ForexAnalytixPipczar

ForexAnalytixPipczar

For those of you who understand candlestick patterns, this is not news to you. The weekly SPY is setting up an evening star formation. It's a bearish setup on a weekly chart. More importantly, it should be noted as a false breakout (if we close near current levels)

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Intraday Update: Following the PCE, EZ CPI's and amid "end of month flows" the EURUSD is back at the upper end of the well worn range. Longs overnight may be looking to book profits, but an eventual break of 1.09 is possible in the next week.

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Intraday Update: IF the PCE data today is hot, or we get a positive US dollar reaction, the GBPUSD is setting up a head and shoulder pattern. Neckline is at the 1.2667 level which is just about 50 pips away from current price.

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Intraday Update: USDCAD is at key support, a break of 1.3620 then 1.3580 today would be quite bearish the pair. CAD GDP and US PCE data on deck!

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Intraday Update: The NZDJPY is developing a head and shoulder pattern with the neckline at 95.40. It's a setup until the neckline breaks. Then bearish.

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Intraday Update: The AUDUSD has found buyers ahead of the 38% retracement at .6581 which is the neckline of the head and shoulder technical setup. A break below is bearish.

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Intraday Update: Although silver rallied sharply from the $30 level last week as expected, the move back to the 161% Fibonacci extension may carve out a slightly lower high, which may allow for a re-test of $30 in the days ahead.

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Intraday Update: USDMXN has rallied to the 50dma and top of the resistance zone. If it is to turn lower, it would be near here. A break above the 16.80 may illicit a squeeze higher.

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Intraday Update: SOX is at the 161% Fibonacci extension. Many traders are looking at new highs on the index, we are seeing key Fib level and divergent RSI.

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Intraday Update: A bear flag pattern is developing in the gold market which could influence the US Dollar (bullish) on a breakdown of the gold market.

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Intraday Update: The DXY rising trend line comes in at 104.20, it is key channel support for bulls near term.

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Intraday Update: The rally in the NZDUSD has a divergent RSI intraday, and also has a key resistance at .6171 which is the 61.8% retracement of the Dec 2023 highs to April 2024 lows.

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Intraday Update: A bull flag pattern is picking up steam o n the EURUSD with the 1.0900 key resistance coming into view today. A break of this level would put the 1.0936 level in play next.

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Intraday Update: The CADJPY is nearing the key 115.10 resistance, despite the brief new trend high, the risk is a rejection of the 61.8% Fibonacci retracement just above.

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Intraday Update: The USDNOK is at the 127% extension at 10.4900 level, the 61.8% longer term support is just below at 10.47, divergent RSI's intraday may suggest a near term bounce.

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Intraday Update: The GBPUSD is back challenging the recent trend highs and 78% retracement at 1.2767 in thin liquidity. Intraday RSI's divergent which is a risk for bulls.

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Intraday Update: Bear flag pattern is in play on the Nikkei225 This should allow for a move back to the 36700 level (and then some)

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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.