Get started

Forexmajors

BluetonaFX - EURUSD Trendline Support Break Bears Are In ControlHi Traders! EURUSD is trading with bearish momentum after a trendline support break on the 1H chart and is on a pullback, which provides potential opportunities for short entries to take advantage of the potential pullback to target levels near the daily and weekly low at 1.09202. Price Action 📊 After the initial break and close below the support trendline, the market is now on a pullback near the swing high resistance level near 1.27466. Our plan here is to sell rallies and look for exits near the current daily and weekly low around the 1.09202 area. Fundamental Analysis 📰 Later today, we have ECB President Lagarde speaking; therefore, we must be wary of her speech, as what she says may be potentially volatile, especially for EUR pairs. Support 📉 1.09202: DAILY AND WEEKLY LOW Resistance 📈 1.09840: DAILY HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
2
BluetonaFX - GBPUSD Pullback To Previous Resistance BreakHi Traders! GBPUSD looks to be on a pullback after breaking and closing above the previous resistance, and there are opportunities for short entries to take advantage of the potential pullback to target levels near the previous resistance break. Price Action 📊 After the initial break and close above the previous resistance at 1.24286, the market rallied to find new resistance near the swing high resistance level near 1.27466. If the market holds here, the pattern will become a double-top pattern, which is bearish, so this will also support our view. Our plan here is to sell rallies and look for exits near the previous resistance break at 1.24286 and the 20 EMA. Fundamental Analysis 📰 Later today, we have BoE Governor Bailey speaking; therefore, we must be wary of his speech, as what he says may be potentially volatile for GBP pairs. Support 📉 1.26068: PREVIOUS DAY'S LOW 1.24286: PREVIOUS RESISTANCE BREAK Resistance 📈 1.27466: SWING HIGH RESISTANCE Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
2
BluetonaFX - Bullish Outlook for GBUSDHi Traders! GBPUSD continues to trade with bullish momentum and looks to be targeting the previous strong support level from August at 1.26148, which is now resistance. Price Action 📊 After breaking above the descending price channel, the market is now in an ascending price channel, and the price action looks completely bullish with higher market swings and trading well above the 20 EMA. Fundamental Analysis 📰 Bank of England Governor Andrew Bailey warned earlier this week that the central bank may have to raise interest rates again and that the general cost of living remains an upside risk to the inflation outlook. The Flash Manufacturing and Flash Services PMI came out better than expected; therefore, this does relieve some pressure on the inflation outlook for the GBP. Support 📉 1.24492: PREVIOUS DAY'S LOW Resistance 📈 1.26146: AUGUST 2023'S MAJOR SUPPORT Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Long
by BluetonaFX
BluetonaFX - USDJPY 150 Finally Broken & Approaching Record HighHi Traders! USDJPY has finally broken its psychological level at 150 with momentum and is now approaching the record high Apex Level at 151.946, and we could possibly reach a new record high this week. Price Action 📊 After weeks of trying to break above the psychological 150 level, the bears' resistance was finally broken, and now the market is trading with momentum, and the 152 handle looks to be the next target. All signals look bullish, although there might still be strong resistance here near the apex level due to it being a record high. Fundamental Analysis 📰 Traders were very disappointed with the BoJ's recent policy decision a couple of weeks ago, and this has really shown in the market. There is serious concern now for the Japanese yen, and the Central Bank will surely have to intervene to stop the yen from weakening further.   Support 📉 141.805: PREVIOUS DAY'S LOW Resistance 📈 151.946: APEX LEVEL Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Long
by BluetonaFX
6
BluetonaFX - USDJPY Approaching Trendline Support BreakHi Traders! Due to the weak NFP jobs data last Friday, there is further pressure on the US dollar. USDJPY is back under 150 and trading with bearish momentum.   Price Action 📊 The market's price action on the 2H chart is currently bearish. The market broke below the 20 EMA, failed to break back above in the re-test, and is approaching the trendline support with potential for a break and close below the trendline to continue pushing down. Fundamental Analysis 📰 There were weak US major figures recently posted, with weaker than expected PMI figures and Non-Farm jobs data. The Fed also failed to commit to further interest rate hikes, which has left traders nervous about the US dollar. Support 📉 149.273: TRENDLINE SUPPORT 148.805: MONTHLY LOW Resistance 📈 149.736: PREVIOUS DAY'S HIGH 149.817: 20 EMA Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
1
BluetonaFX - GBPUSD Bear Pennant PatternHi Traders! GBPUSD is in a bear pennant pattern and is heading for the 4-week low at 1.20372 in anticipation of the FOMC press conference later today.   Price Action 📊 The market is currently in the bear pennant pattern and is showing bearish signals with lower highs and lower lows; additionally, there has been a break and a close under the 20 EMA. We are now looking for a momentum break to break and close below the support trendline to target the four-week low at 1.20372. Fundamental Analysis 📰 The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter. The FOMC press conference is later today, so traders are eagerly waiting to hear what their statements are on the current US economic improvements. Support 📉 1.20943: TRENDLINE SUPPORT 1.20372: FOUR-WEEK LOW Resistance 📈 1.21836: 20 EMA 1.22008: PREVIOUS DAY'S HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
BluetonaFX - USDCHF Support Trendline Break PullbackHi Traders! USDCHF is currently on a pullback and may possibly target October's high at 0.92448 for a price retest.   Price Action 📊 The market previously broke its long-term support trendline and is now on a pullback towards the trendline. There was also a recent falling price wedge break above the wedge resistance, which is also bullish. We are now looking for a break and a close above the 20 EMA for a final confirmation signal. Fundamental Analysis 📰 The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter. Support 📉 0.89632: PREVIOUS DAY'S LOW 0.88949: 50% FIBONACCI RETRACEMENT LEVEL Resistance 📈 0.90049: PREVIOUS DAY'S HIGH 0.92448: MONTHLY HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Long
by BluetonaFX
BluetonaFX - USDCAD Cup & Handle Pattern SHORT IdeaHi Traders! There is a potential cup and handle pattern forming on the 4H USDCAD chart, and there is potential for further moves to the downside depending on whether we get an important support price break. Price Action 📊 The market has had an up wave to start the cup pattern and a down wave to finish the cup pattern. The market has now almost reached our support level at 1.35618, and there is potential here for a market consolidation period, which will be the cup handle. We are looking for a momentum price break and a close below the support line at 1.35618 for further continuation to the downside. Fundamental Analysis 📰 Traders are currently nervous about the US dollar. With the Fed Minutes meeting tomorrow, the market will be looking for hawkish statements from the Fed in response to the very strong economic data recently published.   Support 📉 1.35618: SUPPORT LINE Resistance 📈 1.36022: PREVIOUS DAY'S HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
BluetonaFX - USDJPY Post-NFP Market ReportHi Traders! The NFP announcement was released earlier today, and it came as a shock to the market. The number came in at a staggering 336K, which is almost double the expected number of 171K. With the payrolls number coming out so strongly, this is a sign that the US economy is still strong, and the high demand for the US dollar is expected to continue in the near future. This now puts huge pressure back on the JPY, and the Bank of Japan will surely have to intervene to avoid further Yen weakness. On a technical level, the level to look out for on the USDJPY is 150.000; the market has already reached it this week, and traders will be looking for another test at this level to see if the market can break above it. A break and a close of 150.000, and the only key level above it is the apex level at 151.946, and a break of that, and we will be in record-breaking territory. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Long
by BluetonaFX
BluetonaFX - NZDUSD Bear Flag SHORT IdeaHi Traders! There is a bear flag pattern on NZDUSD, and there is a possibility of a continuation of the bearish trend if we get a break of the flag channel. Price Action 📊 There is a lack of bullish momentum in the market due to a lack of market swings to counter the bearish trend; this tells us that the bears are in full control of this market. We are looking for further bearish momentum to break and close below the flag's channel. Fundamental Analysis 📰 Traders are currently very bullish on the US dollar due to the very strong economic data and positive statements from the Federal Reserve. Support 📉 0.58892: FLAG CHANNEL SUPPORT Resistance 📈 0.60483: FLAG CHANNEL RESISTANCE Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
1
BluetonaFX - Forex Weekly RecapHi Traders! Forex Weekly Recap for 18–22 September, 2023: Fundamentals The Reserve Bank of Australia (RBA) released the Meeting Minutes of its September meeting. Key notes were: They considered raising rates by 25 basis points or holding rates at the September meeting. The economy still appears to be on a narrow path by which inflation returns to target and employment grows. They are concerned about productivity growth not picking up as anticipated and service inflation remaining an issue. The European Central Bank’s (ECB) Villeroy hinted that the ECB has currently finished hiking; other key mentions from him were: The ECB will maintain interest rates at 4% for a sufficiently long time. The current ECB rates are at a good level; it is better to be patient now. Once inflation is back to around 2%, rates can start to fall again. The Bank of Canada released the minutes of its September meeting. Key notes were: The lack of improvement in underlying inflation is a major worry. They anticipate that rising oil and gasoline prices will push inflation up in the coming months. The balance between economic supply and demand will play a pivotal role in determining future core and total inflation. The Federal Reserve kept interest rates unchanged in the range of 5.25% to 5.50%, as expected. At the following press conference, Fed Chair Powell spoke, and key notes from him were: Growth in real GDP has come in above expectations. Labour demand still exceeds supply. Expects labour market rebalancing to continue, easing upward pressure on inflation. Inflation remains well above their long-term goal of 2%. Getting inflation down to the 2% target still has a long way to go. The Fed is prepared to raise rates further if appropriate. The Swiss National Bank (SNB) left interest rates unchanged at 1.75%, which came as a surprise as the market expected a 25 basis point hike to 2%. The Bank of England (BoE) left interest rates unchanged at 5.25%, which also came as a surprise as the market expected a 25 basis point hike to 5.50%. The bank vote also came as a surprise, as the bank vote was 4-5 vs. 8-1 expected (Bailey, Broadbent, Dhingra, Pill, and Ramsden voted to hold). Key Data New Zealand Services PMI came in worse at 47.1 vs. 48.0 prior. The US Housing Starts data came in worse, while Building Permits came in better. Housing Starts came in worse at 1.238M vs. 1.440M expected and 1.447M prior (revised from 1.452M). Building permits came in better at 1.543M vs 1.443M expected and 1.442M prior. The UK CPI came in worse across the board: CPI Y/Y came in worse at 6.7% vs. 7.0% expected and 6.8% prior. CPI M/M came in worse at 0.3% vs. 0.7% expected and -0.4% prior. Core CPI Y/Y came in worse at 6.2% vs. 6.8% expected and 6.9% prior. Core CPI M/M came in worse at 0.1% vs. 0.6% expected and 0.3% prior. The New Zealand Q2 GDP came in better across the board: GDP Q2 Y/Y came in better at 1.8% vs. 1.2% expected and 2.2% prior. GDP Q2 Q/Q came in better at 0.9% vs. 0.5% expected and 0% prior (revised from 0.1%). The US jobless claims came in better across the board: Initial claims came in better at 201K vs. 225K expected and 221K prior (revised from 220K). Continuing claims came in better at 1662K vs. 1695K expected and 1683K prior (revised from 1688K). The Australian Manufacturing PMI came in worse; however, the Services PMI came in better. Manufacturing PMI came in worse at 48.2 vs. 49.6 prior. Services PMI came in better at 50.5 vs. 47.8 prior. The Japanese CPI came in mixed across the board: Japan CPI Y/Y came in worse at 3.2% vs. 3.3% prior. Japan Core CPI Y/Y came in better at 3.1% vs. 3.0% expected and 3.1% prior. The UK August retail sales came in worse across the board: Retail sales Y/Y came in worse at -1.4% vs. -1.2% expected and -3.1% prior (revised from -3.2%). Retail Sales M/M came in worse at 0.4% vs. 0.5% and -1.1% prior (revised from -1.2%). German PMIs came in better across the board: Manufacturing PMI came in better at 39.8 vs. 39.5 expected and 39.1 prior. Services PMI came in better at 49.8 vs. 47.2 expected and 47.3 prior. The Eurozone Manufacturing PMI came in mixed across the board: Manufacturing PMI came in worse at 43.4 vs. 44.0 expected and 43.5 prior. Services PMI came in better at 48.4 vs. 47.7 expected and 47.9 prior. The UK Services PMI came in mixed across the board: Manufacturing PMI came in better at 44.2 vs. 43.0 expected and 43.0 prior. Services PMI came in worse at 47.2 vs. 49.2 expected and 49.5 prior. Technicals A mixed week for the forex majors, a bad week for GBP, especially with another week of worse-than-expected data leading to more weakening for the currency. AUDUSD 1W Chart AUDUSD held strong above the support level at the yearlow low and is trading comfortably above the 0.64000 area. The market briefly went above the 0.65000 area, which has not been seen since the end of August. USDJPY 1W Chart USDJPY is quickly approaching 150. The market is now trading just above the 148 level. The 150-level line lines up perfectly with the top of the ascending channel. EURUSD 1W Chart EURUSD is still continuing to head downwards after the support break of the rising wedge. A doji candle has formed on the 1W, which signals indecision, so we must be wary of this. GBPUSD 1W Chart GBPUSD is continuing its bearish momentum after the wedge support break. The next support area is around the 1.22000 level. The key focus for the upcoming trading week will be: Monday: German IFO. Tuesday: US Consumer Confidence Wednesday: Bank of Japan Meeting Minutes, Australia Monthly CPI, US Durable Goods Orders Thursday: Australia Retail Sales, US Q2 Final GDP, US Jobless Claims Friday: Japan Tokyo CPI, Japan Unemployment Rate, Japan Retail Sales, UK Q2 Final GDP, Eurozone CPI, Canada GDP, US Core PCE We will be back with another Forex Weekly Recap report next week. Best of luck for the upcoming trading week. Trade safely and responsibly. BluetonaFX
by BluetonaFX
5
BluetonaFX - Forex Weekly RecapHi Traders! Forex Weekly Recap for 11–15 September, 2023: Fundamentals Bank of Japan's (BoJ) Governor Ueda stated that his focus is on a "quiet exit" to avoid significant impacts on the market. Other key mentions from him were: They could have enough data by year's end to determine whether they can end negative rates. The BOJ will patiently maintain an ultra-loose policy. Wage increases are beginning to push up service prices. The key is whether wages will keep rising next year. Bank of England’s Mann noted that she prefers to use Economic Rates of Return (ERR) on the side of overtightening; other key mentions from her were: If she is wrong and inflation and the economy drop more significantly, she wouldn't hesitate to cut rates. We all need to prepare for a world where inflation is more likely to be volatile. The European Central Bank (ECB) hiked interest rates by 25 basis points as expected, bringing the interest rate to 4.00% vs. 3.75% prior. At the press conference, President Lagarde highlighted the slowing of the Eurozone economy. Other key mentions from her were: Rates will remain at sufficiently restrictive levels for as long as necessary. Rates were hiked to 'reinforce commitment to our target'. The economy is likely to remain subdued in the coming months. In the coming months, inflation will fall. Key Data The UK August Payroll came in worse at -1K vs. 30K expected and -4K prior (revised from 97K): The July unemployment rate came in as expected at 4.3%, up from 4.2% prior. July employment change came in worse at -207k vs. -185k expected and -66k prior. The German September ZEW survey came in worse at -79.4 vs. -75.0 expected and -71.3 prior. The Japanese PPI came in better month over month and came in as expected year over year. PPI M/M came in better at 0.3% vs. 0.1% expected and 0.1% prior. PPI Y/Y came in as expected at 3.2% and 3.4% prior (revised from 3.6%). The UK monthly GDP came in worse at -0.5% vs. -0.2% expected and 0.5% prior. The US CPI came in better year on year and came in as expected month on month: CPI Y/Y came in better at 3.7% vs. 3.6% expected and 3.2% prior. CPI M/M came in expected at 0.6% and 0.2% prior. The Australian August Jobs Report came in better across the board. Employment change came in better at 64.9K vs. 23.0K expected and -14.6K prior. Full-time employment came in better at 2.8K vs. -24.2K prior. Part-time employment came in better at 62.1K vs. 9.6K prior. The unemployment rate came in as expected at 3.7% (same as prior). The US jobless claims beat expectations across the board. Initial Claims: 220K vs. 225K expected and 217K prior (revised from 216K). Continuing Claims: 1688K vs. 1695K expected and 1684K prior (revised from 1679K). The US retail sales came in mixed across the board: Retail sales M/M came in better at 0.6% vs. 0.2% expected and 0.5% prior (revised from 0.7%). Retail sales Y/Y came in worse at 2.5% vs. 2.6% prior (revised from 3.2%). The US August PPI came in better across the board: PPI Y/Y came in better at 1.6% vs. 1.2% expected and 0.8% prior. PPI M/M came in better at 0.7% vs. 0.4% expected and 0.4% prior (revised from 0.3%). The New Zealand Manufacturing PMI came in worse at 46.1 vs. 46.6 prior. Technicals There was a strong end to the week for the US dollar after a slow start to the week against its major counterparts. AUDUSD 1W Chart AUDUSD again tested the 2023 low at 0.63646 and found support there. There was more bullish momentum at the support level this week to take the market near the 0.65000 level, which the market has not seen in a couple of weeks. The outlook on this pair is bullish, as it looks to be oversold. USDJPY 1W Chart USDJPY is quickly approaching 150. The market is now trading just under the 148 level. The 150 level lines up perfectly with the top of the ascending channel. EURUSD 1W Chart EURUSD is still continuing to head downwards after the support break of the rising wedge. The market has now broken below the 1.07000 handle, and there is an area of support around the 1.06000 level. GBPUSD 1W Chart GBPUSD is continuing its bearish momentum after the wedge support break. There is an area of support near the 1.23805 level. The key focus for the upcoming trading week will be: Monday: New Zealand Services PMI, Tuesday: Reserve Bank of Australia Meeting Minutes, US Building Permits, and Housing Starts Wednesday: UK CPI, FOMC Policy Decision Thursday: New Zealand GDP, Swiss National Bank Policy Decision, BoE Policy Decision, US Jobless Claims Friday: Japan CPI, Bank of Japan Policy Decision, UK Retail Sales, Flash PMIs for Australia, Japan, UK, Eurozone, US We will be back with another Forex Weekly Recap report next week. Best of luck for the upcoming trading week ahead. Trade safely and responsibly. BluetonaFX
by BluetonaFX
4
BluetonaFX - Forex Weekly RecapHi Traders! Forex Weekly Recap for 04–08 September, 2023: Fundamentals The European Central Bank's (ECB) President Lagarde noted that she is focused on inflation expectations and keeping them in check. She also noted that it will be critical for central banks to keep inflation expectations firmly anchored while these relative price changes play out. The Reserve Bank of Australia (RBA) left the interest rate unchanged at 4.10%, as expected. RBA’s Lowe gave his final speech as governor, as Deputy Governor Bullock is due to take over as the new head on September 18. Key mentions from him were: 1. It is possible that Australia can sustain unemployment rates below what they have had over the past 40 years. Interest rates influence housing prices, but they are not the reason Australia has some of the highest prices in the world. 2. The issue that defined his term more than any other was forward guidance on rates during the pandemic. The Federal Reserve's Waller changed his stance, and he’s now leaning towards a pause on the next interest rate decision. Other key mentions from him were: 1. The jobs data last week showed the job market is starting to soften. 2. Unemployment is about where it was a year ago, so change isn't that big. 3. The data will determine whether the Fed hikes again. The Bank of Japan’s (BoJ) Takata noted that he is optimistic about hitting the inflation target but remains wary of downside risks. Other key mentions from him were: 1. Japan is seeing early signs of hitting 2% inflation. 2. Japan's economy is recovering moderately. 3. There are signs of change in Japan's trend inflation as rising wages push up inflation expectations. The Bank of England’s (BoE) Bailey noted that he is expecting a "marked" fall in inflation by year-end. Other key mentions from him were: 1. Wage bargaining has surprised to the upside. 2. Many indicators are signalling a fall in inflation, which will be marked by the end of this year. The Bank of Canada's (BoC) Governor Macklem delivered his speech at their policy decision meeting. Key mentions from his speech were: 1. They are concerned that progress in bringing down inflation has slowed. 2. They are prepared to raise rates again but don't want to raise them more than they have to. 3. The longer they wait, the harder it is likely to be to reduce inflation. 4. The weakness in second-quarter GDP largely reflected a broad-based slowing in consumer spending and a decline in housing activity. 5. They will take decisions meeting by meeting. 6. They are expecting growth of 'a little less than 1%' over the next few quarters. 7. They expect headline inflation to go up in the near term before it eases. Key Data The Eurozone July PPI came in better than expected across the board: PPI M/M came in better at -0.5% vs. -0.6% expected and -0.4% prior. PPI Y/Y came in better at -7.6% vs. -7.6% expected and -3.4% prior. The Australian GDP Q2 came in better at 0.4% vs. 0.3% expected and 0.4% prior. The Eurozone's July retail sales came in mixed across the board: Retail sales M/M came in worse at -0.2% vs. -0.1% expected and 0.2% prior (revised from -0.3%). Retail Sales Y/Y came in better at -1.0% vs. -1.2% expected and -1.0% prior (revised from -1.0%). The US ISM Services PMI came in better at 54.5 vs. 52.5 expected and 52.7 prior. The Eurozone Q2 final GDP reading came in worse at 0.1% vs. 0.3% expected as the previous estimate was revised to 0.1%. The US jobless claims came in better across the board: Initial claims came in better at 216K vs. 234K expected and 228K prior. Continuing claims came in better at 1679K vs. 1715K expected and 1725K prior. Japan's July average cash earnings growth came in worse, which is some concern for the Japanese economy. Average cash earnings Y/Y came in worse at 1.3% vs. 2.3% prior. Real wages Y/Y came in at -2.5%. Household spending came in worse at -5.00% vs. -4.2% prior. The Japanese final Q2 GDP came in worse across the board: Japan's Q2 GDP came in worse at 1.2% vs. 1.3% expected and 0.8% prior (revised from 1.5%). GDP growth annualised came in worse at 4.8% vs. 5.5% expected and 3.2% prior (revised from 6%). The Canadian Jobs Report came in better across the board: Employment change came in better at 39.9K vs. 20.0K expected and -6.4K prior. Full-time came in better at 32.2K vs. 1.7K prior. Part-time came in better at 7.8K vs. -8.1K prior. Technicals Due to the very strong data out of the US this week, the US dollar strengthened against its major counterparts. AUDUSD 1W Chart AUDUSD tested the 2023 low at 0.63646 and went below it by a few pips, but there was a lack of momentum to take it further down. The market is currently holding near the new low and is still nearing its 2022 low at 0.61702. A hold at this area, and there is still a possibility of a possible retest of the triangle trendline support break. USDJPY 1W Chart Another strong week for USDJPY, as the pair is now comfortably above the 147 handle. The psychological resistance level of 150 looks to be the next big target level. EURUSD 1W Chart EURUSD has continued to head downwards after the support break of the rising wedge. The market has now reached the 1.07000 area and had a small bounce just above the 1.69750 area. The demand zone is around the 1.05000–1.05050 area. GBPUSD 1W Chart GBPUSD is continuing to look bearish since the ascending channel break. The market looks to be in a retracement wave; there is a demand zone around the 1.22750–1.23000 area. The key focus for the upcoming trading week will be: Tuesday: UK Labour Market Report, German ZEW Wednesday: Japan PPI, UK GDP, US CPI Thursday: Australia's Labour Market Report, ECB Policy Decision, US Jobless Claims, US PPI, US Retail Sales Friday: NZ Manufacturing PMI, Eurozone Wages Data, US University of Michigan Consumer Sentiment We will be back with another Forex Weekly Recap report next week. Best of luck for the upcoming trading week ahead. Trade safely and responsibly. BluetonaFX
by BluetonaFX
2
BluetonaFX - EURUSD Potential Head & Shoulders OpportunityHi Traders! We have a potential Head and Shoulders opportunity on the EURUSD 1D chart. The price action is telling us that there is a bearish bias due to the market being in a descending price channel with lower highs and lower lows; additionally, the market is also below our 20 EMA. We are looking for a break and a close below the neckline to target 1.08500. As long as we remain below the 20 EMA (we MUST stay below the 20 EMA) and in the descending channel, our bearish view will continue. Please do not forget to like, comment, and follow, as your support greatly helps. Thank you for your support. BluetonaFX
by BluetonaFX
2
BluetonaFX - Forex Weekly RecapHi Traders! Forex Weekly Recap for 31 July–04 August, 2023: Fundamentals Federal Reserve's Kashkari noted that the door remains open for a rate hike in September as the Federal Open Market Committee (FOMC) remains data-dependent. He also noted that, as it currently stands, it appears that the US will avoid a recession, and he hopes that remains true. The European Central Bank’s (ECB) President Lagarde noted that the door remains open for a September hike and mentioned that they are closely monitoring the risks of a wage-to-price spiral. She also noted that inflation is undoubtedly falling and that the second-quarter GDP figures for France, Germany, and Spain are encouraging. The Reserve Bank of Australia (RBA) left its interest rate unchanged at 4.10%. The key notes in their policy statement were: The decision to leave rates unchanged gives them more time to assess the impact of the increase in interest rates to date and the outlook for Australia's economy. Inflation in Australia is declining but is still too high. Returning inflation to the 2% target within a reasonable timeframe is still the main priority. Bank of Japan's (BoJ) Deputy Governor Uchida noted that he is cautious about the inflation outlook in Japan. He also noted that Japan is now at a phase where it's important to patiently maintain easy policy and that there is still quite a long way to go before conditions fall in place to raise the short-term rate target. The Bank of England raised interest rates by 25 basis points to 5.25%. The key notes in their policy statement were: Bank rate vote: 8-1 vs. 7-2 expected (Dhingra dissented; Haskel and Mann voted for a 50 basis point increase). CPI inflation remains well above the 2% target. The labour market remains tight, but there are some indications that it is loosening. Fitch downgraded the US long-term credit rating to AA+ from AAA. According to Fitch, there has been a steady deterioration in standards of governance over the last 20 years in the US, and they forecast a general government deficit of 6.6% of GDP in 2024 and a further deficit of 6.9% of GDP in 2025. Key Data The Eurozone July Preliminary CPI Y/Y came in at 5.3% vs. 5.3% expected and 5.5% prior, while the M/M number came in at -0.1% vs. 0.3% expected and 0.3% prior. The Eurozone Q2 Preliminary GDP Q/Q came in better at 0.3% vs. 0.2% expected and -0.1% prior. GDP Y/Y also came in better at 0.6% vs. 0.5% expected and 1.0% prior. The Eurozone June Unemployment Rate came in better at 6.4% vs. 6.5% expected and 6.4% prior (revised from 6.5%). The US ISM Manufacturing PMI came in at 46.4 vs. 46.8 expected and 46.0 prior. The US Job Openings for June came in worse at 9.528 million vs. 9.610 million expected and 9.616 million prior (revised from 9.824 million). New Zealand's Employment Change (Q2) came in at 1.0% vs. 0.5% expected and 0.8% prior. The Unemployment Rate came in worse at 3.6% vs. 3.5% expected and 3.4% prior. The US ADP July Employment came in better at 324K vs. 189K expected and 455K prior (revised from 497K). US Jobless Claims came in expected at 227K and 221K prior. The US ISM Services PMI came in at 52.7 vs. 53.0 expected and 53.9 prior. The US NFP came in worse at 187K jobs added vs. 200K expected and 185K prior (revised from 209K, and prior months were also revised lower). The Unemployment Rate came in better at 3.5% vs. 3.6% expected and 3.6% prior. Canada's July Employment Change came in worse at -6.4K vs. 21.1K expected and 59.9K prior. The Unemployment Rate came in expected at 5.5%, and 5.4% prior. Technicals  The US dollar had a strong start to the week but had a weak finish against its major counterparts. AUDUSD 1W Chart An indecisive week for AUDUSD. Long wicks on either side of the candle show the indecision. The market has broken under the 20 EMA and bounced off the lower Bollinger band. USDJPY 1W Chart USDJPY was heading towards the 145.073 resistance level until a price rejection spike just under the 144 level at 143.891. Long-term, the market still looks bullish due to the higher highs and higher lows and is also still above the 20 EMA. EURUSD 1W Chart EURUSD had a pullback to the 20 EMA support, bounced off it, and has now established an ascending price channel. There is potential for another re-test of 1.11000. GBPUSD 1W Chart GBPUSD's potential head and shoulders pattern is forming on the 1W chart; the head and left shoulder have been formed, waiting for a possible right shoulder to now form. The 20 EMA support is very strong at the moment; the market has not been below it for almost six months. The key focus for the upcoming trading week will be: Thursday: US CPI, US Jobless Claims Friday: US PPI, University of Michigan Consumer Sentiment We will be back with another Forex Weekly Recap report next week. Best of luck for the trading week ahead. Trade safely and responsibly. BluetonaFX
by BluetonaFX
2
BluetonaFX - Forex Weekly RecapHi Traders! Forex Weekly Recap for 24–28 July, 2023: Fundamentals The Bank of Canada (BoC) released its minutes from the July meeting, and the key notes were: They agreed that they were prepared to hike further if needed, but noted that they did not want to do more than they had to. Core inflation measures suggest the return to their 2% inflation target will take longer than anticipated. They agreed that household consumption should moderate as higher rates take effect. They felt it was too early to tell if wage growth was easing. The Federal Reserve hiked interest rates by 25 basis points to 5.50%, as expected. The FOMC statement was almost identical to the previous one; the statement noted that economic activity has been expanding at a moderate pace. At their press conference, Fed Chair Powell noted in the opening statement that the full effect of their tightening has yet to be felt and that without price stability, the economy doesn’t work for anyone. Powell also noted the strong pace of job growth in the US and that labour demand still "substantially" exceeds supply. He concluded that they are strongly committed to getting inflation back to target and that the process of reaching the 2% target still has a long way to go. The European Central Bank (ECB) hiked interest rates by 25 basis points to 3.75%, as expected. In their statement, they noted that inflation continues to decline but is still expected to remain too high for too long. They also noted that they expect inflation to drop further over the remainder of the year, but it will stay above the 2% target for an extended period. At their press conference, President Lagarde noted that the near-term economic outlook for the eurozone has deteriorated due largely to weaker domestic demand and that momentum is slowing in the service sector, though it remains a sign of strength. She also interestingly noted that housing and business investment are showing signs of weakness due to decreases in demand. She concluded the press conference by noting that the only thing they know is that they definitely will not cut interest rates. The Bank of Japan (BoJ) left its monetary policy unchanged with interest rates at -0.1%, the 10-year Japanese Government Bond (JGB) yield target around 0%, and the Yield Curve Control (YCC) band at -/+ 0.5%. The BoJ also raised its inflation forecast for this year to 3.2% vs. 2.5% in April and kept its 2024 and 2025 forecasts unchanged at 1.7% and 1.8%, respectively. There was a small adjustment to their YCC policy, though. The BoJ said that it will operate the yield curve control more flexibly to respond actively to upside and downside risks. At their press conference, Governor Ueda noted that uncertainty remains very high about the economy and prices and that there is still some distance to go to achieve the 2% inflation target. Key Data Monday was PMI day for many advanced economies. Australia's Manufacturing PMI came in at 49.6 vs. 48.0 prior, while the Services PMI came in at 48 vs. 50.3 prior. Japan's Manufacturing PMI came in at 49.4 vs. 49.8 prior, while the Services PMI came in at 53.9 vs. 54.0 prior. France's Manufacturing PMI came in at 44.5 vs. 46.0 prior, while the Services PMI came in at 47.4 vs. 48.0 prior. Germany's Manufacturing PMI came in at 38.8 vs. 40.6 prior, while the Services PMI came in at 52.0 vs. 54.1 prior. The Eurozone Manufacturing PMI came in at 42.7 vs. 43.4 prior, while the Services PMI came in at 51.1 vs. 51.5 prior. The UK Manufacturing PMI came in at 45.0 vs. 46.5 prior, while the Services PMI came in at 51.5 vs. 53.7 prior. The US Manufacturing PMI came in at 49.0 vs. 46.2 prior, while the Services PMI came in at 52.4 vs. 54.4 prior. The German IFO Business Climate Index came in worse at 87.3 vs. 88.0 expected. The US Consumer Confidence came in at 117.0 vs. 111.8 expected and 109.7 prior. The Australian Q2 Headline CPI Q/Q came in at 0.8% vs. 1.0% expected and 1.4% prior. The US Q2 Advance GDP came in better at 2.4% vs. 1.8% expected. US Jobless Claims came in better at 221K vs. 235K expected and 228K prior. The Tokyo July CPI Y/Y came in at 2.9% vs. 2.8% expected and 3.1% prior. The US June Core PCE Y/Y came in at 4.1% vs. 4.2% expected and 4.6% prior. The US Employment Cost Index (Q2) printed at 1.0% vs. 1.1% expected and 1.2% prior. Technicals  The US dollar rebounded strongly this week against its major counterparts. AUDUSD 1W Chart A bearish week for AUDUSD. There is bearish momentum in the market, though we are still in the long-term symmetrical triangle and are now heading towards the support level in the range zone. USDJPY 1W Chart USDJPY tested the support level at 137.915 due to some USD weakness, but the market held again at this level. After the market bounce near 137.915, we are now back above the 140 level. EURUSD 1W Chart EURUSD's retracement of the impulsive wave we have had over the past month and a half is continuing. The 1.10956 support level was broken, and the market continued back to the psychological 1.10000 level, which it bounced off. We are now trading around the 1.10200 level. GBPUSD 1W Chart GBPUSD broke below the ascending channel and is currently re-testing the channel break. There is a head and shoulders pattern forming, which could mean a reversal of the long-term bullish trend. The key focus for the upcoming trading week will be: Monday: Eurozone CPI. Tuesday: RBA Policy Decision, Eurozone Unemployment Rate, ISM Manufacturing PMI, US Job Openings Wednesday: NZ Jobs Report, US ADP Thursday: BoE Policy Decision, US Jobless Claims, ISM Services PMI Friday: US NFP, Canada Jobs Report We will be back with another Forex Weekly Recap report next week. Best of luck for the trading week ahead. Trade safely and responsibly. BluetonaFX
by BluetonaFX
2
AUDUSD - 240 MINS CHARTThe Structures looking Bullish, waiting for the this to correct and then give us these opportunities. Note: its my view only and its for educational purpose only. only who has got knowledge in this strategy will understand what to be done on this setup. its purely based on my technical analysis only (strategies). we don't focus on the short term moves, we look for only for Bullish or Bearish Impulsive moves on the setups after a good price action is formed as per the strategy. we never get into corrective moves. because it will test our patience and also it will be a bullish or a bearish trap. we do not get into bullish or bearish traps. we anticipate get into only big bullish or bearish moves. Just ride the bullish or bearish impulsive move. buy low and sell high concept. buy at cheaper price and sell at expensive price. Keep it simple, keep it Unique. please keep your comments respectful. Thanks for your support....
Long
by Tradelikemee
Dollar Index on 1D Chart (Aug, 18th) "The US dollar index extended its upward momentum to, close to levels not seen since the end of March benefiting from a safe-haven bid on fears that a surge in infections of the Delta variant could derail the global recovery and a batch of mixed economic data. Retail sales in the US declined more than forecast in July, with the core index also posting an unexpected drop while industrial production rose for a fifth consecutive month. Also, US homebuilder confidence sank to over a one-year low as home prices surge. Meanwhile, investors await more clarity from the Fed on the tapering timeline with FOMC minutes due on Wednesday."
TVC:DXYLong
by SOURENAALIZADEH