The Dow Jones, Nasdaq 100, and S&P 500 saw substantial gains yesterday following the US inflation report, but the overall trend, at least for the Dow Jones, remains bearish below 41,256. Below that level, there's a chance the price could drop towards 40,672, followed by 40,494.
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Gold prices have settled into a rectangle pattern, a favorite of mine due to its simplicity and high probability of a successful breakout. Over the past 25 days, the price has been consolidating within this range, which strengthens the likelihood of a significant move once the breakout occurs. A breach of the 2,530 level, particularly if the US inflation data...
USDCAD is forming a mini inverse head and shoulders pattern that has developed over the last three days. A break above 135.80 could push the price up to 136.02. The short-term trend remains bullish as long as the price stays above 135.45.
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The USD/JPY pair has been forming an inverse head and shoulders pattern over the past five days. This bullish reversal pattern suggests a potential shift in the trend. The difference between the head and the neckline is approximately 208 pips. A break above 143.77, which is just above the high from Monday, September 9th, could trigger this pattern. If confirmed,...
The DAX40 has just triggered a rectangle pattern, which has been developing over the past two days and six hours. The difference between the high and low of this rectangle is approximately 153 points. The breach at 18,518 indicates that the price could reach 18,363.
Corrections toward the breakout point that do not push the price above 18,572 will keep this...
The outlook for NZD/USD isn't strong at the moment, and it seems likely to continue trading sideways. However, this could change with a break above the December 2023 high of 0.6365. A breach of this level would confirm a breakout from the large wedge pattern, suggesting that prices could reach 0.6738. This wedge is formed by the trendlines connecting the December...
The quality of the Head & Shoulders pattern forming over the last 17 days could be better, but prices are likely to trade lower if 0.6696 is breached. The pattern suggests the price could reach 0.6568, though a slide to 0.6643, the August 13 high, seems more likely. Until a clear breach of 0.6696 occurs, AUD/USD might reach 0.68. This afternoon's NFPs will set the...
Ahead of significant risk events for XAU/USD, including the upcoming ADP Employment Change data, gold prices have moved higher in overnight trading. This rise reflects the market's cautious positioning before the release of key U.S. economic indicators.
Gold prices have successfully breached the double bottom pattern's neckline at $2496, a critical technical...
GBP/USD continues to hold its uptrend, trading above the 1.3072 level, which lies just below the August 22 low and above the September 3 low. The risk-to-reward ratio favors a bullish outlook within the 1.3117 to 1.3072 range. The next resistance levels to watch are 1.3178, followed by 1.3215.
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The EUR/USD pair appears to have completed its recent correction, which began on Friday, August 23. After reaching a high of 1.12, the price retraced just over 50% of the bull leg that started from 1.0882 on August 28.
The uptrend is expected to continue as long as the price stays above Tuesday’s low of 1.1025. Traders will likely view dips to the 1.1062-1.1025...
It might be early days, and the levels might not be perfect, but it appears that Binance Coin is forming an inverse head and shoulders pattern. Other coins, like Super and Phantom, are creating similar horizontal patterns, which typically provide better trade opportunities than breaches trend lines or moving averages. In addition, as we move into the fall in the...
The EURUSD is lower today, likely due to profit-taking and the lower-than-expected Spanish inflation figures. Spanish inflation dropped from 2.8% annually to 2.2%, below the anticipated 2.4%. The German government will release its inflation figures in the afternoon, followed by the official Euro area inflation data tomorrow.
From a technical standpoint, today's...
NZD/USD is in a strong uptrend but is currently slightly overbought. The NZD/USD pair could potentially rise again within the 0.6219 to 0.6255 range, as the risk-to-reward ratio favors the upside in this range. If the price indeed turns higher, it might reach this morning's high of 0.6297, followed by 0.6340. However, a drop below 0.6219 could trigger...
The EUR/NZD pair was stuck in a major wedge pattern that triggered on Friday, August 23rd, and it now has a target of 1.7703. In the short term, it remains bearish below 1.7985. If the price bounces towards the 1.7935-1.7985 range, traders may turn bearish, as the risk-to-reward ratio favors a downside in this range. The first target in this scenario is 1.7850,...
GBP/JPY is stuck in an ascending triangle pattern that has been forming over the last 11 days, beginning on Thursday, August 15. The pattern is defined by a horizontal resistance line at the 192.03 level and an upward-sloping trend line. The price has been rejected at the 192.03 resistance level on multiple occasions, increasing the importance of this level. A...
The EUR/USD is struggling to shake off Monday's UK Bank Holiday vibes and remains stuck in a narrow range between $1.1154 and $1.1178. However, the bullish trend remains intact as long as the pair stays above Thursday's low of $1.1096. If the price holds above this level, it could target $1.1195, with a potential further rise to $1.1250. This outlook is supported...
BTC prices have traded sideways for 13 days, but this could soon change. The price has been forming an inverse head-and-shoulders pattern, which will turn active on a breach to $61,880 and has a target of $67,765.
Key data that could spark a breakout today includes U.S. jobless claims, which saw a significant decline last week, easing stress in stock indices....
After a 39% decline since June, natural gas prices seem to have bottomed out on August 5th. However, after the initial bounce, the price has been consolidating over the last 9 days, forming an inverse Head & Shoulders pattern. This pattern suggests that a breach of the $2.38 level could potentially lift the price by 7.65%, targeting the $2.57 level.
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