GBP/USD is struggling in its correction and rally through the trendline resistance, meeting supply at the mid-point of the 1.31 handle with a bearish bias entering the charts. At the time of writing, GBP/USD is trading at 1.3109 having travelled from a high of 1.3151 to a low of 1.3096.
ECB kept its monetary policy “highly accommodative,” will start a strategic review on inflation policy. Markit will release the preliminary estimates of January PMI for the EU and the US. EUR/USD near a fresh January low of 1.1035, further declines expected once below 1.0980.
Bitcoin reruns into the bearish phase as the downtrend targets $8,000. Ascending channel support and $8,300 are likely to hold Bitcoin declines in the European session.
EUR/JPY’s correction from 122.87 short term top is in progress. Intraday bias remains on the downside for 55 day EMA (now at 121.18). Break there will target 120.17 structural support. On the upside, above 122.01 minor resistance will turn bias back to the upside for 122.87 resistance.
Euro Stoxx 50 runs in a wave C labeled in green of Minor degree.
Euro Stoxx 50 - 2-week chart in log scale
Crude Oil turned negative once reached a new high on Wednesday, reaching $65.62 driven by Iran's missile attack on a group of the United States military bases in Iraq.
The energy commodity could start to develop a rally soon.
Gold has completed 38.2% Fibonacci retracement at 1,560 area and now it seems all set for a bullish bias. 1,572 is the first target.
The stock markets of the United States are receding this Tuesday again as traders weigh the risks of geopolitical conflict.
The stock markets of the United States are receding this Tuesday again as traders weigh the risks of geopolitical conflict.
Gols has completed 38.2% Fibonacci retracement at 1,560 area and now it seems all set for a bullish bias. 1,572 is the first target.
Crude Oil, in its 4-hour chart, could start to develop a new bearish leg if the price break and closes below the $62.27 per barrel.
Gols has formed a bearish setup on the 4 hour chart and i will be looking to open a sell trade below 1,580 today to target 1,565 and 1,560.
Weekly overview of the preciuos metal.
AUD/USD trades near 0.6940 amid the initial Asian session on Monday. The recent US-Iran tension adds to the Aussie weakness as the pair is considered a barometer of the market’s trade sentiment.
The idea is to stay bearish below 1.3030 to target 1.2985 today.