EUR/CAD recently broke out of a significant wedge pattern that took 169 days to form, signalling potential bullish momentum ahead. This classic technical indicator suggests that the pair could reach 1.5268, with a more aggressive target identified at 1.5440.
In the short term, the price action has pulled back slightly, testing key the high from November 2023 at...
Last week's surprise rate hike from the BoJ sent shockwaves through the USD/JPY pair and broader markets. However, recent comments from the BoJ indicate that they may hold off on further rate hikes until the market stabilizes. The BoJ is also counting on a soft landing for the US economy—a scenario now seemingly less likely. This might pave the way for a bounce in...
Eth has been trading sideways for the past 1 day and 18 hours, during which time it has formed a small ascending triangle pattern. Given that the pattern is only a day old, there is a high likelihood of failure. However, for traders with a high risk appetite, it might still present an interesting opportunity.
Additionally, we are witnessing a gradual short...
Keep a close eye on USD/CAD over the next 24 hours. The price appears to be forming a head-and-shoulders pattern, with the price action from early August representing the left shoulder, the high from August 6 forming the right shoulder, and the 1.3887 level, which capped the price from August 1 to August 5, serving as the head.
The pattern suggests that if the...
EURUSD bears are trying to invalidate a wedge pattern by sending the price below 1.0887, yet bulls are not giving up quickly, and if the level holds, EURUSD could reach a fresh monthly and 2024 high.
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Gold prices are maintaining a short-term bullish uptrend as traders await today’s Non-farm payrolls report. Expectations for the report are modest, with only 176,000 new jobs anticipated. This comes from weak ISM numbers and poor data jobless claims figures.
If the NFP report shows more jobs were created than expected, significant buying interest in gold is...
Tensions in the Middle East continue to escalate, and Brent crude oil prices appear to be forming an inverse head and shoulders pattern. For this bullish pattern to activate, the price needs to break above $81.69. If this level is breached, the pattern suggests a potential 4.69% gain, with prices possibly reaching $85.54. However, it's still early to determine the...
EUR/USD is currently up ahead of the Non-Farm Payrolls report. However, as long as the price stays below 1.0850, the bearish trend is expected to continue. The price is anticipated to form a lower high between 1.0823 and 1.0850, with a subsequent move down to around 1.0781, the lows seen earlier this week.
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The Spanish Stock Market Index is facing significant pressure as Euro area inflation rose higher than expected. July's inflation figures showed a 2.6% annual increase, slightly above the previous month's 2.5%, matching May 2024's level. Despite the rise in inflation, the unemployment rate has only marginally increased from 6.4% to 6.5%, still holding multi-year...
SPX is forming a potential double bottom pattern as it approaches the neckline after a half-month retracement. What are the chances of a breakout?
Since November 2023, the SPX has been on an uptrend. Despite interest rates remaining high at 5.5%, the excitement surrounding AI and tech stocks has kept the market buoyant. However, recent days have seen a market...
Current Situation:
The USDCHF is exhibiting a downtrend on the hourly chart. Recently, the pair has rebounded and is now approaching a critical area where the downtrend trendline intersects with the resistance level at 0.88800. This confluence of resistance factors could present a strong selling force, potentially halting the current rebound.
Technical...
"Since the 18th of July, NZDUSD has dropped for 6 consecutive days. This is due to the increased expectations of a rate cut by RBNZ in the upcoming meeting (14th of August). What should we expect as the NZDUSD is approaching the 0.58600 support zone?
1. Current Situation
Fundamental Analysis:
- Expectations of interest rate cuts in August by RBNZ are rising...
The USD/JPY pair is currently at significant support levels, mainly due to intervention by the Japanese Central Bank. The critical support level to watch is 154.47, the low from June 4th. If the price remains above this level, it could push towards 158.81 and 160.30.
On July 31st, the Bank of Japan will host another rate meeting. They are expected to introduce...
The breakout from the 372-day-old triangle pattern mentioned last week has failed, with the price now back below the downward-pointing trend line. As the price is within the pattern, it might seek to reach the opposite side, at 1.0691.
Yet a more realistic game plan and potential targets for bearish traders include the July 9th low of 1.0809. The trend will...
Polkadot (DOT) is waiting to catch up as Bitcoin, Ethereum, Solana, and Dogecoin soar. While some older coins have yet to make major moves, they've formed interesting patterns. DOT is one of those and has developed an inverse head and shoulders pattern over the last 36 days.
A breach to $6.50 could push the price as high as $8.11, a 24.6% increase. It's too...
Gold prices are entering a parabolic move following a breakout from a triangle pattern formed throughout most of May. We are also nearing the target of $2537, a level identified from a major inverse head and shoulders pattern reported on the ThinkMarket website in December and February.
In the short term, traders are likely to wait for a 50% correction of the...
The FT100 has formed a descending triangle over the past 53 days, with 14 showing the price settling into a small rectangle pattern. The rectangle pattern is my favourite setup, and both patterns are equally significant, making managing entries and stops easy.
A break below 8,110 suggests the stock could drop by 2.6% to 7,899, while a break above 8,284, the upper...
The Australian Stock Market Index ended last week with a powerful breakout from a 107-day-old triangle pattern. Despite corrections this pattern remains valid as long as the index stays above the breakout candle low of 7795. Between 7902 and 7795, traders are likely to seek buying opportunities on dips, aiming for the pattern target of 8197.
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