Sr. Technical Strategist Michael Boutros highlights the targets & invalidation levels that matter on the technical charts into the weekly / monthly open with the FOMC, BoE and NFPs on tap.
@MBForex
GBP/JPY trades in a narrow range after clearing the November 2015 high (188.81).
GBP/JPY Outlook
GBP/JPY consolidates after struggling to test the monthly high (188.94) earlier this week, but the Relative Strength Index (RSI) may show the bullish momentum abating as it appears to be reversing ahead of overbought territory.
Failure to defend the weekly low...
Following extremely dovish rate cut expectations that drove stocks to record highs in December 2023, a market correction was expected as it became clear the Fed would delay trimming rates. Although a minor correction occurred in the first week of 2024, the markets have continued to surge into uncharted territory, despite reduced chances of a March rate...
Join Strategist David Song to cover the key event risk that could influence financial markets in the week ahead. Discuss major fundamental themes along with current market developments.
BTC/USD bounces back from a fresh monthly low ($38510), but Bitcoin may struggle to retain the advance from the December low ($37624) as the Relative Strength Index (RSI) sits at its lowest level since September.
BTC/USD Outlook
BTC/USD has fallen more than 18% from the monthly high ($49037) and the recent rebound in Bitcoin may end up being short lived as it...
USD/CHF trades above the 50-Day SMA (0.8678) for the first time since November, with the exchange rate extending the advance from the start of the week to register a fresh monthly high (0.8729).
USD/CHF Rate Outlook
USD/CHF may no longer respond to the negative slope in the moving average as it extends the advance from the start of the month, with a...
Sr. Technical Strategist Michael Boutros highlights the targets & invalidation levels that matter on the technical charts into the weekly open.
@MBForex
The price of gold dipped below the 50-Day SMA ($2022) for the first time since November to register a fresh monthly low ($2002).
Gold Price Outlook
The price of gold bounces along the 50-Day SMA ($2022) as it attempts to retrace the decline from the start of the month but, need a move above $2076 (78.6% Fibonacci extension) to bring the January high ($2079) on...
Join Strategist David Song to cover the key event risk that could influence financial markets in the week ahead. Discuss major fundamental themes along with current market developments.
GBP/JPY appears to be on track to test the 2023 high (188.66) as it trades back above the 50-Day SMA (184.27).
GBP/JPY Outlook
GBP/JPY extends the recent series of higher highs and lows to register a fresh monthly high (188.13), with a break above the 2023 high (188.66) bringing the November 2015 high (188.81) on the radar.
Next area of interest comes in...
BTC/USD threatens the upward trend from last year as it gives back the rebound from the monthly low ($41378).
BTC/USD Outlook
BTC/USD struggles to trade back above trendline support even though it snaps the recent series of lower highs and lows, and failure to defend the monthly low ($41378) may push Bitcoin towards $40310 (100% Fibonacci extension).
Next...
USD/CHF may attempt to retrace the decline from the December high (0.8821) if it clears the opening range for 2024.
USD/CHF Rate Outlook
USD/CHF is on the cusp of testing the monthly high (0.8577) as it registers a fresh weekly high (0.8566), with a break/close above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) region raising...
Join Strategist David Song to cover the key event risk that could influence financial markets in the week ahead. Discuss major fundamental themes along with current market developments.
The price of gold is on track to test the 50-Day SMA ($2013) as it approaches the monthly low ($2017), but the precious metal may track the positive slope in the moving average to mirror the price action from earlier this year.
Gold Price Outlook
The price of gold may struggle to retain the advance from the December low ($1973) if it no longer responds to the...
AUD/JPY consolidates after failing to retrace the decline from the December high (98.07), but a break of the 2024 opening range may affect the near-term outlook for the exchange rate.
AUD/JPY Rate Outlook
AUD/JPY trades to a fresh weekly low (96.15) as it struggles to hold above the 50-Day SMA (96.80), and the exchange rate may give back the advance from the...
GBP/JPY may struggle to retrace the decline from the December high (187.52) amid the failed attempts to trade back above the 50-Day SMA (183.91).
GBP/JPY Outlook
GBP/JPY trades to a fresh weekly high (183.78) as it carves a series of higher highs and lows, with a break/close above the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension)...
The recent rebound in USD/CHF has pulled the Relative Strength Index (RSI) above 30 to generate a textbook buy signal.
USD/CHF Rate Outlook
USD/CHF carve a s series of higher highs and lows as it extends the rebound from the December low (0.8333), with a break/close above the 0.8550 (78.6% Fibonacci extension) to 0.8590 (78.6% Fibonacci extension) region...
