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SMC-ICT

UPDATE: USDJPY looking great for downside to 126.48 - SMC updateRising Flag formed on USDJPY The price broke down and showed further drop to come. We also had peripherals confirming. 200>21>7 - Bearish RSI<50 Target 126.48 With SMC (Smart Money Concept) First when the price broke below the Rising Flag it also made a Change Of Character (CHoCH). This just means, it broke the uptrend and into a downtrend, which confirmed. In terms of looking for supports (Level of Liquidity), we can look at previous levels. Which you can see where the target is a LOL and Sell Side Liquidity order block. I'm happy to keep holding short for now.
Short
by Timonrosso
EURUSD Potential Forecast | 20th March 2023Fundamental Backdrop 1. ECB most recently hiked rates by 50bps. 2. USD continues to face uncertainty and volatility due to the SVB crisis. 3. All eyes will be on the FOMC meeting and the Fed Fund Rate. 4. More dovish on the USD will lead to EURUSD heading higher. Technical Confluences 1. Support level at 1.0519 where price rejected off. 2. Price can potentially come up to tap into the resistance level on the H4 at 1.0794. 3. Price action continues to be very choppy. Idea EURUSD have further potential for bulls and I am anticipating for price to continue heading up. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Long
by OlympusLab
2
GOLD | NASDAQ | OIL | DECRYPTERS Hi people Welcome To Team Decrypters We Expecting RETRACEMENT From GOLD Soon ( 2.5% -3% Retracement ) We Expecting Bullish NASDAQ ( At least for short term ) We Expecting A RANGE ( LIQUIDITY GENERATION ) IN OIL and continue to distribute ( LIQUIDTY DISTRIBTUION) to the Above side , In Near Future we expect to OIL to break 80 -82 Level and hit for 88 -92 Level Apart from these Events we Also Think Banks will be SAVE eventually will be By printing Money But for now FED needs to Crush economy They can't let inflation climb Higher In our view Expect a 25 BPS Rate hike ATLEAST and hawkish statements after wards We also Expecting Recession in LAST QUARTER of this year
OANDA:XAUUSD
by DECRYPTERS
2
DXY Potential Forecast | Pre-CPI | 14th March 2023Hi everyone, back with a pre CPI forecast. Today's CPI release will be wild and will be the determining factor to solidify the general direction and bias on the USD. There has been very bearish sentiments on the USD since last Friday after NFP's release. Fundamental context 1. Employments was good, well above the forecasted or what the market has been pricing in. 2. This shows the strong labor market in the US economy. 3. However, average hourly earnings increased at a decreasing rate to 0.2% from 0.3%. 4. This shows the slowing down of the wage inflation, which is directly correlated with the inflation print and numbers, showing an important signal/sign that inflation could be worse off. 5. In addition, unemployment rate increased by 0.2% compared to previous months. 6. The average earnings and unemployment rate prints showcases the effect of the continuous rate hikes that the Fed has partaken in. 7. This directly discourages the Fed from taking on a more hawkish stance in the market, upon seeing the fruition of the restrictive policy the Fed has performed. CPI 1. If CPI were to be worse off than forecasted, this really solidifies the bearishness of the USD as it confirms that the Fed policy has been coming to fruition and there might not be a need to hike interest rates anymore. 2. However, if CPI print continues to be resilient and strong or greater than expectations, there is a marked chance that the Fed will hike interest rates by 50bps in the upcoming FOMC meeting, in which this hawkish stance will continue to drive the market bullish for the USD. 3. All eyes will be on the CPI print tonight. Regards, Chern Yu
TVC:DXYShort
by Jon_Jones_Junior
1
DXY Potential Forecast | Pre CPI | 14th March 2023Fundamental Backdrop 1. Employments was good, well above the forecasted or what the market has been pricing in. 3. However, average hourly earnings increased at a decreasing rate to 0.2% from 0.3%. 4. This shows the slowing down of the wage inflation , which is directly correlated with the inflation print and numbers, showing an important signal/sign that inflation could be worse off. 5. In addition, unemployment rate increased by 0.2% compared to previous months. 6. The average earnings and unemployment rate prints showcases the effect of the continuous rate hikes that the Fed has partaken in. 7. This directly discourages the Fed from taking on a more hawkish stance in the market, upon seeing the fruition of the restrictive policy the Fed has performed. CPI 1. If CPI were to be worse off than forecasted, this really solidifies the bearishness of the USD as it confirms that the Fed policy has been coming to fruition and there might not be a need to hike interest rates anymore. 2. However, if CPI print continues to be resilient and strong or greater than expectations, there is a marked chance that the Fed will hike interest rates by 50bps in the upcoming FOMC meeting, in which this hawkish stance will continue to drive the market bullish for the USD. 3. All eyes will be on the CPI print tonight. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
TVC:DXYShort
by OlympusLab
EURUSD Potential Forecast | 13th March 2023Fundamental Backdrop 1. NFP print came out 311k vs 224k forecasted. 2. Average hourly earnings m/m printed 0.2% compared to 0.3% forecasted. 3. Unemployment rate came out at 3.6% vs 3.4% forecasted. 4. Resulted in heavy bearish USD sentiments due to the wage inflation decreasing and unemployment rate increasing. 5. This shows the effects of rate hikes by the Fed and hence sentiments believe that the Fed now has lesser incentive to hike by 50bps in the upcoming FOMC. 6. All eyes will now be on CPI release this week and if CPI drops, we could see further downside pressure on the DXY. 7. On the EURO side of things, if Fed were to hike by 25bps in the next FOMC meeting, we can see a clear interest rate differential between EUR and the USD, giving more room for EURUSD appreciation. Technical Confluences 1. Strong bullish momentum coming in from EURUSD. 2. Price has broken the H4 resistance (now support) at 1.06912. 3. Price is resting well above the ichimoku cloud as well, showing the strong bullish intent. Idea Price can potentially come lower to tap into the key support level at 1.069. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Long
by OlympusLab
EURUSD Potential Forecast | 10th March 2023Fundamental Backdrop 1. NFP due today at 930pm GMT +8. 2. NFP print and average earnings will be key to the direction of the USD. Technical Confluences 1. Price is currently retracing and have retraced to the 0.382 on the fibonacci levels. 2. Price can potentially tap into the key support level at 1.04655. 3. Price is still in a bearish trend and I will be looking for price to create a new low. Idea I will be looking for price to continue its bearish momentum in the market and to tap into the key support level at 1.04655. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab
XAUUSD | GOLD | DECRYPTERS | NFP Hi people welcome to team DECRYPTERS Today we will discuss nfp trade plan " TECHNICAL ASPECTS " -- initial bullish strucutre -- bouncing from 0.618 fibo -- bouncing from 200 daily ema -- SMC involved (recent smc reversal as j-s) --Bearish harmonic pattern forming (last leg remaining to the up side ) --0.618 fibo level target -- VIX 21 % up side (expecting reversal) --DXY liquidity grab done , now expecting move to the down side --LASTLY , tomorrow is Friday " FUNDAMENTAL REASONS " -- Last NFPdata was up 50% - 60% of avg nfp data( 300k) -- if we look at pump ( we should expect some retracement) --thursday unemployment data shows more people un employedmeaning less people at nfp so expecting less data.
PEPPERSTONE:XAUUSDLong
by DECRYPTERS
Pre-NFP Analysis | 9th March 2023Fundamental Context 1. Fed Powell's speech that "Fed is prepared to speed up rate rises if warranted by data releases", resulted in strong bullish pressure on DXY and USD across markets. 2. A few US data releases has coincided nicely with Powell's speech. 3. ADP Non-Farm Employment Change came out at 242000 jobs compared to a forecasted 197000 and 119000 previous. 4. JOLTS Job Openings came out at 10.82m compared to a forecasted 10.58m, beating expectations. 5. All eyes will be on NFP releasing tomorrow. 6. Given the recent strong USD fundamental news release, there is reason to believe that the NFP print will come out stronger than expected, which will highlight the resilience of the US economy once again. At Olympus Lab, we believe that the USD can continue heading bullish in the market. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
TVC:DXYLong
by OlympusLab
EURUSD Potential Forecast | 8th March 2023Fundamental Backdrop 1. Fed Powell mentioned yesterday that the Fed will not hesitate to hike rates at a faster pace if data shows the resilience of inflation and the US economy. 2. This resulted in strong bearish pressure and momentum coming into EURUSD. Technical Confluences 1. Price has officially broken structure. 2. Lower highs and lower lows has been formed. 3. There is a high probability that price can tap into the key support at 1.0465. Idea I will be looking for price to continue its bearish momentum in the market and for price to tap into the H4 support level at 1.0465. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab
1
XAUUSD Potential Forecast | 7th March 2023Fundamental Backdrop 1. NFP this week will solidify the bias for GOLD. 2. There have been alot of bullish sentiments in the market surrounding GOLD. Technical Confluences 1. Price has followed our previous forecast and have broken the H4 resistance (now support) at 1846. 2. Price have retraced and looks good to continue heading up to tap into the next H4 resistance at 1862. 3. Price is hovering well above the ichimoku cloud, signifying strong bullish intent in the market. 4. All eyes will be on NFP this Friday to dictate the future direction on GOLD. Idea If NFP comes out to be worse than expected, we can see bullish pressure coming in onto GOLD. However, if NFP comes out good, signifying the resilient economy of the US, price can flip bearish for GOLD. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
OANDA:XAUUSDLong
by OlympusLab
EURUSD Potential Forecast | 7th March 2023Fundamental Backdrop 1. Given Jan's whopping NFP print of 517k jobs, will the job market continue its resilience and stay strong consistently? Or was the month of January just an anomaly? 2. EUR is also riddled with plenty of economic news and data releases such as the retail sales m/m and CPI news release. 3. Mixed sentiments surrounding the USD due to the "hot and cold" data news releases, from the poor durable goods orders m/m due to Boeing , to the decent ISM manufacturing index and to the weakening consumer confidence in the US. 4. However, NFP will provide a confirmation to the upcoming bias for the dollar. Technical Confluences 1. Price is currently rejecting off the H4 resistance at 1.0685. 2. Price could potentially retrace to the next LTF support at 1.0622 where the ichimoku cloud lies which can also serve as a dynamic support. Idea Price could potentially tap into 1.0622 before heading back up. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab
EURUSD Potential Forecast | 3rd March 2023Fundamental Backdrop 1. US Unemployment Claims were better than previous from 192k to 190k. 2. Unemployment dropped which showed that the the labor-market is improving . 3. Still alot of mixed sentiments in the market due to the mixed results of US data releases. 4. All eyes will be on NFP next week to see if the strong result will continue. Technical Confluences 1. Price is currently respecting the H1 area of support at 1.0576. 2. Will be looking for price to undergo a retracement to the H1 resistance at 1.0634. Idea Expecting price to continue heading down after tapping into the H1 level of resistance. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab
2
GBPJPY Potential Forecast | 2nd March 2023Fundamental Backdrop 1. BOE continues to face higher inflationary pressures which will prompt the BOE to take on a more hawkish stance in the market. 2. BOJ continues to ease, dovish stance is continued. 3. This interest rate differential continues to be a key factor in the appreciation of the GBP over the JPY. Technical Confluences 1. Price is still on a bullish trend forming higher highs and lows. 2. Price is resting well above the ichimoku cloud, signifying bullish intent in the market. 3. Price retraced to the key H4 support level at 161.7 and continued bullish and is currently flirting the level at 163.7. 4. Price can potentially head to the lower timeframe support at 162.8 before heading back up. Idea Will be looking for price to tap into the support at 162.8 before continuing its bullish trajectory where longs will be taken upon proper confirmation. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Long
by OlympusLab
2
XAUUSD Potential Forecast | 2nd March 2023Fundamental Backdrop 1. US consumer confidence printed a decrease and durable goods order coming in bad. 2. However, US ISM Manufacturing PMI was better than previous from 47.4 to 47.7. 3. Mixed sentiments surrounding the dollar. 4. All eyes on FOMC to see the overall US economy. Technical Confluences 1. Price is still on a bearish trend, forming lower lows and highs. 2. Across the past week, price has been very bullish on GOLD, and price is currently retracing. 3. Price retested the H4 support level at 1824.6 and continued higher. 4. Anticipating a new high to be formed. Idea Expecting price to continue its bullish trajectory to the resistance at 1862.5. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
OANDA:XAUUSDLong
by OlympusLab
AUDUSD Potential Forecast | 1st March 2023Fundamental Backdrop 1. USD more hawkish than AUD, with a potentially higher terminal rate. 2. US economy continues to be very resilient, taking the USD by strength. Technical Confluences 1. The overall bias for AUDUSD on the H4 chart is bearish. 2. Price is on a bearish trend, forming lower lows and lower highs. 3. Price could potentially retrace to the H4 resistance level at 0.678. 4. Anticipating price to retest the weekly support level at 0.662. 5. Price has already broken multiple structures to the downside. 6. Price is resting below the ichimoku cloud, signifying bearish intent. Idea I will be looking for price to continue its bearish trend and for price to tap into the weekly support level at 0.662 before price could potentially head bullish. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab
GBPUSD Potential Forecast | 1st March 2023Fundamental Backdrop 1. Inflation for the GBP continues to be very high. 2. Pessimistic outlook on the economy for GBP as upcoming GDP m/m is widely forecasted to be printed negative, showing the recessionary phase the economy is in. Technical Confluences 1. The overall bias for GBPUSD is bearish and price can retest the daily support level at 1.186. 2. Price has been on a bearish trend for GBPUSD and is forming lower lows and lower highs as seen by the red highlights signifying the highs and lows. 3. Price rejected off the H4 resistance level at 1.213 and has seen continued bearish. Idea I will be looking for price to possibly retest the support at 1.186. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab
EURUSD Potential Forecast | 1st March 2023Fundamental Backdrop 1. FX market has been very data driven. 2. Consumer confidence declined again in February, printing 102.9 compared to a forecast 108.5. 3. Along with the durable goods order printing -4.5% m/m compared to forecast, this resulted in heavy bullish momentum coming in on the EURUSD. 4. However, due to the strong economic resilience of the US, with retail sales previously printing very positively, and inflation remaining heightened, USD has further upside potential and EURUSD can continue heading down. Technical Confluences 1. The overall bias for EURUSD is strong bearish and price can potentially create a new higher timeframe beyond 1.05327. 2. Price is on a retracement and have since partially corrected half of the bullish movement from Monday to Tuesday. 3. Price is still on a bearish trend, forming lower lows and lower highs. 4. Price has tested the resistance level at 1.0633 and bearish continuations ensued. Idea I will be looking for price to possibly retest the resistance at 1.0595 before bearish movement continues and for price to potentially form a new low at 1.05327. NOT FINANCIAL ADVICE DISCLAIMER The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas. We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades. Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks. OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Short
by OlympusLab