SmoothJB

SmoothJB

The British pound shot straight up in the air last week against multiple currencies, and as you can see here against the US dollar, it was bullish. However, the market has shown itself to be a little less impulsive against the greenback than it was against multiple other currencies. The 1.30 level underneath should offer a nice floor in the market, but if we were...

SmoothJB

The euro rallied most of the week, gave back some of the gains, and now looks as if it is trying to break higher yet again. The 1.12 level above is the absolute “ceiling in the market” that I see, so more than likely we will see sellers coming in on the attempted breakout. However, if we do get a daily close above the 1.12 level, then it is possible that we are...

SmoothJB

Over the past week and during the calendar month of March, the Australian Dollar has been the strongest currency while the Japanese Yen has been the weakest. This currency cross is at the heart of the Forex market now. The Yen is weak as the Bank of Japan wants to bring inflation up to 2%, while the Australian Dollar is strong on improving global risk sentiment...

SmoothJB

The USD/JPY made a second consecutive unusually strong weekly rise last week, closing near its high at its highest closing price seen in over 6 years. These are very bullish signs, with the Japanese Yen showing the greatest weakness of all major currencies putting this pair in focus right now. I made a good call last week seeing this pair as a buy. There are two...

SmoothJB

The world’s most important stock market index, the S&P 500, rose firmly last week, despite earlier making the first “death cross” / “bear cross” (50 day moving average crosses below the 200-day moving average) seen since the coronavirus shock of March 2020. The price closed Friday with strong short-term bullish momentum just a fraction below the 200-day moving...

SmoothJB

The weekly price chart below shows the U.S. Dollar Index fell last week, despite the long-term bullish trend. However, Dollar bulls will be encouraged that the nearest support level, shown in blue at 12293 within the below price chart, has continued to hold, giving hope that the greenback will resume its advance. It may be wise to look to other currencies as key...

SmoothJB

The four-hour chart shows that the EUR/USD pair crashed below the key support level at 1.1120 last week after the ECB decision. It then did a break and retest pattern, which is a sign of a continuation. The pair remains strongly below the 25-day and 50-day moving averages, signaling that bears are still in control. Another thing is that the pair is slightly below...

SmoothJB

The daily chart reveals that the GBP/USD pair has been in a strong bearish trend in the past few days. The sell-off accelerated when the price moved below the key support level at 1.3160, which was the lowest level this year. The pair moved below the short and longer moving averages while the Stochastic Oscillator has fallen to the oversold level. Therefore,...

SmoothJB

The technical picture is considerably more bearish now, as we see risk assets such as stocks and the Australian Dollar hit by fears over inflation, the outside chance of a 0.50% rate hike by the US Federal Reserve tomorrow, coronavirus lockdowns in China, and the continuing war in Ukraine which has no end in sight. The Reserve Bank of Australia released the...

SmoothJB

The Ethereum market rallied initially on Friday but gave back the gains to show somewhat weak price action. The $2500 level underneath continues to be important, and I think it will offer a significant amount of support. I fully anticipate that the market may test that region in order to see whether or not it can break down below it. That is a region of support...

SmoothJB

There is heavy technical resistance pushing the price lower, and a very strong US Dollar. The Euro got a boost from the ECB’s hawkish tilt last week, although this now seems to be wearing off. However, it remains true that there are weaker currencies than the Euro, such as the Japanese Yen and the British Pound. Since this week’s open we have seen the price...

SmoothJB

The US dollar initially tried to rally against the Canadian dollar, showing signs of strength. However, we have given up quite a bit of the gains to form a shooting star. This was preceded by a hammer, which suggests that we are going to go back and forth and perhaps try to figure out where we will go long term. You can see that this is a chart that has been very...

SmoothJB

The British pound initially fell against the Japanese yen during the course of the trading week. However, we rallied quite a bit to reach above the ¥152.50 level, and a closed near the ¥153 level. This is a market that will probably go looking towards ¥155 level, as long as we have more of a “risk-on” attitude out there. If we do not, then it is possible that we...

SmoothJB

The euro is all over the place during the course of the week, as we continue to see a lot of volatility. This is a market that looks as if it is ready to go lower because it cannot hang on to gains. However, that does not necessarily mean that we are going to break down drastically. I think this is more or less going to be a market in which you fade short-term...

SmoothJB

The USD/JPY made an unusually strong weekly rise last week, closing right on its high at its highest closing price seen in over 5 years. These are very bullish signs, with the US Dollar making a strong bullish breakout and the Japanese Yen showing the greatest weakness of all major currencies putting this pair in focus right now. I see this currency pair as a buy...

SmoothJB

The Russian invasion of Ukraine has produced a major shock in Europe. The British Pound and Euro have already been in long-term bearish trends but the threat of a war breaking out involving NATO in Europe, though slim, has clearly impacted European currencies except for the Swiss Franc which tends to act as a safe haven. The economic fallout from the sanctioning...

SmoothJB

The world’s most important stock market index, the S&P 500, closed Friday with its lowest weekly close since June 2021, and is very close to making the first “death cross” / “bear cross” (50 day moving average crosses below the 200-day moving average) seen since the coronavirus shock of March 2020. This is typically a bearish sign and indicates lower prices are...

SmoothJB

The weekly price chart below shows the U.S. Dollar Index printed a strongly bullish candlestick last week, as the price finally made a bullish breakout from its medium-term consolidation between the support level at 12174 and former resistance level at 12293. The price closed very near the top of its range, making the highest weekly close since June 2020. These...