4HTF – shows us a local downtrend. A possible double bottom pattern with our 23.6 Fibo level working great as the confirmation line for a reversal to the upside. On Fiday the pair broke the 38.2 Fibo level UP, this was due to better than expected Employment readings from the US. The price is currently travelling near our local trend line, and if the price breaks...
BTCUSD chart continues to move in a parabolic trend, which originates at the end of last year. Recent correction that occurred on the market was quite strong, but within the limits of similar trends that occurred earlier. Quite often, the reduction range reaches 30-40% from the local maximum. Recently, the price fell by slightly more than 30% or $4200 from the...
Today is a holiday in the United States – July 4th Independence Day and considering this the market is thin and calm. We will analyze EUR/PLN 1DTF shows us a lot of consolidation, basically since about July of last year. We can observe a local dip down for the pair that started on May 22nd and this downtrend price reached May 2018 lows on July...
1DTF shows us a global downtrend for pair CAD / JPY. We see a possible upside down head and shoulders pattern trying to form but at the same time we see the price is continuing to move to the downside and a failure to break the local trend line up. Canadas Trade Balance report came in today at a better than expected 0.76B, finally bringing the figure into the...
The most expected news came from Osaka where Trump was meeting with the Chinese leader Xi Jinping and with Russian President Vladimir Putin. Here are the main results of G-20: 1. Russia agreed to prolong the agreement with OPEC. By the way – on Monday and on Tuesday OPEC countries are meeting in Austria. Economists are sure that the oil production cut...
1D TF shows us a strong downtrend that initiated on March 26th of this year. And we see a morning star on June 20th that started a local correction up. 4HTF – The price is still currently slightly above the 9EMA. Approaching simultaneously the 200EMA, 23.6 Fibo Correction level and our local trend line. Here we have to consider 2 possible scenarios : 1. ...
Bitcoin has updated new annual maximum near $13900. After that, the vertical trend was replaced by a pulse dawnward correction, which was eventually bought off only from $10600-11000. Technical and psychological indicators that have been in the overbought zone for a long time period have come out of it. Fear and greed index has recently updated its historical...
Today , United States is going to publish the 1Q GDP – currently the forecast is the same as the previous fact at 3.1%. If the forecast is above expectations that will be good for the currency and a lower than expected reading can be bearish for the USD. At the same time Initial jobless claims will be announced , currently the forecast is showing an increase of...
1D TF - we can observe a downtrend that initiated in October of 2018 and we can see an uptrend from the end of March of this year. On June 18th the bulls made an attempt to break the 61.8 Fibo Correction from 2018 to the upside and failed. 4H TF – shows that the price has broken the 23.6 Fibo correction level down, we also see a head and shoulders...
Daily TF shows us a strong, global Bearish Trend that started at the end of September 2018. Local bearish trend line starting from December 11, 2018. Looking at the chart for today, shows us a somewhat Tweezer Top rejection of higher prices with an incomplete bearish engulfing candle to the downside, all following 4 days of growth. 4HTF – also shows a sign...
RBA Governor Lowe spoke earlier and here are the key points of his speech : • It is legitimate to ask how effective monetary easing would be globally • If everyone is easing, the effect on exchange rates is offset The questions that Philip Lowe mentioned are quite important. We could say that Lowe hit the nail on the head. Here are the world banks’ interest...
Bitcoin continues to amaze with the continuation of the uptrend. At the end of last week, BTCUSD changed the downward correctional dynamics to ascending, overcame $9000, and now came close to the psychological level of $10,000. With a high probability bulls will experience difficulties with further progress in $9800-10000 area. The correction is just around the...
4HTF - Parabolic SAR has reversed. The price is trying to break the 9EMA up as well. Core retail sales for Canada were released today at a lower than expected rate of 0.1% vs the forecasted 0.6% (Bearish for CAD). In the short term, a BUY position may be favorable, with possible targets at 1.32175 (23.6 Fibo correction) followed by 1.32585 (38.2 Fibo) .
CANADA Canada’s annual inflation rate rose unexpectedly to a seven-month high in May. On Wednesday June 18th Consumer price index came out at 2.1% YoY vs the expected 1.2%. Statistics Canada said the annual rate hit 2.4% on increased prices for vegetables and durable goods. This is the first time since October 2018 that the annual rate had exceeded the Bank of...
Today’s main focus on the economic calendar is the FOMC statement by Fed Chairman Powell. Reporters will surely pressure him for details as to the possibility of a rate cut later this year. Earlier this month Powell stated that the economy is growing but due to trade tensions the Central bank will “act as appropriate to sustain expansion, and while he never used...
Yesterday’s technical analysis gave us a mixed and interesting picture . A break below May lows (price range of 1.2559) would signify a further movement down, and we saw this break yesterday. Technically : INDICATORS MACD lines have intersected and parabolic SAR has reversed. Further movement down and SHORT positions are now looking favorable with...
The British pound is struggling to recover after Friday's upbeat US retail sales figures. Consumption growth for May exceeded expectations and this data also came in after considerable upward revision for April. The pair has been on a downslide since the beginning of May. While Brexit politics and the race for the new prime minister is still likely to have the...
Technical Analysis After reaching a new low on June 5th at the price area of 5.655, we watched the trend reverse on June 6th breaking the 23.6 Fibo correction up, yesterday the pair broke the 38.2 Fibo correction up and the price is currently travelling up to the 50% correction level. Looking at our indicators, we see that Williams % R confirms that the price...