Category: Technical Analysis

AUD/USD Seeks Support

The Australian dollar climbed back after the unemployment rate dropped to 4.2% in December. A surge above 0.7270 was the bulls’ attempt to initiate a reversal. As sellers covered their bets, the way might be open for a meaningful rebound. The follow-up correction met solid buying interest at 0.7170. Sentiment would remain upbeat as long […]

Dow Jones 30 Tests Major Support

The Dow Jones 30 retreats as traders take profit ahead of next week’s Fed meeting. The index has given up all its gains from the late December rally and fell through the daily support at 34700. This bearish breakout could extend losses to the psychological level of 34000, a critical floor to prevent a deeper […]

Two trades to watch: USD/JPY, GBP/USD

USD/JPY falls in risk off trade USD/JPY is heading lower for a third straight session. Risk off trade is boosting demand for the safe haven yen in addition to a tick higher in Japanese inflation to 0.8% YoY in December, up from 0.6%. The minutes from the latest BoJ meeting also showed that policymakers saw upward […]

Daily Technical Analysis

EUR/USD The rally of the pair turned out to be fake as expected and the downtrend resumed from the high at 1.1480. During yesterday’s session, the support at 1.1320 was violated, but has not yet been breached. The lack of buyers around 1.1360 and their low activity around 1.1320 suggests that a new decline towards […]

XAU/USD BreaksResistance

Gold surged over geopolitical tensions between the West and Russia over Ukraine. Following a three-week-long sideways grind, the break above the triple top at 1830 indicates strong commitment from the buy-side. 1850 is the next level to clear, which would lead to November’s peak at 1877. The RSI has shot into the overbought area, and […]