a strong reversal following yesterday's false breakout in GBPUSD. The bigger issue is the BOJ overnight, which should have any GBPJPY bulls on notice.
Intraday Update: The USDMXN has come back to the key 18.50 level and could allow for buyers to step in near term.
Intraday Update: Following the FOMC, the EURJPY is at triangle resistance. BOJ is at the end of the week and with the EURUSD sliding back to 1.800 longs may want to be cautious here.
Intraday Update: The bull flag pattern in silver illustrates how important the $29 level is in Silver.
Intraday Update: The USDMXN has just squeezed higher towards 19.00 (likely a barrier there) ahead of the CPI and FOMC today as America time zone traders are getting in front of computers and closing any remaining shorts as the pair was comfortably above 18.50. Any dip back to 18.50 today may find buyers now.
11 June: Intraday Update: The EURUSD remains very heavy and bounces are shallow. A fresh trend low may test the 1.0710 level which is the 161% extension of the last upmove. Intraday RSI's will probably be divergent which may allow for shorts to cover (or fresh longs) ahead of tomorrow's CPI and FOMC.
CAC 40 has tested the neckline and now should roll over and move back towards the 7700 level again as a double top is in play.
The EUR was hit hard over the weekend, not only against the US Dollar but against other currencies as well. One of them in particular is the EURGBP which broke lower below key support that has been a huge level since summer of 2023. With this breakdown of the year long consolidation, the risk of further losses is high, especially given the UK jobs data this week...
Intraday Update: The EURGBP continued to break lower in European trade and the pair is at the 78% retracement of the March 22 lows to Sept 22 highs at .8441. May get a reaction around current levels.
Intraday Update: The USDMXN is back at the 18.5000 level which was previous support in early 2020 previous to the Covid lockdown squeeze higher. Around these levels should offer some very strong resistance near term as the daily RSI is overbought and divergent.
Intraday Update: The AUDUSD has held the 38% retracement and possible channel support at the .6575 level. Bears should take note.
Intraday Update: The GBPUSD found buyers ahead of the 38% retracement at 1.2680 which is also key horizontal support since the 21st of May.
Intraday Update: The EURUSD continued to break lower towards the .618 retracement at 1.0718 where the 161% extension of the move above 1.0900 also is at (1.0710) which may offer any additional support on a dip lower from here. Expect sellers at the 1.0790 level intraday.