


ForexAnalytixPipczar
PremiumIntraday Update: Ahead of the Australian CPI and the RBNZ highly anticipated 50bhp cut in less than 24 hours the AUDNZD is back at key support at 1.1085. Conventional wisdom and technical support would argue this is a good place to be long the AUDNZD. However, what if CPI comes in below expectations, or the RBNZ gives the market a "hawkish cut?" A double top/false...
Asian Session Update: USDCAD broke higher towards the channel resistance at 1.4170's as Trump proposed 25% tariffs on Canada and Mexico. Keep in mind, he is NOT president YET. However, it has freaked any USDCAD shorts out of their positions. Channel resistance should be strong in European trade.
Intraday Update: With yields moving lower, the USDJPY should be in focus as it is developing a bearish wedge. Support is at the 153.30 with resistance near 155.00. If yields continue lower a breakdown would be the risk.
Asian Session Update: AUDNZD has broke to new 2024 highs in Asian trade, which if sustained above the 1.1150 level would put the 1.1256 level in play next.
Intraday Update: The EURUSD is testing 1.0500 and the GBPUSD is nearing the 1.2600 level support, and break lower would target long term trend line and 78% retracement at 1.2545
Intraday Update: Gold breaking higher, which may allow for a move to the 50% retrace at 2664, then 2694.
Intraday Update: EURUSD pivoting off flag support as the 1.0600 level remains key resistance for the pair. It's flag resistance and the 61.8% retracement. A move below the 1.0540 would target 1.0500 once again.
Intraday Update: The USDCAD has worked off overbought intraday RSI's and is now mid range. The pair has also found support at the 38% retracement at 1.3999 (today's low at 1.4004. Further support is 1.3979 and back above 1.4050 may suggest the near term pullback is over. Most retail platforms are reporting nearly 90% (or more in some cases) are next short USDCAD.
Intraday Update: The USDMXN is testing flag support and the previous breakout point at 20.2500.
Intraday Update: US10yr yields are moving back to resistance and the USDJPY is bouncing following Ueda's "not to much of a rush to raise rates in December" comments in Asia overnight, which may allow for the USDJPY to reach for the 155.60's in the coming day.
Intraday Update: The GBPJPY has broken triangle support and looks like any move back above the 196.00 may offer a good level to be short to target back to the 192.00 level in the week(s) ahead.
I talk about the USDCAD and the massive breakout above 1.40000, and how traders are waiting till the end of the week for confirmation of the breakout. Also, I discuss the risks to North American currencies and the new incoming Trump administration and how leveraged money and retail traders are positioned near term.
Intraday Update: Gold has found support at the 78% retracement ahead of channel support. This is the Fibonacci retracement of the Sept lows to all time highs. A move below the 2540 level would test channel support at 2520.
Intraday Update: Gold has probed the 61.8% Fibonacci retracement level and a break of lows (today) would put channel support in play next 2520's.
Intraday Update: The EURUSD continued to carry out fresh lows following last week's bearish close. The 161% extension of the Oct 23rd lows to Nov 5th highs comes in at 1.0653. Intraday RSI's are oversold.
Intraday Update: The CADJPY is at trend line support after the rejection of the ascending channel yesterday, this is ahead of the Canadian jobs report, and a weaker number could allow for a move towards the 108.00 level.
Intraday Update: The AUDJPY head and shoulder pattern from the Asian trade update has completed and then some, we are at the 50% retracement with intraday RSI's oversold now.
As the SPX looks set for a 6000 test, the NASDAQ100 is nearing long term channel resistance. RSI's divergent, but this hasn't stopped the bullish run.