FXSUSDTWe have a reliable trend line that has been tested several times by the price. Also, there is a historical support at this point that can cause the price to rise. In my opinion, it can be a good place to buy.
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CAD/JPY EXPECT BULL SOONFirst, if you found this helpful please like and leave a comment in the comment section for more discussion, and don't also forget to follow for more updates
Let us traders watch out for this pair this coming week. If the price brake to the upside that means I m on point and the price is facing WAVE C to complete the zigzag correction.
Goodluck
Potential Sell Opportunity - GBP/NZDI will be considering a sell when the 1HR closes. The market must trade through the current 1HR Low for a validated entry. The market is reacting beautifully to the 2.01000 level with rejection. Also the 20EMA/50MA are in a confirmed downtrend. I will be taking this trade into new lows as a target.
Beautiful Buy Setup On GPB/JPYA really nice buy setup has presented itself on gbp/jpy. We can see the market has retested 171.000 perfectly and has shown a bullish close on the 1HR timeframe. We are also in a strong trend to the upside confirmed by the 20EMA and 50MA.
Target for me is the market to make a new high.
Beautiful Buy Setup - Bullish Flag Pattern USD/JPY A very clean buy setup has presented itseld on USD/JPY. We can see a clear bullish flag pattern form right within a discounted Fibonacci retracement zone. We can also see price is respecting the 78.60% very nicely & the lower region of the flag pattern trendline.
USDCAD: Your Trading Plan 🇺🇸🇨🇦
USDCAD is trading in a bearish trend on a daily.
The price is currently testing a key horizontal resistance.
Approaching that, the price formed a head & shoulders pattern on 1H time frame.
1.3522 - 1.353 is its neckline. To short with a confirmation, wait for its bearish breakout (1H candle close below that).
Sell aggressively or on a retest then.
Goals will be 1.3493 / 1.3456
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GOLD prices decline on US Dollar strength and Fed tighteningThe price of gold has remained low for a second consecutive day, in response to a slight uptick in the US Dollar. The expectation of further policy tightening by the Federal Reserve has bolstered the US Dollar's appeal, causing it to attract buyers on Monday and, consequently, contributing to the decline in gold prices. Market participants now seem to believe that the Fed will continue raising interest rates to combat high inflation in the US, with a 25 basis point increase expected at the next Federal Open Market Committee (FOMC) policy meeting in May already fully priced in. Additionally, the Fed funds futures market indicates a low likelihood of another rate hike in June. From a technical standpoint, the price of gold has slightly rebounded today, but it remains within a bearish continuation pattern. Our analysis suggests an imminent bearish movement for the metal.
EUR/USD Recovers Despite Eurozone Manufacturing ContractionDespite the mixed Eurozone PMIs, the EUR/USD has recovered ground and risen above 1.0950. According to the latest manufacturing activity survey by S&P Global research released on Friday, the Eurozone manufacturing sector unexpectedly contracted further in April. The Eurozone Manufacturing Purchasing Managers Index (PMI) arrived at 45.5, falling short of both the expected 48.0 and the previous 47.3, resulting in the index reaching a 35-month low. On the other hand, the bloc's Services PMI advanced to 56.6 in April, surpassing the forecasted 54.5 and March's 55.0, hitting a 12-month high.
Looking at the technical analysis, the price has shown numerous rebounds on the dynamic trendline, which is still serving as a solid support level. The main trend in the higher timeframe remains bullish, and there is a possibility of continuation of this trend in the long view for the EUR.
NZD/CAD Pair Falls on Soft Inflation and Stronger USDDuring the first half of the European session on Friday, the NZD/CAD pair experienced significant selling pressure for the second consecutive day, leading to a five-week low. The NZD was particularly affected by the release of domestic consumer inflation figures on Thursday, which were softer than anticipated, resulting in a less hawkish stance by the Reserve Bank of New Zealand (RBNZ). On the other hand, the Federal Reserve (Fed) is expected to continue raising interest rates, benefiting the safe-haven US Dollar (USD) amidst a softer risk tone. Consequently, the NZD/CAD pair decreased on the last day of the week.
Based on technical analysis, there was a breakout of a bearish pattern within a Bearish channel after a pullback on the 61.8% Fibonacci level and the Dynamic trendline of the upperside of the channel, suggesting a potential AB=CD Pattern of continuation. As a result, it is possible that the NZD/CAD pair will continue to decrease over the next few days.
EUR/USD: All you need to know in this analysis.The USD is being buoyed by the latest economic report, the Fed’s Beige Book, which revealed that economic activity has remained steady in recent weeks, and that credit conditions have understandably tightened following the banking crisis. Additionally, St. Louis Fed's Bullard has been advocating for further rate hikes to counteract persistent inflation and exaggerated recession fears. The recent strong Q1 earnings reports from major US banks like JP Morgan and BofA have also helped to bolster the USD after the sector's crisis in March.
Meanwhile, Euro is receiving support from the expectation that the ECB will pursue interest rate hikes, contingent upon economic data. The health of the region’s banks, as revealed by the ECB Bank Lending Survey (BLS), which is scheduled to be released on May 2, will be a crucial factor in determining whether the ECB proceeds with aggressive rate hikes. ECB Chief Economist Philip Lane has also emphasized the importance of April's HICP inflation in shaping the outlook on rates.
In terms of technical analysis, the EUR/USD is currently in a robust uptrend, supported by a dynamic trendline acting as support. Following a pullback on the 61.8% Fibonacci level, the price appears poised to continue its upward trajectory and reach the D point of the AB=CD Fibonacci pattern, indicating a long continuation.
As for upcoming data releases, the ECB's minutes, a speech by ECB President Christine Lagarde, and the April Consumer Confidence report will be of particular interest to those tracking the Euro, while Fed commentary, Initial Jobless Claims, and Philadelphia Fed Manufacturing will be the primary releases for the US Dollar.
NZDCAD: Bearish Move From Key Level 🇳🇿🇨🇦
NZDCAD broke and closed below a key daily structure support last week.
Today, we see its retest.
The price formed a double top pattern on an hourly time frame, testing that.
Its neckline has been just broken.
I expect a trend-following movement now.
Goals: 0.8289 / 0.8273
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EUR/USD Direction Unclear ECB Rate Hike Pace Divides InvestorsThe Euro currency is experiencing a lack of clear direction as investors hold conflicting opinions regarding the European Central Bank's (ECB) potential rate hike pace during its May monetary policy meeting. Some investors remain unconvinced that ECB President, Christine Lagarde, will reduce the pace of policy-tightening to 25 basis points (bps) during a time of critical Eurozone inflation.
From a technical standpoint, the currency has undergone a second retest of the 50% Fibonacci level after experiencing a pullback to the 61.8% level. This pattern commonly reflects an AB=CD formation, leading to the creation of a new swing high. Today's market developments will be crucial in determining the Euro's direction, and our forecast predicts a long setup.