After nearly 27 days of consistent decline, from as high as 1.1205 down to 1.0761, EURUSD appears to be stabilizing, and showing signs of a potential reversal. Two key factors suggest this. First, the pair is bouncing off an upward trend line that supported prices on June 26. Additionally, yesterday saw a false breakdown below the August 1 lows, and now the price...
Is SOL heading to the heavens following the triggering of an inverse head and shoulders pattern this Sunday, or is it just a false move? The inverse head and shoulders pattern will remain valid as long as the price stays above $157.39.
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USD/JPY is consolidating in a triangle pattern ahead of the US retail sales figures and the ECB rate meeting. The ECB is expected to cut rates and may hint at more cuts due to inflation falling below 2%. If they turn dovish, it could help USD/JPY break to the upside.
US retail sales data, likely to have a bigger impact on USD/JPY, follows the ECB meeting....
After crashing 2% on Tuesday, NASDAQ 100 has resumed its up trend and will continue to be short-term bullish as long as it trades above Wednesday's low of $20,053. The next resistance level is at $20,482, followed by $20,600. Traders not already long may wait for a corrective move towards $20,246 to improve their risk-reward ratio on bullish positions.
This...
The next few days will be interesting for Ethereum traders and HODLers. The price has been stuck in a large sideways pattern for roughly 70 days and has formed a shorter triangle pattern over the past 54 days. Following such consolidations, a strong breakout is often expected, making Ethereum particularly intriguing right now, especially as Bitcoin attempts to...
We definitely need to keep a close watch on Bitcoin over the next few days. The price is currently stuck in a bull flag, and a break of the trend line, which is around the 68k mark, could signal the resumption of a bullish push. The challenge with this pattern is that the trend line varies slightly depending on who draws it, but it generally sits between 67k and...
GBP/JPY has been stuck in a range for about 19 days. This range now resembles an ascending triangle pattern, with a potential break above 195.78, which could lift the price by 381 pips to 199.70.
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The British pound is getting a boost after the UK unemployment rate dropped to 4%, better than the expected 4.1%. Wage growth met forecasts, but the claimant count rose to 27.9k, higher than the expected 20.2k, which is a negative sign.
This data supports GBPUSD, holding just above the September 11th low of 1.2999. A break below could lead to further declines,...
The China A50, an index focusing on mainland stocks, rose impressively by 46% from September to its peak on Monday, October 7th. However, since then, the index has slumped by 17%, making it an exciting market to trade.
There is a risk of continued downside, as the price remains in a downtrend, and this will persist as long as it trades below the critical level...
While we all want Bitcoin to trade higher, as that's where the best risk-to-reward lies, in the very short term, it remains in a downtrend. As long as it trades below the October 7th high of 64,473, the downtrend is expected to continue. A more tactical bearish entry could be between 61,486 and 62,810, which are key levels below the 64,473 high. This range offers...
USDCHF remains in an uptrend, turning higher between 0.8566 and 0.8522. The short-term risk-to-reward ratio favors upside potential within this range as long as the price remains above the lower of these two levels. The next targets are the weekly high around 0.8608, followed by 0.8655.
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They say "buy low, sell high," and that has been the strategy for short-term Nasdaq 100 traders over the past few days. The price has bounced twice from the 19,630-19,800 range, only to be capped just above the 20,000 mark. The price now appears ready to move lower again, potentially offering traders a third opportunity to repeat the trade. However, if the price...
The short-term outlook for silver bulls isn't very encouraging. However, taking a broader view, silver might be forming an inverse head and shoulders pattern. A decline to the $29-$30 range could mark the formation of the right shoulder. For the pattern to confirm, prices would need to break above $32.38, which could then suggest a potential move to $38.45.
What...
Crude oil prices have risen by 18.5% since September, and the charts indicate the potential for a move toward $94 per barrel. This is based on the possibility that Brent crude oil may be forming the right shoulder of an inverse head and shoulders pattern. For confirmation, we would need the price to reach the low of the left shoulder at $74.96 before triggering...
Bitcoin holders have faced a tough market in recent months, but the longer-term outlook offers hope. The price appears to be forming bullish patterns like a cup and handle or an inverse head and shoulders. A break of the trend line at $74,000 could trigger a surge toward $127,000.
In the short term, Bitcoin is stuck in a bull flag. To push higher, the price needs...
The China A50 index has surged following significant stimulus measures by the Chinese government and central bank. The price is currently consolidating in a bull flag pattern, with a potential breakout above 15,156 possibly driving the price as high as 15,540.
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NASDAQ 100 buyers might find a better entry point if they wait a couple of weeks, as prices are currently stuck in a large triangle pattern. Support is close to the September low of 18,309. With the general election approaching, traders could soon take profits.
The NASDAQ 100 and other stock indices have already seen significant gains. Historically, the S&P 500...
GBPUSD is down sharply today as the Bank of England signals potential rate cuts. Previously, the BoE was more hawkish while the Fed cut rates. Yet that is coming to a change. Despite this, the GBPUSD trend remains bullish as long as it stays above the September low of $1.2995. Key resistance levels to watch are 1.3225 and 1.3307.
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