The Euro remained in a positive zone above the 1.1880 pivot level against the US Dollar. The EUR/USD pair traded as high as 1.1940 recently before starting a downside correction. The pair traded below the 1.1900 level, but it remained well below near the 50 hourly simple moving average. A low is formed near 1.1885 […]
GBPJPY appears to have been again denied passage above the 140.00 mark, which happens to be the 76.4% Fibonacci retracement of the down leg from 144.94 to 124.00, following a bounce off the 100-day simple moving average (SMA). The slipping 200-day SMA and the horizontal Ichimoku lines aid a pause in positive price action, while […]
EUR/USD is showing a potential rising wedge pattern and head and shoulders pattern. But price action would need to confirm the reversal EUR/USD is in an uptrend but the reversal chart patterns are a strong warning. The head and shoulders could start a reversal but not if the bulls can push above 1.1930. If price […]
Pivot (invalidation): 13347.00 Our preference Short positions below 13347.00 with targets at 13234.00 & 13190.00 in extension. Alternative scenario Above 13347.00 look for further upside with 13380.00 & 13460.00 as targets. – advertisement – Comment As Long as 13347.00 is resistance, expect a return to 13234.00.
EUR/USD Current level – 1.1911 The currency pair failed to stay above the important resistance at 1.1920 and it is expected for it to test this level again. If the EUR/USD manages to breach the resistance at 1.1920, it should head towards the local high at 1.2010. Conversely, if the test proves to be unsuccessful, […]
The US dollar is struggling to find direction against the Japanese yen currency in quiet market conditions, due to the US Thanksgiving holiday. Higher time frame analysis shows that the USDJPY pair is trapped within a large falling wedge pattern, between the 103.50 and 105.30 levels. Falling wedge patterns are typically bullish reversal pattern, meaning […]
STOCKS Equities manage to stay afloat for now. With limited upside left on major indices and strong resistances ahead, we continue to remain cautious to see a sharp corrective fall in the coming weeks. We will not be surprised to see the major indices beginning the expected correction from here itself after a near-term consolidation […]
Oil (CL_F) shows a bullish sequence from April 22, 2020 low calling for further upside. Near term, rally from November 2, 2020 low is unfolding as a 5 waves impulsive Elliott Wave structure where wave ((1)) ended at $ 43.33 and pullback in wave ((2)) ended at $ 40.34. Internal of wave ((2)) unfolded as […]
Key Highlights USD/JPY struggled to climb above the 104.75 and 105.00 resistance levels. A major bullish trend line is forming with support near 103.90 on the 4-hours chart. Japan’s Leading Economic Index improved from 88.5 to 92.5 in Sep 2020. EUR/USD and GBP/USD struggled to gain momentum above 1.1940 and 1.3400 respectively. USD/JPY Technical Analysis […]
The Australian Dollar edged higher by 45 basis points or 0.61% against the US Dollar on Wednesday. The currency pair bounced off a support level formed by the 50– hour simple moving average at 0.7328 during Wednesday’s trading session. Most likely, the exchange rate could continue to trend in an ascending channel pattern within this […]