Decline in the Yen (UJ) impacts the Dollar (USD)During the past trading week, the USDJPY currency pair closed at 151.342. This signifies that within the market context, the Japanese Yen has maintained its strength against the US Dollar. Based on these developments, the forecast for the upcoming week is for the downward trend to persist.
From a technical standpoint, charts and technical indicators have indicated a significant decline in USDJPY. This occurrence typically arises when concerns regarding the US economy emerge. Additionally, from a fundamental perspective, economic data has also pointed towards some uncertainties surrounding the US economy, leading to an increase in demand for the Yen (UJ). This could potentially result in a depreciation of the Dollar (USD) against the Yen (UJ) in the upcoming period.
Support
Consider short-term buying of Euro in the upcoming periodBased on the daily timeframe analysis, we observe that the price of Euro is currently below both the EMA 34 and EMA 89 lines. Particularly, the EMA 34 is trending downwards and shows signs of crossing below the EMA 89 in the near future.
This indicates a potential downtrend for the Euro towards the support level at 1.0709. Investors and traders may need to pay attention to short-term trading opportunities in this context, with profit potential from buying into the mentioned support zone.
However, monitoring market trend developments and other technical signals is crucial to ensure accurate and effective trading decisions.
Gold price analysis for the week aheadIn the serene atmosphere of the Easter holiday, the price of gold is currently holding at an all-time high of $2,236 USD. Most major markets around the world remain closed, despite the US releasing its core PCE inflation figures, a preferred inflation gauge of the Federal Reserve. Investors are expressing confidence in gold as they anticipate the Federal Reserve to cut interest rates three times in the coming months.
Looking at the weekly chart, there are still indications that the price will continue to rise in the near future. However, it is expected that in the upcoming week, the price may experience a short-term retracement towards the support level around $2080, before resuming its upward trajectory.
BTC continues to maintain its upward trendBased on technical analysis, following the price increase on Monday, the price has continued to maintain stability within the range of 68.480 - 71.740.
Technical indicators suggest that prices will still continue rising in the near future, with the potential to break through the nearest resistance level at 71.786.
This indicates the strength of buying pressure and the continuation of the upward trend in prices.
GBP/USD dropped sharply after breaking the 1.2590 support zoneGBP/USD is under relentless selling pressure, dipping just below the 1.2600 mark during Thursday's European trading session.
The resurgent dominance of the US Dollar (USD) has exerted a formidable force on GBP/USD throughout the latter part of the week.
It is expected that the price will drop sharply if it breaks the support zone of 1.2590.
USD/JPY is holding steady at 151.40 and is expected to declineTechnical analysis indicates that the EMA 34 has crossed above the EMA 89, forecasting a continuation of the upward trend. However, the USD/JPY is currently moving sideways and stabilizing around 151.40, and forecasted decline due to the cautious stance of the Bank of Japan (BOJ) on interest rates.
Japanese Finance Minister Suzuki expressed concern about the volatility of the USD/JPY and readiness to intervene to ensure exchange rate stability, emphasizing the importance of currency stability.
EUR/USD dips below 1.0800, forecasting a notable declineEUR/USD pair broke below the 1.0800 threshold on Thursday, hitting a new low for March at 1.0773-1.0774. Despite bouncing back from such lows, the pair still maintains a negative tone and stability around the 1.0790 price level.
The US dollar has benefited from positive comments from the Federal Reserve officials, with Governor Chris Waller confirming that the central bank is not keen on swiftly cutting interest rates.
Of note, the US dollar has gained momentum from upbeat remarks by Federal Reserve officials. Governor Chris Waller even affirmed that the central bank has no intention of hastily reducing interest rates.
In the near term, the 4-hour chart also continues to support the downtrend as EUR/USD remains below the 39 and 89 EMA lines, indicating the potential for a significant decline. Other technical indicators continue to decrease into negative territory, reflecting increased selling pressure.
Gold Forecast is to riseWhile US bond yields are rising, the price of gold continues to trend upwards. Strong statements from a Federal Reserve policymaker and positive economic data from the US have kept both the US dollar and gold stable. Currently, XAUUSD has increased by more than 1.20%.
The upward trend in gold remains intact after surpassing the previous peak at 2,223 and establishing a new high at 2,236. This trend is expected to continue without signs of weakening. Technical indicators also support this positive trend. Therefore, the likelihood of price increases is higher if buyers continue to hold gold trading prices higher, paving the way for a challenge to the $2,300 level.
However, if XAU/USD drops below $2,200, consider selling gold, with support likely around $2,146. This could lead to a significant decline in the price of gold, pushing XAU/USD down to $2,100 and subsequently to $2,088
Alikze → GRT| Swing failureAt time W1, D1 is currently returning in the form of a three-wave movement after a corrective cycle. Therefore, in the range of the green box, after the failure of the swing, it can continue its growth with a pullback to the specified range, at least up to the range of 0.34, and then in the Fibonacci levels, which are areas with supply areas.
🟩Sup: 0.1587 - 0.1953
⛳️Tp 1:0.3418
⛳️ Tp2 : 0.5047
⛳️ Tp3 : 0.8546
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Should we sell GBP/USD?GBP/USD is facing downward pressure and has slightly dropped below the 1.2600 level during the European trading session. However, market volatility could increase towards the end of the European session, potentially necessitating a retest of the support zone at 1.2584 during the U.S. session.
📉📈 PYTH Support and Potential Upside! 🚀💹
📊 Analysis:
Support Zone: PYTH is compressing down to $0.905, indicating a support zone.
Building Up: Signs of building up are observed in this support area.
Laddering In: Consider laddering into positions at this level.
Next Support: If $0.905 fails, next support likely at $0.80.
📈 Trade Plan:
Entry: Initiate a trade around $0.905.
Take Profit: Target set at $1.10 for potential upside.
Stop Loss: Place just below $0.78 to manage risk.
🌟 Note: Stay vigilant for any shifts in market dynamics and adjust strategies accordingly! 🌐🚀 #PYTH #Support #TradePlan 📊📈
BTC Market AnalysisCurrently, Bitcoin is experiencing a simultaneous price surge with indications suggesting it will break through the resistance level of 71,649.
It is anticipated that after surpassing this level, the price will continue to rise significantly.
There are predictions that Bitcoin may approach the level of 73,862 in the near future.
Following this milestone, there is a possibility that the price will undergo a corrective phase before rebounding towards the support zone at 68,409
What do you think about USD/JPY?In today's London trading session, the USD/JPY pair maintained stability within a narrow range around the 151.30 level. Market forecasts suggest that this pair may continue to fluctuate within this tight range, potentially experiencing a slight decline before rising to confront the resistance zone at 151.977. However, there is a possibility that it may subsequently revert to a downward trend in the near future.
Overall, the USD/JPY pair is still undergoing a significant decline, and investors may need to closely monitor market developments to make informed investment decisions.
waiting for the big resistanceOANDA: XAUUSD. The trend appears to be bullish, but there is a minor resistance system in its way. It's recommended to wait for the price to react to the trend line. If the price reacts as expected, the next significant resistance would be an excellent opportunity to take a short scalp position.
remember the trend is leading to higher peaks.