USD/JPY has pulled back sharply after failing to sustain above the 50% Fibonacci retracement level (149.35). The pair is now retesting the ascending trendline support that has held since March, making this a pivotal zone for the next move.
The 50-day SMA (147.80) and 200-day SMA (148.34) have converged just above price, turning into a key resistance cluster....
Gold continued its remarkable rally today, briefly touching a new record high of $3,871, before easing on profit-taking to turn lower at the time of writing.
Despite last week's small dollar strength from upbeat US data, the metal decisively broke above the next round handle of $3,800, where it was still holding today. The bullish structure remains intact as long...
XAU/USD started the week with a strong bullish bias, posting a gain of about 1.8% in the first session and maintaining solid upward momentum. Buying pressure has held firm as political uncertainty in the United States grows amid the risk of a potential government shutdown if Congress fails to approve essential budget legislation. This has triggered continued...
After printing an inverted hammer off its 200-day average on Friday, we have seen a sharp slide in oil prices today.
Reports that the OPEC+ plans another increase to output in November is not helping the cause, with the market already fearful over excessive supply and weak demand growth.
Key support at 61.50 to 62.00 area was tested multiple times last week...
Yesterday we highlighted the potential for a bullish breakout on the FTSE as it coiled inside converging trend lines. Today it was trying to stage a breakout as it tests the resistance trend of this pattern and a key level around 9270. A clean above this level could see the index aim for new all-time highs. The trend is bullish and so we wouldn't bet against...
Directional risks in the Dow Jones contract appear more balanced following the break of uptrend support earlier this week, a view supported by momentum indicators such as RSI (14) and MACD, which have also rolled over, delivering a neutral signal. More weight should be placed on price action in the near term rather than maintaining a specific bias.
If the price...
USD set a fresh three-year low on the Fed's rate cut announcement last week. Since then, however, bears have taken a back seat and bulls have chewed through several short-term resistance levels. This highlights just how one-sided that move was in the earlier part of the year and for q3, it's been a build into a falling wedge formation which is often approached...
The FTSE remains in consolidation mode for now, but the underlying trend is still arguably bullish. The index was holding inside a consolidation pattern, coiling before a potentially large breakout. 9270 is the level to watch on the upside - a break above this could pave the way for fresh gains towards the all-time high of 9360. Support remains at 9190/1 area,...
The USD/JPY's weekly chart is the one to watch. A string of doji candles shows the market is coiling ahead of a larger move. Resistance at 148.65–150.00 remains the barrier; rejection keeps the bearish case alive with 147.00, 146.00, and 145.00 as downside levels.
By Fawad Razaqzada, market analyst with FOREX.com
The dollar clawed back some ground after Jerome Powell’s latest remarks, but I’m not convinced this bounce has legs. With the Fed now leaning dovish, the bias still favours more downside unless we see consistent cracks in the jobs market to justify the two cuts priced in for 2025.
Powell reiterated on Tuesday that inflation risks are skewed higher while...
Sitting in an ascending triangle with RSI (14) and MACD generating bullish signals on price momentum, traders should be on alert for a potential topside break in EUR/USD.
If we see a definitive push above 1.1820, longs could be established with a tight stop beneath for protection, targeting 1.1848 initially and 1.1860 after that.
While the price and momentum...
Crude oil is worth close attention. Prices have been consolidating within what appears to be a descending triangle formation — a pattern that typically signals continuation of a downtrend. But today we have seen a nice bounce off the key support area around $62, where prior lows align with the triangle’s base. While intraday wobbles have pierced this level, daily...
Apple’s share price has staged a sharp rebound in recent weeks, climbing above both the 50-day (225.78) and 200-day SMA (221.80). The sustained move higher has carried price into the 256–260 zone, where it is now testing a major horizontal resistance level established earlier this year.
Momentum indicators reflect the strength of the rally but also highlight...
USD/MXN continues to trade inside a well-defined descending channel that has contained price action since mid-April. The pair recently bounced from the lower boundary of the channel near 18.20, but remains capped by resistance around the 50-day SMA (18.63). The broader structure remains bearish as the 200-day SMA (19.57) continues to slope lower above...
USD/CHF continues to trade within a descending channel, highlighting persistent downside pressure since breaking below the 0.8400 level earlier this year. Both the 50-day and 200-day simple moving averages slope lower, reinforcing the broader bearish structure.
The MACD remains in negative territory with its signal line above the MACD line, suggesting momentum...
Nvidia’s stock started the week with a gain of more than 4%, maintaining a steady bullish bias after it was announced that the company will invest over $100 billion in OpenAI to support the development of artificial intelligence infrastructure. As part of the agreement, Nvidia is expected to receive OpenAI shares as compensation. This move reflects both companies’...
The Fed cut rates while warning of another 50 bps of softening for this year and another 25 for next year. Yet the USD has rallied since just after the release of the rate cut announcement with strength holding into the end of the week.
This is quite similar to last year's rate cut cycle starting from the FOMC. At that meeting, the USD initially pushed down to a...
The EUR/USD is now on its third down day after the US dollar found good support following the Fed’s dovish rate cut and Powell’s hawkish press conference on Wednesday. The dollar does feel a touch rich after the Fed, and I’d expect some pullback in the coming sessions given the Fed’s pivot. In the bigger picture, with the Fed now in easing mode, it would take a...
