US 30 Index Sidelined In Near Term, Strongly Negative In Medium Term
The US 30 cash index is being embraced by the 23.6% Fibonacci retracement level of the down leg from 29,582.61 to 18,145 at 20,851 and the 38.2% Fibonacci at 22,518 over the last days. The lack of direction is confirmed...
BTCUSD $7,300 Major Resistance
Bitcoin has staged a quick reversal back under the $7,000 level after staging a quick breakout towards the $7,300 resistance area. Failure to move above the $7,300 level could result in the BTCUSD pair forming a large head and shoulders...
EURUSD Declines On Further Bear Pressure
EURUSD faces risk of further move lower following its second day of declines today. Resistance comes in at the 1.0900 where a break will turn risk to the 1.0950 level. A breach above here will target the 1.10000 level. Further...
USDCHF’s Appreciation Finds Some Footing from Supportive Trend Line
USDCHF appears to be breaking above the upper Bollinger band and the inside swing low of March 24 at 0.9717, after the climb from the 0.9500 trough was aided by the very short-term supportive trend line just above the 0.9647...
USDJPY Although Briefly Frozen, Sustains A Bearish Tilt
USDJPY’s latest slide that commenced on March 24 has sunk aggressively past all simple moving averages (SMAs) and under the 107.69 hurdle, that being the 38.2% Fibonacci retracement of the up leg from a 41-month low of 101.17 to 111.71....
USD index: The Dollar Remains Inflated by Global Safe Haven Demand But So Far Lacking Momentum for Stronger Advance
The dollar index starts Q2 trading in firm tone, up 0.79% since Asian opening and boosted by rising demand for safe-haven dollar. Rising fears of the magnitude of negative impact of coronavirus crisis on global economic growth, keep traders away...
EURJPY Downslide Accelerates, Eyes 117 Level
EURJPY has reversed sharply lower, having rallied above the 61.8% Fibonacci retracement level of the January-March downtrend only a week ago. The sell-off continues today, with prices tumbling below the 23.6% Fibonacci of 117.71. According to momentum indicators, the selling...
EUR/USD Outlook: Bears Regain Control After Tuesday’s Strong Downside Rejection
The Euro remains in red and penetrated daily cloud again on Wednesday, after previous day’s action showed strong downside rejection and close above cloud top (also close above initial Fibo 23.6% of 1.0635/1.1147 support) of, leaving long-tailed bearish candle. Fresh...
Is There a Better Currency to Trade vs GBP than USD?
In our most recent “Week Ahead” we highlighted daily GBP/USD chart as our Chart of the Week. We discussed hot the 61.8% retracement level from the March 9th highs to the March 20th lows at 1.2510 was initial resistance. The...
CADJPY’s Grasp on Positive Picture Slips through its Fingers
CADJPY is currently trading around the 76.36 level, that being the 23.6% Fibonacci retracement of the down leg from 84.73 to 73.78. The price action, although finding some footing from the 75.96 low for upside corrections, is capped by the...
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