Technical Analysis
LTCUSD Bearish Pattern
Litecoin has moved back towards the $155.00 resistance zone as the increasingly popular cryptocurrency continue to track the price movements of Bitcoin. Technical analysis shows that a bearish reversal pattern may be formed across the lower time frames. According to the size of the pattern, a sustained breakout below...
ETHUSD $1,400 Target
Ethereum is starting to challenge the best levels of the year after Bitcoin rallied back towards the $40,000 level yesterday. Technical analysis highlights the $1,400 resistance area as a likely short-term target for ETHUSD bulls over the coming days. Failure to make a new monthly and yearly trading high...
BTCUSD Back To $40,000
The BTCUSD pair has moved back towards the $40,000 level, marking a $10,000 recovery from the early week pullback in the cryptocurrency. Technical analysis shows that Bitcoin could head towards $46,500 if a breakout above the $42,000 level takes place. To the downside, a rejection above the $40,000 level...
Elliott Wave View: Oil About To End Short Term 5 Waves Impulse
Elliott Wave structure of the rally in Oil from December 23, 2020 low is unfolding as a 5 waves impulse. Up from December 23 low, wave ((i)) ended at 48.62 and dips in wave ((ii)) ended at 47.18. The commodity then continues the rally higher in wave ((iii)) with...
Market Morning Briefing: Aussie Looks Bullish For The Near Term Towards 0.78-0.80
STOCKS
Equities continue to hover at their highs and remain mixed. Biden has announced a $1.9 trillion stimulus plan which can support the equities to stay higher. However, it will have to be seen as how much of this is already priced in the market. Dow is struggling to get...
USD/JPY Steadies Above 103.50, EUR/USD Extends Losses
Key Highlights
USD/JPY climbed higher above the 103.50 and 104.00 resistance levels.
EUR/USD extended its decline below the 1.2150 support zone.
Crude oil price consolidating gains, while gold price is still well below $1,900.
The US Retail Sales figure (to be released today) is likely to remain flat in...
US Dollar Volatility (Aided By Powell) Ahead Of Biden’s Stimulus: DXY, USD/CAD, USD/JPY
President-elect Joe Biden will be sworn in on Wednesday as the 46th President of the United States. However, later today he will present his economic stimulus package to help troubled Americans deal with effects of the coronavirus. The plan is said to be in the $1.5-$2 trillion area, with...
XAU/USD Remains Above 1,820.00
On Wednesday, the XAU/USD exchange rate bounced off the Fibo 23.60% at 1,860.59.
Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,853.00, it is likely that some downside potential could prevail in the market. The rate could decline below the 1,820.00 mark.
In the meantime,...
USD/JPY Might Extend Gains
Yesterday, the USD/JPY currency pair raised to the 104.00 mark.
It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages near 103.95 and trade upwards in the nearest future. Note that the nearest resistance level—the weekly R1, is located at 104.53.
In the meantime,...
GBP/USD Could Trade Upwards
Yesterday, the GBP/USD exchange rate bounced off the psychological level at 1.3700.
It is likely that the currency pair could gain support from the 55-hour moving average near 1.3680 and extend gains within the following trading session. The pair could target the weekly R2 at 1.3776.
Meanwhile, note that the exchange...
EUR/USD Remains Above 1.2140
Since Wednesday afternoon, the EUR/USD currency pair has been testing the support level at 1.2140.
Given that the exchange rate is pressured by the 55– and 100-hour moving averages near 1.2180, it is likely that some downside potential could prevail in the market. In this case the rate could try...
GBPUSD 1.3670 Key
The British pound has bounced back towards the pivotal 1.3670 level against the US dollar after bears failed to break under the 1.3600 support level. Technical analysis shows that a breakout above the 1.3670 level could cause the GBPUSD pair to rally towards the 1.3770 level. To the downside,...
BTCUSD $39,000 Breakout Resistance
Bitcoin has broken above the technically important $36,600 level, meaning that the BTCUSD pair has broken from the $30,000 to $36,600 trading range. Technical analysis shows that the key former swing-high, at $39,000, is the next major upside level bulls need to break. A move above the $39,000 level...
WTI Oil Futures Look For February’s Key As Bears Gain Traction
WTI oil futures saw a bit of a drop on Wednesday after touching February's resistance of 53.90, bringing the 78.6% Fibonacci retracement of the 2020 downfall at 53.00 back under the spotlight.
February's border could be the key to the next leg of the rally, which may initially pause inside the 58.60 – 59.50 restrictive area...
FedEx Aims For +20% Target Despite Strong Decline
FedEx Corporation (FDX) has recently retraced to and bounced at the 38.2% Fibonacci retracement level.
This analysis reviews the potential wave and chart patterns connected to a 38.2% Fib bounce. We also pinpoint the best target for the upcoming few trading week.
Price Charts and Technical Analysis
The FDX daily chart has...
NZD/USD Likely To Maintain Channel
The New Zealand Dollar declined by 61 pips or 0.84% against the US Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during yesterday's trading session.
As for the near future, the exchange rate is likely to maintain the descending channel pattern. Bears could target the...
USD/CAD Breakout Occurs
The US Dollar declined by 60 pips or 0.47% against the Canadian Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout had occurred, the USD/CAD exchange rate could continue to edge lower during the following trading...
AUD/USD Bounces Off Support
The Australian Dollar declined by 47 pips or 0.60% against the US Dollar on Wednesday. The decline was stopped by a support cluster formed by the 50-, 100– and 200– hour SMAs at 0.7740 during yesterday's trading session.
Given that the exchange rate has bounced off from the support cluster,...
EUR/JPY Decline Likely To Continue
The common European currency declined by 48 pips or 0.38% against the Japanese Yen on Wednesday. The currency pair breached the weekly support level at 126.22 during yesterday's trading session.
The exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential...
AUDUSD Maintains Solid Incline, Sentiment Favours Upside
AUDUSD has somewhat consolidated above the mid-Bollinger band after a subtle fade from its recent 33½-month high of 0.7820. The dominant bullish tone in the pair remains unbroken, something also reflected in the dictating simple moving averages (SMAs), which are defending the positive structure.
The short-term oscillators overall are leaning...
EURUSD Tests 1.2130 Support, Neutral-To-Bearish Bias
EURUSD has been underperforming in the past couple of sessions in the 4-hour chart, challenging the 1.2130 support level again, which has been acting as strong support over the last three days.
In the very short-term, the RSI is continuing to head south in the bearish territory, suggesting more losses,...
Gold Prices Continue To Consolidate Into A Bearish Pattern
Price action in the precious metal remains mixed. In the medium-term outlook, the current consolidation near the 1850 level is likely to signal a bearish flag pattern.
But price action needs to post a strong close below the 1850 level to validate this pattern.
The Stochastics oscillator remains currently in the...
WTI Crude Oil Pulls Back From An Eleven-Month High
Crude oil prices are likely to signal a correction if the price action closes with a Doji.
This comes after a steady patch of gains that pushed the commodity to an 11- month high. Given the strong pace of gains, prices are likely to make a short term correction.
For the...
GBP/USD Pulls Back After Strong Gains
The British pound sterling is posting losses following the solid gains made from earlier in the week.
After briefly rising close to 4 th Jan highs near 1.3702, the cable gave back the gains intraday. This has led to a bearish close.
For the moment, the bias still remains to the...
Euro Pares Gains As USD Bounces Back
The euro currency is resuming its decline as the USD is making a rebound following the one-day slump on Tuesday. As a result, the euro currency formed a lower high above the 1.2200 level.
With the Stochastics oscillator also signaling a bearish move, further declines are likely.
Following the break down...
Daily Technical Analysis
EUR/USD
Current level - 1.2153
The support at 1.2140 manages to hold off the bear pressure for the time being, however, it's possible for the sell-off to continue towards the next support zone at around 1.2080. An alternative scenario for the pair could be the formation of a range around the...
GBP/USD Is Bullish But Before We Should See A Retracement
The GBPUSD is bullish but before the next bounce we might see a retracement.
Yesterday we were witnessing a drop in the GBP/USD. It was normal as it’s a part of a retracement. We could see the market bullish again probably around 2 POC zones. 1.3600-10 is the first zone...
ETHUSD $1,000 Major Pivot
Ethereum maintains an upward tractor as bulls continue to hold the second-largest cryptocurrency above the $1,000 level. The prospect of further upside towards the $1,400 level remains possible as long bulls continue to defend the psychological $1,000 long. A sustained loss of the $1,000 support level could cause the...
GBPUSD 1.3700 Rejection
The British pound has faced a strong upside rejection against the US dollar after bulls failed to break the multi-year high above the 1.3700 level that was set earlier this month. Technical analysis shows that bears could start to target the 1.3460 level if the 1.3580 support region is...
EURUSD Back To Support
The euro currency has fallen back towards the worst levels of the week against the US dollar as traders start to worry about rising Italian bond yields. EURUSD bears now need sustained technical weakness below the 1.2130 level to increase selling pressure towards the pair. Any moves back above...