USD/JPY has found acceptance above the 50-hour moving average, which seems to have bottomed out (shed bearish bias).
Also, the hourly chart shows a falling channel breakout.
The data released earlier todays was dollar supportive. US retail sales rose for second month. Further, the 10-year treasury yield is up three basis points.
The pair, therefore, looks...
A bear flag is a continuation pattern, which often accelerates the preceding bearish move.
USD/CAD's 4-hour chart shows a bear flag with support at 1.3260. A break lower would open the doors to levels below 1.32.
EUR/USD has bounced up from the 100-hour MA, but the rising wedge breakdown is still valid.
The pair is currently trading around the 50-hour MA of 1.1321 and the 100-hour MA is seen at 1.1309.
Acceptance below the 100-hour Ma could invite more selling. Don’t forget we have already seen a rising wedge breakdown. The pattern indicates the corrective bounce from...
EUR/USD has finally found acceptance above the three-day chart 50-period simple moving average. Further, the chart also shows a falling wedge breakout.
So, the path of least resistance is to the higher side.
Any out there who wants to short gold, consider XAU/EUR. It seems to be creating a head and shoulders pattern on the hourly chart.
EUR/USD's daily chart is flashing bullish conditions. Meanwhile, markets have already priced in three Fed rate cuts for 2019. So upside in Gold ($) looks limited. Hence, GOLD/EUR looks overdue for a price pullback.
A break below...
Current rate: 1.2736
Cable clocked a high of 1.2757 post-NFP. The pullback does little damage to the bull view.
A 4-hour close above 1.2745 would confirm a inverse head and shoulders breakout and open the doors to at least $10. pip move.
The breakout on 4H would supplement the bullish profile of the daily chart, which has 5 and 10-day bull cross and the...
Gold seems to have charted a bullish continuation pennant pattern on the 4-hour chart. An upside break would allow a rally above the February high of $1,344. The zero-yielding metal has shined bright over the last few days as markets pulled forward Fed rate cuts bets. Currently, rates markets are pricing prospects of three 2019 rate cuts.
Some investment banks...
GBP/USD is currently bid at 1.2711, having created back-to-back daily candles with long upper shadows. The bulls therefore need a close above the high of those candles, which is 1.12744. Other short-term studies have already rolled over in favor of the bulls. For instance, 5 and 10day MAs produced a bull cross and the RSI is back above 30 with a bullish...
EUR has bounced up strongly from the former resistance-turned-support of the descending triangle that was breached on Monday. The pair is now hovering above the 100-day MA. The outlook would turn bullish if the pair closes today above the 100-day MA.
That looks like, courtesy of the strong bounce from triangle support and bullish RSI above 50.
The spread between the German and US 10-year bond yield seems to have carved out a sideways channel this year. As of now, the channel resistance is seen at 244 basis points.
A break higher would imply resumption of the rise from November lows of 280 basis points. Tighter German-US yield differentials would be positive for EUR/USD.
So, I would look to buy...
Gold's hourly chart RSI is reporting a bullish divergence of the RSI. A closer look at the price chart, however, reveals the yellow metal is forming bear flag pattern.
Downside break wouldn't be surprising. After all, lack of buyers despite the US stocks flashing red indicates the market sentiment is quite bearish.
Also on the hourly chart, major averages are...
Gold’s hourly chart shows a bear flag breakdown, a bearish continuation pattern, which is backed by the bearish cross of the 50- and 100-hour MA. The 50 is fast falling towards the 200-hour MA, which is bearish signal.
On the daily chart, the breakout witnessed last week has ended up creating another bearish lower high just above $1,300.
The price has also...
EUR/JPY found bids at 122.54 earlier today and is currently seen at 122.90.
The positive tone comes a day after the pair charted a classic doji, which represents seller exhaustion.
Further, the RSI on the 4-hour chart has created a bullish divergence.
EUR/JPY, therefore, looks set to test supply around the 10-day MA, currently at 123.26.
News that Trump is to delay decision on auto tariff imports by 6 months seem to have put a strong bid under the EUR. The pair has moved above 1,1214, but is not out of the woods yet as the lower highs pattern is still intact.
The bulls need to violate that pattern with a move above 1.1263. That may entice fresh bids yielding a rise to 1.14.
EUR/USD broke out of the trendline from March 20 and April 17 highs on May 10. The buyers, however, have failed to capitalize on the upside break of the falling trendline with sellers successfully carving out an inverted hammer or shooting star on Monday.
Further, the sellers have been successful in pushing the spot below Monday's low of 1.1222. So, what we have...
Golden crossover is the bull cross of the 50- and 200-day MAs.
It is a lagging indicator and usually works as a contrary indicator in the short-term.
Golden cross indicates the underlying has rallied sharply in the previous four months.
USD/CAD bounced from the 20-day MA yesterday to end the day on a positive note and is currently trading at 1.3480.
The 20-day MA had revered pullback on May1/2.
Don’t forget the 50-day MA had also revered pullbacks in May
Both averages are now rising with 20-day MA holding above 50-day MA. The bias is clearly bullish.
Hence, the recent high of 1.3522 (Apr 24...