FX618Analysis

FX618Analysis

Price is at a critical resistance level! The 0.68600 level needs to be cleared for the price to target the next high which happens to be the psychological resistance of 70 Cents. Looking at the main daily chart, the descending channel although violated, has not really been broken. The resistance at 0.68600 is preventing this from being a reality. Once the daily...

FX618Analysis

With OIL gaining traction everyday since the conflict began, the commodity linked/ OIL linked CAD has been seesawing against the in demand SAFEHAVEN USD. Based on the daily technical picture, we can see this statement backed by rising strong ascending trendline on our main chart. USDCAD now would likely take a dig at its next target located at 1.29400. However...

FX618Analysis

This market has been ranging for quite some time now, even the start of the conflict between Russia and Ukraine did not have much impact on this pair!. The reason being simple enough, they are both safehaven currencies and in risk off markets they are both in demand. However, since Switzerland is in EUROPE, the conflict would likely increase the demand for the...

FX618Analysis

With weekly candle breaking out from the descending channel, the price is ready to target the next high at 0.75000. The price also formed good support at 0.70000 area with RSI indicating a bullish divergence! With that all said, it is advisable to wait for the price to retrace at the desired level and then execute a LONG trade. Trade can be invalidated if...

FX618Analysis

This week, it would be ideal to wait for the descending channel to break on the weekly timeframe! Today's close of weekly candle would likely assure that the channel has broken and therefore by next week we can take a long trade based on ideal 1:1 risk to reward ratio. Today's NFP report if it goes in favor of the USD, we might actually also witness the AUD slip...

FX618Analysis

With Risk OFF mood especially hitting both EUR & GBP hard, it is well known that the common shared currency EUR has more painful future compared to the GBP! Here we look at the weekly chart that might support our view on this. First and most important step would be for the weekly candle to close below 0.82900 major support. By doing so, it would ensure a major...

FX618Analysis

Since COVID-19 crisis eased around the globe from last year, we have seen a RISK ON mood in the markets thus propelling USDJPY to its recent highs! However at the moment the crisis between Russia and Ukraine has given this pair an excuse not to go higher. The safehaven status of the JPY is preventing this pair from heading higher and therefore we can assume its...

FX618Analysis

With the RUSSIAN-UKRAINE crisis developing day by day, the markets are quite worried and thus are in the RISK OFF mood. All the safehaven currencies would likely appreciate in the coming weeks against the EURO. However the most sensitive EURO pair in this scenario would be the EURCHF. The crisis would likely make CHF appreciate more and more in the coming...

FX618Analysis

Bearish view still very much intact yet after EURO pushed up higher a few weeks ago, but clearly failed to break the descending channel's upper trendline. With the RUSSIA - UKRAINE crisis predicted to HIT the EUROZONE hard, we could see the safehaven currencies such as CHF, JPY & USD appreciate Vs the EURO. Based on this technical and fundamental analysis, we...

FX618Analysis

With the RUSSIAN-UKRAINE Crisis hitting the market hard, the safehaven currencies such as the USD, JPY & CHF have been gaining grounds against their counterparts. In such scenario GOLD has also been appreciating as well due to its obvious safehaven demand. Furthermore, OIL has been appreciating as well but not as a safehaven! OIL has been appreciating simply...

FX618Analysis

UPTREND IN USDJPY IS STILL STRONGLY INTACT! USDJPY faces multiple support barriers as evident on the main daily chart. These supporting rising trendlines could only amplify the fact that uptrend is still intact and the price could very well crawl slowly slowly towards 118.000 target resistance in the coming months. The FED could start the tightening cycle this...

FX618Analysis

Have a look at the weekly chart for EURJPY. Here we can clearly see that the price is in a bullish flag and pole formation. At the moment a consolidation should be expected as the price lies at the critical sell zone. Now looking at the smaller picture on the main chart, to go short a concrete confirmation is required. The ideal point of breakage should be...

FX618Analysis

Yes, the LONG move is highly primed in! USDJPY is going LONG in 2022 Q1 and possibly Q2 as well depending on the FED hiking cycle and USD's economic data. Since the long-term weekly resistance was broken last month, USDJPY is highly likely to head higher. But now the big question on the traders mind is: how high can it go ? Most financial banks are betting...

FX618Analysis

In this holiday season, the liquidity remains minimal which has caused this pair to range in a very narrow pattern. However it seems that the liquidity would return to market eventually soon which might likely cause this pair to rise with the target being the upper end of the long term daily descending channel. With the fundamentals highly in favor of the USD, we...

FX618Analysis

Bearish RSI divergence on 4H charts. Is the price loosing momentum? is there consolidation ahead? Well, we should NOT expect the price to HIT 0.7000 straight away if the ascending 4H trendline breaks! The reason being simple, THERE ARE MULTIPLE RESISTANCE PRESENT IN THE WAY UNTIL WE REACH 0.70000 LEVEL! Just observe the chart and you would notice these...

FX618Analysis

Ascending channel on weekly TF broke, bullish flag and pole formation is currently developing at the moment. In a long run, this pair has been in an uptrend, however since the channel and psychological barrier of 130.000 broke, the price is likely to aim the next support that lies at 125.400! TECHNICAL ANALYSIS Bullish pole and flag formation currently in...

FX618Analysis

Its a thin trading week with no concrete markets drivers scheduled. With low liquidity, this pair has been inching closer to the next psychological resistance of 115.000. This level has been rejected on 3 occasions on the recent trend and the current wave would likely represent the 4th test of this concrete resistance! Based on the technical picture, the USDJPY...

FX618Analysis

WHAT ARE PSYCHOLOGICAL LEVELS AND HOW DO THEY WORK? Psychological levels are market price levels which are often key levels in forex denoted by round numbers. These round numbers frequently act as levels of support and/or resistance. Psychological support and resistance consistently work because of fundamental human disposition. Human beings value simplicity;...