USD/JPY jumps as jobless claims improve and retail sales beat estimates. An ascending triangle targets 149.91, in play above 146.99.
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Silver prices have been under pressure in recent weeks, but that hasn't always been the case. Earlier this year, we identified a breakout that suggested a potential 25% increase in price, which largely materialized. Now, the price has returned to the ascending triangle breakout point around the $26 level. The market has bounced off this level, and as long as it...
Is this the breakthrough for EUR/USD bulls? After two failed attempts to break higher from wedge patterns in July and early August, it seems bulls may be third time lucky as the price has triggered an ascending triangle pattern. This pattern suggests that EUR/USD could reach as high as 1.1254, provided it stays above yesterday's low of 1.09. Resistance remains at...
Gold traders are banking on Middle Eastern tensions to escalate, pushing prices near the previous high of $2,487 and forming an ascending triangle pattern. Ideally, prices would consolidate or dip slightly, solidifying the pattern and increasing the chances of a successful breakout.
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Could this week’s slide in ETH be the last buying opportunity before Trump potentially takes over in November and turns the U.S. into a crypto powerhouse? Or is it just the start of a bigger bearish move, with the 🇺🇸 unemployment rate possibly hitting 5.5% in the coming months?
Keep a close eye on $1,998. If we remain above this level, the price will stay in the...
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...
