ForexAnalytixPipczar

ForexAnalytixPipczar

Intraday Update: Silver is nearing the 161% extension as pullbacks have been shallow. With intraday RSI's divergent, that would suggest the 34.78 level will be key resistance on this rally.

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Intraday Update: A strong reaction from the very minor descending channel which suggests a move back to the .6090 level should offer resistance.

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Intraday Update: Gold is once again at new highs and the daily RSI is nearing a descending trend line, a break of this trend line could allow for price to accelerate higher towards the bull flag completion level above 2800.

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Intraday Update: The bull flag pattern in gold points to just above the 2800 level, which is the 261% extension of the 2020 highs -2022 lows. This is our continued upside target near term

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Intraday Update: The Swissy remains in an ascending channel and may be developing an ascending wedge as we near the 78% retracement at .8677. A break of the .8650 level would open the door to .8590 channel support.

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Intraday Update: Ahead of the ECB decision today, the USD index hit the 200dma, channel resistance and previous support. The EURUSD makes up over 50% of the USD index, so a recovery rally in the EURUSD could be the catalyst to allow a rejection from the confluence of resistance in the USD index today.

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Intraday Update: The AUDUSD continues to grind lower towards the 50% retracement, but may be in a descending wedge. This could be a bullish reversal if above descending trend line (back around .6700) and with all the stimulus China has been offering, the risk may be building for a reversal off the .6650 or close to.

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Intraday Update: Gold has rallied within a few dollars of all time highs once again, the gold market remains in a bull flag pattern while above the 2600 level. Pullbacks remain shallow an above the 2690 may trigger some buy stops through 2700.

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Intraday Update: After a miss in the UK CPI and PPI data the GBPUSD broke below the 1.3000 level and has risen back above since the release. However, it looks like it is struggling to make it back above the 1.3025 level. A close below the 1.3000 level would be a bearish event into the end of the week and put the sub 1.2900 level in view.

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Intraday Update: The EURUSD is in a descending wedge and targeting the 1.0867 level or 161% extension of the September lows to highs.

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Intraday Update: Ahead of the Canadian CPI today the USDCAD continues its "overboughtness" as the gravity pull of the CAD is undeniable. Technically, the RSI remains overbought intraday for over a week and the next upside target remains at 1.3836. Only back below the 1.3720 would take the downside pressure off.

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Intraday Update: The GBPUSD has broken the wedge higher following the UK jobs data as DK has mentioned in the chatroom earlier. Claimant count came in worse than expected, unemployment rate did drop and the GBP is cueing off that for now, Any move back to the 1.3145 level should find sellers.

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Intraday Update: The USDJPY has slid to the 148.90 level support which is the intraday 61.8% retracement. Any bounce back to the 149.50 level may find sellers and channel support is at 148.70.

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Intraday Update: The FX:USDJPY is probing new highs and a break higher will put the 127% extension of the consolidation in play at 149.97.

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Intraday Update: As discussed on the Morning Edge Show last week, the USDMXN may be developing a triangle or broader consolidation near term ahead of the US elections. The 19.20's may offer support intraday.

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Intraday Update: The turn lower of the NZDUSD at the .6110 level (high today thus far is .6106) and while below this level the risk remains lower.

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Intraday Update: As expected in the end of day update yesterday, the USDCAD has hit the 61.8% retracement at 1.3748 (high of 1.3747 this far) and the overbought RSI may suggest that we may see a bit of a pullback near these levels ahead of CPI. A strong US CPI print could put the 1.3791 in play next.

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Intraday Update: If the EURUSD is going to bounce, it would probably be here at the 61.8% retracement at 1.0938 ahead of the CPI tomorrow. Intraday RSI's are divergent.