Technical Analysis

Fri, 26 Jul 2024 13:59:26 GMT

Gold retreats below 2,373.70/3,400.00

Despite passing above simple moving averages, the price for gold experienced a sharp decline on Wednesday afternoon. The price declined to the support of the 2,373.70/3,400.00 range. Afterwards, on Thursday afternoon, the publication of the much higher than expected US GDP caused a drop of the commodity price below the range. Moreover, the range was confirmed as resistance

Fri, 26 Jul 2024 13:26:52 GMT

USD/JPY finds support in 152.00

The USD/JPY continued to decline and eventually reached the 152.00 mark. This level acted as support and has forced the rate to retrace back up to as high as the combined resistance of the 100-hour simple moving average and the resistance line that has guided the rate down since July 10. Meanwhile, note that the July support trend line

Fri, 26 Jul 2024 13:20:50 GMT

GBP/USD finds support in 1.2845/1.2955

The rate has encountered resistance near 1.2940 and declined to the support of the 1.2845/1.2855 range. The range is keeping the rate from declining further. However, the 50 and 100-hour simple moving averages are approaching from above and could push the rate down. Meanwhile, it has been spotted that the decline has occurred in a channel down pattern. A proper

Fri, 26 Jul 2024 13:06:09 GMT

EUR/USD reveals new zone

The EUR/USD has been trading around the 1.0850 mark for most of the week, as it has been bounced around by US data releases. Meanwhile, the pair has revealed a new support and resistance range at 1.0825/1.0830. On Friday, the rate was finding support in the 1.0840/1.0850 range and minor resistance was provided by the 100-hour simple moving average.

Wed, 24 Jul 2024 10:31:40 GMT

Gold ends decline and recovers

The 2,390.00/2,400.00 range eventually held and provided support to the price for gold. However, it was pierced at mid-Tuesday. Due to this reason the range is being adjusted to 2,383.70/2,400.00. On Wednesday, the recovery faced the resistance of the 100-hour simple moving average and the 2,420.00 level. A move above 2,420.00 could be slowed down by the 200-hour simple

Wed, 24 Jul 2024 10:24:12 GMT

USD/JPY reaches below 154.50

The broader decline of the USD/JPY has resumed. The combination of the weekly simple pivot point, the 50 and 100-hour simple moving averages and the declining resistance trend line held and a descent of the rate followed. By mid-Wednesday, the pair had reached below the 154.50 level. Meanwhile, the 155.00 mark acted as resistance. The ongoing decline could look for

Wed, 24 Jul 2024 10:11:06 GMT

GBP/USD remains near 1.2900

The GBP/USD had reached below the 1.2900 mark, but found support at 1.2880. On Wednesday morning, the rate was fluctuating between these two levels, as the UK S&P 500 Purchasing Managers Indices were released. The better than expected data caused a surge of the Pound against the US Dollar above the 1.2900 level. However, resistance was encountered in the

Wed, 24 Jul 2024 09:37:00 GMT

EUR/USD reaches below 1.0840/1.0850

The EUR/USD currency pair has passed below the 1.0870/1.0880 and 1.0840/1.0850 ranges. The first range was passed, as the rate faced the resistance of technical levels and the 1.0900 mark. Afterwards, 1.0840/1.0850 failed due to the release of disappointing European Purchasing Managers Index survey results. In the near term future, the rate is set to face the weekly S2

Mon, 22 Jul 2024 12:27:40 GMT

Gold is back below 2,400.00

The price for gold broke above the prior all-time-high level. However, the follow up surge eventually ended near the 2,480.00 mark. The 2,481.00/2,483.85 range was confirmed as resistance. Since these events, the price for gold has established a channel down pattern that has guided the price back below 2,400.00. In the near term future, the price is set to

Mon, 22 Jul 2024 12:13:25 GMT

USD/JPY still respects round levels

Last week, the USD/JPY rate reached the 155.50 level, which acted as support. The follow up recovery found resistance at 157.70/157.85. On Monday, the broader decline appeared to have resumed. Meanwhile, it was observed the rate continues to find support and faces resistance at round exchange rate levels. In regards to resistance, the 157.00 level was keeping the pair down

Mon, 22 Jul 2024 11:44:43 GMT

GBP/USD returns to 1.2900

After failing to reach the 1.3050 mark, the GBP/USD overextended its surge at 1.3045, booked a new 2024 high level and started a decline. Eventually, the pair found support in the 1.2900 mark. The recovery of the Pound against the US Dollar is encountering resistance in the combination of the 50 and 200-hour simple moving averages near 1.2935. If these

Mon, 22 Jul 2024 11:32:00 GMT

EUR/USD remains near 1.0900

The EUR/USD has been moving in reaction to US data, comments on Federal Reserve policy and the ECB announcement. In general, the rate has been pushed up and down, but it is still near the 1.0900 level. Support is found in the 1.0870/1.0880 range and resistance has been confirmed to be located at 1.0940/1.0950. On Monday, the rate was located

Mon, 15 Jul 2024 15:17:57 GMT

Gold is heading to the all-time-high

The price for gold found enough support in the 2,350.00 to start a recovery. Afterwards, the price for Gold gained additional strength from the US CPI. By Monday, July 15, the commodity price was heading to the 2,450.00 level which mark's the all-time-high. A move above the 2,450.00 is expected to be slowed down by round price levels until the

Mon, 15 Jul 2024 14:52:36 GMT

USD/JPY recovery ends due to CPI

The USD/JPY broke out of the triangle pattern and started a surge that was eventually approaching the 162.00 level. As the pair approached the 162.00 mark, the US CPI release caused a major drop of the US Dollar. On the USD/JPY charts, the event resulted in a decline to the 157.30/157.40 range that has turned into support. Afterwards, an

Mon, 15 Jul 2024 14:37:24 GMT

GBP/USD reaches 1.3000

The last week's breaking of the 1.2800/1.2820 range has been followed up by a surge to the 1.3000 mark. The 1.3000 is acting as resistance and keeping the GBP/USD down. The approaching 50-hour simple moving average might provide the needed support for the rate to move above 1.3000. Above the 1.3000, resistance might be encountered in the weekly R1

Mon, 15 Jul 2024 14:21:49 GMT

EUR/USD reaches above 1.0900

The bullish scenario has taken place on the EUR/USD charts, as the pair broke above 1.0850 and confirmed this level as support. By July 15, the rate had reached above 1.0900 level and was testing the resistance of the 1.0920 level. A move higher could be slowed by the combination of the weekly R1 simple pivot point at 1.0945 and

Mon, 08 Jul 2024 14:09:25 GMT

Gold almost reaches 2,400.00

US employment data further weakened the US Dollar. The price for gold reacted to the news by surging and almost reaching the 2,400.00 mark. However, the resistance worked and the rate was descending and consolidating while looking for support. On Monday, the support appeared to be found in the 2,370.00 level and the 50-hour simple moving average. A resumption of

Mon, 08 Jul 2024 13:27:05 GMT

USD/JPY looks for support

The decline of the USD/JPY appears to have found support in the late June low level zone. Namely, the 160.25/160.30 range acted as support on Monday. However, by mid-day the rate had encountered resistance in a trend line that connects the pair's recent lower high levels. In general, the pair could get squeezed in. A break out to the downside,

Mon, 08 Jul 2024 13:17:45 GMT

GBP/USD breaks 1.2800/1.2820 range

Friday's US employment data revealed that the US economy is slowing down, as unemployment increased. This in turn signals that the US Federal Reserve can cut interest rates and weaken the USD. Meanwhile, the UK elections were rather calm. On the GBP/USD charts, it resulted in the pair passing above the 1.2800/1.2820 resistance range, as the Pound has strengthened,

Mon, 08 Jul 2024 12:53:00 GMT

EUR/USD trades between two zones

In the aftermath of the US employment release, the EUR/USD still trades between two ranges of support and resistance. Namely, resistance is provided by the 1.0840/1.0850 range and support is found at 1.0790/1.0800. A move above the resistance range of 1.0840/1.0850 could be caused by the approaching hourly simple moving averages that have shown to be capable of pushing the

Thu, 04 Jul 2024 11:03:25 GMT

Gold breaks above 2,340.00

The price for gold was facing the resistance of the 2,340.00 level and continued to fail at all attempts to reach above it. Meanwhile, the 100-hour simple moving average was acting as support. On the daily candle chart, there was another squeeze going on. However, the technical chart was just representing the fundamentals. The markets were waiting for what

Thu, 04 Jul 2024 10:52:18 GMT

USD/JPY surge is stopped by US data

The surge of the US Dollar against the Japanese Yen had encountered resistance at the 162.00 mark and the rate was looking for support to resume the surge. Support appeared to be once again found in the 50-hour simple moving average near 161.50. However, then US fundamental data was published and the pair plummeted. In general, the Chairman of

Thu, 04 Jul 2024 10:44:59 GMT

GBP/USD reaches above 1.2750

Fundamentals have moved the financial markets. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop. On the GBP/USD charts it has resulted in a surge above the 1.2750 level. An extension of the ongoing

Thu, 04 Jul 2024 10:36:07 GMT

EUR/USD pierces through 1.0800

The resistance of the 1.0800 mark was broken this week due to the weakness of the US Dollar. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop. An extension of the ongoing gains of

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