EUR/USD Daily Chart Analysis For Week of June 14, 2024Technical Analysis and Outlook:
The Eurodollar has achieved two of our downward trend targets in the current week's trading: Mean Support at 1.075 and 1.067, respectively. The remaining downside targets continue to be valid. The ultimate target for the completed Inner Currency Dip is 1.060 and 1.054; out of most, the completed Outer Currency Dip is 1.045. On the upside, the dead-cat rebound is set to target Mean Resistance at 1.073.
Currency
EURGBP Will Go Down From Resistance! Short!
Take a look at our analysis for EURGBP.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 0.843.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 0.836 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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EURCHF Will Move Lower! Short!
Please, check our technical outlook for EURCHF.
Time Frame: 3h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 0.968.
The above observations make me that the market will inevitably achieve 0.963 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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GOLD Will Go Down! Sell!
Take a look at our analysis for GOLD.
Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 2,314.851.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 2,290.400 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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NZDJPY Is Bullish! Buy!
Here is our detailed technical review for NZDJPY.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 96.950.
Taking into consideration the structure & trend analysis, I believe that the market will reach 97.390 level soon.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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USDJPY Will Fall! Sell!
Here is our detailed technical review for USDJPY.
Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 157.343.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 157.222 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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SILVER Is Going Up! Buy!
Please, check our technical outlook for SILVER.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 29.428.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 31.535 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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SPX500USD Is Very Bullish! Long!
Take a look at our analysis for SPX500USD.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 5,386.5.
Considering the today's price action, probabilities will be high to see a movement to 5,439.7.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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NAS100USD Will Go Up From Support! Buy!
Take a look at our analysis for NAS100USD.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 19,001.1.
Considering the today's price action, probabilities will be high to see a movement to 19,199.3.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GOLD Is Going Down! Sell!
Take a look at our analysis for GOLD.
Time Frame: 8h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 2,306.082.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 2,255.530 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Like and subscribe and comment my ideas if you enjoy them!
AUDCAD Will Go Higher From Support! Long!
Here is our detailed technical review for AUDCAD.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 0.911.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 0.919 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GBPJPY Is Bearish! Short!
Please, check our technical outlook for GBPJPY.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a significant resistance area 200.139.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 197.012 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
Like and subscribe and comment my ideas if you enjoy them!
GBPUSD Will Grow! Buy!
Please, check our technical outlook for GBPUSD.
Time Frame: 1h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 1.270.
The above observations make me that the market will inevitably achieve 1.273 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!
NZDCAD Will Go Higher From Support! Long!
Here is our detailed technical review for NZDCAD.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 0.841.
Taking into consideration the structure & trend analysis, I believe that the market will reach 0.845 level soon.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
Like and subscribe and comment my ideas if you enjoy them!
SPX500USD Is Very Bullish! Long!
Here is our detailed technical review for SPX500USD.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 5,339.5.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 5,407.5 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
Like and subscribe and comment my ideas if you enjoy them!
EURCHF Is Bearish! Sell!
Please, check our technical outlook for EURCHF.
Time Frame: 2h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 0.968.
The above observations make me that the market will inevitably achieve 0.965 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
Like and subscribe and comment my ideas if you enjoy them!
NZDUSD Will Move Higher! Buy!
Take a look at our analysis for NZDUSD.
Time Frame: 3h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 0.610.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 0.612 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
Like and subscribe and comment my ideas if you enjoy them!
BITCOIN Will Go Down! Short!
Here is our detailed technical review for BITCOIN.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 69,484.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 68,495 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!
EURAUD Will Go Higher! Long!
Please, check our technical outlook for EURAUD.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 1.641.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 1.645 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Like and subscribe and comment my ideas if you enjoy them!
DXY Will Go Up From Support! Buy!
Take a look at our analysis for DXY.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 104.346.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 105.651 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Like and subscribe and comment my ideas if you enjoy them!
(BTC) bitcoin "volume"The volume measures of now versus the past are at a height that is as high as when Bitcoin was at a previous all time high years ago. The main difference now versus then in case people have already forgotten is the fact that the halving means a difference in value for mining and the capacity to hold blocks, mine block, transact blocks. The current volumes are high as they ever were in the past with a decrease in mining value and an increase in large in flows from ETF transactions with holdings being done through Coinbase to afford outsiders that want to use bitcoin to invest without being the physical holder of the BTC.
The price of Bitcoin falling due to such high volumes is less likely when taking into consideratipn where the volume came into play in the first place and the halving change values.
Will there be people that will use Bitcoin to transact during the Olympics to keep their transactions private internationally? How likely is the usage of Bitcoin in the real world coming? The sooner the realization of Bitcoin as a transactional digital currency internationally is understood the stronger the usage.
You will have to make your own mind about whether the volume can go higher in the pink dot range and if the value of Bitcoin in your own mind is going to continue to increase, remain neutral thus allowing the pink dots to slowly decrease in height, or physically decrease in share value per BTC.
USOIL Is Going Down! Sell!
Take a look at our analysis for USOIL.
Time Frame: 2h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 75.96.
Considering the today's price action, probabilities will be high to see a movement to 74.80.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!
US100 Is Very Bearish! Short!
Here is our detailed technical review for US100.
Time Frame: 8h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 19,056.1.
Taking into consideration the structure & trend analysis, I believe that the market will reach 18,811.5 level soon.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Like and subscribe and comment my ideas if you enjoy them!