Technical Analysis

USDJPY: Exiting Descending Channel

USDJPY: Exiting Descending Channel

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USDJPY was trading on the bottom of the descending channel for the last couple of weeks, However, we notice an increasing selling pressure which pushing the prices to break this channel. As shown on the weekly chart below, markets are successfully breaking the descending channel. So, if the prices did not bounce back to 106.20…
Technical Outlook: USDTRY – Hit New Record High On Break Above Psychological 4.00 Barrier

Technical Outlook: USDTRY – Hit New Record High On Break Above Psychological 4.00 Barrier

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As signaled in my previous reports, the USDTRY pair regained its previous high at 3.9814 and surged through psychological 4.00 barrier into uncharted territory, hitting new record high at 4.0359 on Friday. There were several factors that prompted lira’s most recent bearish acceleration, which signals that the fall is not over and weakness could extend.…
Gold Turns Higher

Gold Turns Higher

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Gold prices fell $3.13 an ounce on Thursday as investors took profits from a rally spurred by a less hawkish than expected Federal Reserve and concerns over a brewing trade war with China. XAU/USD traded as low as $1324.66 but the anticipated support at the top of the 4-hourly Ichimoku cloud kicked in and pushed…
The only things that may stop the slide is the close…

The only things that may stop the slide is the close...

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The only things that may stop the slide is the close... Coming Up! Title text for next article Momentum selling increasing Dow down -430 points. It fell -700 yesterday. S&P is down -55 points or -2.02%.  It fell -68 points or -2.52% yesterday Nasdaq is down -161 points or 2.26% now.  It fell -178 points…
S&P 500: The 200-day moving average (and the weekend) stops the bleeding

S&P 500: The 200-day moving average (and the weekend) stops the bleeding

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S&P 500 clobbered The old adage is that a market rarely bottoms on a Friday. That was proven true once again today as the S&P 500 tried to stage a comeback only to get clobbered in the final hours of trading. The index is now testing the 200-day moving average. It was where the market…
USDJPY gets a boost from the better than expected durable goods orders

USDJPY gets a boost from the better than expected durable goods orders

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Price moves back towards unchanged on the day The US durable goods report was better than expected and that is helping to give the USDJPY a boost back toward unchanged levels at 105.26. The high reached 105.22 so far. Looking at the hourly chart above, the pair has moved up to test a trend line…
GBPUSD trades higher in an up and down trading session

GBPUSD trades higher in an up and down trading session

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Price is higher for the week.  BOE decision sent the pair to the highs yesterday. The GBPUSD has been trading up and down today.  We currently trade around 1.4140. The last move today, was to the upside after holding support near the 38.2% of move up from last Friday's low (near 1.4090). A trend line…
EURUSD squeezes higher. Choppy trading conditions.

EURUSD squeezes higher. Choppy trading conditions.

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Traders eye the 1.2359 area now The EURUSD just squeezed higher and looks to retest the Monday swing high and swing high for today at 1.2359. The price is trading at 1.2350 (high just reached 1.2354).   Technically, the price action has been very choppy for the day - and for the week. The range for…
EURCAD shows signs of cracking lower.  What does that look like?

EURCAD shows signs of cracking lower. What does that look like?

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The pair failed on a break to multi year highs this week and fell below trend lines/MA The EURCAD is showing signs of a bearish crack lower. What does that look like? Looking at the daily chart above, the price this week moved to the highest level since July 2009. The high price reached 1.61506.…
Gold buyers benefit from risk off flows and a nice technical hold earlier this week

Gold buyers benefit from risk off flows and a nice technical hold earlier this week

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Stays above 100 hour MA Gold is up near $19 today at $1347 and for the week is up from a low of $1307. The run higher is being fueled by a risk off flows which sends money into the relative safety of the precious metal.   Also technicals played a role as well. At the…

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