USD/CHF retraces the decline from the start of the month as it rebounds from the former-resistance zone around the February high (0.8886).
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone...
EUR/USD sold off last week after FOMC and this pushed the pair back-below the 200-day moving average.
The big question now is whether bears can push a test of range support, which was last in-play in mid-April when the 38.2% Fibonacci retracement of the 2021-2022 trend caught support. The 50% of that same Fibonacci setup had helped to set resistance in March at...
Crude oil's rally today underscores its recent resilience. Prices surged despite weaker Chinese industrial data, suggesting investors are expecting the oil market to tighten as we head deeper into the US driving season.
Thanks to the rally, WTI has broken its bearish trendline that had been in place since April, finding strong support around $77.80, where the...
Here is 6-hour chart of silver. Who on earth uses a 6-hour chart, you might be asking? Well, I don't either but the 4-hour chart would look too zoomed out to make out the price candles. Besides, time frame is irrelevant - price action is price action.
Anyway, silver looks poised for a fresh bullish breakout from a continuation pattern, assuming it can hold above...
Major US technology stocks have pushed higher today, maintaining their gains following Powell's press conference last night. Despite the Dow closing lower yesterday, tech-heavy indices like the Nasdaq 100 have continued to gain ground. The technology sector continues to drive market performance; without it, the stock markets would look significantly different....
GBP/JPY stages a four-day rally to register a fresh yearly high (200.94).
GBP/JPY Outlook
GBP/JPY may continue to trade to fresh yearly highs as it extends the recent series of higher highs and lows, and a further advance in the exchange rate may push the Relative Strength Index (RSI) towards overbought territory.
The breach above the May high (200.75) may...
A recovery off near-term downtrend support is now testing initial downtrend resistance here with the 200DMA highlighting the 75% parallel here near 2344 post CPI / FOMC.
Key resistance / bearish invalidation steady at 2387.
Support rests with the May low at 2277- note the median-line there over the next few days. A break / close below would be needed to mark...
Crude oil prices gave up their earlier gains, to turn modestly lower on the day after the release of the EIA weekly US oil inventories, before bouncing off their lows ahead of the FOMC rate decision. Watch the closing prices. A daily close in the red may lead to some follow-up selling in the days ahead, given that WTI has arrived and reacted negatively from the...
WTI has plunged more than 17.3% off the April highs with the decline responding to confluent support today at 72.14/93 - a region defined by the objective yearly open and the 2024 low-day close (LDC).
Looking for a reaction down here. . .
Initial resistance now eyed at 75.33 with bearish invalidation now lowered to 77.67 .
A break lower exposes the...
Aussie is testing confluent support here at the 38.2% retracement near 6580 . Looking for a reaction heading into US CPI / FOMC.
Ultimately, losses would need to be limited to 6538 IF price is still heading higher with a breach above 6690 needed to mark uptrend resumption.
Bottom line- threat for an exhaustion low over the next few days- Watch the weekly...
BTC/USD trades to a fresh monthly low ($66561) following the failed attempt to test the April high ($72727).
BTC/USD Outlook
BTC/USD fails to defend the opening range for June as it extends the decline from last week, with a break/close below the $62780 (100% Fibonacci extension) to $64850 (23.6% Fibonacci extension) region raising the scope for a move towards...
Sentiment in Europe remained pessimistic for the second consecutive day. Concerns about the continent's political future were underscored by the EUR/GBP reaching its lowest level since August 2022, alongside a sharp decline in French bonds and stocks. The yield on the benchmark 10-year French bonds increased by another 10 basis points as bond prices fell for the...
Crude oil prices rose on Monday, making back its losses from Friday and some. While there is hope for increased fuel demand as we head to the summer months, today’s recovery comes on the back of a three-week drop. Prices have been held back in recent weeks because of various factors, ranging from concerns over increased non-OPEC supply and worries about the demand...
The price of gold may attempt to retrace the decline from the May high ($2450) as it breaks out of the range bound price action from earlier this week.
Gold Price Outlook
The price of gold trades back above the 50-Day SMA ($2341) as it climbs to a fresh weekly high ($2379), with a break/close above the $2363 (161.8% Fibonacci extension) to $2396 (78.6%...
The US Dollar has been pulling back since May 1st, which was the last FOMC rate decision. The Fed sounded dovish there and that led to a sizable pullback.
But it was the data in the month of May that really seemed to help sellers. The NFP report on the 3rd was the first NFP report with the headline number printing below expectations since November. And then the...
GBP/JPY appears to be defending the weekly low (197.21) as it no longer carves a series of lower highs and lows.
GBP/JPY Outlook
GBP/JPY may attempt to retrace the decline from the start of the week as it reflects an inside-day candle, with a move above the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) region bringing the May high...
USD/CHF attempts to retrace the decline from earlier this week as it bounces back from the 50-Day SMA (0.9086).
USD/CHF Rate Outlook
USD/CHF may continue to track the positive slope in the moving average as it no longer carves a series of lower highs and lows, with a breach above 0.9180 (23.6% Fibonacci extension) bringing the monthly high (0.9225) on the...
USD/JPY is back on the defensive this week with a two-day sell-off of nearly 2% once again approaching multi-month uptrend support.
The focus is on a reaction into confluent support near 154.09 IF reached with a close below 152.55 ultimately needed to suggest a larger reversal is underway here.
Initial resistance eyed at the yearly high-day close (HDC) at ...
