The USD strength continues despite the likelihood that the Federal Reserve will cut rates by 25bps this week. The key for any break or bounce here will be left in the hands of the fomc press conference. If the FED is aggressive with the way they want to cut rates then we should see USD weakness. If they feel there is no need to cut rates so aggressively then a...
Hello, we forecast USD index to fall to 0.89 level over a year range, so always tale the sell of highs, the buy lows will be correction. THUMPS UP
The NFP numbers came in strong for the US which saw a spike in the price of the USD Index. This data could be seen to have put a dampener on investors minds in how quickly the Federal Reserve is to cut rates in the future. If the data continues to be good for the US the need to cut rates could be pushed back.
GBPUSD technically could form an inverse head and shoulders pattern if the daily timeframe forms a bullish candle here. Typically if an inverse head and shoulders pattern forms the left shoulder acts as a key support area. GBP will likely remain under pressure and any long trades will need to be taken with lower risk in mind.
EURUSD is back into the key highs, the Fibonacci retracement tool shows that price is currently testing the 61.8 fib. If the 4hr timeframe finds support here and produces bullish price action we can look for a long opportunity back into the highs with extended targets of the 127.2 fib extension.
The USD Index has formed new lows and we expected the price to pullback into them before seeing another move. Looking at the market technically the Fibonacci retracement tool has highlighted a key zone between the lows and 50% fib as resistance. If we see bearish price action here we could look for short opportunities into the next demand zone.
H4 chart D1 chart 29/6/19 Weekly still bullish trend until price break the weekly support line (black), candle close doji, potential higher retracement for daily. Daily bearish trend, currently rebounce from Daily support. H4 sideway movement after big bearish movement & retrace from daily support area. BIAS still bearish movement BUT short term...
There is a chance for 97 correction then a fall to 95.
For the last several months we have seen the USD rise against all major currencies and while this was happening we were technically starting to get warning signs of BEARISH DIVERGENCE in the RSI! Fundamentally the US Economy remained strong back then with little worries regarding the trade war and geopolitical issues. The markets thought that the economy wont be...
Price has been down trending on USDCHF nicely and we expect this to continue however the price is currently finding support at the key lows. If we see a daily bullish close here we can expect the price to pull back into the lows before seeing the trend continue.
In this video update, we take a look at EURUSD and USD Index to continue looking for the USD weakness. Price on the USD Index has recently tested 96.00 which could see some buyers step back in short-term into the previous structure lows. EURUSD has broken higher and is heading towards a key supply zone where we could see price retrace into the key highs before going long.
We recently discussed a long opportunity on OIL and as prices push higher we could look to buy the Norwegian Krona. The USDNOK has formed a lower low on the daily timeframe and could head towards the key weekly demand zone. We will be looking for retracements into key resistance zone for short opportunities.
In this video update, we discuss the two scenarios ahead of this meeting and what could happen if the Fed discuss further cuts in the future or if they downplay the need to cut rates going forward. Inflationary data suggest a cut is likely but will FED chair Powell want to open the flood gates for the USD bears. We are not so sure...
The USD Index is currently testing the key double top neckline and 38.2 fib. We expected the price to test reject this zone from a technical point of view and if the daily chart closes below this level we could see a continued sell-off. However, the FOMC is set to announce rates and all eyes will be on the Fed's next steps. If they are dovish and mention more than...
Yesterday we spoke about the USD remaining bearish and despite our overall view remaining the same, the retail sales data has driven the USD Index back above the key 97.30 resistance. We may see another rally back into the $98.00 highs where price could form a triple top pattern before breaking lower. The retail sales for the month of may recorded an increase from...
Gold has recently tested the $1350.00 resistance and is currently rejected. The recent CoT reports highlighted an increase in short contracts if price closed below this key resistance we could see a short-term fall in price.