ForexAnalytixPipczar

ForexAnalytixPipczar

23 May: Intraday Update: A possible false breakdown of the USDNOK and hold of the longer term 50% retracement at 10.59 may allow for a squeeze back to the 10.7500 level now.

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Intraday Update: The SPX could trade to the 5380 level, the 127% extension of the April range. With NVDA earnings behind us, and the 5280's holding yesterday, the risk remains for a move higher.

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Intraday Update: Ethereum has broken higher after a multi day consolidation under the 78% retracement. The break higher should put the **% retracement in view at 3964.

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Intraday Update: Silver hit the 30.20 key support and is bouncing from this major breakout level. While above the 30 level the risk is for a move back above 31.00.

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Intraday Update: The Nikkei is flirting with flag support. A breakdown lower could put a bid in the #JPY. This market is underperforming the ROW for the most part which is a departure from most of 2023.

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Intraday Update: The German DAX is getting very close to the 18550 neckline of the head and shoulder pattern. A break lower may coincide with SPX below 5280

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Intraday Update: The EURUSD has broken down out of a triangle consolidation. Support comes in at 1.0810 with key PMI data being released on Thursday.

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The EURUSD is in a longer term symmetrical triangle pattern which has key resistance at the 1.1000 level and support down at 1.0630. Near term, the 1.0898 level is capping the rally, and if broken this week could allow for the 1.1000 level to be tested. A break back below the 200 and 50dma could allow for a move back to the 1.0630 triangle support. 

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Intraday Update: Major important support today on the 10yr at 109'09' which cause the squeeze (above) earlier this week post CPI. Traders will be laser focused on a close above/below here this week.

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Intraday Update: After hitting the 127% extension this week, the German DAX may be at risk of testing the breakout point at 18568 which traders will be watching for a close above/below for the week.

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Bearish wedge is still developing on ETHUSD and this is happening at the long term 50% retracement, which is at risk of breaking lower in the coming sessions.

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Intraday Update: The USDCAD is desperately trying to hold 1.3600 as the CAD looks weak against many currencies today (see EURCAD, GBPCAD, AUDCAD, etc) which was a key pivot for many months this spring. If the USD is going to recover, it may show up here before other currencies.

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Intraday Update: The SPX has been grinding against the upper channel resistance since last week. The problem for the market it is not letting bulls in OR letting bears cover shorts. A weaker than expected #CPI could accelerate the move higher above the channel resistance into all time highs.

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Intraday Update: Ahead of the CPI today the USDCAD breaks the triangle lower and is coming into key support near 1.3610. A break of 1.3600 post CPI would put the 1.3550 level in play.

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Intraday Update: A bearish wedge break below the 10.79 level should put the 10.69 level in play which is also channel support.

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Intraday Update: Bullish pennant developing intraday on the AUDUSD ahead of the PPI data today. Pullbacks have been limited to the 50% retracement at .6560 thus far and a break of .6650 would be a bullish breakout.

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The NZDUSD is setting up for a bullish breakout this week and target above the .6150 level and closer to .6200 if the US CPI data comes in weaker than the market expects. You can see below that the NZDUSD is capped by the 200dma (red) but developing a bullish pennant. The NZDUSD also is consolidating after breakout out of a descending channel which does suggest...

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Intraday Update: The 61.8% retracement of the May 1 low to May 3rd low coming is at the 155.68 level, and although not expecting an "intervention" some natural market selling may be the case here in the USDJPY.