Hey Traders, in today's trading session we are monitoring USDJPY for a selling opportunity around 133.5 zone, USDJPY is trading in a downtrend and now seems to be in a correction phase in which it is approaching the major trend around 133.5 support and resistance zone. The recent USD data were all soft and signal a pause of rate hike from the federal reserve. Also...
In my last ETH analysis I talked about the fact that we were breaking through the bear market resistance, with a target of 2000. Now that we're nearly there, it's time to take a look at what lies beyond 2000. On the chart I've drawn a bullish triangle pattern. I'm taking some liberty with the FTX drop, but my point stays the same. ETH is on the verge of...
Fundamental Backdrop 1. GDP m/m printed 0.0% compared to forecasted at 0.1%, which is worst than previous of 0.4% 2. It shows that the economy's health is decreasing 3. Based on previous data on Feb 10th 2023 where the GDP also dropped, we saw an estimated 100 pips drop within the day. Technical Confluences 1. Near-term support at 1.24550 Idea We are...
Hey Traders, in today's trading session we are monitoring USDCHF for a selling opportunity around 0.89400 zone, USDCHF was trading in an uptrend and successfully managed to break it out after a soft CPI, if we get a correction i would watch a potential retrace around 0.89500 towards this week PPI that will give us more confirmation what fed next move will...
Market in uptrend on daily and 1 hour time frame Monthly resistance did not hold waiting on pullback to support zones marked on chart once market reaches support I will wait for wick rejection before entering bullish Retail sentiment is bullish on USD, as we know most retail traders lose money this is therefore bearish for USD Fundamentals still in favour of...
Fundamental Backdrop 1. CPI m/m printed 0.1% compared to forecasted at 0.2% 2. Fed hikes effects really slowing inflation down 3. USD fell shorting after, signifying the slowing down of inflation at a faster pace than what the market has been pricing in. Technical Confluences 1. Price rejected off resistance at 102.8. 2. Price looks good to form a new higher...
Could the EURUSD claim new highs? As the EURUSD climbs toward the high of February 2023 at the 1.1030 price level, a break of the resistance could signal further upside potential, with the next key resistance at the 1.12 price area. However, do watch out for interim resistance along the 1.11 round number level.
The AUD/USD pair has been experiencing a bearish sentiment lately due to a strengthening of the US dollar, which is causing the pair to move lower. This is partly due to rising inflation concerns in the US, which is increasing expectations of a faster pace of interest rate hikes by the Federal Reserve. Additionally, the ongoing trade tensions between the US and...
Since the recent SVB-crisis lows last month, both stocks and Bitcoin have seen immense gains. However, after hitting the ~$29,000 resistance, Bitcoin has been trading sideways, while stocks have continued to pump. In my view, BTC is currently in some kind of accumulation phase preparing for the bullish break out through this strong area of resistance. As long as...
The GBPUSD surges higher despite the release of 0% on the GDP m/m and a downgrade from IMF. As the price approaches the 1.2520 swing high level from 5th of April, a break of the swing high could see a test of the key resistance level of 1.2555. While this move higher is likely to be driven by the weakness in the DXY, a possible trade idea could be a counter...
The USDJPY trades along the 133 support level and could see further downside as the DXY continues to weaken. However with the continual divergence in monetary policy between the US Federal Reserve and the BoJ, a rebound to the upside is likely to always be on the cards. If the USDJPY breaks strongly below 133 (and more crucially below 132.70) the price could...
The AUDUSD continues the upward move, firstly because of the weakness of the DXY overnight as the CPI data signaled a slowdown in overall inflation growth for the US. In addition, stronger than expected employment data for the Australian economy added on to the upward momentum. If the price closes above the resistance level of 0.6725, further upside potential...
Looking for the NZDUSD to break above the interim resistance level and to trade toward the key resistance level of 0.6290 (or 0.63) This move higher would be a continuation of the rebound from the support level of 0.6170, driven by the weakness of the DXY.
Details on chart - looking to see how PPI releases before taking a direct bias on Gold
USDCHF - 24h expiry - Trades at the lowest level in 21 months. Our short-term bias remains negative. There is no clear indication that the downward move is coming to an end. Previous support at 0.9040 now becomes resistance. The preferred trade is to sell into rallies. We look to Sell at 0.9038 (stop at 0.9068) Our profit targets will be 0.8963 and...
The DXY broke down from the 102 support level (now turned resistance) following the release of the US CPI data overnight. CPI y/y was released at 5% which indicated a consistent slowdown in inflation growth for the US, leading to increasing market expectation that the Federal Reserve is likely to pause on further interest rate hikes (hence the significant move...
EURUSD reached 1,1000. This is key resistance and we will watch to see if it has the strength to breakout. No grounds for trades on these levels, so it is better to wait. We will consider buy trades on correction and pullback or after breakout of the resistance. We will consider sales after grounds for a trend reversal.
...a measured move targets 1.0615