Sun, Apr 18, 2021 @ 12:15 GMT
Home Contributors Technical Analysis

Technical Analysis

XAU/USD Outlook: Gold Rises to Seven-Week High, Fresh Advance Completes Double-Bottom Pattern

Spot gold rose to seven-week high on Friday, gaining 0.8% for the day in extension of Thursday’s 1.5% advance. Weaker dollar and US Treasury yields holding near one-month low were the main drivers of the yellow metal in past two days. Fresh strength generated bullish signal on eventual break above $1755...

Has Gold Ended the Eight Months Correction?

There’s a lot of talk in Fintwit lately suggesting that precious metals may have ended the long 8 months correction and ready for the next glorious rally. In this article, I will attempt to answer the question whether Gold has ended correction or not using technical analysis. I will...

USD/JPY Outlook: Close Below 200WMA To Signal Deeper Pullback

Bears are taking a breather on Friday but remain firmly in play following bearish signal generated on repeated close below pivotal Fibo support at 108.99 (23.6% of 102.59/110.96 / 200WMA). The pair is also on track for the second consecutive strong bearish weekly close that adds to negative signals. Bears eye...

EUR/USD Outlook: Bulls Remain In Play And Consolidate Ahead Of Fresh Attack At Key 1.20 Zone

The Euro regained traction on Friday and edged higher, minimizing negative impact from Thursday’s close in red which signaled that bulls are running out of steam ahead of key barriers at 1.2000/06 (psychological/daily cloud base). The uptrend from 1.1704 (Mar 31 low) shows signs of fatigue as stochastic is strongly...

BTCUSD $60,000 Possible

Bitcoin is coming under downside pressure alongside the rest of the crypto market this morning after Turkey banned cryptocurrency transaction. Recent weakness around the $63,000 level hinted that the BTCUSD pair may be about to stage a meaningful correction. In the interim, the $60,000 support level is seen as...

GBPUSD Make Or Break

The British pound has fallen sharply against the US dollar this morning as bulls failed to hold the pair above the technically important 1.3780 level. GBPUSD buyers need the price above the 1.3740 level to increase the chances of a quick recovery back towards the 1.3780 level. Traders should...

EUR/USD Pair Is Now Correcting Lower And Trading Below 1.1980

The Euro gained pace after it broke the 1.1900 resistance zone against the US Dollar. The EUR/USD pair even broke the 1.1950 resistance to move into a positive zone. It spiked above the 1.1980 level and traded as high as 1.1993 on FXOpen. It is now correcting lower and trading...

GOLD Breaks March High

The yellow metal's price has reached above the March high level zone that was located above the 1,755.00 level. On Friday, the price found support in the 1,760.00 level. Due to that reason the zone was extended and remains on the chart, as it is expected that it would...

USD/JPY Extends Decline

The decline of the USD/JPY almost reached the 106.60 level, before recovering. During the early hours of Friday's trading, the pair was aiming at the resistance of the 109.00 level. At the 109.00 level, a resistance zone starts. The zone previously provided support at the start of April and afterwards...

GBP/USD Fails To Pass 1.3800

After many attempts to pass the 1.3800 level and the zone above it, the GBP/USD currency exchange rate eventually declined. During the early hours of Friday's trading hours, the rate had reached the support of the zone near the 1.3720 mark. This zone had provided minor impact throughout April. If...

EUR/USD Fails To Reach 1.2000

Instead of surging to the 1.2000 level the EUR/USD declined to the support of the 55-hour simple moving average. Moreover, at the start of Friday's GMT trading hours, the rate passed the support of the SMA. During the early hours of the day, the rate traded below the combined resistance...

USD/CAD Rebounded From Support Level

The USD/CAD currency pair bounced off a support level at 1.2487 during Thursday's trading session. As a result, the US Dollar surged by 75 pips or 0.60% against the Canadian Dollar on Thursday. All things being equal, the currency exchange rate is likely to continue to edge higher during the...

GBP/JPY Decline To Continue

The British Pound traded with low volatility against the Japanese Yen on Thursday. The GBP/JPY currency pair declined by 46 pips or 0.31% during yesterday's trading session. As for the near future, the exchange rate could continue to edge lower. Bearish traders are likely to target the weekly support level...

AUD/USD Two Scenarios Likely

The Australian Dollar surged by 50 pips or 0.66% against the US Dollar on Thursday, The currency pair breached the weekly resistance level at 0.7755 during Thursday's trading session. Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 0.7724 and could be set...

EUR/JPY Bounces Off Support

The common European currency fell by 46 pips or 0.35% against the Japanese Yen on Thursday. The currency pair tested the 130.03 level during Thursday's trading session. The exchange rate bounced off from the support line at 130.03 during the Asian session on Friday. Most likely, the EUR/JPY pair could...

NZDUSD Recoups Losses But Resistance Zone Silences Ascent

NZDUSD has recoiled to the red Tenkan-sen line at 0.7159 after its recent aggressive positive impetus hit a minor snag at the resistance section of 0.7180-0.7200. The former level happens to be where a plummet in the pair started back on March 22, which sent the pair to the...

GBP/USD Outlook: Sterling Eases On Firmer Dollar / Profit-Taking

Cable was sold in early European trading on Friday, as the pound came under pressure from signs that City was hit worse than expected by Brexit that prompted traders to collect profits from the four-day rally. Some 440 financial firms in Britain have shifted activities and staff (around 7400 jobs...

EUR/USD Multiple Resistance Point Keep The Pair From Advancing

The EUR/USD has formed 4 times resistance at the top. We could see a move down straight towards the ATR projection. After many days of consolidation, the pair is consolidating around the top. We could see a move down as the market lacks the power to break the order block...

USDCAD Stuck In A Bear Trap, Some Bullish Vibes Are In The Air

USDCAD remained stuck below the long-term descending trendline and under the Ichimoku cloud for another week, but encouragingly, the 1.2515 support held firm on the downside, rejecting any close lower despite the fall to 1.2475 on Thursday. The latter strengthens the odds for an upside correction, with the Stochastics nicely...

GBPJPY Pauses Upside Structure, 151.00 Acts As Resistance

GBPJPY has been on the sidelines mostly this week as the 151.00 level and the short-term simple moving averages (SMAs) seem to be a real struggle for the bulls. Technically, the price could lose some ground in the near-term as the MACD is continuing the direction to the downside...

Daily Technical Analysis

EUR/USD Current level - 1.1950 The currency pair is trading in a corrective phase after the bears successfully managed to limit the appreciation of the euro against the dollar down to the resistance of 1.1988. However, the sentiment is still positive, for another test of the mentioned level. In the downward...

UK 100 Lifts January’s Resistance

The FTSE 100 climbs higher as value stocks gain momentum amid the UK's reopening. The bullish close above January's high at 6963 indicates that the bulls are still in charge of the price action despite recent profit-takings. The next round of rally could set the pre-pandemic level above 7400 as the...

USD/NOK Tests Lower Band Of The Consolidation Range

Surging oil prices have put the commodity-sensitive Norwegian krone on the launchpad against a soft US dollar. Successive breakouts below 0.8470 then 0.8390 were a strong sign that the bias remains bearish. The US dollar may carry on its downtrend following a three-month-long consolidation between 8.3200 and 8.7200. There is a...

AUD/USD Gains Momentum As Rally Extends

Markets bid up the Australian dollar after the country’s unemployment rate dropped from 5.8% to 5.6% in March. A brief pullback overnight near the 30-hour moving average (0.7700) was met with strong buying interest. The RSI’s easing from the overbought zone suggests that there could be more room on the...

Elliott Wave Analysis: S&P 500 Seen In Fifth Wave

SP500 is trading nicely bullish as expected with an extensions well above 4k that is seen as an impulse because of no overlaps. We are tracking a five-wave rise away from 3852; move that can come to an end this month as we see price now trading in wave...

Two Trades To Watch: FTSE, WTI Crude Oil

FTSE hits 7000 after upbeat Chines GDP data The FTSE has been pushing higher in recent weeks boosted by reopening optimism and the weaker Pound. A softer pound has boosted the multinationals which make up the lion’s share of the index The UK continues to see covid cases fall and ease lockdown...

BTCUSD Still Bullish

Bitcoin has started to suffer from a lack of buying interest above the $63,000, following the recent rally towards the $65,000 level. The BTCUSD pair still has a strong bullish bias on the short-term while the price trades above the $60,000 support level. It is possible that the BTCUSD...

USDJPY 108.45 Critical

The US dollar continues to unravel against the Japanese yen currency, with the pair now on track for a fifth consecutive down day. The lower time frames are showing that a massive head and shoulders pattern has started to form, with a downside target of close to 250 pips....

XAUUSD Breakout Out

Gold has rallied sharply alongside other precious metals after finally breaking through the technically important $1,755 resistance area. A bullish reversal pattern is warning that the price of gold could be set to rally towards the $1,800 area in the short-term. The overall bid-tone towards the yellow-metal is likely...

FTSE Elliott Wave View: Pullback Should Continue To Find Buyers

Short term Elliott wave view in FTSE Index suggests that the rally from February 27 is unfolding as a 5 waves impulse Elliott Wave structure. Up from February 27 low, wave ((i)) ended at 6812.78 and pullback in wave ((ii)) ended at 6619.89. Index has resumed higher in wave...