ForexAnalytixPipczar

ForexAnalytixPipczar

Intraday Update: 10yr notes has an inverted head and shoulders pattern in play, however is at the 61.8% Fibonacci retracement level of the Dec 8 highs to Jan 14 lows.

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Intraday Update: After the big break lower in Asian trade, the USDJPY has stalled at the 61.8% retracement of the Dec 3rd lows to Jan 10th highs, also channel support just below. Any move back to the 153.75 level should find sellers intraday.

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Intraday Update: After bouncing aggressively after completing the head and shoulder on Sunday/Monday, the bounce back is stalling today at the 61.8% retracement of the Jan 27th high to Feb 2nd lows. Further gains will be on the heels of the incoming ADP and ISM data today, and if the data does not disappoint we could see a stronger move back towards the 1.0360 level.

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Intraday Update: Inversely to the EURUSD the DXY is nearing channel resistance and the 38% retracement as well, above the 108.28 level would be bullish intraday. FOMC decision is up later this session at 2PM ET.

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Intraday Update: The USDJPY tests the 161% extension of the Dec 20th lows to Jan 10th highs at 154.00, and also tested the 50% retracement of the entire move higher. 4hr RSI still pointing lower so any move back to the 154.60 level should find sellers.

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Intraday Update: The GBPUSD has broken the 61.8% retracement, but hit MAJOR channel resistance today at 1.2450 which has stopped the GBPUSD in its tracks. A move above channel resistance would suggest a longer term turn higher may be in play.

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Intraday Update: The EURUSD has broken higher following the stronger (overall) PMI's out of EU today, supported by the tariff comments in Asian trade as well. The 127% extension at 1.0535 is the near term target while above the 1.0460 breakout point.

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Intraday Update: As discussed in the chatroom yesterday evening, the market is ignoring the tariff risks for now and pressing the USD lower across the board. The EURUSD is nearing the spike at the end of Dec at 1.0457, and a continued move higher could see levels back above the 1.0500 level if broken.

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Intraday Update: The EURUSD as noted earlier, is trading at 1.0200 and slightly below now, but this is a long term 61.8% Fibonacci level of the Sept 2022 lows to July 2023 highs. Intraday, only back above the 1.0230 would take the downside pressure off. Also, over 3bn options are expiring today at the 1.0200 level.

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Intraday Update: The EURGBP has stalled at the 38% retracement of the Aug highs to Dec lows. Also, the 161% ext of the last move lower has held as resistance after coming out of the descending wedge. While below the .8400 level we'd expect dips to be bought back at the .8325 level.

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US Dollar index hit the long term 61.8% retracement at 108.95. This could be the wave 5 completion, which may be a big resistance for the US Dollar to start the year.

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Intraday Update: The USDMXN is at 20.61, which is the underside of the broken channel trend line. This should offer resistance as the pair is up over 1.4% today.

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Intraday Update: EURUSD is at the 38% retracement, and has also broken the descending trend line. A break of the 1.0455 level would put the 1.0525 level in play.

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Intraday Update: The EURUSD is testing the 1.0450 level resistance , which is near the 38% retracement and also a descending trend line. If end of year flows start to pick up with US dollar selling, the EURUSD could reach above 1.0500 in the days ahead.

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Intraday Update: The EURGBP is nearing wedge resistance and also the 50dma which should be very strong resistance near the .8315 level.

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Intraday Update: The SPX breakdown should target an equal leg move towards the 5700 level, especially given that the bounce was a shallow 38% retrace this week at 5948.

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Intraday Update: The USDJPY continued to break higher following the BOJ press conference as the BOJ dovishness (and FOMC "hawkish cut") has caused an upside breakout. Above the 157.37 would put the 159.12 127% extension in view.

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Intraday Update: The DXY pushed to recent highs at 107.20 and bias chart resistance ahead of the FOMC. Today, this will be a key breakout point for the US Dollar post FOMC.