EURUSD extends the previous day’s pullback from a four-month-old support-turned-resistance as sour sentiment underpins the US Dollar demand early Friday. In doing so, the Euro pair takes clues from the bearish MACD signals while paying little attention to the RSI (14) line suggesting a weak support for the current momentum. With this, the quote appears well set to...
Attached: Nifty 100/ Nifty 50 Daily Chart as of 26th May 2023 A Risk On Signal has been generated where Nifty 100 is Set to Outperform Nifty 50 to meet its Cup & Handle/ VCP Pattern Breakout Target When this happens the Broad Market goes on a Risk On Mode So Bulls it is your Time/ has been your Time and it is going to Accelerate further in your favor Play Longs,...
USDJPY extends pullback from a four-year high, recently failed to keep the bounce off 113.50, amid downbeat MACD and RSI. That said, the yen pair’s further downside will poke the 100-DMA level of 113.25 but the previous resistance line from March 2021, around 112.80, could challenge the bears afterward. It should be noted, however, that a clear downside break of...
RBNZ leads the developed-world central banks with a 0.25% rate hike on Wednesday but couldn’t lift the NZDUSD prices. The reason can be linked to the broad US dollar strength amid risk-off mood and firmer Treasury yields. Technically, the Kiwi pair’s failures to cross the 10-DMA hurdle joined the bearish MACD signals and downward sloping RSI line to weigh on the...
US dollar bulls dominate markets following the return of the American and Canadian traders on Tuesday, portraying the heaviest daily gains of the greenback in three weeks. The same portrayed the USDCAD bounce off 100-day EMA, keeping the recovery moves ahead of the key Bank of Canada (BOC) monetary policy meeting. Given the firmer RSI and fundamental scopes for...
With the recent risk-off mood favoring the US dollar’s strength, GBPUSD breaks the support line of a short-term head-and-shoulders bearish chart pattern on the hourly (H1) play. However, a sustained close below the neckline, currently around 1.3645 will be needed to confirm the south-run targeting the previous week’s low near 1.3520. However, the 1.3600...