ForexAnalytixPipczar

ForexAnalytixPipczar

Intraday Update: The DXY hit the 161% extension of the Jan 27th lows to Feb 2nd highs. It's also the longer term 50% retracement. This "confluence" may allow for a bounce back to the 106.00 level before downside resumption.

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Intraday Update: After the failure of the 61.8% retracement yesterday at the 1.4549 level, the Loonie is back at support at the 1.4370 level and holding ahead of any new tariff announcements today. A break of this level would open a move back below the 1.4200 level.

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Intraday Update: The EURUSD is breaking higher, HOWEVER, the pair is nearing a triple confluence of the long term 38% retracement, and 127% and 161% extension from the 1.0570-80's. With the intraday RSI's reaching overbought, there is a risk of a reversal at those levels.

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Intraday Update: The GBPAUD is up against some key resistance. This is the 127% ext of the Aug 2024 highs to Act 2024 lows, the 161% ext of the Oct 24 highs to Nov 2024 lows. And also has completed a bearish butterfly while we trade below the 2.0315 level resistance.

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It's holding the channel for now, but with a lower high, this DAX may be ready for a turn lower.

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Intraday Update: The divergent RSI in the 10yr ZN's is allowing for a pullback/moderation of overbought intraday conditions, and yields have recovered near term. However, we expect dips to be bought in any dip towards the 110'00 level.

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Intraday Update: The bounce in the USDJPY overnight is stalling at the intraday horizontal resistance and also the 61.8% retracement at 149.93. A move above the 150.00 level may open a test of the 151.00 level.

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Intraday Update: Silver is consolidating at channel support and the 38% retracement at 31.62, but a break of the 31.30 level may open the door for a move back to 30.50, the 61.8% retracement.

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Intraday Update: Loonie continues to grind higher, and dips back below the 1.4300 level should find buyers as the 1.4397, the 38% retracement is the near term target.

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Intraday Update: The wedge in the EURUSD is getting tighter, and with the support at the 1.0470 and resistance at 1.0530 the risk is building for a possible breakout as early as today.

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Intraday Update: 10yr notes has an inverted head and shoulders pattern in play, however is at the 61.8% Fibonacci retracement level of the Dec 8 highs to Jan 14 lows.

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Intraday Update: After the big break lower in Asian trade, the USDJPY has stalled at the 61.8% retracement of the Dec 3rd lows to Jan 10th highs, also channel support just below. Any move back to the 153.75 level should find sellers intraday.

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Intraday Update: After bouncing aggressively after completing the head and shoulder on Sunday/Monday, the bounce back is stalling today at the 61.8% retracement of the Jan 27th high to Feb 2nd lows. Further gains will be on the heels of the incoming ADP and ISM data today, and if the data does not disappoint we could see a stronger move back towards the 1.0360 level.

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Intraday Update: Inversely to the EURUSD the DXY is nearing channel resistance and the 38% retracement as well, above the 108.28 level would be bullish intraday. FOMC decision is up later this session at 2PM ET.

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Intraday Update: The USDJPY tests the 161% extension of the Dec 20th lows to Jan 10th highs at 154.00, and also tested the 50% retracement of the entire move higher. 4hr RSI still pointing lower so any move back to the 154.60 level should find sellers.

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Intraday Update: The GBPUSD has broken the 61.8% retracement, but hit MAJOR channel resistance today at 1.2450 which has stopped the GBPUSD in its tracks. A move above channel resistance would suggest a longer term turn higher may be in play.

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Intraday Update: The EURUSD has broken higher following the stronger (overall) PMI's out of EU today, supported by the tariff comments in Asian trade as well. The 127% extension at 1.0535 is the near term target while above the 1.0460 breakout point.

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Intraday Update: As discussed in the chatroom yesterday evening, the market is ignoring the tariff risks for now and pressing the USD lower across the board. The EURUSD is nearing the spike at the end of Dec at 1.0457, and a continued move higher could see levels back above the 1.0500 level if broken.