Gold remains in a healthy bullish trend on the daily charts as there have been consistently higher highs and higher lows. Prices are trading above the 200 Simple Moving Average while the MACD also trades to the upside. The precious metal is in the process of creating a new higher low around $1315 with the $1330 resistance acting as a level of interest. A breakout...
Gold remains in a healthy bullish trend on the daily charts as there have been consistently higher highs and higher lows. Prices are trading above the 200 Simple Moving Average while the MACD also trades to the upside. The precious metal is in the process of creating a new higher low around $1315 with the $1330 resistance acting as a level of interest. A breakout...
The EURJPY has found comfort within a bullish channel on the daily charts with prices trading around 125.850 as of writing. There have been consistently higher highs and higher lows while the MACD trades to the upside. A solid daily close above the 126.20 level is likely to encourage bulls to push prices higher towards 127.10 and 128.30, respectively. A move back...
The EURGBP fulfils the prerequisites of a bearish trend on the 4 hourly charts as there have been consistently lower lows and lower highs. Prices are trading below the 200 Simple Moving Average while the MACD trades to the downside. A solid breakdown and daily close below the 0.8615 support level is seen opening a clear path towards levels not seen since May 2017...
The GBBJPY remains firmly bullish on the daily chart as prices are trading marginally above the 200 Simple Moving Average while the MACD points to the upside. Although the trend is bullish, the price action in recent days suggests that a catalyst is needed for the GBPJPY to make its next big move. Minor support can be found around 143.80 while 145.00 continue to...
The USDJPY has bounced within a 30-pip range since the start of the trading week with minor support are 110.60 and minor resistance at 110.90. Although fundamentals are playing a role behind the USDJPY’s lack of movement, the technicals suggest that a breakout setup could be in the process. A solid breakout and 4 hourly close above 110.90 is likely to encourage an...
The EURCAD fulfills the prerequisites of a bearish trend on the daily charts as there have been consistently lower lows and lower highs. Prices are trading below the 200 Simple Moving Average while the MACD is the process of crossing to the downside. A solid breakdown and daily close below 1.4920 is seen opening a path towards 1.4850 which is 70 pips away. This...
WTI Oil has staged an impressive rebound in recent weeks with prices currently trading near a three-month high above $56.50 as of writing. The inverse head and shoulders pattern on the daily charts signal further upside with the first key point of interest at $57.50. A solid breakout above this level is likely to open a path towards $60.00 in the medium term....
The British Pound held its ground against the Dollar on Tuesday morning with prices trading towards 1.2920 as of writing. Bulls seem to be making a return on the 4-hour time frame with minor support found at 1.2900. With the previous bearish channel broken and prices trading within a 40 pip range, the near term outlook points to further upside. An intraday...
Gold prices have been undeniably bullish on the daily timeframe . Prices have been respecting a healthy uptrend since early December when a solid breakout above $1,240 was achieved. With the precious metal repeatedly creating higher highs and higher lows, bulls are clearly in the building. Gold has the potential to rally towards $1,333 once a solid daily close...
The EURUSD remains bearish on the weekly timeframe as there have been consistently lower lows and lower highs. Sellers have been in control since late April 2018 after prices broke below the 1.2200 level. We a see the EURUSD sinking lower once sellers are able to conquer the stubborn 1.1300 support level which is also coincidentally above the 200 Simple Moving...
The USDJPY has breached the bearish channel with prices struggling to keep above 110.30 as of writing. Bulls seem to be tired on the 4 hourly timeframe and this should provide an opportunity for sellers to attack if prices break below 110.30. Sustained weakness under this level is seen opening a path towards 109.60. Alternatively, a scenario where bears are unable...
The USDCAD is in the process of completing an inverse head and shoulders formation on the daily charts . Prices are seen venturing towards 1.3410 in the medium term only if 1.3200 proves as a reliable support level . A failure for prices to keep above the 1.3200 invalidates this bullish setup and opens a back towards 1.3140. In regards to the technical lagging...
The EURUSD reversed sharply after producing an intraday low at 1.1257 levels yesterday. This could be the first confirmation that it has turned higher and could be pushing towards 1.1800/20 levels in the following weeks. Please note that an engulfing bullish reversal candlestick pattern is also complete on the daily chart , indicating a potential reversal ahead....
The NZDUSD rallied just about 19 pips ahead of the proposed 0.6700 handle. The rally till now seems corrective but an impulse here would confirm that a meaningful bottom is in place around 0.6819 levels. The wave structure unfolding since 0.6975 levels could be a running flat for now, with 3 major waves taking shape of a 3-3-5 movement. An alternate could be a...
Gold has been drifting sideways in a tight range between $1305 and $1314 levels respectively on the daily chart presented here. Looking at the lower degree wave counts, Gold might have formed a meaningful top at $1326 levels and subsequently produced a 5 wave drop towards $1302 levels earlier. The price action since then has been corrective and has managed to test...
The US Dollar Index has formed an Engulfing Bearish candlestick pattern on the daily chart after printing highs at 97.20 levels yesterday. It could be an indication that a major top is in place now and that the US Dollar Index is heading lower towards 94.00 and further. Looking at the lower degree wave count, a wave i and ii might have terminated around 95.20 and...
After taking out 1.1270 levels yesterday,most traders would believe and get on the short side as normally the sentiment should be. A different look at the charts could be telling another story though. The higher degree expanded flat structure remains intact until prices stay above 1.1215 levels. With the EURUSD printing lower lows with each passing day, the RSI on...