The GBPCAD is currently at a crucial resistance level of 1.8000, marking the highest point since 2020. The formation of a double top on the daily chart reinforces the notion of a potential bearish trend reversal. This reversal pattern indicates that the market is testing its ability to sustain prices above this resistance, yet has struggled to produce new...
NZD/USD has experienced a decline of 5.12% since 27 September, establishing a bearish trend line on the 4-hour chart. However, on 10 October, the pair began to break out of this bearish trend line, signalling a potential pause in the prevailing bearish momentum.
On 15 October, NZD/USD retraced, forming a double bottom pattern on the 4-hour chart. Notably, the...
Gold has experienced a significant appreciation of 48.18% since 6 October 2023. This remarkable increase can be attributed to rising global uncertainties, including the ongoing conflict in Ukraine, escalating tensions in the Middle East, and the impending US presidential elections.
New Highs and Market Indicators
From a technical standpoint, gold is currently...
EUR/USD has just touched a key support zone on the daily chart between 1.0900 and 1.0950, an area that previously acted as resistance in March and July 2024 but now appears to be turning into support.
Yesterday’s candle formed a long lower shadow, signaling a possible rejection of selling pressure and a hint of buying strength. Additionally, the 1.0950 level...
The New Zealand dollar to Japanese yen currency pair (NZD/JPY) saw an uptrend on the daily chart from March 2020 to July 2024, gaining 66.58% over the four-year period.
Recently, however, the pair broke below the 200-day Simple Moving Average (SMA) on the daily chart, signaling a potential trend reversal. The 200-day SMA, which had served as support for four...
The U.S. dollar to Swiss franc currency pair (USD/CHF) had been trading sideways above a key support level on the daily chart, marking the lowest price since 2015. In addition, a double bottom pattern has formed, signaling that sellers have been unable to continue pushing the price below 0.8400.
On Friday, Oct. 4, the USDCHF broke out of its sideways pattern on...
CHFJPY in important resistance area on daily chart; yen to strengthen?
The Swiss franc and Japanese yen currency pair (CHFJPY) has maintained a steady uptrend on the daily chart since 2020, consistently trading above the 200-period Moving Average. However, in September, CHFJPY dipped below the SMA200 for the first time, signaling a potential increase in selling...
EURAUD ready to go up? Double bottom pattern on D1
The euro to Australian dollar (EURAUD) currency pair is in a support region on the daily chart and could show a possible upward movement over the next few days.
EURAUD has just formed a pattern known as a “double bottom” around the support region on the daily chart at the 1.6000 mark – a significant area that...
GBPUSD has been in an uptrend since April 22, 2024, and has accumulated a 9.19% increase between April 22 and September 26. On August 27, the RSI indicator recorded a reading of 74.96, signalling a possible overbought situation. On September 26, the reading was at 71.68, which was slightly lower than the previous RSI reading.
On the other hand, on August 27,...
