The euro has moved sharply higher against the US dollar after buyers failed to contain price below the neckline of a bearish head and shoulders pattern. The US dollar index has also weakened back towards the 95.00 level, prompting a technical correction in the EURUSD pair. Sellers need to bring price under the 1.1553 level once again, while buyers need to move the...
The British pound has moved sharply higher against the US dollar after EU Chief Negotiator Michel Barnier stated that a Brexit deal could be made within six to eight weeks. The GBP/USD pair has moved towards the 1.3040 level, forming a bullish inverted head and shoulders pattern. Caution is still warranted as the recent move higher has created bearish MACD price...
The LTCUSD pair is facing further heavy downside losses as the seventh largest cryptocurrency by market capitalization trades close to the neckline of a bearish head and shoulders pattern. The bearish price divergence on the MACD indicator has now corrected, causing the LTC/USD pair to lose over fifteen percent of its market value last week. Sellers will attempt...
Bitcoin has started the new trading week under pressure, as regulatory uncertainty continues to keep the number one cryptocurrency trading on the back foot. The BTCUSD pair may gravitate towards the wedge pattern bottom, after last weeks rejection from the topside trendline. Sellers will aim to break the $6,000 support level, while buyers will look to stabilize...
The euro is coming under selling pressure against the US dollar on Monday, after a stronger than expected US jobs figure and bearish weekly price close below the 1.1553 level. Sellers attention is once again focused on the head and shoulders pattern neckline around the 1.1530 level. Buyers will need to move price above the 1.1600 level to negate the short-term...
The British pound is back under pressure towards the 1.2900 level against the greenback after a stronger than expected US jobs figure provoked US dollar buying. The bearish head and shoulder pattern is still valid across the lower time frames, despite Friday’s brief spike above the 1.3000 level. Sterling traders now look to the release of GDP, Manufacturing and...
@ForexQueen1, hello and thank you for your comment. The dollar index is a basket of currencies crossed with the US dollar. The reason for keeping an eye on the dollar index is to give weight to any trading ideas based on a US dollar cross. For example, if you view DXY here and think that the price charts are looking bearish, you could trade the EUR/USD long or...
The US dollar has fallen below the 110.90 level against the Japanese yen currency, as falling equity prices are forcing investors into safe-haven asset classes. The intraday sentiment towards the USDJPY pair is bearish while trading below the 110.90 level, caution is still warranted as the USDJPY pair has recently been unable to find a trending directional. The...
The euro currency is unable to find a clear trending direction against the U.S. Dollar Index, as buyers once again failed to hold price above the 1.1650 level on Thursday. The release of the US Non-farm payroll job report later today may provide the catalyst for a clear technical break. EURUSD sellers will attempt to break the 1.1530 level, while buyers will try...
Ethereum has fallen sharply lower after the second largest cryptocurrency by market capitalisation broke under a triangle pattern. The ETHUSD pair is now trading its lowest level of 2018 and is likely to come under further technical selling pressure while trading below the $240.00 level. Sellers will try to target below $200.00 while buyers will attempt to...
The British pound has spiked sharply higher against the US dollar after reports surfaced that German officials have dropped key Brexit demands. The GBPUSD has fallen away from the best levels of Wednesday, with the move higher helping to close the price gap on the weekly open. The recent move higher has also created a bearish head and shoulders pattern on the...
The euro currency continues to press higher against the greenback after the U.S. Dollar Index failed to hold above the key 95.50 support level for the second consecutive day. The short-term trend on the EUR/USD pair will turn bullish if buyers can hold price above the 1.1650 resistance level. The MACD indicator across the one-hour time frame continues to trend...
Bitcoin has come under heavy selling pressure alongside the broader cryptocurrency after finding strong resistance from the $7,400 level. The world’s number one cryptocurrency is likely to remain under selling pressure while trading below the $6,800 level. Sellers will try to target further losses below the $5,700 level to trigger the head and shoulders pattern,...
The euro currency has corrected towards the 1.1600 level against the US dollar, with price creating an even larger head and shoulders pattern. The MACD indicator across the four-hour time frame is attempting to move higher after Tuesday’s bounce from the 1.1529 level. EURUSD traders now look to key Retail Sales and PMI data from the eurozone economy this...
The British pound has moved away from the 1.2800 support region against the US dollar, as the greenback edges away from the best levels of the week. The GBPUSD pair now looks to the release of key PMI Services data from the UK economy, with market expectations tilted to the upside. Sellers will look to break the 1.2810 support level, while buyers will attempt to...
The LTCUSD pair has gained close to five percent at the start of the month so far, after performing a technical break above key resistance. Litecoin, the seventh largest cryptocurrency by market capitalization retains its short-term bullish bias while trading above the $63.30 level. A correction lower may occur at some point, as the MACD indicator is currently...
The British pound continues to drift lower against the US dollar in early Tuesday trade, as fears over a Brexit no-deal weigh on sterlings intraday sentiment. The GBPUSD pair is likely to weaken further while trading below the 1.2863 technical level, as it represents the start of last weeks spike higher. Traders now look to the release of the United Kingdom’s...