The GBPJPY was making good progress last week, creating a high at 168.43, but as was expected, price began to pull back by the end of the week, The first obvious level of support was from the March 28th high at 164.65 and price closed for the week above this level. But so far this week, price has declined below this support level. This is when we have to look...
In our last post for the GBPJPY, price was moving up towards the resistance level at 164.65 from the high of March 28th. It took just two trading days from that post for price to make contact with this level, but price appears to have slowed down. This tends to happen around support & resistance levels, and in this case, it is just a display of the buyers losing...
Gold is starting the week with a strong move to the upside, which may be its next attempt at the $2000 round number and the all-time high at $2075. It’s still early in the week, so it's too soon to tell if the bullish momentum will continue, so we will have to be patient to find out. Despite this current upwards move, we have to remember that price is in...
The S&P 500 has found support following the gap down candle on April 5th. The 200 simple moving average has been holding price up for three consecutive days. Price is now forming an unconfirmed bullish flag formation, which will be confirmed if the recent high from March 29th at $4637 is broken. The recent move has been bullish from March 14th but price is...
Today, we are seeing strength in the British Pound, with bullish momentum pushing price towards the recent resistance level. We had a decline on March 28th, which found support around 160.00, and from April 1st, the buyers have gained back control and moving price back to the upside. A break and close above the recent resistance at 164.65 will be significant...
The GBPJPY broke out of long-term consolidation with a big bullish candle on March 22nd. Following really large candles, we tend to sharp reversals but in this case price continued to move higher for a few days. On March 28th price pulled back and moved towards the consolidation resistance turned support but didn’t quite make it that far. Support was found just...
The S&P 500 made good progress in March, but the buyers fell off slightly by the end of the month, giving the sellers room to pull price down. Although the end of March and the start of April experienced a decline, this is just a pullback for now, and we can anticipate a continuation to the upside. Friday’s candle closed as a reversal candle just above the 200...
The GBPJPY has not been successful at breaking and remaining above the major level of resistance at 156.60 since June 2016, which formed the high of an area of consolidation. Price really started to attack this level from October 2021 for a number of months, but has now cleared this level by around 700 pips. The candle for March is currently looking strong, and...
The S&P 500 continues to recover from the recent declines that started at the beginning of the year. From the low in February, price has climbed up 10% so far. A few weeks ago price moved back above the 50 simple moving average, which turned from resistance to support. The market looks a lot different than it did while it was falling during January and February,...
Copper created record highs this month, where it peaked at a high of $5.0395, breaching the previous all-time high from February 2011 once again. The previous all-time high is proving to be a strong level of resistance as price is unable to remain above this level for lengthy periods of time. There is now a long wick above this month’s candle as the sellers have...
Tesla was making record highs of $1243 in November 2021, up 1780% from the year before. Price then went on a decline but soon found support. The $1000 round number was penetrated but price found support at the 50 simple moving average in January this year and has only just bounced off from support this month. March is looking strong for Tesla with price already...
There is plenty of volatility in the markets due to current events happening around the world right now and Palladium is an example of this. An all-time high was created in May 2021 at $3017. Price then went into consolidation using the weekly 200 simple moving average as support. From there, we have seen a gradual increase in price, and by the end of...
Gold had an attempt at the August 2020 all-time high at $2075 this month but has come short of even breaking through this level. Price was only $5 away from having a shot at creating a new record high, but the sellers came in strong to ensure that never happened. What does this mean for price now? Since there has been some short-term weakness, we want to...
Last week I posted on Gold and highlighted the fake breakout of the September 2011 high at $1920. Despite February’s candle forming a fake breakout of this level, we see strong moves above it again. Price could end up closing below $1920 by the end of the month, but the buyers do appear strong for now. When Gold trends, it usually lasts for months and...
Last week we witnessed a 6.78% decline in the FTSE 100 and just a few hours into this week, price has already declined 2.81%. The major support of the daily 200 simple moving average failed to hold price up last week so we must look at further levels of support. Since May 2021 a low was formed at 6823 and has held strong ever since. There was an attempt to break...
Gold has made good progress this month, forming a strong bullish candle despite being in an area of consolidation. Price ultimately needs to break above the August 2020 all-time high at $2075, but there is another resistance level in the way at $1920 from the September 2011 high. This month’s candle pushed above this level, but the sellers have pushed price back...
The S&P continued to display plenty of volatility last week, where we saw a strong move to the downside, breaking through significant levels of support. Price did appear as though it was going to continue its descent, but the buyers were able to reverse the direction of the move, ending Friday with a big bullish candle on the daily timeframe. The 50 simple...
The GBPYJPY has seen some strong trends in the past and as a result of the 36% decline in 2015-2016, price has been in a long-term period of consolidation. This consolidation range is between 156.60 from the high of February 2018 and 124.78 which is the low of October 2016. Price has pretty much remained in this range. The reason this forex pair has come to our...