USDCAD continues to experience strong fluctuations due to recent political and economic events. Next week it will BoC's turn to shape the near-term faith of the Canadian dollar.
FX_IDC:USDCAD MARKETSCOM:USDCAD
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Looking at the technical picture of the MARKETSCOM:AUS200 Cash index, we can see that the price remains on an uptrend, while balancing above a medium-term tentative upside support line taken from the lowest point of August 2024. Despite seeing a relatively strong correction lower throughout the whole of December, the index remains resilient to downside...
From the technical side, we are seeing a small push higher, breaking above a short-term downside line. Despite this being a somewhat positive occurrence, we would rather wait to see where we close at the end of Friday. For more information, please see the video.
MARKETSCOM:US500
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Gold is moving in the upwards direction, despite the higher US CPI reading, which benefits the US dollar. However, there is a possibility that the higher inflation reading was already priced in and maybe this could lead to slower upside pace for the US dollar. Let's dig in...
TVC:GOLD TVC:DXY MARKETSCOM:GOLD MARKETSCOM:DOLLARINDEX
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The US dollar index continues to show strength and with the potential reduction in the amount cuts this year by the Fed, there might be further strength of MARKETSCOM:DOLLARINDEX . But could this be the case in the short-run? Let's dig in...
TVC:DXY
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Both currencies are currently on the weaker side against their major counterparts. Despite the RBA holding off from cutting, nor hiking rates, the AUD struggled to find strong grounds. Similarly for JPY, where the currency has been hit because of no significant action taken by the BoJ, it has been tough for the yen to find strength. Also, strong global stock...
Apple Inc. (AAPL) has been in a clear uptrend since the start of the year, buoyed by a well-defined ascending trendline. The stock recently reached an all-time high near $260.00 but has since corrected to a key support level around $240.00. This support level is further validated by the 50% Fibonacci retracement, indicating a potential area of interest for...
The USD/JPY pair is currently in a significant uptrend on the daily chart, characterised by a series of rising highs and lows. Following a marked upward movement, the price has entered a consolidation phase, indicating a temporary pause before potentially resuming its directional trajectory. This sideways movement is often interpreted as preparation for a...
The NZD/USD pair has experienced a decline of over 12% in recent weeks, showing no significant pullbacks on the daily chart. Currently, the price has reached an important support zone on the daily timeframe (D1), marked as a crucial decision point for the market. This notable depreciation of the New Zealand dollar is primarily due to the substantial rise of the US...
The AUD/USD pair has experienced a significant decline of nearly 11% without any substantial pullbacks since September 2024. It has now reached a crucial support level on the weekly chart at 0.6200.
This recent downward movement has been influenced, in part, by Donald Trump's return to the US presidency. His administration has traditionally prioritised a “putting...
Bitcoin has seen an extraordinary surge of over 100% between September 6th and December 18th, reaching the $100,000 milestone for the first time in its history.
This significant increase can be attributed to various factors. The election of Donald Trump as U.S. President, known for his pro-Bitcoin stance, played a notable role. Additionally, Elon Musk, a key...
The GBP/USD pair has fallen more than 7% since September 26, 2024, largely in response to the strengthening of the USD following Donald Trump's recent victory in the US presidential election. However, it appears that GBP/USD has found significant support on the daily chart, forming a double bottom pattern in the 1.2500 region. This level has been an important...
The daily chart for the EUR/CHF pair has recently revealed a bullish movement, successfully breaking above its descending trend line. This development indicates a potential shift in market sentiment, occurring after the price touched a significant support level at 0.9250. The fact that the price has breached the downtrend line after reaching this support suggests...
Context on AUD/NZD Technical Factors
On July 30 and November 22, the AUD/NZD pair encountered significant resistance, reaching the 1.1150 level. The price's failure to break above this resistance has resulted in the formation of a double top on the daily chart. The candle on November 22 also indicated a false breakout of this resistance, signalling a notable...
On the 1-hour chart for EUR/USD, the price is currently testing a descending trendline that has served as dynamic resistance over the past few days. After bouncing off a support level around 1.0453, the pair displays signs of strength and is nearing a crucial decision-making zone. The horizontal resistance at 1.0490 aligns with the trendline, and breaking through...
In recent days, the EUR/CAD pair has exhibited notable fluctuations on the daily chart. After reaching the 1.5170 level, a significant resistance point in recent years, the price began to weaken and entered a consistent decline. This area served as a crucial psychological and technical barrier, leading to increased selling pressure. The price subsequently fell...
The GBP/AUD pair shows a notable pattern on the daily chart, displaying a clear uptrend that has persisted since July 2024, characterized by rising lows but encountering resistance at the 2.000 level. Recently, the price approached 1.9967, a significant resistance level not seen since 2020. This level is pivotal, not just as a historical high, but also as a key...
The AUD/USD pair has experienced a notable decline of -7.82% in recent weeks, without any significant recoveries. This drop has brought the price to a key horizontal support area, aligning with the previously identified triple bottom level on the daily chart. Additionally, the price has tested an uptrend line that has provided support since mid-2022. The overlap...
