Investors will also be looking for the U.S. economic events like building permits, housing stats, and Philly Fed manufacturing index to determine further movements in gold. In case you don’t know, the dollar shares a strong negative correlation with gold. Therefore, the positive data may drive bears in the bullion market today. Refer to Fxleaders Aug 16 – Economic...
For the moment, gold is trading near $1,173 after placing a low of $1,160. It recently has formed a sort of a hammer candle pattern on the 2-hour chart. The hammered pattern followed by a strong bearish trend often causes a bullish reversal. That being said, can we expect a bullish reversal? I wish I could say yes, but gold is still bearish and the violation of...
Technically, the AUD/USD is heading north to complete 38.2% Fibonacci retracement near $0.7295. Below this (0.7295), the pair can stay bearish, while a bullish violation of this level can lead Aussie towards $0.7320.
The recent bearish engulfing candle is suggesting a strong bearish sentiment of traders and it has nice chances to go after $1,187 and $1,181.
Technically, the AUD/USD is likely to test the double bottom support level of $0.7170. You can't find this setup on the 4 hour or daily chart, but you need to zoom out to the weekly timeframe. Whereas, the immediate resistance can be found at 0.7257.
Technically speaking, the GBP/JPY has already completed 61.8% retracement at 142.250. The same level is working as a solid hurdle for the pair. Taking a look at the 4- hour chart, you can see Japanese cross has formed a bearish candle exactly after testing 61.8% retracement level. Is it a signal of bearish reversal? Well, time will tell. But it's worth taking a...
For the moment, the EUR/JPY is facing resistance below 20 periods moving average at 126.850. The violation of this resistance can extend the bullish momentum to 127.500, which marks a 61.8% Fibonacci Retracement level. That’s the level where I will be looking to take a sell position today. Stay tuned to FX Leaders’ Forex Signals page for more updates!
As you can see, the crypto pair is following a strong bearish trend as the 100 periods moving average is supporting the selling bias. Now, bearish channel on the 4- hour chart is likely to extend support near $5,775. While on the upper side, the BTC can face resistance near $6,140.
Technically, the AUD/USD is still stuck in the narrow trading range of $0.7270 - $0.7285. On the 4- hour chart, the commodity currency is trading in the oversold zone which is signifying a potential for a bullish retracement. Aussie is very likely to go after 23.6% Fibonacci retracement level of 0.7300, and 38.2% Fibbo level of 0.7335 today.
USD/CAD – Trading Plan Traders are advised to keep a closer eye on $1.3150 as above this level the USDCAD can stay bullish until $1.3180. The bearish violation of $1.3150 can lead the pair towards $1.3130. Good luck and stay tuned as more trade setups are on the cards…
Overall, the trend of the yellow metal is bearish, as you can see gold prices are trading below 100 periods moving average. Moreover, the RSI and Stochastic are also holding near 20 (below 50), signaling bearish sentiment of investors. Let’s say, if the CPI figures disappoint, we may see a bullish reversal in gold, especially if it continues to trade above $1,207...
Crude oil is holding in an oversold region. The series of doji and spinning top candlestick patterns are suggesting a potential of bullish retracement. But it will depend upon $66.50. Above this, the market can go after 38.2% retracement level of $67.45. The bearish breakout of $66.50 can extend sell-off until $65.75. All the best and trade with care...
Looking at the intra-day chart of DXY, you can see the dollar index has reached below a major horizontal resistance level of $95.45. Actually, it's a part of ascending triangle pattern which earlier extended bullish trend to the dollar above $94.45.
It appears that the vacant economic calendar and slow trading conditions are promoting a rotational EUR/USD. Until Friday’s U.S. CPI release, I expect this market to trade between the 38% Current Wave retracement (1.1612) and the June/July Double Bottom (1.1510). In the event the EUR/USD fails to sustain trade above the 1.1612 area, then we are in a position to...
WTI Crude Oil - Trade Idea Today the idea is to keep a close eye on $69.45 as we can see a bearish trend below this. The bullish breakout can lead the price towards $70.40. Good luck!
Since the rally of late-June, the USD/CAD has been consistently falling. BoC tightening and WTI crude values have been primary reasons behind the move. As a result, several key technical support levels are coming into view. The 38% Fibonacci retracement of the yearly range (1.2950) is a fantastic place to go long in the USD/CAD. This will be a make-or-break area...
Breakout scalps are an affordable way to trade futures, as stops are small and profits can be fast. Below are both the bullish and bearish breakout scalping plans for the Monday session in September WTI crude oil futures: Bullish Breakout: A buy entry from $69.25 is a solid entry to the long. With a profit target of 8-12 ticks and max 12 tick stop loss, this...
Wednesday’s FED Announcements have produced bullish action due to the statements issued. For the intermediate-term, the USD Index is likely to grind higher in anticipation of a hawkish FOMC Minutes release and upcoming September FED meeting. The last three sessions have been big for September USD Index futures. Price has broken above topside resistance on the...