ForexAnalytixPipczar

ForexAnalytixPipczar

The EUR was hit hard over the weekend, not only against the US Dollar but against other currencies as well. One of them in particular is the EURGBP which broke lower below key support that has been a huge level since summer of 2023. With this breakdown of the year long consolidation, the risk of further losses is high, especially given the UK jobs data this week...

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Intraday Update: The EURGBP continued to break lower in European trade and the pair is at the 78% retracement of the March 22 lows to Sept 22 highs at .8441. May get a reaction around current levels.

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Intraday Update: The USDMXN is back at the 18.5000 level which was previous support in early 2020 previous to the Covid lockdown squeeze higher. Around these levels should offer some very strong resistance near term as the daily RSI is overbought and divergent.

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Intraday Update: The AUDUSD has held the 38% retracement and possible channel support at the .6575 level. Bears should take note.

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Intraday Update: The GBPUSD found buyers ahead of the 38% retracement at 1.2680 which is also key horizontal support since the 21st of May.

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Intraday Update: The EURUSD continued to break lower towards the .618 retracement at 1.0718 where the 161% extension of the move above 1.0900 also is at (1.0710) which may offer any additional support on a dip lower from here. Expect sellers at the 1.0790 level intraday.

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Intraday Update: The OANDA:NZDUSD is within a few pips of testing the key .6215/.6220 key resistance. A break higher would put the .6370 level in play in the weeks ahead.

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Intraday Update: Following the ECB today, the EURNZD struggled (again) at wedge resistance which suggests in order for the market to get a sizable bounce, a break of the 1.7625 is needed now.

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One of the most interesting trade setups I see is the $EURMXN. Following the ECB today, if the #EUR rates continue higher, and traders continue to reduce #MXN carry positions following last weekend's elections, this should = higher EURMXN exchange rate.

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Asian Session Update: The Kiwi is breaking a multi year trend line and key resistance at the .6200 level in Asian trade. It's also a bullish wedge intraday. Stops may be just above the market.

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Intraday Update: Silver is back-testing the previous support. If it is going to fail, this would be the level.

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Intraday Update: The NZDUSD is struggling at the .6200 level, which also happens to be a long term trend line from early 2021.

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Intraday Update: Ahead of the Bank of Canada rate decision today, the FX:USDCAD is in a (bearish wedge) with key support at 1.3600, resistance at 1.3700. The market is divided on a cut or not, so a breakout of the wedge is possible, but a hold could allow for a slide back below the key 1.3600 support. We should also mention, US services ISM is due out around...

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Intraday Update: The USDMXN has reached the 127% extension (close with a high at 18.1988) and intraday RSI's are very overbought which has prompted us to remove the Pattern in Play near term. Looking for dips back to 17.60/17.50 to be supportive in the days ahead.

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Intraday Update: Following the election in Mexico over the weekend, the MXN has weakened substantially today, down over 3.5% against the USD at writing. Technically, we'd expect dips back tot he 17.3800 level and then the 200dma to hold as support on any dip.

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Intraday Update: A very strong response off the 1.3600 level once again for the USDCAD, which will solidify it's importance this week ahead of the Bank of Canada rate decision and jobs report at the end of the week.

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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.