The British pound has so far found strong technical resistance from the 1.2762 level against the US dollar, with price falling below neckline support. If the GBPUSD pair holds below the 1.2747 level we may see the start of a complex inverted head and shoulders pattern forming across the four-hour time frame. Overall, traders may also be feeling cautious ahead of...
Ethereum is back under pressure on Friday, with the second largest cryptocurrency by market capitalization testing towards neckline support. The four-hour time frame highlights that bearish breakdown towards the $205.00 level is possible if price slips below the $230.00 level. Bulls ideally need to lift the ETHUSD pair above the $280.00 level to negate the bearish...
The euro has slipped back towards the key 1.1265 level against the US dollar after the pair briefly traded above the 1.1300 level following the ECB policy decision. The 1.1321 level is the key upside level to watch today, with the 1.1380 and 1.1410 key resistance above. The 1.1265 and 1.1230 levels are major intraday support following the EURUSD pairs...
The US dollar has started to rise against the Japanese yen currency, with buyers now attempting to break away from the pair’s recently established trading range. The 108.65 level offers solid resistance, while the 109.00 level is the major intraday resistance level. If the move higher is a false breakout, the USDJPY pair could easily still test towards the 107.40...
Bitcoin remains technically weak in the short-term, with the number one cryptocurrency so far finding weekly support from the $7,400 level. The one-hour time frame is showing that the BTCUSD pair is truly at a crossroad, with both a head and shoulders and inverted head and shoulders patterns now present. The BTCUSD pair can trade in a broad range between the...
The euro currency is undergoing a bearish correction against the US dollar after meeting strong selling interest from the 1.1300 resistance level. Additional weakness in the EURUSD is likely, with a technical test of the 1.1165 support possible if price moves below the 1.1200 level. Overall, profit taking and a downward correction in some technical indicators are...
The British pound has fallen back under the 1.2700 level against the US dollar in early Thursday trade after bulls failed to break the former key trading high, at 1.2747. However, yesterday’s move higher has helped to create a bullish inverted head and shoulders pattern on the four-hour time frame. All moves lower in the GBPUSD pair are expected to find strong buy...
Litecoin has followed the broader cryptocurrency market lower this week, with the sixth largest crypto so far finding technical support from the $96.50 level. The $100.00 level is still seen as major breakout support on both the four-hour and daily time frames. Bulls need to rally the cryptocurrency towards the $120.00 level to negate the bearish double-top...
The euro has advanced to a fresh monthly trading high against the US dollar following the release of much weaker than expected economic data from the United States economy. The EURUSD pair has firmed above the 1.1200 level, with bulls now needing to break above major technical resistance a the 1.1265 level. A bullish confirmed bullish breakout above the important...
Bitcoin has stared the month of June fairly subdued, with bulls so far failing to stop the cryptocurrency moving back under the $8,000 level. However, the bullish pattern on the four-hour time frame still remains in play, with neckline support currently located at the $8,400 level. Overall, the BTCUSD pair needs to move price above the $8,400 level or it risks a...
Ethereum continues to stage a recovery in early Monday trade after the second largest cryptocurrency found solid technical support from the $230.00 level. The next strong directional move in the ETHUSD pair will likely come when a confirmed breakout occurs from the $230.00 to $285.00 price range. Overall, bulls need to post a fresh yearly trading high to negate a...
The euro currency remains fairly well supported against the US dollar in early Monday trade, following a late-week sell-off in the US dollar index on Friday. The EURUSD pair could still recover above the 1.1200 level on weaker than expected US data later today, although the upside is likely to be limited until the ECB meeting. Bulls ideally need to negate the...
The US dollar starts the new trading month under heavy downside pressure against the Japanese yen following the bearish breakout below the 109.00 level. Further losses in the USDJPY pair still appear possible as the bearish head and shoulders pattern has a target of 107.40 level. The United States ISM report later today is likely to have a big impact on the...
The US dollar has started to reverse direction against the Japanese yen after finding strong technical resistance from the 109.92 level. The direction of the USDJPY pair is increasingly linked to the bearish head and shoulders pattern on the four-hour time frame. Overall, the bearish head and shoulders pattern on the four-hour time frame and the releases are core...
Litecoin has started to trade lower after hitting $120.00, with the sixth largest cryptocurrency so far finding support from the $100.00 level. The LTCUSD pair now needs to break above the $110.00 level to encourage new buying towards the $114.00 and $120.00 levels. The Ichimoku indicator on the four-hour time frame is showing that the $110.00 level is major...
The British pound is still trading tentatively above the 1.2600 level against the US dollar, despite a minor rebound from the 1.2580 area on Thursday. The four-hour time frame is showing that the bearish pattern can cause the GBPUSD pair to slide towards the 1.2450 level. The monthly price close for the GBPUSD pair will be key today alongside the release of US...
The British pound has come under heavy downside pressure against the US dollar, following another bearish intraday reversal on Wednesday. The four-hour time frame is showing that the GBPUSD pair is close to the neckline of a large head and shoulders pattern. A break below the 1.2600 level will set-off the bearish pattern, which holds a downside target close to the...
The euro is holding towards the worst trading levels of the week against the US dollar in early Thursday trade after the pair fell through key support, at 1.1150, on Wednesday. The EURUSD pair now needs to bounce from the 1.1130 region or it risks further downside towards the 1.1110 level and possibly lower. Overall, bulls need to close the four-hour candle above...