The price of oil pulls back from a fresh weekly high ($75.29) to keep the Relative Strength Index (RSI) below 70, and the oscillator may show the bullish momentum abating should it continue to move away from overbought territory.
Crude Oil Price Outlook
The recent rally in the price of oil seems to be stalling ahead of the October high ($77.38) as it no longer...
Bitcoin has given up its gains made in the initial days of the year following a very strong performance last year. But in December, BTC/USD formed an inverted hammer candle at technically overbought levels, potentially providing a bearish signal for the early parts of this year.
Each time the monthly RSI has risen above 70.00 it has invariably dropped back...
The U.S. dollar continues to gain ground as the Fed remains firm in slowing down rate cuts. The interest rate differential of 4.5% from the Fed versus 3.15% from the ECB remains a key reason for the market's preference for the U.S. dollar in the short term.
Bearish Trend:
The trend in favor of the U.S. dollar remains intact since late September 2024. So...
Chart Analysis:
NVIDIA has emerged from a consolidation phase, with a breakout signaling a potential continuation of its bullish trend.
1️⃣ Breakout Confirmation:
The stock broke out above the descending channel (green-shaded area) with strong bullish momentum, as highlighted by the long bullish candle (purple circle).
The breakout aligns with the broader...
Chart Analysis:
The US Dollar Index (DXY) continues to trade within a well-defined ascending channel (green-shaded area), signaling sustained bullish momentum.
1️⃣ Ascending Channel:
The DXY is consolidating near the channel's midline, with the upper boundary around 110.00 acting as a potential resistance area.
A breakout above the channel's upper boundary...
Chart Analysis:
Bitcoin remains in a long-term uptrend, supported by an ascending trendline (black line) and recently consolidating within a rectangular range near $96,000.
1️⃣ Ascending Trendline:
The long-term trendline continues to act as dynamic support, underpinning Bitcoin's bullish structure.
Traders may watch for price reactions near this trendline for...
Crude oil prices have been stealthily rising over the past couple of weeks, but now is the real test as prices have reached some important resistance levels.
As per the chart, WTI faces a band of resistance from its bearish trend line, 200-day moving average, and prior support and resistance, all converging around the psychologically important $75.00 level....
The price has once again returned to the 98K zone, experiencing a nearly 4% drop in the last few hours and erasing the bullish pressure seen over the past four sessions.
Lateral Range: Neutrality persists between the resistance at 105k and the support at 91k, with oscillations failing to break these levels since late November 2024.
$105k: A nearby...
GBP/JPY approaches the December high (198.96) as stages a three-day rally.
GBP/JPY Outlook
GBP/JPY trades to a fresh monthly high (198.26) as it carves a series of higher highs and lows, with a breach above the December high (198.96) bringing the October high (199.81) on the radar.
Need a break/close above the 199.80 (61.8% Fibonacci extension) to 200.50...
Chart Analysis:
Gold is currently consolidating within a symmetrical triangle, signaling a potential breakout in either direction as the apex approaches.
1️⃣ Key Levels:
Resistance: $2,670 (upper triangle boundary).
Support: $2,590–$2,600 (lower triangle boundary).
2️⃣ Moving Averages:
50-day SMA (blue): At $2,655, acting as immediate dynamic...
Chart Analysis:
NVIDIA's stock price has decisively broken out of its consolidation channel and is surging higher, reflecting renewed bullish momentum.
1️⃣ Trendline Support:
The long-term uptrend remains intact, with the stock respecting the ascending trendline since October 2023.
2️⃣ Breakout Confirmation:
The breakout above the channel near $140 confirms...
Chart Analysis:
The USD/CAD pair has been in a steady uptrend, but recent price action shows signs of consolidation below the recent highs at 1.4450. The trendline support remains intact, keeping the bullish structure valid.
1️⃣ Key Support Zone:
The trendline from October lows aligns near 1.4300, acting as immediate support for the pair.
2️⃣ Moving...
The recent rally in USD/CHF seems to have stalled ahead of the 2024 high (0.9225) as it halts a four-day rally.
USD/CHF Rate Outlook
USD/CHF falls back from the weekly high (0.9138) to pull the Relative Strength Index (RSI) back from overbought territory, and the move below 70 in the oscillator may accompany a further decline in the exchange rate like the...
Oil prices are threatening a major breakout here after clearing resistance yesterday at the objective 2024 yearly open near 72.14 .
The focus is on todays close with respect to the 61.8% retracement at 73.90 . A daily close above would keep the focus on a possible rally towrads the 78.6% retracement at 75.89 and the October high-close at 77.25 - note the...
AUD/USD is testing downtrend support here into the start of the month / year at the lower parallel. The focus is on possible inflection off the 2022 low / yearly open at 6170/88 over he next few days.
Bottom line: Rallies would need to be limited to 6348/62 IF price is heading lower here with a close below this pivot zone exposing the 61.8% extension of the...
The price of oil trades near the weekly high ($73.73) as it stages a five-day rally for the first time since October.
Crude Oil Price Outlook
Keep in mind, the price of oil cleared the November high ($72.39) as it carved a series of higher highs and lows, with a break/close above the $73.00 (61.8% Fibonacci retracement) to $74.00 (50% Fibonacci retracement)...
EUR/USD has set a fresh two-year-low in the opening days of 2025 trade. And naturally the look goes towards the vaulted parity figure which is at that major psychological level of 1.0000.
There's been only a single instance of the pair trading below that price and it happened amidst an extreme backdrop, when the Fed was ramping up rate hikes in 75 bp increments...
Chart Analysis:
The USD/MXN pair has approached the critical resistance level at 20.80, which has been a notable ceiling for price action in the past. The bullish momentum is evident, but further confirmation is required for a potential breakout.
1️⃣ Resistance Test:
The 20.80 level has acted as a strong resistance historically. A breakout above this zone could...
