As we forecasted in our last analysis, GBPJPY made a down move on February 25th and it is now slowly crawling its way up to make a new top. Right now its consolidating in one of the support areas so, we expect at least one more push to the top. However, because of the sharp reversal at the 150.430 price, we can expect a down move that would at least reach the blue...
Harmony is a blockchain technology created to promote the production and use of decentralized applications. It has a market capitalization of $269 million dollars and a 24h trading volume of $84 million. The cryptocurrency was created by a German cryptographer (Stephen Tse) who studied at the University of Pennsylvania. The Harmony mainnet which is focused on...
Litecoin is pretty much in the same consolidation phase as the other 2 cryptocurrencies analyzed (BTC and ETH). It will either stay “trapped” between the support and resistance zones and will probably head south when the consolidation is over or it will break the resistance with a big move and continue higher. The higher probability scenario is the one where...
The price of Ethereum dipped nearly 20% in the last 5 days, reaching a low of $1350 per ETH on 23 February. During this selloff the price of ETH on crypto giant Kraken, fell to nearly $700, significantly lower than on other platforms. Jesse Powell, Kraken CEO, explained that this discrepancy was made because of the extreme selling and that was nothing wrong with...
The price of Ripple (excepting the very volatile day of Tuesday 23 February where the price dropped from 63 cents to 36 cents on the dollar) remained mainly in the same range between the resistance and the support area, respecting also the blue trendline marked on the chart. We see the price dropping further, touching the low of the support area or testing the...
The long-awaited correction in Bitcoin (that we anticipated here in the Financial Flagship’s last week newsletter) started this week with the price falling from the high of $57k on Monday to the low of $44k on Friday. Now, we see 3 scenarios developing for the price action of the cryptocurrency; the first one, the most probable, the price will go a little higher...
EURUSD lost some strength at the beginning of the week after the rise in US yields which offered some support to the USD. The 10-year yield reached 1.33%, the highest level in a year. This only boosted the US Dollar and depreciated the Euro by 100 pips at the beginning of the week. From a technical perspective, the Euro ranged most of the week and ended the weekly...
The British Pound has surged past the 1.40 level, reaching the highest point in almost three years. UK Markit's preliminary PMI’s came out notably above expectations, but the bullish move was primarily driven by a Dollar weakness, which suffers after last week's yield increase. Our technical view remains unchanged, and we still expect the price to start a bearish...
The USD/JPY reached a five-month high last Wednesday going beyond the ¥106 level, boosted by better-than-expected data in the US Retail Sales. As you can see on our chart, the price rejected the upper channel line twice, having a chance to go for a third attempt and make a new top. However, for this week we expect the price to retest and maybe break the bottom...
As we predicted in our previous analysis, the “Aussie” soared to a fresh three-year high of 0.7879 last Friday, holding on to gains as the week ended. For this week, we expect a small price pullback towards the trendline and the support area that would act as a trigger for the next bullish impulse that we expect to unfold. Trade with care. Best...
USD/CAD witnessed some heavy selling for the second successive session on Friday. The Canadian Dollar benefited from a weak US Dollar and also seemed to be obtaining some support from a sharp rise in Canadian bond yields. Technically speaking, we expect the price to continue its bearish move inside the channel, creating a sequence of lower-lows and force some...
In our last analysis, we predicted that Gold will continue its bearish move towards a new low. The target was reached and the structure is now officially completed. This week we will monitor the price action, as it may have a tendency to make further lower-lows until we hit the liquidity pool area highlighted on the chart. We expect the bulls to monopolize the...
Silver adopted a corrective behavior for the past week, and at the moment it’s constructing a simple consolidation pattern that will depreciate the price shortly. In the coming week, we expect this pattern to finish around the “bearish sweet spot” area and make room for “sellers” once again, having as a target the $24 major support area highlighted on the chart....
Last week, Oil fell the most in nearly a month, suffering from a deep market selloff in sync with the current energy crisis in the U.S. that will likely keep refineries shut for another week, lowering the demand. In the past few weeks, our technical perspective inclined towards a bearish move and it looks like it has been finally triggered. At the moment we are...
In the past week, Natural Gas started a sideways move that we will expect to continue at least in the first few days of this week. Based on our analysis, we foresee a price pullback towards the support area highlighted on the chart in order to sustain a further bullish momentum that can push the price towards the $3.20 level. Trade with care. Best...
The copper market edged to new highs, with prices pushing above $4 a pound, its highest level since September 2011. However, we recommend caution as the rally looks a little unstable and overbought and a strong “bearish” impulse could be waiting around the corner. Yes, we are in a strong weekly uptrend, but we need at some point to start a bigger degree corrective...
Nasdaq slid from the record highs registered last week on concerns over a possible spike in inflation, while the rise in Treasury yields continued, adding fuel for an economic recovery backed by the stimulus program and the vaccine campaign. Tech stocks are particularly sensitive to rising yields since their value depends heavily on future earnings, which are...
As we were saying last week, GBPAUD is in a monthly downtrend that is making a big weekly correction which will probably feed the next down move. The price is still in the range that started at the beginning of the month. We have to watch the price action in the important area of decision between 1,776 and 1,77 to decide where the next big move will be; one more...