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USDJPY fades month-old bullish trend on BoJ’s cautious pauseUSDJPY snapped a three-day winning streak even as the Bank of Japan (BoJ) held benchmark interest rates unchanged, as widely expected, after its two-day monetary policy meeting early Thursday. In doing so, the Yen pair also challenged a five-week-old bullish trend channel. Bulls lack acceptance but bears have a bumpy road ahead… Apart from the BoJ’s hawkish halt, sluggish MACD and RSI conditions, along with the USDJPY pair’s inability to cross a month-old rising resistance line and 61.8% Fibonacci retracement of July-September downside, suggest a weakening of bullish bias. A slew of key supports, however, might challenge the sellers before taking control. Key technical levels to watch The aforementioned upward-sloping trend channel’s bottom line, close to 152.80, gains the immediate attention of the sellers ahead of the 50-bar Exponential Moving Average (EMA), around 152.20 at the latest. Following that, the USDJPY sellers can aim for the 150.00 threshold and the 200-EMA support of 149.00. In a case where the quote remains bearish past 149.00, the 38.2% Fibonacci ratio and September’s peak, respectively near 148.10 and 147.20, will act as the final defense of the buyers. On the contrary, USDJPY needs a clear upside break of the 61.8% Fibonacci retracement level of 153.45, also known as the golden ratio, to convince buyers. Even so, a month-long ascending trend line and a horizontal hurdle established since mid-July, close to 154.80 and 155.30-40, will challenge the Yen pair’s further advances. If the prices remain firmer past 155.40, the odds of witnessing a rally toward the aforementioned bullish channel’s top line surrounding 157.70 can’t be ruled out. Focus on US data As the BoJ’s cautious stance weighs on USDJPY buyers, traders will watch upcoming US inflation and employment data for further direction.
by MTradingGlobal
EURUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD EURUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
Long
by tradergyan01
1
EUR/USD Drops Close to 1.0800Join Alisa for the latest update on the EUR/USD currency pair! The Euro is under pressure due to expectations from the ECB regarding a potential cut in deposit interest rates. Currently, the market is pricing in nearly a 50% chance of a 50 basis-point rate cut in the December meeting. Additionally, the EUR/USD pair’s weakness is compounded by a strengthening USD amidst the uncertainty surrounding the U.S. presidential election, as the race is nearly tied ahead of November 5th. All these factors paint a rather bleak outlook for the Euro in the near term. EUR/USD declined after two days of gains, trading around 1.0818 during Asian hours on Wednesday. Looking at the technical chart, the 34 and 89 EMAs have reversed, further reinforcing the downtrend for this pair. With significant resistance at 1.0823, the EUR/USD pair is likely to pull back toward the support level at 1.0813 and may even continue its decline to the previous support at 1.0797. The current situation indicates that the Euro may continue to face challenges, and investors should closely monitor upcoming developments to make informed decisions in this context.
by Alisa_Rokosz
EURUSD: Focus on 13-month-old support and EU/US GDPEURUSD retreats towards a key support level as traders prepare for Wednesday's Eurozone and US Q3 GDP reports. Despite this, the pair maintains a mid-October breakdown below the 200-SMA, while oscillators challenge continued bearish momentum. Bulls and bears jostle at key support While EURUSD sellers benefit from the drop below the 200-SMA and a stronger US Dollar, an upward trend line from October 2023, along with an oversold RSI and a potential bull cross on the MACD, may limit further declines of the major currency pair. Key technical levels The 13-month rising support line near 1.0770 is crucial for EURUSD sellers if the pair drops further. Below that, the monthly low of 1.0760 is an important level, with June and April lows around 1.0665 and 1.0600 as potential targets. For EURUSD buyers, recovery seems challenging without breaking the 200-SMA at 1.0870. Even if they succeed, the 1.1000-1.0980 zone, marked since January, poses a tough challenge. If the Euro bulls cross the 1.1000 hurdle, they’ll set their sights on the 78.6% Fibonacci Extension (FE) of the pair’s late 2023 fall and a 10-month-old rising trend line, close to 1.1100 and 1.1220 in that order. Further downside needs a strong catalyst With mixed oscillator signals, EURUSD sellers need robust data to support US Dollar strength and Euro weakness to push prices lower. A corrective bounce seems likely, potentially creating fresh selling opportunities if Eurozone data surprises positively.
by MTradingGlobal
USD/CAD Elliottwave I’ve mapped out an Elliott Wave structure for USDCAD on the 2-hour chart. Currently, the pair is progressing through the wave sequence, and I’m anticipating a final push to complete the 5th wave around the 1.4160 level. 🔹 Key Levels to Watch: Potential retracement zones for waves 3 and 4 are highlighted, which could present good opportunities for those looking to enter or add positions. This chart is free for everyone—feel free to use it as part of your trading plan! 🙌 If you find value in my analysis and would like to show some gratitude, consider supporting via Your support helps me keep sharing insights like these with the community! #Forex #ElliottWave #USDCAD #TechnicalAnalysis #Trading
Long
by Elliottwave-Edge
The Japanese Yen Weakens Below 153.00 Against the USDHere’s a hot update on the USD/JPY pair from Alisa, everyone! The situation is getting intense. The Japanese Yen is facing increasing complexity as it encounters multiple opposing pressures. With the DPP leader’s opposition to rate hikes, optimistic market sentiment, strong USD buying pressure, and concerns over potential intervention by the Japanese government, a chaotic picture is emerging for the USD/JPY pair. Investors are cautiously awaiting the Bank of Japan’s decision and upcoming U.S. economic data to make their next move. The USD/JPY pair is trading around 153.26, indicating strong short-term fluctuations. The 1-hour technical chart signals a downward trend, with support at 152.831 and resistance at 153.278 being key focus points. Although the pair attempted to break through the resistance level, selling pressure quickly pushed the price back down. Without any new supportive factors, it’s likely that the pair may break through the support level, opening the door for a deeper decline. Will the USD/JPY continue to drop, or are we in for a surprising rebound? What do you all think?
by Alisa_Rokosz
GBPUSD: Sellers approach multi-month-old support before US dataGBPUSD is slipping from last week’s bounce off a six-month support line. Traders are watching for Tuesday's US Consumer Confidence report, while the strong US Dollar and cautious mood ahead of the US Q3 GDP figures, inflation data, and Nonfarm Payrolls (NFP) are putting pressure on the Pound Sterling. Bears lose momentum While GBPUSD buyers aren’t gaining traction, sellers will struggle to take control. There are multiple support levels, and indicators like the RSI (14) and a weakening bearish MACD signal may hinder the bear’s progress. Key technical levels to watch Watch for the upward support line from late April around 1.2935, followed by the 200-SMA near 1.2800, as near-term key levels to watch for the GBPUSD sellers. If the bears push below 1.2800, look for support at the August and June lows around 1.2665 and 1.2610. GBPUSD needs to break the ascending trend line from early March near 1.3080 for a recovery. Additional resistance levels include the psychological barrier at 1.3000 and the 50-SMA at 1.3140. Lastly, a horizontal resistance zone near 1.3240 serves as a crucial barrier for buyers. Further downside appears less convincing With the bearish trend losing momentum, expectations for fewer rate cuts from the US Federal Reserve could change if upcoming data doesn't support US Dollar strength. This uncertainty calls for caution among GBPUSD sellers.
by MTradingGlobal
EURUSD SHOWING A GOOD DOWN MOVE WITH 1:7 RISK REWARDEURUSD SHOWING A GOOD UP MOVE WITH 1:7 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
Short
by tradergyan01
1
EUR/USD Under Downward PressureHello everyone! Let’s join Alisa for an update on the EUR/USD pair’s movements. EUR/USD is under downward pressure due to concerns over Eurozone economic growth and the ongoing interest rate hikes by the US Federal Reserve. Additionally, rising uncertainty around the conflict in the Middle East may have strengthened the appeal of the US dollar (USD) as a safe-haven asset. The USD is also supported by the uncertainty surrounding the upcoming US presidential election. Currently, the EUR/USD pair is trading around 1.0816. The pair is moving within a descending channel and may continue to decline in the short term. The 1.0770 support level is a key barrier. If broken, the target could drop even lower. Could a reversal be on the horizon? Let’s discuss it together!
by Alisa_Rokosz