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EUR/USD, GBP/USD and USD/JPY head lower, as havens gain ground

EUR/USD and GBP/USD head lower as the dollar strengths, although USD/JPY is also on the back foot as traders favour yen as a haven.

Yen and US dollarSource: Bloomberg
 
 
Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 19 July 2021 

 

EUR/USD heading lower after recent retracement

EUR/USD is heading back down towards the $1.1772 support level this morning, with the pair building on the recent downtrend to post yet another deep retracement and subsequent sell-off.

With that in mind, we are looking for further short-term downside here, with a break up through the prior swing high of $1.1881 required to negate the ongoing bearish outlook.

 

EUR/USD chartSource: ProRealTime

GBP/USD breaks support to bring three-month low

GBP/USD has slipped below $1.3731 this morning, with the selling pressure seen on Friday carrying into a new week. That break brings us a fresh three-month low, although we could go further than that if price manages to break below $1.367.

That support level represents the next major threshold to overcome, below which we would be looking t a five-month low. For now, the break below $1.3731 provides a bearish continuation signal, with a rise through $1.391 required to bring a more bullish view.

 

GBP/USD chartSource: ProRealTime

USD/JPY falls back towards key support

USD/JPY has slipped back into trendline support, following a failed rebound which ended at the 61.8% Fibonacci resistance level. The subsequent pullback has taken us back down into a confluence of ¥109.71 and trendline support.

That looks likely to bring another bout of significant losses if broken. As such, watch for a move back below the ¥109.71 level to provide a fresh bearish outlook for the days ahead. Conversely, a break up through the ¥110.70 level would be required to bring a more positive outlook for the pair.

USD/JPY chartSource: ProRealTime

 

 

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EUR/USD, GBP/USD and AUD/USD likely to continue on bearish theme

EUR/USD, GBP/USD, and AUD/USD head lower, with intraday downtrend likely to continue as we reach multi-month lows.

EuroSource: Bloomberg
 
 
Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 21 July 2021 

 

EUR/USD continues to grind lower following latest breakdown

EUR/USD has been grinding lower over the course of the week, with the pair building on the later 61.8%, retracement to fall back below the prior low of $1.1772.

There is a good chance we will see another upward retracement before long, yet the bearish trend remains in place, the price breaks through the recent peak of $1.185. Until then, we look likely to see further weakness to build on the downtrend seen over the course of June and July.

EUR/USD chartSource: ProRealTime

GBP/USD tumbles into a fresh five-month low

GBP/USD has continued to lose ground over the course of the week, with the breakdown below $1.367 bringing multi-month lows for the pair.

The hourly chart highlights the construct of this trend, with lower intraday highs key to seeing the downside continue. With that in mind, another leg lower looks likely here, with a break up through the $1.3689 required to negate the bearish outlook.

GBP/USD chartSource: ProRealTime

AUD/USD heads lower after latest retracement

AUD/USD has been on the back foot once more this morning, with the pair heading lower from a deep retracement overnight. With the price hitting a fresh seven-month low, there is a good chance we have seen the pair top out.

With that in mind, it makes sense to utilise the intraday charts to follow the ongoing selloff. As such, a bearish outlook holds as long as price remains within a pattern of lower highs. Thus, while another upward retracement is likely before long, a bearish outlook holds unless the price rises up through the $0.734 resistance level.

AUD/USD chartSource: ProRealTime

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EUR/USD and GBP/USD muted as USD/JPY moves higher

Today’s ECB meeting could provoke some volatility in euro pairs, while USD/JPY has benefited from revived risk appetite.

GBPSource: Bloomberg
 

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 22 July 2021 

EUR/USD cautious ahead of ECB

Today’s the European Central Bank (ECB) meeting could well provoke some volatility, with a more hawkish view bolstering EUR/USD and helping it to make further headway after stabilising above $1.175.

A move higher targets $1.188 and then on to $1.194. A renewed bearish view requires a move back below $1.175.

EUR/USD chartSource: ProRealTime

GBP/USD struggles to bounce

GBP/USD witnessed a small recovery yesterday, bouncing back above $1.36, and recovering the 200-day simple moving average (SMA) $1.37.

Further, gains head towards $1.38 and then $1.39, the latter being the peak from mid-month. For now, the bearish view is weakened, and would need a move back below $1.365 to suggest a new move lower is beginning.

GBP/USD chartSource: ProRealTime

USD/JPY makes further gains

The recovery of USD/JPY continues, with the price rallying over the past two sessions and bolstering the bullish view.

Yesterday saw the price move back above trendline resistance from the July peak, suggesting further bullish momentum is at hand, targeting ¥111.00 and then ¥111.65.

USD/JPY chartSource: ProRealTime
 
 
 
 
 

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EUR/USD, GBP/USD and AUD/USD expected to reverse lower after retracement

EUR/USD, GBP/USD, and AUD/USD look likely to head lower following a period of counter-trend gains. Video link click here.

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Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 23 July 2021 

EUR/USD grinds lower after brief ECB pop

EUR/USD managed to pop into a brief 76.4% retracement after yesterday’s European Central Bank (ECB) meeting, providing a fresh selling opportunity for those with a keen eye.

The downtrend does still remain intact despite that brief spike, with the price falling short of the key $1.1851 swing-high. With that in mind, further downside looks likely from here. A break up through the $1.1851 level would be required to negate that bearish view.

EUR/USD chartSource: ProRealTime

GBP/USD rolling over after upward retracement

GBP/USD is on the back foot this morning, with the pair looking at risk after a period of gains seen throughout Wednesday and Thursday.

The downtrend remains in play unless price breaks up through the $1.391 level. As such, there is a good chance we see the bears come back into play following this 61.8% Fibonacci retracement.

GBP/USD chartSource: ProRealTime

AUD/USD weakening from trendline resistance

AUD/USD has similarly been trying to regain ground of late, with price rising into a somewhat mid-sized retracement level.

Despite that, we have seen a move into a descending trendline, which does highlight the potential to move lower once again here. There is a good chance that we will see the bears come back into play here, with any short-term upside perceived as a retracement unless the price rises through the $0.7503 swing-high.

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and NZD/USD remain within downtrend despite recent gains

EUR/USD, GBP/USD and NZD/USD show potential to move higher, but wider downtrend highlights potential for another move lower.

NZDSource: Bloomberg
 

 

 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 26 July 2021 

EUR/USD maintains its gradual decline for now

EUR/USD has been grinding lower over the course of the past month, with the declines becoming harder to come by as we move closer to the key March low of $1.1704. That lack of momentum does raise the risk of an upside move before long, yet we would need to see the price break out of this trend of lower highs for that to come into play.

With that in mind, the current rise could bring about another retracement after the 76.4% pullback on Thursday. A rise up through that $1.183 level would provide the first sign of a potential bullish reversal. Until then, short-term upside could bring another retracement into play before we continue to grind lower.

EUR/USD chartSource: ProRealTime

GBP/USD rallies into Fibonacci resistance

GBP/USD has been regaining ground since Tuesday’s low, with the price rising into the 61.8% Fibonacci level on Thursday.

The consolidation seen since then could simply set the scene for another move higher today, although we would need to see the price break through the $1.391 resistance level to bring an end to the bearish trend seen over June and July.

GBP/USD chartSource: ProRealTime

NZD/USD consolidates around Fibonacci and trendline resistance

NZD/USD has been consolidating around the 61.8% Fibonacci resistance level of $0.6982, with the price trading within a wider downtrend over the course of the last two months.

That informs us that we could see the price reverse lower to continue the trend of lower highs. As such, while we could see a short-term rise, we would need to see a rise up through the $0.7044 level to end the trend of lower highs and bring a wider bullish outlook into play.

NZD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and NZD/USD weaken from Fibonacci resistance

EUR/USD, GBP/USD and NZD/USD turn lower after posting a deep 76.4% Fibonacci retracement.

 

 

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 27 July 2021 

EUR/USD turning lower from latest retracement

EUR/USD has managed to post yet another 76.4% Fibonacci retracement, with the pair heading lower once again. This highlights how the trend seen over the course of the past two months remains worth following.

While the trend is very shallow in nature, that does bring a higher likeliness of a deep retracement. As such, a bearish outlook holds from here, with a push up through the prior swing-high of $1.183 required to negate that downside bias.

EUR/USD chartSource: ProRealTime

GBP/USD turning lower after 76.4% retracement

GBP/USD has started to lose ground in early trade today, following the rally into the 76.4% Fibonacci resistance level at $1.383.

With a wider bearish trend playing out over recent months, there is a good chance we see further downside from here. A rise up through the $1.391 level would be required to negate that outlook.

GBP/USD chartSource: ProRealTime

NZD/USD slumps after deep pullback

NZD/USD has similarly turned lower after a 76.4% Fibonacci retracement yesterday.

The wider downtrend points towards such a move coming into play, with a rise through $0.7045 required to negate that bearish outlook. Until then, further weakness looks likely from here.

NZD/USD chartSource: ProRealTime
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EUR/USD and GBP/USD on the rise as AUD/USD lags behind

EUR/USD and GBP/USD show potential for a bullish resurgence, while AUD/USD lags behind.

DollarSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 28 July 2021 

EUR/USD shows first signs of bullish phase

EUR/USD managed to rise through the $1.1831 resistance level yesterday, with the pair showing the first signs of a bullish phase after two months of downside. The very gradual nature of this sell-off has highlighted the potential for a breakout before long, yet we needed to see a push through resistance for that to come into play.

While $1.1831 is a notable level, a rise through $1.1851 would bring greater confidence that a bullish phase is coming into play. Nonetheless, with the intraday trend showing higher highs and higher lows, it makes sense to look at this with a more bullish view unless the price falls back below $1.177.

 

EUR/USD chartSource: ProRealTime

GBP/USD closes in on key resistance

GBP/USD has been on the rise over the course of the past week, with the pair pushing up through the 76.4% Fibonacci resistance level yesterday.

With pricing closing in on the key $1.391 swing high, a break through that level would bring a bullish reversal signal after two months of downside. As such, the ability to break up through $1.391 will be critical in determining sentiment as we move forward.

 

GBP/USD chartSource: ProRealTime

AUD/USD lags behind as it falls towards double top support

AUD/USD has failed to replicate the gains seen elsewhere, with the dollar dominating this pair once again this morning. A break through the $0.733 level would complete a double top formation, highlighting the potential for further downside from here.

As such, watch for a potential break below $0.733 to bring about a bearish continuation signal. Notably, the underperformace of the Australian dollar also brings attention to the fact that we could see strength for the likes of EUR/AUD and GBP/AUD in the day ahead.

 

AUD/USD chartSource: ProRealTime
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Dollar weakness drives EUR/USD and GBP/USD gains, while USD/CAD breaks lower

FOMC-fuelled dollar weakness sparks EUR/USD and GBP/USD gains, while USD/CAD breaks through Fibonacci support.

DollarSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 29 July 2021 

EUR/USD drives higher after recent upside break

EUR/USD has built on the rise through $1.1831, with the pair driving into a fresh two-week high. The gradual nature of the recent downtrend did point to such a move likely coming into play before long, and we are now looking for clues as to where this rise will push into.

The wider Fibonacci retracement from $1.1975 is of particular interest, with $1.189 and $1.1922 representing the two notable deep Fib levels worth considering from the bears to come back into play once again. Until then, further short-term upside looks likely from here.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD breaks key resistance to end recent bearish threat

GBP/USD has managed to push up through the $1.391 resistance level overnight, with the pair negating the downtrend in play over the course of June and July.

With a more bullish outlook now confirmed, it makes sense to simply follow the intraday trend of higher lows, with a bullish outlook in play until the price breaks back below $1.3843.

 

GBP/USD chartSource: ProRealTime

 

USD/CAD breaks Fibonacci support after recent consolidation

USD/CAD has finally broken from its consolidation phase, with the pair falling into a two-week low this morning.

Crucially, that brings us back below the 76.4% Fibonacci support level as we close in on the key swing low of $1.2425. A break back below that level would confirm the end of the uptrend that has dominated the past two months. As such, watch out for further downside from here, with a break below $1.2425 in particular providing greater confidence in that bearish outlook.

 

USD/CAD chartSource: ProRealTime
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Dollar declines send EUR/USD and GBP/USD higher, as USD/CAD falls into support

Dollar weakness continues, with EUR/USD and GBP/USD on the rise as USD/CAD falls into key support.

PoundSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 30 July 2021 

EUR/USD pushes through Fibonacci resistance to build on bullish break

EUR/USD is building on the bullish breakout seen yesterday, with the price rising through the 61.8% Fibonacci level despite a brief pullback at that level.

This push up through to a one-month high points towards further upside coming into play from here, with a drop back below the overnight lows of $1.1875 required to bring about a more neutral outlook. Until then, further upside looks likely as we push up towards the 76.4% Fibonacci level at $1.1923.

 

EUR/USD chartSource: ProRealTime

GBP/USD continues to build on bullish week

GBP/USD continues to gain ground this morning, with the pair expected to continue its trend higher after seeing the price rise through the $1.391 resistance level.

A break back below the $1.3843 level would bring a more bearish outlook into play. Until then, further gains look likely for GBP/USD.

 

GBP/USD chartSource: ProRealTime

USD/CAD falls back into key support after recent breakdown

USD/CAD has slumped back into the crucial $1.2425 support level this morning, with the pair on the slide since dropping through 76.4% Fibonacci support.

A break back below that $1.2425 support level would bring about a bearish reversal signal for the pair. As such, sentiment for the day ahead looks to be dictated by the reaction to this key support level

USD/CAD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD on the rise after recent retracement

Dollar weakness expected to play out as EUR/USD, GBP/USD and AUD/USD turn higher following a recent retracement phase.

 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 02 August 2021 

EUR/USD turning higher from key support

EUR/USD has seen the previous high of $1.185 turn into support, with the pair moving higher in early trade. The recent rally took us into the deep Fibonacci zone and thus it is worthwhile watching the $1.189 and $1.1923 levels as potential resistance on the way up.

For the short term we can see the potential for further upside as we build on the trend of higher lows. As such, a positive outlook holds unless the price falls back below the $1.185 support level.

EUR/USD chartSource: ProRealTime

GBP/USD starts to regain ground after recent pullback

GBP/USD is back on the front foot this morning, as it looks to regain its positive momentum after a deep pullback on Friday.

That retracement provides us with a buying opportunity given the recent uptrend, where a bullish outlook holds unless the pair drops below the $1.3842 swing-low.

GBP/USD chartSource: ProRealTime

AUD/USD on the rise from trendline support

AUD/USD has been lacking momentum of late, with the pair falling back into trendline support on Friday. That trendline has held up, with the price on the rise in early trade today.

That is likely to continue as we move through the day, with the dollar expected to weaken as stocks rise. With that in mind, short-term gains look likely to take us back towards trendline resistance, with a break back below the $0.7329 swing low required to negate that bullish outlook.

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD gain ground in early trade

EUR/USD, GBP/USD and AUD/USD on the rise, but questions remain for the Australian dollar despite hawkish RBA stance.

EURSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 03 August 2021 

EUR/USD awaits breakout from continuation pattern

EUR/USD is trading within a pennant formation, with the pair pausing after the gains seen last week.

To the upside, we do need to keep an eye out for a potential break through the $1.1897 level as a signal that we are set for another leg higher. Meanwhile, a drop back below $1.185 would point towards a deeper pullback coming into play.

 

EUR/USD chartSource: ProRealTime

GBP/USD turning higher after 76.4% pullback

GBP/USD has started to regain bullish momentum following a retracement into the 76.4% Fibonacci level at $1.3876.

The ongoing uptrend points towards a bullish session ahead, with a positive outlook in play unless the price drops below $1.3843.

 

GBP/USD chartSource: ProRealTime

AUD/USD back into confluence of resistance

AUD/USD has been on the rise overnight, with a hawkish Reserve Bank of Australia (RBA) stance bringing gains for the Australian dollar.

However, that takes us into the confluence of 61.8% and trendline resistance. With the trend of lower highs in place, this recent grind higher still looks like a potential precursor to further weakness unless the price breaks up through the $0.7503 swing-high.

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD on the rise once again

EUR/USD, GBP/USD and AUD/USD gain ground, but key resistance remains up ahead as the dollar weakens.

USDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 04 August 2021 

EUR/USD consolidates after recent rise

EUR/USD continues to consolidate above the $1.185 support level, with the pair seemingly taking a break after the rally seen in late-July.

There is a good chance that this is simply a pause before we head higher once more, and thus it makes sense to watch for a rally through $1.1893, to bring about a fresh bullish outlook for the index. To the downside, a break below $1.185 would bring a more bearish short-term picture.

EUR/USD chartSource: ProRealTime

GBP/USD on the rise from 76.4% Fibonacci support

GBP/USD has been slowly building momentum after a retracement into the 76.4% Fibonacci support level.

Yesterday’s initial rise failed to gain traction, yet we are pushing upwards once again today, in a bid to maintain the recent uptrend. With that in mind, a bullish outlook holds here, with a break below the $1.3843 swing-low required to negate that view.

GBP/USD chartSource: ProRealTime

AUD/USD rallies back into key resistance

AUD/USD has continued its ascent following, with a hawkish Reserve Bank of Australia (RBA) statement earlier in the week. That has taken us back into a confluence of trendline and Fibonacci 61.8% resistance, raising questions over whether we could see the price retrace lower once again.

With the stochastic into overbought territory, it makes sense to keep an eye out for a potential break back below the 80 thresholds as a signal that price is set for another move back towards trendline support. As such, keep an eye out for the reaction to this resistance level as a gauge of where we go from here.

 

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD pullback unlikely to last

EUR/USD, GBP/USD and AUD/USD weakness proves brief, with the bulls likely to come back into play.

EUR/USDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 05 August 2021 

EUR/USD weakens, yet bulls could yet come back into play

EUR/USD fell below the $1.185 support level yesterday, with the price falling back into the prior resistance level of $1.183 which now provides support.

The original break through $1.1881 did signal the potential for a bullish reversal of the downtrend seen in June and July. Thus, this recent breakdown could yet be a retracement before we head higher once again. With that in mind, watch for the bulls to potentially come back into play here, with a break below the $1.1752 low required to bring a continuation of that bearish trend.

EUR/USD chartSource: ProRealTime

GBP/USD respecting 76.4% Fibonacci support once again

GBP/USD looks to have found support on the 76.4% Fibonacci support level once again, with the pair on the rise from that $1.3876 level in early trade.

With the recent trend of higher lows still in place, this somewhat drawn out retracement phase still does look like a buying opportunity. That bullish view holds unless the price falls below the $1.3843 swing low.

GBP/USD chartSource: ProRealTime

AUD/USD turning higher once again within rising channel

AUD/USD is turning higher once again this morning, following a 61.8% retracement that came after a rise back into trendline resistance. The recent rising channel remains in play here, with the price looking likely to push back up into trendline resistance.

As such, while there is a risk of a breakdown from this channel at some point, we would need to see a decline through $0.7329 to bring about a bearish signal. Until then, this channel points towards further upside for the pair. To the upside, keep an eye out for Fibonacci resistance in the form of $0.7421 and $0.7452.

AUD/USD chartSource: ProRealTime
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Dollar weakness likely to drive EUR/USD and GBP/USD strength, while USD/CAD heads lower

EUR/USD, and GBP/USD looking likely to gain ground after recent weakness, while USD/CAD heads lower once again.

CADSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 06 August 2021

EUR/USD declines towards Fibonacci support

EUR/USD has been on the back foot over the course of the week, with the break back below $1.185 on Wednesday giving way to further downside for the pair.

However, with the recent rally through $1.1881 bringing a higher high into play, there is a good chance that this period of downside represents a retracement before we head higher once again.

With that in mind, bullish positions are favoured unless the price drops back below $1.1754 support.

EUR/USD chartSource:ProRealTime

GBP/USD continued to build base after 76.4% pullback

GBP/USD has been taking its time building bullish momentum off the back of another retracement, with the pair respecting the 76.4% Fibonacci level over the course of the week.

The recent trend of higher lows does point towards a likely break higher before long. As such, a bullish view holds unless the price breaks below $1.3843 support.

GBP/USD chartSource: ProRealTime

USD/CAD rolling over from trendline and Fibonacci resistance

USD/CAD has seen a relatively volatile week, with the index reversing lower after a period of strength towards the beginning of the week.

That rise took us back into the confluence of trendline and Fibonacci resistance, with the recent bearish momentum coming back into play.

The key hurdle to overcome for bears comes in the form of the C$1.2425 low, with a break below that level required to bring a wider bearish picture into play. To the upside, a break through C$1.2605 would bring about a fresh bullish signal for the pair.

USD/CAD chartSource: ProRealTime
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Dollar strength continues to weaken EUR/USD, GBP/USD and AUD/USD

EUR/USD, GBP/USD and AUD/USD head lower, with the dollar looking to continue its ascent.

AUDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 11 August 2021 

EUR/USD drops back into key support

EUR/USD has continued to head lower following the drop into and below $1.1752 support on Monday. That breakdown did signal a likely move back into $1.1704 support.

Now, the key question is whether we see that $1.1704 level break, with such a move bringing an increased expectation of further downside from here. As such, with the pair at a key crossroads, whether or not we break this level will be key in determining the outlook going forward.

EUR/USD chartSource: ProRealTime

GBP/USD breaks support to bring risk of further weakness

GBP/USD has slumped back below the $1.3843 support level overnight, bringing an end to the trend of higher lows that played out over the final week of July.

That break does provide us with expectations of further downside from here, with a rise through $1.3872 required to stabilise things from an intraday perspective.

GBP/USD chartSource: ProRealTime

AUD/USD rolling over with pair likely to break lower

AUD/USD looks at risk of a strong move lower, with the recent period of consolidation at risk of coming to an end given the break below trendline support.

The drop below $0.7329 support brings expectations of another slump for the pair, with yesterday’s rise bringing about a short-term pullback before it heads lower once again. A break below $0.7316 brings about another fresh signal of impending weakness as we look to finally exit the consolidation phase.

AUD/USD chartSource: ProRealTime
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Dollar weakness lifts EUR/USD and GBP/USD, while stifling USD/JPY rally

US CPI figures yesterday hit the dollar, with the euro and sterling both making some gains against the greenback. Inevitably, this has led to some weakness for USD/JPY.

US DollarSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 12 August 2021 

EUR/USD rallies from March support

Euro bulls will be hoping that EUR/USD can repeat its March feat and bounce from $1.17 in a substantial fashion.

The price is holding that support level for now, although gains are limited. Nonetheless, it gives longs something to trade against, while shorts will wait to see if a reversal develops that takes the price back below $1.17. Further, gains target $1.88 and then $1.194.

EUR/USD chartSource: ProRealTime

GBP/USD bounces from $1.38

Dollar weakness in the wake of US consumer price index (CPI) figures yesterday has allowed GBP/USD to bounce from $1.38, providing hope that the downward move of August has run its course. $1.40 could now be in the sights of longs, which would help to restore a more bullish view.

Sellers will have to wait and see if the price reverses below $1.38, a development that might put $1.36 back into the frame as a downside target.

GBP/USD chartSource: ProRealTime

USD/JPY falters at July highs

Unsurprisingly, USD/JPY has weakened following inflation data yesterday, leaving the ¥110.60 area intact as resistance, as was the case in July.

Bulls will want to see a revival that clears this zone, in order to open the way to more upside, while sellers will be hoping for a reversal below ¥110.00, that confirms a more negative short-term view and targets ¥109.00.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD stabilize after recent losses

EUR/USD, GBP/USD and AUD/USD stabilize after a period of declines, but will we see the price reverse upwards or maintain the bearish trend?

GBPSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 16 August 2021 

EUR/USD on the rise from key support

EUR/USD has started to regain ground after falling back into the March low of $1.1704. The recent trend of lower highs does still remain in play, unless the price rises through the $1.1909 resistance level from late-July.

With that in mind, there is a risk we could see the pair falter once again. Ultimately, the outlook will become clearer once the price breaks through either $1.1704 or $1.1909. Until then, we could see further short-term upside, yet Fibonacci resistance at $1.1831 and $1.1861 provides the key resistance levels to note up ahead.

EUR/USD chartSource: ProRealTime

GBP/USD rising back towards notable resistance

GBP/USD has been on the slide over the course of the past fortnight, with the pair seemingly providing a retracement phase in the wake of the rise through $1.391 resistance.

That break points towards us reversing upwards before long, with an end to this intraday trend of lower highs key to that happening. As such, a break through $1.3888 would bring about a fresh bullish signal for the pair. There is still a good chance of further downside unless the price breaks through $1.3888. Should we see the price rise through that level, it would provide a signal that we will regain a more bullish footing once again.

GBP/USD chartSource: ProRealTime

AUD/USD continues to remain at risk as the price consolidates

AUD/USD has been consolidating for much of the past month, with the recent trendline break simply leading us into another period of sideways the price action.

The subsequent respect of 61.8% Fibonacci resistance around $0.7384 does highlight the potential for another breakdown from here, with a move through $0.7316 bringing greater confidence that we are set for another breakdown for this pair.

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD ease back on dollar strength

EUR/USD, GBP/USD, and AUD/USD head lower, with the dollar gaining ground off haven demand.

AUDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 17 August 2021 

EUR/USD drifts lower after recent rally

EUR/USD has started to drift lower since Friday’s peak of $1.1804, with the pair taking a breather from a recovery phase. The pair looks likely to rise towards the deeper Fibonacci retracement levels of $1.1831-$1.1861.

With that in mind, the current pullback looks like a potential precursor to the pair heading higher once again. A break below the $1.1704 level would be required to bring a bearish continuation signal back into play.

EUR/USD chartSource: ProRealTime

GBP/USD falls back into support

GBP/USD failed to overcome the $1.3888 resistance level yesterday, with the recent downtrend thus remaining intact.

A break up through that level would bring about a more bullish picture once again. Until then, the $1.3791 support levels comes into play here, with a decline through this level bringing about a bearish continuation signal.

GBP/USD chartSource: ProRealTime

AUD/USD tumbles into fresh eight-month low

AUD/USD has been on the back foot overnight, with the Reserve Bank of Australia (RBA) preparing to hold off on tapering in the face of lockdown restrictions.

The break below $0.7289 points towards a potential push lower from here, with a bearish outlook in play unless we see a break up through the $0.7381 swing high.

AUD/USD chartSource: ProRealTime
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EUR/USD and GBP/USD under pressure, as USD/JPY bounces

Dollar strength has enabled a small recovery in USD/JPY while putting more pressure on EUR/USD and GBP/USD overall.

DollarSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 18 August 2021 

EUR/USD edges off lower channel bound

EUR/USD remains under pressure overall, firmly within a downward channel although a small bounce off the lows has taken place.

A small recovery would target the highs from last week around $1.18, building on the bounce of support from $1.17.

 

EUR/USD chartSource: ProRealTime

GBP/USD heading firmly lower

GBP/USD’s signs of a bounce have been negated by the drop below the 200-day simple moving average (SMA), as dollar strength comes into play once again.

Further declines target $1.37 and then $1.36. For the moment, the sellers are firmly in control, with any bounce needing to move back above $1.386 to develop a more bullish view.

 

GBP/USD chartSource: ProRealTime

USD/JPY bounces from support

USD/JPY has rallied from the broad support zone around ¥109.00, providing hope for bulls that a rebound may develop.

This would target ¥110.60 in the first instance, where gains stalled throughout July and August. For now, the continued defense of ¥109.00 leaves the buyers with the upper hand, but this would begin to change with a drop below ¥108.70.

 

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD all come under heavy pressure

Dollar strength in the wake of FOMC minutes has put further pressure on key FX pairs.

https://www.ig.com/uk/news-and-trade-ideas/eur-usd--gbp-usd-and-aud-usd-all-come-under-heavy-pressure-210819

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 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 19 August 2021 

EUR/USD heads toward one-year low

Federal Reserve (Fed) minutes have given the downward move additional impetus, moving EUR/USD below the lower bound of the descending channel in place since late June.

This opens the way to $1.1615 lows last seen in September and October last year. There has been little sign of a bullish rebound, with yesterday’s attempt at a bounce fizzling out.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD heads towards July low

Similarly, GBPUSD's small bounce in the first half of Wednesday’s session turned into a decline that has continued into today’s session.

This brings the-July low at $1.36 into view, and leaves the bearish view firmly intact. Any rebound needs to clear trendline resistance from the late-July high with a move above $1.38.

 

GBP/USD chartSource: ProRealTime

 

AUD/USD sinks yet further

The AUD/USD here has lurched lower, wiping out almost all the gains made since early November.

Further declines bring $0.716, $0.7093 and $0.6973 into view as targets to the downside. Dip buyers have been unable to turn this one around, with the pair still firmly heading lower, and momentum still firmly skewed to the downside with low stochastic and moving average convergence/divergence (MACD) readings.

 

AUD/USD chartSource: ProRealTime

 

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EUR/USD on the ropes as GBP/USD nears a support zone

Some of the dollar strength from earlier in the week has dissipated, but overall the euro and sterling continue to struggle.

PoundSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 20 August 2021 

EUR/USD still unable to bounce

A new lower low for EUR/USD in the current downtrend leaves sellers firmly in charge.

A small rebound earlier in the week did not change the overall negative view. While a rebound towards $1.175 would be of interest to longs, it leaves the downward move from the beginning of the month firmly intact.

EUR/USD chartSource: ProRealTime

GBP/USD heads back towards support

GBP/USD's price has returned to the $1.36 support zone which provided the foundation for a bounce in mid-July.

A rally would head towards trendline resistance from the late July high, targeting $1.38 in the first instance.

GBP/USD chartSource: ProRealTime

USD/JPY fails to make headway

It has been a tough battle between the buyers and sellers with USD/JPY over the past seven weeks, with little in the way of a significant, extended move in either direction.

Dips towards ¥109.00 have been buying opportunities, while on the upside, rallies to ¥110.75 have hit a wall of selling.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD take a breather after recent sell-off

EUR/USD, GBP/USD and AUD/USD try to stabilise after recent decline, but bears look likely to return.

EUR/USDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 23 August 2021 

EUR/USD rebound unlikely to last

EUR/USD has been attempting to regain ground since Friday’s low of $1.1664, with last week’s decline taking the pair into a nine month low. While the price has been regaining ground, that is viewed as a retracement rather than anything to get too excited about from a bullish perspective.

Another turn lower thus looks likely before long, with a rise through $1.1804 required to negate that bearish short-term outlook. Until then, this current rise looks likely to resolve in another move lower before long.

EUR/USD chartSource: ProRealTime

GBP/USD falls back towards key support

GBP/USD has declined through both the 61.8% and 76.4% Fibonacci support levels, with the price falling back towards the $1.3572 low from late July. A break below that support would negate any bullish sentiment developed by breaking through the $1.391 level.

While the price is rising in early trade, we have plenty of ground to make up before the bulls can feel confident that such gains will last. As such, unless we see the price break through the likes of $1.3786, short-term upside is likely to prove fleeting.

GBP/USD chartSource: ProRealTime

AUD/USD attempts to stabilise after recent breakdown

AUD/USD has been hit hard of late, with the break below $0.7316 ultimately giving way to another period of downside for the pair.

This bearish trend holds on both the short and long term, signalling expectations of further downside to come. With that in mind, it makes sense to look out for further downside, where the current rebound looks to represent a short-term retracement before we head lower once again.

AUD/USD chartSource: ProRealTime
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EUR/USD and GBP/USD rally but USD/JPY runs into resistance

The euro and sterling are rallying against the US dollar, while the greenback itself is struggling to make headway against the yen.

https://www.ig.com/uk/news-and-trade-ideas/eur-usd-and-gbp-usd-rally-but-usd-jpy-runs-into-resistance-210824

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 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 24 August 2021 

EUR/USD bounces, but view still bearish

The strong bounce with EUR/USD of the past few days is unlikely to change the overall view here unless it can move back above $1.19 in the coming weeks. Even further gains leave the sellers in charge overall, even with the recovery back above $1.17 support.

Ultimately, the bullish view is not likely to receive much medium-term support on current the price action, with a fresh move to the downside expected in due course.

EUR/USD chartSource: ProRealTime

GBP/USD sees renewed strength

GBP/USD has staged a reasonable bounce over the past two sessions, rallying back above $1.36 and holding this level as support.

Trendline resistance from the late-July high comes into play around $1.376, and if the price falters there, then a turn lower would target $1.36 once more. Further, gains above $1.37 head towards $1.40.

GBP/USD chartSource: ProRealTime

USD/JPY’s attempt to rally defeated

Dollar weakness has come into play with USD/JPY, as yet another attempt to move above ¥110.00 fizzles out

However, the price has yet to give a clear sign that it has rolled over, with a move below ¥109.50 likely to provoke a more definitive bearish view. Buyers need to push the price back above ¥110.20 to point towards a more bullish outlook.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and USD/JPY edge higher

Small gains have been seen in early trading for EUR/USD and USD/JPY, while GBP/USD struggles to make headway.

JPYSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 26 August 2021 

EUR/USD targets $1.18

Dollar weakness continues to carry EUR/USD higher, rebounding over the previous four sessions.

However, the overall negative trend remains firmly in place, given the run of lower highs of late. A move back above the 50-day simple moving average (SMA) at $1.1817 would ease some of the bearish view, and shift the outlook to a more neutral one for the time being.

EUR/USD chartSource: ProRealTime

GBP/USD rally slows

The rebound with GBP/USD has stalled after several days of gains, suggesting a potential continuation of the run of losses seen since the end of July.

A move back above $1.38 would start to provide a more positive view, but sellers will be looking for a new move back to, and then below, $1.36.

GBP/USD chartSource: ProRealTime

USD/JPY edges higher for a fresh session

The recovery of USD/JPY puts the pair on course to test ¥110.50 once more, if the price can hold above ¥110.00, which has acted as resistance over the past week.

Since the beginning of the month the price has carved out higher lows, helping to provide a more bullish view in the short term.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD recovering lost ground

EUR/USD, GBP/USD and AUD/USD regain lost ground, but how long will the rebound last?

DollarSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 27 August 2021 

EUR/USD on the rise, yet risk remains of another move lower

EUR/USD has been on the rise over the course of the week, with the price tentatively pushing through the 76.4% Fibonacci resistance level at $1.1771.

With trendline resistance also coming into play here, there is still a good chance we could see the bears return. A break back below $1.1726 would bring greater confidence that the price is going to start turning lower from here. Alternatively, a rise through $1.1804 would point towards a wider upward move for the pair.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD attempting to build on recent rebound

GBP/USD has been on the front foot over the course of the week, with the price rising back towards the confluence of $1.3786 and trendline resistance.

That recent rise comes after a deep retracement of the late-July rise from $1.3572, and we would need to see that level broken to solidify a bearish continuation signal. Until then, there is still a chance we see further ground regained, with the price starting to rise back towards this confluence of resistance around $1.3786.

 

GBP/USD chartSource: ProRealTime

 

AUD/USD rallies towards confluence of resistance

AUD/USD has similarly been regaining ground this week, with the price rising back into the 61.8% Fibonacci resistance level at $0.727.

With a wider bearish trend in place, there is a strong chance we see another move lower before long. The confluence of Fibonacci and trendline resistance thus provides us with a zone of resistance that should spur a new move lower for the pair. Ultimately, we would need to see $0.7381 broken to bring about a more confident bullish view for AUD/USD.

 

AUD/USD chartSource: ProRealTime
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  • 2 weeks later...

EUR/USD, GBP/USD and EUR/GBP turning lower after recent gains

EUR/USD, GBP/USD and EUR/GBP turn lower, but will this mark the beginning of a bearish phase following recent gains?

EURSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 06 September 2021 

EUR/USD falls into key support after respecting notable resistance level

EUR/USD has started to weaken after its recent rally took the pair into the late-July peak of $1.1908. With the price falling back into the confluence of trendline support and the $1.1866 swing-low, there is a good chance we could start to see a wider pullback from here if the price breaks support.

As such, keep an eye out for whether we see a move below this current area of support to guide us on whether we will see this recent pullback extend further. To the upside, a break through $1.1908 would bring greater confidence of a bullish continuation.

EUR/USD chartSource: ProRealTime

GBP/USD drifts lower from key resistance

GBP/USD has similarly turned lower from a notable resistance level, with the $1.3888 peak from mid-August holding to send the pair lower this morning.

However, the intraday trend of higher lows does remain in play, meaning that it makes sense to await a break through either $1.3888 (bullish), or $1.3818 (bearish) for guidance on where we go from here.

GBP/USD chartSource: ProRealTime

EUR/GBP starts to roll over after recent rebound

EUR/GBP dropped below trendline support on Friday, following a rally into the deep Fibonacci zone.

The wider bearish trend looks like it could kick in once again, with a move below the likes of $0.8558 and $0.8542 bringing greater confidence of that breakdown.

EUR/GBP chartSource: ProRealTime
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EUR/USD and GBP/USD head lower as USD/JPY edges up

The euro and sterling are faltering against the dollar, while against the yen the greenback is making gains.

GBPSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 07 September 2021 

EUR/USD stalls at $1.19

EUR/USD's bounce from the lows of August have stalled at $1.19, with Friday’s rally to this level encountering pushback.

The drop over the past 24 hours is only modest, and indeed stochastics and the moving average convergence/divergence (MACD) have yet to roll over, but further declines towards $1.18 will reinforce the bearish view. Bulls will want to see a recovery above $1.188 to allay concerns that a turn lower is beginning.

EUR/USD chartSource: ProRealTime

GBP/USD turns lower

Here too with GBP/USD, it looks like a lower high could be in play, as the price reverses towards $1.38 after gaining since late August

Confirmation will come with a move below $1.375, while buyers will want to see $1.385 recovered to put the price back on an upward footing.

GBP/USD chartSource: ProRealTime

USD/JPY makes gains

After struggling to make headway last week, USD/JPY has continued to hold ¥109.50, holding trendline support from the August low, and pushing towards ¥110.00, the area where gains have stalled of late.

Continued adherence to trendline support suggests that the buyers remain in charge, a scenario which remains the case unless we see a drop below ¥109.50.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and USD/JPY turn lower after recent gains

EUR/USD, GBP/USD and USD/JPY turn lower after recent gains, but will we ultimately reverse higher once again?

EURSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 08 September 2021 

EUR/USD breaking lower after recent rally into key resistance

EUR/USD has started to reverse lower, following a period of strength that took the pair up into the key $1.1908 resistance level on Friday.

However, the subsequent move lower has taken us back below both $1.1855 and $1.1834 support, bringing expectations of further weakness. That bearish short-term view holds unless the price rallies up through $1.1885 resistance.

EUR/USD chartSource: ProRealTime

GBP/USD falls back below Fibonacci support

GBP/USD has also been on the back foot, with the price turning lower from a confluence of $1.3888 horizontal resistance and the 76.4% Fibonacci resistance level.

A break below the $1.3731 level would certainly bring greater confidence in this potential bearish turnaround following a move below trendline and Fibonacci support.

However, until that happens, there is still a chance this is simply a retracement phase within a GBP/USD recovery.

GBP/USD chartSource: ProRealTime

USD/JPY turning lower from key resistance level

USD/JPY has been on the rise over the start of the week, with the price rising into the peak of ¥110.40 established a week ago. This builds a picture of a potential bullish breakout coming into play following a symmetrical triangle consolidation period.

While we are looking at a potential move lower in a bid to continue this consolidation phase, there is a growing case that we will see the price break higher before long. A rise through ¥110.42 brings greater confidence in such a move.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and USD/JPY in retreat as risk appetite falters

Pre-ECB nerves have hit risk assets across the board, leading to losses for EUR/USD, GBP/USD and USD/JPY.

EUR/USDSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 09 September 2021 

EUR/USD drops back from $1.19

EUR/USD has firmly rolled over, retreating from $1.19.

This second failure to push on above $1.19 looks to have handed the initiative to the sellers, who will be looking for a resumption of the downward move towards $1.17. As yet the bulls do not appear to have the strength to halt further declines, but a recovery above $1.185 might stem further losses.

EUR/USD chartSource: ProRealTime

GBP/USD declines further

The pound is in retreat as well with GBP/USD, after it fell back from the highs for the month.

A bounce yesterday is being unwound, which puts the pair back on course to $1.36. Tuesday’s break of trendline support was the key development that has handed the initiative back to the sellers.

GBP/USD chartSource: ProRealTime

USD/JPY falters after recent gains

Hopes of more upside with USD/JPY have been capped for now with the move above ¥110.35 that was then knocked back yesterday.

The dollar has fallen back since then, although it remains in the upward channel of the past month, which may yet result in another move higher.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and USD/JPY on the rise back towards key resistance

EUR/USD, GBP/USD and USD/JPY are on the rise, with recent weakness fading as the bulls come back into the fore. Video

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 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 10 September 2021 10:49

EUR/USD starts to regain lost ground

EUR/USD has started to push higher towards the back end of the week, with the pair attempting to regain some of the ground lost throughout Monday to Wednesday. While we are gradually building momentum, there is a possibility that we see the bears come back into play before long.

That is particularly relevant because of the fact that this latest decline took place from the key $1.1908 resistance level. As such, while we could see further short-term upside, it would make sense to await a $1.1908 break to signal a more long-lasting bullish view coming into play.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD surges back towards resistance

GBP/USD is surging back towards the $1.3891, with the pound outperforming despite a disappointing set of economic readings this morning.

A break up through that $1.3891 resistance level brings a bullish continuation signal, allowing the pair to build on the gains seen in recent weeks. As such, while the bulls appear to be in charge, it could make sense to await a bullish breakout to bring a fresh signal for the pair.

 

GBP/USD chartSource: ProRealTime

 

USD/JPY turning upwards from key support

USD/JPY has been grinding higher over recent weeks, with the price creating a trend of higher highs and lows. However, more recently we have seen the price fall back into the ¥109.58 support level.

That level comes back into place today, with the bulls expected to remain in charge today as we look for this current rebound to extend up towards ¥110.44 resistance. A break below ¥109.58 would be required to bring a more bearish view into play.

 

USD/JPY chartSource: ProRealTime
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