Pattern formed- Cup and Handle pattern EURUSD surged sharply after a long consolidation. It hits a high of of 1.11987 at the time of writing and is currently trading around 1.11888. The pair trades above short-term (34 and 55 EMA) in 4-hour chart. Major resistance to watch- 1.1200. Any violation above 1.1200 targets 1.1280/1.1300. Major support-...
EURJPY pared most of its gains on board-based Euro weakness. It hit a low of 159.11 and is currently trading around 159.13. The Euro declined sharply after dismal Euro area PMI data. German flash manufacturing and services PMI in Sep came at 40.30 and 50.6, below forecast of 42.40 and 51.10. Technicals- The pair is trading below 34- and 55 EMA in the 1-hour...
Intraday bias remains bearish as long as resistance 0.8550 holds. It hit a high of 0.85150 and is currently trading around 0.84561. The pair gained momentum despite a dovish Fed rate cut and jumped over 100 pips. Technicals- The pair is trading below 34 and 55 EMA in the 4-hour chart. The near-term resistance is around 0.84787; any break above targets...
FxWirePro- EURUSD trades above trend line resistance after surprise 50 bpbs rate cut by Fed, good to buy on dips Trend line resistance- 1.11275 (trend line joining 1.12016 and 1.11554) EURUSD trades above trend line resistance after Fed monetary policy. It hits a high of 1.1788 at the time of writing and is currently trading around 1.11778. Fed cuts rates by...
Chart pattern- Inverted Head and Shoulder Potential reversal zone- $52530. BTCUSD showed a minor jump of nearly $1000 from a minor bottom of $57477. It hit a high of $58777 and is currently trading at around $58506. According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 67% from 30% a week ago. Technicals- BTCUSD...
Chart pattern Gold- CCI (50) Bearish divergence (Daily chart) US 10- year yield - CCI (50) Bullish divergence (Daily chart) The near–term support is around $2570, a break below the target of $2560/$2544/$2535/$2520. The yellow metal faces minor resistance around $2590 and a breach above will take it to the next level of $2622/$2650. Indicator (Daily...
Candlestick pattern- Hammer (daily chart) The near-term resistance is around 186.40,a breach above targets 187/188.13 (Sep 9th high).Major trend continuation only above 190. The immediate support is at 185.40, any violation below will drag the pair to 185/184.56/183.58/182.79. It is good to buy on dips around 185.58-60 with SL around 184.56 for a TP of 188.
Gold showed a minor sell-off after mixed US CPI data. It hit a low of $2502.29 at the time of writing and is currently trading around $2512. The yellow metal is trading above 34 and below 55 H EMA in the 4 hour chart ($2507 and $2505). Intraday weakness can be seen only if it breaks below $2485. A break below targets $2470/$2450 is possible. US dollar index-...
Chart pattern- AB=CD pattern. EURUSD pared some of its gains after mixed US CPI. It hits a low of 1.10033 and is currently trading around 1.10207. According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep decreased to 14% from 34% a day ago. The pair trades below short term (34 AND 55 EMA) in 8-hour chart. Major resistance to watch-...
Chart pattern- AB=CD pattern. EURUSD pared some of its gains after mixed US CPI. It hits a low of 1.10033 and is currently trading around 1.10222. According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep decreased to 14% from 34% a day ago. The pair trades below short term (34 AND 55 EMA) in 8-hour chart. Major resistance to watch-...
Harmonic pattern- Bullish BAT Potential Reversal Zone (PRZ)- 155.45-50 Technicals- The pair is trading below 34- and 55 EMA in the hourly chart. The near-term resistance is around 156, a breach above targets 156.56/157/157.60. Overall bias remains weak as long as resistance 160 holds—major bullish continuation only above 163.87. The immediate support is...
In the 4-hour chart CCI (50) and CCI (14) formed a bullish divergence. The pair trades below short-term (34 and 55 EMA) in the 4-hour chart. Major intraday resistance - 1.10544/1.10677. It is good to buy on dips around 1.10365-68 with SL around 1.1015 for TP of 1.10800
In the 4-hour chart CCI (50) and CCI (14) formed a bullish divergence. The pair trades below short-term (34 and 55 EMA) in the 4-hour chart. Major intraday resistance - 1.10544/1.10677. It is good to buy on dips around 1.10365-68 with SL around 1.1015 for TP of 1.10800
Intraday bias - Bullish Horizontal trend line- $605 Any close above $520 confirms intraday bullishness. Indicators ( Hourly chart) Directional movement index -Bullish CCI (50)- Bullish CCI(14)- Bullish It is good to buy on dips around $500 with SL around $470 for TP of $605.
Chart pattern- Descending triangle USDCHF formed a double bottom around 0.8400 and showed a minor pullback. It hits a high of 0.84854 and is currently trading around 0.84765. Intraday trend is bullish as long as support of 0.840 holds. Indicator (1-hour chart) CCI (14)- Bullish CCI (50)- Bullish Average directional movement Index - Bullish. Overall trend...
CADJPY showed a nice jump after upbeat Canadian GDP data. It hits a high of 108.80 and is currently trading around 107.99. The economy rose to 0.50% y/y in Q1 in line with expectations from Q1 0.40%. the yearly GDP grew 2.1% in the Q2 ,well above estimate of 1.6%. Technicals- The pair trades above 34- and 55 EMA in the hourly chart. The near-term...
It is good to buy on dips around 0.8465-67 with SL around 0.8435 for a TP of 0.8540
Gold - Sell on rallies (US session) Gold pared some of its gains on the strong US dollar. It hit a low of $2499.90 and is currently trading around $2500. The yellow metal trades below 34 and 55 H EMA in the hourly chart ($2513 and $2512). Any violation below $2498 (200- H MA) confirms further weakness. A dip to $2490/$2470 is possible. US dollar index- It has...