It's not often that bitcoin feels like it's standing still but for weeks now, it looks like it's been shaping up for a correction and it has neither corrected nor broken higher.
Earlier this week it tested those lows (rough) around $44,000 and once again, bitcoin bulls fought back and defended that crucial support region.
Since then, it's rallied once more but...
It's been an interesting day for cable, one that saw the dollar retreat before the pair quickly reversed course which raises many questions.
The reversal came at the 50 fib level which could be viewed as a bearish move. But it isn't that simple. The pair tested the 61.8 fib a month and a half ago before breaking through the 200/233-day SMA band.
But then it...
The euro has given back some of its gains against the dollar over the last week, after rallying strongly to break out a descending channel over a couple of weeks prior.
Today the pullback entered into interesting territory, between the 50 and 61.8 fib levels, where already it is finding some support. That area also coincides with the top of the channel it has...
The Canadian dollar is in positive territory in the Friday session. Currently, USD/CAD is trading at 1.2619, down 0.34% on the day. Earlier in the day, the pair moved into 1.25-territory.
It has been a busy week for the Canadian dollar, which started the week with strong losses but has partially recovered. The upward swing could continue on Friday, as Canada's...
The British pound has punched above the 1.38 level in the Thursday session. GBP/USD is currently trading at 1.3858, up 0.63% on the day.
After posting three straight days of losses, the British pound has rebounded strongly on Thursday. The US dollar is in retreat against the majors, despite a positive unemployment claims release earlier in the day. Claims fell to...
The Australian dollar is in negative territory on Monday, after flexing some muscle last week. AUD/USD is trading at 0.7430, down 0.35% on the day. The currency shot up 1.94% last week, as investor appetite for risk improved, which was bullish for minor currencies like the Australian dollar.
The Australian dollar ended the week on a high note, with strong gains...
The Australian dollar rally has continued on Friday, as the currency is higher for a fourth straight day. Currently, AUD/USD is trading at 0.7430, up 0.43% on the day.
The US dollar continues to falter, and the Aussie has taken full advantage. AUD/USD has gained 1.66% this week, after sharp gains of 2.42% a week earlier. Investors have given the Australian dollar...
The dollar has come under pressure over the last couple of weeks as the economic data has necessitated a more dovish line from the Federal Reserve.
The result is that, despite breaking below the 200/233-day SMA and into bearish territory, the pair has failed to gain much traction to the downside.
We'll soon see whether that failure is temporary or more...
Oil prices have rebounded strongly over the last couple of weeks, with WTI coming within a whisker of $70 before profit-taking kicked in.
The pullback today was short-lived and after falling close to $67 it recovered the bulk of the losses to trade in between two key technical levels.
Above, $70 is an important psychological barrier that coincides with the...
Gold was given a helping hand by Jerome Powell and the Fed on Friday when they signalled that they can be patient on tapering and that it is not linked to interest rates.
The comments brought US yields and the dollar lower and triggered a rally in gold which generally does well in more accommodative environments.
But while gold did rally and significantly break...
EURUSD broke above the descending channel earlier today in a move that may be indicative of a correction being underway.
The breakout followed comments by Fed Chair Jerome Powell on Friday when he reaffirmed the view that the Fed is still considering tapering this year while also urging caution and patience. More importantly, he stressed that tapering and rate...
Gold appears to be eyeing its mid-summer highs after Powell comments during the virtual Jackson Hole event.
Powell delivered what the markets wanted to hear. No immediate taper, an awareness of the downside risks for the economy and a commitment that tapering and rate hikes remain unlinked.
The dollar softened after the speech and gold rallied back through...
EURUSD has been on a downtrend for the last few months but with momentum running low, it may be preparing for a correction.
A move through the descending channel may signal that a corrective move is underway, especially with the breakout also coinciding with a move above the 55-day SMA which it has traded below since the middle of June.
A move through here would...
Bitcoin has enjoyed a good run this past month but recent rallies are struggling to generate much momentum, which suggests a corrective move may be on the cards.
There was a lot of excitement as bitcoin broke back above $50,000 for the first time since May but it wasn't long until profit-taking once again kicked in.
There is resistance around $51,000 - the...
We've been seeing consolidation in GBPJPY for several months now and it would appear that momentum is gradually turning in favour of sellers.
While the pair is seeing solid support around 148.50, the rallies are hitting a ceiling earlier and earlier which is typically a bearish signal.
With that support zone also now being intercepted by the 200/233-day SMA...
Gold has come a long way over the last couple of weeks when it suffered a flash crash.
Since then, not only has it rebounded strongly, it's crossed back above the support level that was the catalyst for the plunge and headed back towards recent highs.
It's broken through major resistance levels along the way, the latest being $1,800 which sees it overcome the...
The Canadian dollar is in negative territory for a fifth straight day. Currently, USD/CAD is trading at 1.2902, up 0.57% on the day.
June Retail Sales rebounded nicely, with gains of 4.2% for Headline Retail Sales (4.4% exp.) and 4.7% for Core Retail Sales (4.6% exp.). In May, the headline read was -2.1% and core retail sales at -2.0%. The strong gains are...
It hasn't been a great couple of weeks for GBP/USD. From pushing a break above 1.40 to breaking below moving averages and threatening to break below recent lows.
The outlook for the pound remains promising but the dollar is on a tear and, like others, the pound is suffering the consequences.
On Thursday, the pair broke below the 200/233-day SMA band, a major...
