ForexAnalytixPipczar

ForexAnalytixPipczar

The SPX is marching higher in the ascending wedge towards the key 4050-4080 resistance zone where fresh shorts may be looking.

ForexAnalytixPipczar

Intraday Update: The USDJPY has basically completed the long term pennant on the dip below the 130.00 level today. The move may not be over, but short this pair has to be careful as the RSI is majorly divergent as we near the 78% retracement under 129.50. Any bounce back towards the 132.00 should find sellers near term.

ForexAnalytixPipczar

23 March: Intraday Update: Intraday head and shoulder pattern targets 1.0800 in EURUSD

ForexAnalytixPipczar

Gold hit the 127% extension of the Feb/March selloff today at the 2005 level and we'd expect dips back at the broken trend line at 1945 to find buyers.

ForexAnalytixPipczar

End of Day Analysis: Bitcoin has stalled at the 38% retracement of the 2022 highs to lows. The 16% extension of the last move lower comes in at 28881 which capped the rally today. We'd expect a move back to the 25K level as the RSI is very divergent.

ForexAnalytixPipczar

A big rejection of the descending and bearish wedge trend line (and 50dma) will keep the bearish bias in tact as a possible double top continues to setup longer term with the pair. In addition, the rejection of the 38% retracement at the 1.2119 level also weighs on the pair, enhancing the bearish case for the pair. A move below the 200dma would be near term very bearish.

ForexAnalytixPipczar

Friday morning in Asian trade we will be seeing a couple things that could put in some volatility in the $USDJPY. Number 1 would be the inflation data being released at 8:30pm ET. Also, BOJ nominee Ueda will be attending a hearing which could lead to some JPY volatility as we could get a glimpse of how he will steer monetary policy at the BOJ. Technically, the...