Gold has been in a massive bullish trend going back to last February, when it started to finally leave behind the $2k/oz level.
There have been two pause points along the way, with bull pennants building in the final two months of last year and then for four months this year.
Jerome Powell's speech at Jackson Hole drove a parabolic breakout from that second...
Over the past five trading sessions, the price of gold has gained more than 1.7%, consolidating at highs as the precious metal continues to attract capital flowing out of other markets. For now, buying pressure remains strong after the release of U.S. inflation data, which reinforced expectations that the Federal Reserve will maintain a low-rate policy in the...
The US Dollar is near the mid-point of the 20-year range but for the past few months, the currency has been tangling with long-term trendlines that haven't yet shown a willingness of giving way.
The upper trendline originates in 2001 and connects to the 2020 high. This caught the low in 2023 and then again in April. Shorter-term, the weekly chart of DXY has been...
The Dow was the star of the show yesterday. After chopping sideways for a few days above the 45,000 mark – a crucial resistance level taken out back in late August – we’ve finally got that breakout everyone was waiting for. Thursday's push through the resistance around 45,760 is a strong signal that the bulls are still in charge. As long as we hold above that...
AUD/NZD tends to run hard following a bullish breakout, putting the coiling price action within an ascending triangle over recent weeks on the radar for a potential long setup in the days ahead.
A clean break above 1.1156 would allow positions to be established with a stop beneath the level for protection, targeting 1.1180 initially and 1.1250 after that. Given...
While US CPI printed in-line with expectations, it was the jobless claims data that seemed to get the attention around the Dollar. But perhaps more important than that was the comment from Christine Lagarde, saying that disinflation appeared to be coming to a conclusion for the Eurozone economy. This is something that could press rate cut expectations out of...
For FX traders, the risks look tilted to the downside for the dollar ahead of the release of US CPI data later on. A relatively benign CPI reading could give traders the green light to re-enter dollar shorts against the likes of the pound and Aussie dollar. However, a surprisingly strong report could undermine currencies that were already weaker against the US...
The China A50 contract has broken out of the ascending triangle it’s been trading in over the past month, putting traders on alert for a potential resumption of the prior bullish trend. However, having recently traded through 15000 on multiple occasions only to reverse back lower, the precondition to act upon today’s break would be to see the price close above the...
Over the last three sessions, the USD/MXN pair has posted a depreciation of around 0.8%, with selling pressure remaining in favor of the Mexican peso. This move is mainly driven by speculation around the upcoming release of U.S. inflation (CPI) data, scheduled for tomorrow. Markets are looking to confirm whether inflation has started to ease in the short term,...
GBP/USD is trading around 1.3528, consolidating within a clear range defined by resistance at 1.3589 and support at 1.3365. The pair has been oscillating inside this zone, with no decisive breakout yet.
Key technical observations:
Support and Resistance: The lower boundary at 1.3365 has acted as a strong demand zone, while repeated tests of 1.3589 highlight firm...
EUR/CHF sits just beneath the top of the range it’s been trading in over the past three months, providing a variety of potential setups depending on how the near-term price action evolves.
The bullish engulfing candle on the daily chart last Friday set the tone for the price action seen this week, sparking a significant bullish reversal after a false break of...
ChatGPT said:
GBP/JPY is consolidating near 199.40, holding just below the 200.00 psychological level. Price has been moving sideways within a tight range, signaling indecision after a strong rally from the July lows.
Key technical factors:
Support and Resistance: The pair is trading above both the 50-day SMA (198.65) and 200-day SMA (194.34), reinforcing a...
Bitcoin (BTC/USD) is consolidating after a sharp pullback from its summer highs, with price currently trading near $113,472. The chart shows a well-defined range between support at $107,300 and resistance at $123,200, suggesting a potential breakout setup in the coming weeks.
Key technical points:
Support and Resistance: Price is holding above the 50-day SMA...
The FTSE ran into resistance at 9360, its record high, before rebounding lower to 9100. The price has recovered from this low and it is grinding higher, guided by the rising trendline and the 20 SMA, but the RSI points to slowing momentum, warranting caution.
Should momentum pick up, buyers will look to extend gains towards 9360 and fresh record highs.
Minor...
Oil trades within a descending channel dating back to 2023. The price also trades below its 20, 50, and 200 SMA in a bearish trend. Oil faced rejection at the 50 SMA and rebounded lower before finding support at 61.50, the August low. The price has recovered higher and is testing the 20 SMA resistance and the mid-point of the descending channel.
Buyers will need...
The US dollar weakened further on the back of the unexpected drop in producer prices inflation, which has now raised the bar even higher for CPI to beat expectations tomorrow. This caused the AUD/USD to break to a new high for the year. The Aussie could now start to rise more noticeably after months of underperformance relative to the euro and pound, for...
Given its solid track record for delivering reliable topping signals recently, the reversal in NZD/USD following a false break above a known resistance level is difficult to ignore.
Whether it’s a shooting star or the second candle in an evening star pattern, both suggest the risk of further unwind in the near term for the Kiwi, creating a bearish setup ahead of...
The GBP/USD faces a pivotal week and ahead of it, the pair continues to break important short-term technical levels. Last week it climbed back above 1.3500, buoyed by a weak US jobs report that reinforced expectations of a September Fed rate cut. Now it has broken its short-term bearish trend and the next resistance at 1.3550. A breakout above 1.3600 now looks...
