Monthly Timeframe:
Month to date, compared to the US dollar, Europe’s single currency is marginally higher by +0.1%. Overall, though, the currency pair has been in a downward trend since 2008, fashioned through a series of lower lows and lower highs evident on the monthly timeframe. Also apparent from this chart, the pullback from the late September (2022) low...
Week to date, the US Dollar Index, a measure of the US dollar’s value against a basket of six major international currencies, is down 2.0%. The downside move changed gears yesterday following the Fed’s rate decision and updated forecasts, showing that three rate cuts are projected in 2024, with the Fed Funds futures pricing double that at six rate cuts for next...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers durable structure to work with on the monthly timeframe at the moment, with the latter recently receiving price action.
Concerning the primary trend, lower...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has witnessed supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this could liberate buyers to as...
Noting monthly price trading above trendline resistance, albeit within the parapets of supply, and daily price dethroning resistance at 1.1553, the higher timeframes indicate additional bullish sentiment could be in store until reaching a 5-wave completion around 1.1669.
Shorter term, however, has H1 fading supply at 1.1631/1.1614 which recently reclaimed 1.16....
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers durable structure to work with on the monthly timeframe, with the latter recently receiving price action.
Concerning the primary trend, lower peaks and...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
The month of May, as you can see, recovered off worst levels out of demand from 1.0488/1.0912 and closed firm. This prompted an extension in June to highs at 1.1422, adding 1.2% despite also running into opposition at the lower ledge...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has witnessed supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this could liberate buyers to as...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers clear structure to work with on the monthly timeframe, with the latter recently welcoming price action.
Concerning the primary trend, lower peaks and...
AUD/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June and July’s follow-through has seen supply at 0.7029/0.6664, and intersecting long-term trendline resistance (1.0582), give way in recent trading. Technically, this may liberate buyers...
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers clear structure to work with on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend,...
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Since kicking off 2017, USD/JPY has been carving out a descending triangle pattern between 118.66/104.62.
April and May were pretty uneventful, with June also wrapping up indecisively in the shape of a neutral doji candlestick pattern.
Areas outside...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) demonstrates signs of giving way.
Despite...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers clear structure to work with on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Since kicking off 2017, USD/JPY has been carving out a descending triangle pattern between 118.66/104.62.
April and May were pretty uneventful, with June also wrapping up indecisively in the shape of a neutral doji candlestick...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) currently demonstrates signs of weakening....
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
The month of May, as you can see, recovered off worst levels out of demand from 1.0488/1.0912 and closed firm. This prompted an extension in June to highs at 1.1422, adding 1.2% despite running into opposition at the lower ledge of...
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Since kicking off 2017, USD/JPY has been carving out a descending triangle pattern between 118.66/104.62.
April and May were pretty uneventful, with June also wrapping up indecisively in the shape of a neutral doji candlestick...
