HEAD AND SHOLDER NECK LINE BREAEDHEAD AND SHOLDER
NECK LINE breaked
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EURAUD pattern shows
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Forex
EUR/USD Amid Technical and ECB UncertaintiesThe EUR/USD pair struggled in the early week's trading session, remaining stable below 1,0900 due to technical factors like EMA and resistance. Investors' hesitation reflects uncertainties surrounding the ECB. If it drops past the year's low of 1,0844, EUR/USD may continue to descend to 1,078, following its current downtrend. What about you? What are your goals with EUR/USD?
USDJPY fades bounce off 100-SMA on BoJ status quoUSDJPY refreshed its intraday high to 148.55, before retreating to 148.00, as the Bank of Japan (BoJ) matches market expectations of keeping the monetary policy unchanged. In doing so, the Yen pair struggles to keep the late Monday’s recovery from the 100-SMA amid the inactive hours of Tuesday’s trading. It’s worth noting that the hawkish expectations from BoJ Governor Kazuo Ueda’s speech and the US Dollar’s consolidation join the nearly overbought RSI conditions to challenge the pair buyers. However, a convergence of the 100-SMA and bottom line of a one-month-old bullish trend channel, around 147.55-45, appears a tough nut to crack for the bears. Should the quote drop below 147.45, it becomes vulnerable to test 38.2% Fibonacci retracement of the pair’s July-November upside, near 146.40, ahead of revisiting the mid-December peak of around 145.00.
Meanwhile, the USDJPY pair’s recovery needs to surpass Friday’s peak of around 148.80 to activate fresh buying. Following that, the 150.00 round figure and the top line of the aforementioned bullish channel, close to 150.50 at the latest, will test the Yen pair buyers. In a case where the quote remains firmer past 150.50, the previous yearly high marked in November at around 151.90 will be in the spotlight.
To sum up, the BoJ inaction failed to keep the Yen pair buyers on the board as policymakers in Japan appear fed up with the ultra-easy monetary policy.
XAUUSD: Up or down?Hello everyone!!
The price of gold today is mainly flat with not much fluctuation around the $2021 mark. With a visible resistance level at $2035 and positioned below the EMA 34 and 89 lines, the downward trend is still continuing despite signs of cooling down.
Regarding news that affects the price of gold, investors are anticipating important economic reports from the US this week, including the PMI report, Q4 GDP data, and personal spending. This information will provide new indications about the Fed's interest rate policy. According to the CME FedWatch Tool, the likelihood of a Fed rate cut in March has decreased from over 70% to 43.5%, weakening the potential for a sharp increase in gold prices.
RKarina predicts that the price of gold may continue to decline but still remain within the defensive range from $2005 to $2008. Gold still has a chance to reverse its direction if it holds above this support level.
What are your expectations for the price of gold in the near
XAUUSD: Buy or Sell?Dear friends, currently the price of gold has dropped by about 6 USD after reaching a high of 2031 USD, following a clear downward trend on the chart. This is due to the strengthening of the US dollar, as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates.
In addition, the core personal consumption expenditure index of the US, an important measure of inflation, also affects the Federal Reserve's decision on monetary policy easing. However, macroeconomic data from the US may not have a significant impact if the price of gold remains below 2,000 USD/ounce.
James Stanley, a senior strategist at Forex, predicts that the price of gold will stabilize around the 2,000 USD/ounce mark. He emphasizes that any price below this level would be a buying opportunity for investors.
How does gold price change?It is great to meet you all again to discuss today's gold trading strategy!
At the beginning of the new week's trading session, gold prices have slightly increased. At the time of writing, the price is trading around $2029, marking a growth of $4 compared to the previous closing.
Looking at the prospects for this week, all eyes are focused on the fluctuations of the USD in the context of monetary policy decisions by major central banks. In particular, the European Central Bank (ECB) will be closely monitored. Their recent stance at the World Economic Forum in Davos could significantly impact the USD and potentially support the price of gold.
What do you think? How will gold perform this week?
GBPUSD: Buy or sell?Dear readers, GBPUSD continues to gain some recovery momentum as it regains the level of 1.270, but the overall and long-term trend still remains sideways.
The price is approaching the level of 1.072, which also serves as the limit of the Bollinger Band. A downward correction is expected to occur once the currency pair reaches this threshold, with targets at the support levels of 1.265 and 1.260.
GBPUSD: Buy or Sell?Hello everyone, I am delighted to continue our discussion on GBPUSD today.
At the opening of the trading session on Monday, GBPUSD continued its upward trend on the 4-hour chart, currently trading at 1.271. The appreciation of the British Pound against the US Dollar may be attributed to the current market sentiment leaning towards risk, which has fueled its recent increase.
However, there are still underlying risks that could cause GBPUSD to decline further, as it remains constrained within a long-term downward trend and the Trendline has not yet been broken.
EURUSD: stuck in a downtrendHello dear friends, let's discuss the previous week's performance of EURUSD with RKarina and talk about strategies for the upcoming week!
Last week, EURUSD was trapped in a downward trend, closing below the support level of 1.090 and currently trading around 1.089.
As a result, there was a slight price recovery during the correction, but it is expected to encounter resistance at the Fibonacci retracement levels of 0.5 - 0.618.
The possibility of further price decline for this currency pair remains high as it is still in a long-term downtrend, with a short-term target of 1.078.
“Double Doji” lures big-time NZDUSD bulls as key week beginsNZDUSD edges higher past 0.6100 while defending the rebound from 200-SMA during early hours of the key week comprising New Zealand (NZ) Consumer Price Index (CPI) and the US PMIs for January. In doing so, the Kiwi pair also justifies the “Double Doji” bullish candlestick formation to consolidate the biggest weekly loss in six months. Additionally favoring the bullish bias is the RSI (14) line’s rebound from nearly oversold conditions and receding bearish bias of the MACD signals. It’s worth noting, however, that a daily closing beyond 0.6140 becomes necessary to confirm the bullish candlestick pattern. In that case, a convergence of a three-week-old falling resistance line and 23.6% Fibonacci retracement of October-December 2023 upside, near 0.6230, will gain the market’s attention ahead of the late 2023 peak surrounding 0.6370.
On the flip side, the 200-SMA level of 0.6090 restricts immediate downside of the NZDUSD pair. Following that, the 50% and 61.8% Fibonacci ratios could test the Kiwi pair bears around 0.6070 and 0.6000 respectively. If at all the NZ inflation fails to inspire the pair buyers and/or the US data came in too strong and pushes back the dovish Fed concerns, the sellers won’t hesitate to target the mid-November 2023 bottom of near 0.5860 before aiming for the previous yearly low of around 0.5770.
Overall, NZDUSD pair’s recovery appears overdue but the fundamentals need to back the upside and hence bulls should remain cautious.
How does gold price change?Hello dear friends!
The price of gold in the global market has increased at the start of trading in the US due to safe-haven demand amid escalating tensions in the Middle East. The weakening US dollar is a supporting factor for the rise in gold prices.
The long-term outlook for gold is positive. However, the upward momentum may be delayed as the market is trying to assess the possibility of a US interest rate cut. Lower interest rates reduce the opportunity cost of holding precious metals.
Currently, according to the CME FedWatch tool, traders expect a 47% chance of a Fed rate cut in March. This percentage has decreased from 71% last week, which is significant in the short term. In the future, the upward price momentum may decrease significantly.
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EURUSD: buy or sell?Hello dear friends, are you curious about the trend of EURUSD?
Today, EURUSD continues to fluctuate below the resistance level of 1.0900 and still maintains its short-term upward momentum on the 1H chart. However, when looking at the overall trend, this currency pair is still moving sideways within the price range below the resistance level of 1.090 and the support level of 1.084.
The USD index (DXY) is still maintaining its upward trend and is further supported by comments from R. Bostic (Atlanta), which continue to put pressure on the EURUSD pair. Another evidence for this downward price movement is that it continues to trade below the exponential moving averages (EMA) 34 and 89.
Karina still highly regards the Sell strategy today with the idea of trading the double top pattern displayed on the analysis chart.
usdjpyHello everyone!
Today, USDJPY continues to maintain a significant recovery momentum, as this currency pair has successfully broken through the resistance level at 148.10 and is approaching the new resistance level at 149.635, with the ultimate target of reclaiming the near 152.00 peak.
However, this is still a challenging process as it heavily depends on and is influenced by market news. It is necessary to closely monitor more news in the new week to better grasp the trend.
RKarina has set a higher target as analyzed, but what about you? Do you think USDJPY will be strong enough to regain the 152.00 peak?
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Gold breakout discount strategyDear friends!
Currently, gold is trading with a stable recovery above the support level of $2030. At the time of writing, the price is trading at $2047, indicating a significant increase in price at the current time.
On the analysis chart: Gold has broken the support level of $2059 and started a downward trend. Therefore, the stronger US dollar and higher US bond yields are putting pressure on the yellow metal.
Regarding the outlook: Gold is currently experiencing a slight recovery towards the previously broken resistance area. However, with the market still in a downward price control, any breakout action could quickly push gold down to the defensive level of $2020
How does gold change momentum?Hello dear traders!
On Wednesday, Gold experienced a sharp decline, reaching the psychological support level of $2000. However, it quickly corrected and has been lingering around $2022, close to the Fibonacci retracement levels of 0.5-0.618. This indicates that the prospects for this precious metal remain high.
However, if it manages to surpass this retracement level and break through the temporary resistance at $2033, it could open up more opportunities for gold to recover even stronger, fueled by the tensions. Escalating political conflicts will pose high risks globally. Economies will continue to face inflationary pressures due to supply shortages. This will hinder global economic recovery, leading to an increased demand for gold as a safe haven and a hedge against risks. The forecast suggests a significant rise in gold prices as tensions persist.
EURUSD: Price increasing but ambiguousIt's great to see you again and talk about the EURUSD price today!
Yesterday, the EURUSD received some upward momentum. However, this price increase is considered only as a correction within the downtrend wave of DOW, as this pair has been experiencing weakness since the beginning of the new week.
Accordingly, the hawkish stance of the ECB has pushed back expectations of an early interest rate cut, providing additional support for the currency pair. However, the 4-hour chart is currently showing a further downward trend in the very near future as the EURUSD approaches the Fibonacci retracement levels of 0.618 - 0.5. Breaking below the level of 1.0844 will not receive significant support until reaching the level of 1.0773.
Gold: continues to weakenHello dear friends!
Gold prices continued to decline today, with a drop of $25, bringing it down to $2,001 per ounce. However, the market quickly rebounded to $2,010 at the time of writing.
As a result, gold prices have reached their lowest point in over a month during this week's trading session. Strong economic data has reinforced the strength of the US dollar and bond yields, dampening market expectations of a rate cut by the US in March.
Closing below $2,015 per ounce indicates that the sideways range has been broken, and this precious metal is entering a bearish territory. It is expected to reach $2,000 once again and could potentially drop even further to $1,990.
GBPUSD: recovering againIt's great to see you again and talk about GBPUSD trading today!
Currently, GBP/USD has attracted some buying pressure for the second consecutive day at the start of Thursday and seems to continue its good recovery from below 1.2600 or even higher than the day's low. The price is currently trading just below the 1.2680 level and is still well supported by the 1.260 support level, with speculation on the Bank of England (BoE) cutting interest rates early.
RKarina expects this pair to return to the 1.278 and then 1.281 highs, what about you?
Looking For Buying opportunity on USD/JPYBond market is Moving Up, We are looking for Buying opportunities at around 147.80 with stops below 147.00 For an upward projection of 148.80 , The trend is medium to Bullish in the Daily Timeframe.
The price of gold continues to plunge headlong into a deep holeToday, gold prices traded near the support level of $2000 in the afternoon in the US, as investors continued to bet on the Federal Reserve cutting interest rates in March. The CME tool shows a 52% probability of this event happening, down from around 70% a few weeks ago.
In response to this news, the USD continued to strengthen and acted as a psychological arrow for investors, prompting them to sell gold massively, resulting in a sudden drop in gold prices.
On the analysis chart: Gold has surpassed the USD 2015 support level as we expected. With the current difficult situation, there is still a significant possibility of a decrease in gold prices. The target of $1982 is still on the table in the short term, with a short-term recovery possibly aiming for the Fibonacci 0.618 level before the bearish side takes action!
