USDCAD (1H) - short term bearish bias The US dollar came under pressure after it broke below the November trend line. The bearish RSI divergence under 1.3270 was the first sign that buyers were losing faith. The breach of the support at 1.3230 prompted the longs to bail out. A series of lower lows and the bearish MA cross are the confirmation that the price...
EURUSD (1H) - short term bullish bias On the daily chart, the euro bounced off the 61.8% (1.0995) Fibonacci retracement level following the October rally. The price is now heading toward the previous high of 1.1180 if the correction maintains its momentum. On the hourly chart, sentiment started to turn bullish at the end of last week. The RSI divergence indicated...
GBPUSD (1H) - short term bullish bias Following the rally on 11 November, the cable met strong buying interest near the 61.8% (1.2820) retracement level. The price finally emerged on the upside after three days of consolidation. A series of higher highs broke the major resistance level of 1.2880 while the faster moving average crossed above the slower one, in a...
GBPJPY (1H) - short term bullish bias The pound sterling is in a daily horizontal consolidation pattern following its surge in October. As the price reaches the lower end of the range, day traders can buy into the bounce. The RSI divergence at the 139.40 support level is a solid indication that the selling pressure had waned. The breakout above 139.85 and the...
GBPCHF (1H) - short term bullish bias The pair is now trading sideways around the 30-day moving average after the pound's meteoric rise. Short-term traders have an opportunity to trade along the uptrend as the hourly chart is making its way back up. The RSI divergence was an indication that the sell-off was slowing down in the congestion area of 1.2670. The...
EURJPY (D) - medium term bullish bias Following a two-week rise in October, the euro went into a lengthy pullback. In a textbook Elliot wave analysis, the price action would now test the 38.2% (119.30) Fibonacci retracement level. We may expect a few days of consolidation in that area before buyers start to bid up again. The fifth wave will likely push the price...
XAGUSD (1H) - short term bullish bias In the same spirit of its golden cousin, the silver is trying to recoup losses incurred from last week. The RSI divergence was the first sign that the bearish momentum was slowing down. Offers near the resistance of 16.90 were lifted without strong conviction though buyers succeeded in holding their ground. The bullish MA...
EURAUD (1H) - short term bullish bias The euro met strong buying interest at the psychological level of 1.6, and took advantage of the Australian dollar's weakness across the board to rise above the critical level of 1.6180. This opened the door for a rally towards the daily resistance of 1.6300. The 20-hour moving average is diverging from the 30-hour one as a...
XAUUSD (1H) - short term bullish bias The fall in the bullion price might have come to a halt as the RSI dipped into the over-sold territory. The divergence between the indicator and the price action foreshadows a corrective rally. A pullback for the moment unless a break above 1500 triggers a full-blown continuation of the bullish trend. The bullish MA cross...
GBPAUD (1H) - short term bullish bias After breaking through the psychological level of 1.8800, the pound sterling found support at the 30-day moving average. The uptrend remains in place as long as buyers commit themselves at key support levels. On the hourly chart, short-term traders can trade along the medium-term trend after the offers near 1.8700 got lifted....
USDCHF (1H) - short term bearish bias After its drop below 0.9900 the US dollar struggled to rise back to the parity. The latest top under 0.9980 came along with a bearish RSI divergence, an indication that the rally was running out of steam. Successive breaks of 0.9940 and 0.9910 are a confirmation that sellers have taken control of the price action. Diverging...
EURUSD (1H) - intraday bearish bias The single currency is still facing headwinds and should the daily M-pattern get to completion we could expect a drop to 1.0950. For now, sellers have renewed their push after yesterday's temporary pause. The 20-hour moving average is crossing below the 30-hour one while 1.1015 failed to act as floor. This is the confirmation...
BTCUSD (1H) - short term bearish bias The bitcoin came under immense pressure after it failed to defend the floor at 9400 back in September. Short-term sentiment has also turned pessimistic which may lead to more sell-offs. The latest bullish attempt could not secure a foothold above 9100 and that turned out to be a dead cat bounce - a last chance for the longs...
EURJPY (1H) - intraday bullish bias The euro has been drifting sideways in search of more demand after its October rally. The latest RSI divergence suggests that the bearish momentum is fading away and sellers have yet committed themselves. The break of the hourly resistance level of 120.40 and the bullish MA cross help boost optimism. We expect the pair to make...
DAX 30 (1H) - short term bearish bias THe German index is mirroring losses in Asian markets this morning. The RSI divergence where the indicator failed to post a higher high is a sign that the bullish momentum that has propelled the index towards the January 2018 level is fading away. As the index is attempting a break below the major support of 13150, a close...
NZDCAD (1H) - short term bullish bias Following its 4-week-long M-shaped consolidation, the New Zealand dollar had rallied to the September high and the psychological price tag of 0.8500. The retracement was met with strong buying interests at the 61.8% (0.8360) Fibonacci level, which coincides with the moving averages on the daily chart. We expect the price to...
GBPUSD (1H) - short term bearish bias After breaking through the psychological support level of 1.28 cable came under mounting pressure as buyers bailed out of their long positions and are replaced by fresh sellers. The pair has been drifting lower along the moving averages, and we expect these resistance levels to keep the price in check. The RSI divergence...
Gold (1H) - short term bearish bias Despite their best efforts, buyers could not maintain the bullish hype in the precious metal. The price is now breaking below the critical daily support level of 1460. Below that it is an opened door to 1420. On the hourly chart, the moving averages are diverging which suggests mounting pressure from sellers. The over-sold...