Gold has been on a nice run, breaking out of the pennant it had been coiling in before doing away with the downtrend dating back to the record high set in May.
Momentum on the 4H timeframe remains to the upside with MACD and RSI signaling building strength. While the latter sits in overbought territory, it’s not at the level that warns of an imminent risk of a...
Silver is following in the footsteps of its big brother Gold by bouncing off long-term trend line support (in this case, at its 50-Day EMA at $29) to resume its longer-term uptrend.
As of writing, Silver is testing a near-term bearish trend line connecting the recent highs, but if that resistance level gives way, the grey metal could quickly rally to retest its...
Gold has had a relatively quiet couple of months, carving out a broad range between $2285 and $2425 since the start of April.
While there are no imminent signs that the range will break any time soon, the precious metal is turning higher off support to test (and potentially break) near-term bearish trend line resistance. A confirmed break here would tilt the odds...
Having broken through a long-standing support zone on Wednesday, and with uncertainty over the outcome of French elections like to persist for several weeks, selling rallies in EUR/USD screens as favourable in the near-term.
EUR/AUD looked like it may have bottomed last Friday with a morning star pattern formed to start the trading week. However, the bearish...
The EUR/USD outlook remains uncertain amid a backdrop of fluctuating US dollar strength and significant upcoming events. The US dollar has been slightly weakened due to a lack of major news and the US holiday, compounded by a disappointing retail sales report. Investors are eyeing key central bank decisions from the Bank of England and the Swiss National Bank on...
AUD/USD has been consolidating within a 120-pip range for the past 6+ weeks, and there are no imminent signs of that range breaking. However, forex traders may still want to prepare for a potential bullish breakout (helped along by a hawkish RBA meeting and weak US retail sales data).
In that scenario, a clean break above 0.6700 could open the door for a...
From a purely technical perspective, USD/JPY remains in a well-defined uptrend that started just after Christmas. Over the last few weeks, the pair has carved out a clear ascending triangle pattern with resistance at 158.00, suggesting that a break above could quickly expose the 30+ year highs near 160.00.
The only fly in the proverbial ointment is the BOJ, which...
There are few things ASX 200 futures traders like more than a US public holiday, often delivering big gains when Wall Street is away. Yet, when we look at futures before the Juneteenth public holiday, SPI sits in negative territory, down 0.24%, giving back some of the solid gains of the previous session when the contract broke back above the 50DMA with ease.
One...
AUD/JPY appears to be on track to test the 2013 high (105.43) as it climbs to a fresh yearly high (105.10).
AUD/JPY Rate Outlook
AUD/JPY extends the advance from the start of the week to clear the April high (104.96), with the recent advance in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
A move above 70 in the RSI...
DXY is testing a major technical confluence here at 105.55/71 - a region defined by the 61.8% Fibonacci retracement of the April decline, the 2023 January high, the March 2023 & May 2024 high-day closes (HDC) and the 100% extension of the June advance.
Looking for a reaction up here. Initial support 104.68 and losses should be limited to the 200DMA IF price...
The US dollar staged a slight sell-off following a weaker-than-expected retail sales report, which provided a modest boost to currency pairs like GBP/USD from their earlier lows. Despite this, the GBP/USD has seen little significant movement over the past few weeks. However, it could encounter volatility with the upcoming Bank of England rate decision, UK CPI and...
USD/CHF retraces the decline from the start of the month as it rebounds from the former-resistance zone around the February high (0.8886).
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone...
EUR/USD sold off last week after FOMC and this pushed the pair back-below the 200-day moving average.
The big question now is whether bears can push a test of range support, which was last in-play in mid-April when the 38.2% Fibonacci retracement of the 2021-2022 trend caught support. The 50% of that same Fibonacci setup had helped to set resistance in March at...
Crude oil's rally today underscores its recent resilience. Prices surged despite weaker Chinese industrial data, suggesting investors are expecting the oil market to tighten as we head deeper into the US driving season.
Thanks to the rally, WTI has broken its bearish trendline that had been in place since April, finding strong support around $77.80, where the...
Here is 6-hour chart of silver. Who on earth uses a 6-hour chart, you might be asking? Well, I don't either but the 4-hour chart would look too zoomed out to make out the price candles. Besides, time frame is irrelevant - price action is price action.
Anyway, silver looks poised for a fresh bullish breakout from a continuation pattern, assuming it can hold above...
Major US technology stocks have pushed higher today, maintaining their gains following Powell's press conference last night. Despite the Dow closing lower yesterday, tech-heavy indices like the Nasdaq 100 have continued to gain ground. The technology sector continues to drive market performance; without it, the stock markets would look significantly different....
GBP/JPY stages a four-day rally to register a fresh yearly high (200.94).
GBP/JPY Outlook
GBP/JPY may continue to trade to fresh yearly highs as it extends the recent series of higher highs and lows, and a further advance in the exchange rate may push the Relative Strength Index (RSI) towards overbought territory.
The breach above the May high (200.75) may...
A recovery off near-term downtrend support is now testing initial downtrend resistance here with the 200DMA highlighting the 75% parallel here near 2344 post CPI / FOMC.
Key resistance / bearish invalidation steady at 2387.
Support rests with the May low at 2277- note the median-line there over the next few days. A break / close below would be needed to mark...
