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USDJPY returns to its proving groundToday's focus USDJPY Pattern – Resistance test. Possible targets – 138.50 (Upside) 136.30 (Downside) Support – Resistance – 137.75 Here we are again back at the 137.75 area that has stopped USDJPY rallies since it developed around December 2022. This is the fifth rally from buyers that has tested this area. Will we finally see a break of this level this time around, or will we see sellers continue to hold firm? In our opinion, a lot will come down to yen strength as it was driving the run. The JPN225 has also been staring, hitting levels close to its 2021 high. If we see a small retreat, that's not a bad thing, but we want to see a quick HL and new test of resistance to show buyers hold momentum. A move back below 136.30 or a new LH followed by a new move lower below resistance will be a worry around buyer strength. What do you think? Will we see a break of this level today or during the rest of the week? Thanks for stopping by. Good trading, and have a great day.
by Eightcap
Nzd/usd short term swing trade Hello traders Nzd/usd has possible upside higher time frame suggests bullish condition we have seen sharp move up breaking 0.64680 institutional level and the market dropped 0.61420 to buy at a good price . price comes at that area to buy more price love that level we can target to fill up the void this can take sometimes or faster depending on how fast they want to get to the level we need to get that pull back . we just have to be patient .
Long
by UnknownUnicorn11253106
CADJPY: The 1D MA50 is crucialCSDJPY is on the rising Channel of its medium term Channel Up, rebounding on the 1D MA50. The 1D technicals are neutral (RSI = 53.031, MACD = 0.270, ADX = 28.072) and that always favors technically the dominant trend. So as long as the price is inside the rising Channel, our target will be the 1D MA200 (TP = 101.350). If a candle closes under the rising Channel and ideally the 1D MA50 as well, we will sell targeting the bottom of the Channel Up (TP = 96.000). The 1D RSI is on a HL trendline. Technically a low risk buy will be on that line. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
by InvestingScope
2
Forex Update: EURUSD struggling at resistance with ECB to comeToday's focus EURUSD Pattern – Resistance stall Possible targets – 1.1165 Upside 1.0965 downside Support – Resistance – 1.1065 Indicator support – ECB meeting MA slope up With the ECB to come, we are focusing on the EURUSD as price continues to be held at 1.1065 resistance. Price has continued to trade in an up trend but, for now, remains held back at resistance that started in April. The ECB could be a short-term catalyst tonight. Rates are expected to be increased by 25 points. The talk is that the ECB could step back as core inflation slowed to 5.6%, and the inflation figure sits at 7%. A larger-than-expected credit drop and tighter leading criteria are other factors that could maintain the trend of small hikes. Another 25-point hike is forecast for June. Another possibility could be a reduction in the balance sheet. QT has already been happening with a reduction in the massive bond holdings. Price-wise, we will need something positive from the ECB to drive the EURUSD higher. Price continues to weaken at resistance, and the USD, another factor, continues to firm today. If the ECB confirms that rates may not rise as much as expected, it could push the EURUSD lower, maintaining resistance. If we see a hawkish surprise in the statement, this could be enough for price to break resistance and start a new leg higher. Don't forget about the USD and tomorrow's NFP. The USD is holding above 100.80 support, and if it can form a solid comeback with a more dovish ECB could set the EURUSD up for a leg lower. Thanks for stopping by. Good trading, and have a great day.
by Eightcap
Forex Update: AUDCHF continuation watch.Today's focus AUDCHF Pattern – LH - Continuation Possible targets – .5920 .5875 Support – .5951 Resistance – .5875 Indicator support – MA sloping down, CCI 0 Cross Hi and welcome to today’s update. Today we are watching the AUDCHF and wondering if we will see a new continuation lower that will maintain the current downtrend. Yesterday buyers made a solid move after the RBA rate hike but the move was cut down through the US session. We have run over the triggers we are looking for to confirm our continuation idea and watch to watch out for what could invalidate this idea. Another factor could be tomorrow morning’s FOMC. If this ends up giving the AUD a boost it could invalidate the the signs we are seeing currently. The FOMC will be released at 4:00 am AEST Thursday morning. Thanks for stopping by. Good trading, and have a great day.
Short
by Eightcap
GBPUSD Outlook for the Week AheadThe GBP/USD currency pair has recently seen bullish pressure take control, with bears unable to invalidate the crucial demand/support zone at 1.23823. Over the past two weeks, the 1.25044 supply/resistance level has successfully held, prompting the question: what's next for the GBP/USD pair? To answer this, we'll analyze the daily, 4-hour, and 1-hour candlestick charts. The daily chart reveals a significant supply/resistance level at 1.26080, near the psychological 1.26000 price level. The bullish trend is evident as long as the 1.25044 level holds, with the price above the 20-day EMA and MACD zero level. Should the 1.25000 zone fail to hold the price, a push down to the nearest demand/support zone at 1.21821 is expected. Similar bullish trends are observed in the 4-hour and 1-hour charts, with the price trading above the 20-period EMA and MACD zero level. The multiple timeframes support the uptrend, with the next week's price movements being closely watched. However, the technical outlook for GBP/USD remains uncertain, with market sentiment being the key driver. The range between 1.2350 and 1.2550 offers potential range-bound opportunities, with a daily candle close above or below the range top or bottom being key for bullish continuation or a deeper correction to the downside. Retail traders are currently short on GBP/USD, but a contrarian view suggests a short-term bullish bias. While no major news is expected for the GBP next week, the USD has several high-impact news events, such as the ISM Manufacturing PMI, JOLTS Job Openings, ADP Non-Farm Employment Change, FOMC Statement, Federal Funds Rate, and Unemployment Rate, among others. These events could potentially affect the GBP/USD pair, making it essential to monitor technical indicators and upcoming news to identify potential shifts in market sentiment.
Long
by ClintOnos
EURUSD: Hit the 4H MA100 and is rebounding.EURUSD is trading inside a Channel Up that is holding for more than 1 month. The neutral 1D technicals (RSI = 55.804, MACD = 0.006, ADX = 27.998) indicate that this is the ideal short term buy entry. The 4H RSI also shows that yesterday's Low may be the same as April 10th. As long as the price is closing inside the Channel Up, we remain long, targeting the 1.618 Fibonacci (TP = 1.11750). A closing under the Channel targets first S1 and the 4H MA200 (TP = 1.09100) and if extended then S2 and the 1D MA50 (T{ = 1.08330). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
1
DXY - US Dollar should riseWe've just had a decent pullback and now we could get the bounce. The US fiscal flows have gone into surplus. What does that mean? It means the US Treasury is taking more out of the system than they put in. This means they are taxing more than they are spending. When a government taxes they destroy the currency. This means there are fewer dollars in the system than in March and we could go back to the Late September levels. Fewer greenbacks in the system could mean the scarcity effect increases what people are willing to pay. There is also the coming rate hike in a couple of weeks' time.
TVC:DXYLong
by Macrobriefing
EURUSD 25/04/2023 UPDATEHi Traders! Our EURUSD idea on the 25/04/2023 was absolutely smashed, which resulted in a fantastic risk to reward setup. We reached the price target of 1.10760 before retracing around the 1.0956 level which is the now the new resistance. There was a further push to the downside and we are now ranging looking for direction, trading opportunities will come soon and will post as soon we find any. Make sure you stay tuned! As always, your support is greatly appreciated! BluetonaFX
by BluetonaFX
EURJPY buyers setting up for a new push higher? Today's focus EURJPY (EURUSD & GBPUSD) Pattern – trend continuation Possible targets – 148.30 – 148.65 Support – 146.65 Resistance – 148.30 Indicator support – hard sloping EMA, 0 line dip and break. Looking at the EURJPY, we can see that buyers have started to set up a new continuation pattern after yesterday's fightback buyers have set new highs today but still remain below Tuesday's selloff. Yesterday's fightback bounced off 146.65 and reconfirmed that level as support. We want to see buyers continue to push higher today and hopefully retest 148.30. At a minimum, I'd like to see price close above yesterday's high. The EMA remains on a firm upward slope, supporting buyer momentum. The CCI has dipped and moved back above the 0 line, a solid sign that supports a continuation. Indicators only support a set-up they can't predict. If price reverses, this could change their current display. This pattern is not just seen on the E/J. We have also looked at the EURUSD and GBPUSD in the video, as they are also showing a similar pattern. Those two markets also have resistance and ranges to beat to confirm their continuations with a breakout. Thanks for stopping by. Good trading, and have a great day.
Long
by Eightcap
BluetonaFX - EURUSD 1H Chart Trade IdeaHi Traders! We had a breakout of the short term resistance level of 1.10004 which then led to a pullback around the 1.10671 level as the market tried to re-test the main resistance level of 1.10760 which made a double top formation. If the market stays below 1.10671 we are likely to see a re-test of 1.10004 as support with the 100 moving average also near that level at 1.09983, any breaks above 1.10671 we are likely to see another re-test of the main resistance at 1.10760 and if that breaks, there is potential of a further push to the 1.11000 level. Please don't forget follow, like and comment, there will be plenty more to come from us over the next few days and weeks - your support is greatly appreciated! BluetonaFX
by BluetonaFX
2
Can the USDJPY get the trend back in play?Today's focus USDJPY Daily Chart Pattern Support hold/trend continuation Possible targets – 134.95 – 137.35 Support -133.90 – 133.70 Resistance –134.70 – 134.95 Indicator support – Price above MA with upslope CCI above 0 line Will today's push higher turn into something more on the USDJPY? Buyers so far have set the tone with a 0.42% rally to today's high. Some selling has taken hold in the last hour, but if buyers can hold the move, we are looking for a new move to test resistance, and if that area can be beaten, we could see a new move to 137.35 if a new trend continuation is confirmed. Support remains at 133.90. If sellers cut down today's move and break support, then this idea is nullified for now! We need to see support hold and preferably a solid finish on today's candle. The BOJ meets this Friday, and questions remain about policy regarding bond yields. Keep an eye on this, as we have seen some volatile meetings previously. Will we finally see a break of resistance after last week's latest hold? Thanks for stopping by. Good trading, and have a great day.
Long
by Eightcap