GBPUSD Technical Analysis - Waiting for a breakout
https://www.forexlive.com/technical-analysis/gbpusd-technical-analysis-waiting-for-a-breakout-20241121/
Fundamental
OverviewThe US Dollar continues to
consolidate despite the higher-than-expected inflation figures and a less
dovish Powell last week. The market’s pricing remained largely unchanged at
three rate cuts by the end of 2025.This is generally a signal
that the market is fine with the current pricing, and we would need stronger
reasons to price out the remaining rate cuts. This could lead to some general
US Dollar weakness in the short term.On the GBP side, this week
we got the UK CPI (https://www.forexlive.com/news/uk-october-cpi-23-vs-22-yy-expected-20241120/) report with the data coming in higher than
expected. This saw the market strengthening the chances of no change at the
December BoE meeting but overall the pricing remained unchanged around 67 bps
of easing by the end of 2025. GBPUSD
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that GBPUSD continues to consolidate near the major upward trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/). This is where the buyers are
stepping in with a defined risk below the trendline to position for a rally
into new highs. The sellers, on the other hand, will want to see the price
breaking lower to increase the bearish bets into new lows.GBPUSD Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see that the pair looks to be bottoming out here and we might see a pullback
into the major downward trendline. The buyers will want to see the price
breaking above the 1.27 handle to gain more conviction, while the sellers will
likely lean on that level to target the break below the upward trendline.GBPUSD Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, we can
see that the price action has been mostly rangebound since last Thursday as
that’s when the bullish momentum in the US Dollar stalled. There’s not much we
can add here as the buyers will look for a break above the 1.27 handle, while
the sellers will target a break below the trendline. The red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today.Upcoming
CatalystsToday (https://www.forexlive.com/EconomicCalendar) we get the latest US Jobless Claims figures, while tomorrow we conclude
the week with the UK and the US PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
Crude Oil Technical Analysis – We are stuck in a range
https://www.forexlive.com/technical-analysis/crude-oil-technical-analysis-we-are-stuck-in-a-range-20241121/
Fundamental
OverviewCrude oil remains confined
in a range between the 72.00 resistance and the 67.00 support as the market
continues to weigh the future scenarios. On one hand, we have the
Trump’s victory which might be seen as bearish due to increased supply and for fear of
the tariffs and a slowdown in global growth as other countries could retaliate. On the other hand, the red
sweep should see Trump focusing more on tax cuts and domestic issues first which
should eventually lift global growth expectations. If we had a divided
Congress, then his first priority could have been indeed a trade war.Moreover, we have also central
banks easing their monetary policies and that generally leads the manufacturing
cycle, which is likely to be supportive for the crude oil market. Crude Oil
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that crude oil continues to range between the resistance (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/) around the 72.00 handle and the
support around the 67.00 handle. The market participants will likely keep on
playing the range until we get a breakout.Crude Oil Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see that we have another important zone in the middle of the range around the 69.50
level. The buyers will want to see the price breaking higher to pile in for a
rally into the 72.00 resistance. The sellers, on the other hand, will likely
step in here to position for a drop back to the 67.00 support.Crude Oil Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, we can
see more clearly the recent price action. There’s not much else we can glean
from this timeframe as we remain confined in a range. The red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today.Upcoming
CatalystsToday (https://www.forexlive.com/EconomicCalendar) we get the latest US Jobless Claims figures, while tomorrow we conclude
the week with the US PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
The USDJPY, GBPUSD and USDCHF are each using the 100 hour MA as a risk/bias defining level
https://www.forexlive.com/technical-analysis/the-usdjpy-gbpusd-and-usdchf-are-each-using-the-100-hour-ma-as-a-riskbias-defining-level-20241120/
The USDJPY, GBPUSD and the USDCHF have each seen up and down action today. For the USDJPY and GBPUSD, the price action traded above and below the 100 hour MA. Both also used that MA as either support (for the USDJPY) or resistance (for the GBPUSD). That helps to increase the MAs importance going forward and can also be used to define the bias and risk for your trading. For the USDCHF, it has used both the 100 and 200 hour MA as either support or resistance. The 100 hour MA has stalled rallies on 2-separate tests, increasing the levels importance even more going forward. As a result, going forward pay attention to the 100 hour MA. If broken, the bias will shift. Conversely, if the price remains below the 100 hour MA on the GBPUSD and USDCHF, the bias remains more bearish. For the USDJPY, if the price remains above the 100 hour MA, the bias remains more bullish.
This article was written by Greg Michalowski at www.forexlive.com.
S&P 500 Technical Analysis – The path of least resistance remains to the upside
https://www.forexlive.com/technical-analysis/sp-500-technical-analysis-the-path-of-least-resistance-remains-to-the-upside-20241120/
Fundamental
OverviewLast week, we got a
pullback in the S&P 500 as the higher than expected inflation readings and
a less dovish Powell weighed a bit on the market.Despite the recent events
though, the market’s pricing remained largely unchanged at three rate cuts by
the end of 2025. This might be a signal that the market is now fine with the
current pricing, and we will need stronger reasons to price out the remaining
rate cuts.The only bearish reason we
had for the stock market was the rise in Treasury yields. That’s generally
bearish only when the Fed is tightening policy though not when yields rise on positive
growth expectations. Right now, the Fed’s
reaction function is that a strong economy would warrant an earlier pause in
the easing cycle and not a tightening. That should still be supportive for the
stock market in the bigger picture considering that Trump’s policies include
tax cuts and deregulation.If the Fed’s reaction
function changes to a potential tightening, then that will likely trigger a big
correction in the stock market on expected economic slowdown.For now, the pullbacks look
as something healthy and opportunities to buy the dips. S&P 500
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that the S&P 500 dropped below the 5918 support (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/) level but bounced back a couple of days later
as the dip-buyers took advantage. As long as the price stays above the 5918
level, we can expect the buyers to pile in to position for a rally into a new
all-time high. The sellers, on the other hand, will want to see the price falling
back below the support to target a test of the trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/).S&P 500 Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see more clearly the choppy price action around the 5918 level as the market
continues to wait for catalysts to push into either direction. There’s not much
else we can glean from this timeframe although the 5918 level will likely act
as a barometer for the sentiment.S&P 500 Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, we can
see that we have another minor support around the 5930 level. If we get a
pullback, the buyers will likely step in around those level with a defined risk
below them to position for a rally into a new all-time high. The sellers, on
the other hand, will look for a break lower to target a drop into the major trendline.
The red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today Upcoming
CatalystsTomorrow (https://www.forexlive.com/EconomicCalendar), we
get the latest US Jobless Claims figures, while on Friday we conclude the week
with the US PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
NZDUSD buyers take back some control to the upside. Can they keep it?
https://www.forexlive.com/technical-analysis/nzdusd-buyers-take-back-some-control-to-the-upside-can-they-keep-it-20241107/
The NZDUSD moved above its 100 and 200 converged hourly MAs earlier today after breaking below it yesterday and staying below it on the corrective moves. That gave the buyers more confidence and the price moved higher. The run to the upside extended after breaking above its 100-bar moving average on the 4-hour chart at 0.6005. The momentum extended to a swing area between 0.6031 and 0.60387 where sellers have reentered.What next?On the topside, the aforementioned swing area above (up to 0.60387) would need to be broken to increase the bullish bias. On the downside, holding the 100 bar moving average on the 4- hour chart near the 0.6005 level would keep the buyers in play for further upside probing. On a break below 0.6000, and I would expect a rotation back toward the converged 100 and 200-hour moving averages currently at 0.597. If that is tested both the buyers and sellers would be interested to see what happens from there. KEY level for both.
This article was written by Greg Michalowski at www.forexlive.com.
USDJPY testing 100/200 hour MAs at 152.89
https://www.forexlive.com/technical-analysis/usdjpy-testing-100200-hour-mas-at-15289-20241107/
The USDJPY is lower and in the process is down testing the 100/200 hour MAs at 152.89. Looking at the hourly chart, the 100 hour MA has been a barometer for support on the upside and resistance on the corrective move lower going into the election. Yesterday, the price action saw the price run above it (near 152.32) and also the 200-hour MA (at 152.58) and then based against the level on the way higher. The run to the upside took the price to a high of 154.69. The high today reached 154.65. WIth the two moving averages converged it should give sellers cause for pause. Hold and move back above the broken 61.*% at 153.397 would give buyers some additional confidence. Conversely, a break below (and staying below) and I would expect more selling momentum with poor targets at 152.40, 151.75 – 151.937 swing area, and finally toward its 200-day moving average at 151.65 over time.
This article was written by Greg Michalowski at www.forexlive.com.
traders. As the SPX nears the key 6000 level, this round-number threshold could attract similar trading behaviors, increasing volatility as both informed and retail investors react to this psychologically significant mark.Bottom line: is SPX ready for lift-off? 🚀The SPX is at a critical juncture, testing a resistance level that could lead to a significant breakout or a sharp pullback. I will also be looking at smallere timeframe price reactions in case of a potential bull trap just over 6000, or in other words, a potential failed breakout, as deep pocketed profitable longs may want to tak partial profit and see the news of Trump winning the elections. As SPX approaches 6000, the market will reveal whether the bullish momentum has staying power or if caution is creeping in. Traders should stay tuned, AND CONSIDER MITIGATING RISK BY TAKING PARTIAL PROFITS, in my humble opinion. See ForexLive.com (https://www.forexlive.com/) for additional views.
This article was written by Itai Levitan at www.forexlive.com.
EURUSD Technical Analysis – The US Dollar celebrates the Trump’s victory
https://www.forexlive.com/technical-analysis/eurusd-technical-analysis-the-us-dollar-celebrates-the-trumps-victory-20241107/
Fundamental
OverviewThe US Dollar rallied
across the board yesterday as Trump got elected President of the US. The
Republicans won also the Senate and the House giving us a red sweep and therefore
high chances of tax cuts.This should be the most
bullish scenario for the greenback as it should lead to higher growth and less
rate cuts expectations. In fact, given the red
sweep and the strong US data we keep on getting, the Fed might start to change
its stance, and we could see a much earlier than expected pause in 2025. EURUSD Technical
Analysis – Daily TimeframeOn the daily chart, we can
see that EURUSD broke through the key support (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/)
zone around the 1.0777 following the Trump’s victory. The sellers are now in
control and the natural target should be the 1.05 handle. The buyers, on the
other hand, will want to see the price rising back above the 1.0777 level to
invalidate the bearish setup and start targeting the 1.09 handle.EURUSD Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see more clearly the strong resistance zone around the 1.0777 level where we
can also find the major broken trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/).
We can expect the sellers to step in around these levels with a defined risk
above the resistance to position for a drop into the 1.05 handle. The buyers,
on the other hand, will look for a break higher to position for a rally into the
1.09 handle.EURUSD Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, we can
see that we have a minor counter-trendline now defining the current pullback.
The buyers will likely keep on leaning on it to target the break above the resistance,
while the sellers will look for a break lower to increase the bearish bets into
new lows. The red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today. Upcoming
CatalystsToday (https://www.forexlive.com/EconomicCalendar) we have the US Jobless Claims and the FOMC Policy Decision. Tomorrow,
we conclude the week with the University of Michigan Consumer Sentiment report.
See the video below
This article was written by Giuseppe Dellamotta at www.forexlive.com.
AMD’s relentless push into AI and data centers is paying dividends, with its EPYC processors in high demand. The buzz is real—investors are drawn by revenue jumps, savvy acquisitions, and profitability. AMD’s success is even boosting the broader semiconductor industry, proving it's a tech player to watch.Taiwan's $103M Bet on AMD’s R&D
Taiwan is betting big with a $103 million boost to AMD's R&D. This investment aims to push tech innovation, keeping AMD sharp in the semiconductor game. For investors eyeing R&D-driven growth, AMD could be the next big thing as it breaks new ground with Taiwan’s backing.AMD Stock Valuation: Just the EssentialsForward P/E vs. Trailing P/E: AMD’s Forward P/E sits at 27.29, much lower than its trailing P/E of 126.75, signaling strong earnings growth ahead. For investors focused on "AMD valuation," this points to market confidence in AMD's future profitability.PEG Ratio: With a PEG ratio of 3.43, AMD’s stock price might look high, but it’s balanced by solid growth. This metric is essential for those assessing "Advanced Micro Devices valuation," as it offers a fuller view by pairing P/E with growth rates.Price-to-Book (P/B) Ratio: At 4.03, AMD trades at over four times its book value—a fair level for a tech company with growth potential. For those comparing AMD to industry standards, this P/B ratio sheds light on whether AMD’s assets are priced in line with market expectations.Each of these metrics offers insight into AMD's growth story and valuation in today’s market.Stay Updated on AMD Stock Analyst Recommendations:Consistency and Confidence from TD Cowen: TD Cowen has repeatedly reiterated its "Buy" recommendation on AMD in 2024, with only minor price target adjustments. This ongoing bullish stance highlights confidence in AMD’s long-term growth, offering investors a reliable anchor amid varied opinions.Cautious Optimism with Target Adjustments: While some firms, like Morgan Stanley, downgraded AMD from "Overweight" to "Equal-Weight" with a reduced target of $176, others have shown cautious optimism. TD Cowen, for example, reaffirmed its "Buy" but slightly lowered its target from $210 to $185, signaling a tempered but positive outlook.Mixed Signals but Predominant Upgrades: In 2024, AMD has seen both downgrades and upgrades, reflecting a range of analyst views. Notably, firms like HSBC Securities and DZ Bank upgraded AMD from "Hold" to "Buy," showing an overall positive shift in sentiment toward AMD, even amidst some cautious notes.AMD Stock Insider Trading: Key InsightsLisa Su’s Insider Sales: AMD's Chair, President & CEO, Lisa Su, has been actively exercising options and selling large shares. This trend could suggest she sees current prices as optimal for liquidating, hinting that AMD might be fully valued or encountering resistance. Investors should watch for any shift in these patterns or if other executives follow suit, as this could signal a sell opportunity.Heavy Insider Selling at High Valuations: In March 2024, Lisa Su sold stock when AMD exceeded $195, which might point to a potential overvaluation. Such significant insider sales at peak prices can be useful signals for traders assessing AMD’s valuation and possible entry/exit points.Recent Activity from Other Executives: Key leaders, including CTO Mark Papermaster, CFO Jean Hu, and SVP Forrest Norrod, have been exercising options, though not all converted into immediate sales. While this could reflect a bullish outlook internally, the large share sales after exercising options might indicate insiders locking in gains, suggesting limited short-term upside. Investors may consider this as a signal to trim positions or anticipate a price pullback.
This article was written by Itai Levitan at www.forexlive.com.
NZDUSD bounces off swing level support at 0.5912. The 100/200 hour MA at 0.5975 eyed above
https://www.forexlive.com/technical-analysis/nzdusd-bounces-off-swing-level-support-at-05912-the-100200-hour-ma-at-05975-eyed-above-20241106/
The NZDUSD moved higher into the Election Day, but found willing sellers near the 100 bar MA on the 4-hour chart. As the election results started to come in, the buyers turned to sellers. ON the way lower, the price fell below the 100/200 hour MAs near 0.5975 and fell below the low from last week's trading at 0.5938.The low extended to 0.5912 which happened to be a swing level low back on August 6, just before reversing to the upside - a run higher that did not stop until 0.6377 at the end of September All that move higher has been erased with today's bounce. What next?The 100/200 hour MAs at 0.5975 are now close resistance. It will take a move above that level to give the buyers a win. Absent that, and the buyers are not winning. The sellers would still be in firm control
This article was written by Greg Michalowski at www.forexlive.com.
USDCAD moved up to test the highs for the year
https://www.forexlive.com/technical-analysis/usdcad-moved-up-to-test-the-highs-for-the-year-20241106/
The USDCAD has erased the declines from this week after the break to new 2024 highs on Friday failed. The low price yesterday and into today stalled just ahead of a support target at 1.3813 (the low reached 1.3817). The election results started the run back to the upside and that momentum has moved up to test the high from last week at the 1.3958.Getting above that level will have the price trading at the highest level since October 2022. Get above that level and the price is trading a the highest level since May 2020. What would derail the bullish move?If the price can stall RIGHT here, there is a chance to start a correction lower. If the price moves back below the 100/200 hour MAs that would give the sellers more confidence. Those MAs come in at 1.36808 and 1.36459 respectively.Move below those levels and you can see more downside probing on the failures to the highs and above the 100/200 hour MAs.What would hurt sellers especially since the buyers ARE in control? A move above the 2022 high at 1.3977. Getting above that level opens the door even more to the upside.So although there is resistance right here, it has a limit as the buyers are still more in control. Be careful. Be aware and be prepared.This post and video will help do that for you.
This article was written by Greg Michalowski at www.forexlive.com.
Technical levels following the Trump victory/the GOP run
https://www.forexlive.com/technical-analysis/technical-levels-following-the-trump-victorythe-gop-run-20241106/
Pres. Trump blazed through the Presidential election and a new era begins. With control of the Senate and the House still up but leaning to the GOP too, the door is wide open for the administration for deregulation, smaller government, lower taxes. The theme is to grow the economy through the private sector with fingers crossed that the deficits are reduced in the process. There will be a reallocation of jobs. There will be people leaving the country. There will be tarriffs. How that and more works itself out as the spaghetti gets shuffled around the plate is unknown, but the mandate is there.. My wish is "go at it" but stop the rhetoric and vitriol. I am too old. I am tired. Unite. Meanwhile, buckle up for change. It's coming.Yields are higher with the 10-year up 16.3 basis points. Stocks are sharply higher with the S&P up 2.32%, and the Nasdaq up 1.73%. The good news is the prices moved, the pictures (charts) show the reaction and traders focused on risk, can find risk-defining levels to get through the uncertainty. The process remains the same... technically.EURUSD: The EURUSD moved higher before the results started to trickle in. The price moved up to test the 100-day MA and the 38.2% of the move down from the September high. The price moved lower, first breaking below the 200 day MA at 1.08687 and then the 100-bar MA on the 4-hour chart at 1.08403. That opened the door for more selling with the lows from the last few weeks and swing area between 1.0760 to 1.07767. The selling continued with the price rebounding back to the high of the swing area in the process, but selling resumed. The price moved lower again and trades near the lows. Those lows are near the triple bottom from mid to late June between 1.0665 to 1.0670. USDJPY: The USDJPY is moving higher with the USD. Looking at the price action,the price moved above the 618.% of the move down from the July high at 153.397 and the 153.88 highs from last week and going back to the end of July. The price has stretched toward the next swing area between 154.54 up to 154.878 (see red numbered circles), but remains below that level (with a high at 154.45). The buyers are in control. Close support is now down to the 61.8% at 153.397. Stay above keeps the buyers in firm control. More aggressive support would now be at 153.88 for traders. The current 4-hour bar has been able to stay above that level (the low over the last 4-hourly bars is at 153.87 as proof). GBPUSD: The GBPUSD moved higher pre-election results (end of yesterday) and in the process. With the dollar buying, the price move below the 100-day MA, the 100 bar MA on the 4-hour chart, and then the swing level at 1.2938.The price moved to low that stalled just below the low from last week at 1.28449. The low reached just below that level at 1.28405 so far. The current price is at 1.2857. That puts the price in the middle of a swing area between 1.28449 up to 1.28719. That is close risk (up to 1.28719). A move conservative risk level is up to 1.29064. That was the low from a few weeks ago. That can be a risk defining level as could the 1.2938 level. Staying below all, you can argue keeps the sellers more in control. USDCHF: The USDCHF based yesterday and early today within a swing area between 0.86078 to 0.8619. When the price started to move higher, the pair moved above the 100-day MA at 0.8671 and stayed above. The price moved above the 50% at 0.8711 and the high from 0.87482. There was a low going back to July 25 at 0.8775. The high today has reached 0.8773. The 61.8% of the move down from the July high comes in at 0.87915. If I took the retracement to the high in April, the 50% midpoint is at 0.87986. Let's say the 0.8800 area is a key target followed by the 200-day MA at 0.8816.
USDJPY Technical Analysis – Trump is 47th President of the US
https://www.forexlive.com/technical-analysis/usdjpy-technical-analysis-trump-is-47th-president-of-the-us-20241106/
Fundamental
OverviewThe US Dollar is higher
across the board today as Trump got elected President of the US. The
Republicans won the Senate, and they just need the House now to get a red
sweep. That is the most bullish
scenario for the greenback as it would make the tax cuts easier to pass which
should lead to higher growth and less rate cuts expectations. As of now, the
probabilities are in favour of the Republicans. Given the above and the
strong US data we keep on getting, the Fed might start to change its stance and
we could see a much earlier than expected pause in 2025. USDJPY
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that USDJPY bounces from the key support (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/)
around the 152.00 handle. The buyers will now start targeting the 160.00 handle,
while the sellers will need to see the price falling below the 152.00 handle to
invalidate the bullish setup and position for new lows.USDJPY Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see that the price is consolidating around the highs. This is where we can
expect the sellers to step in to position for a drop back into the 152.00
handle, while the buyers will keep on piling in around these levels to extend
the rally into new highs.USDJPY Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, we can
see that the price is trading above its average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today. Generally, we can see
some consolidation or a bit of a pullback in such instances, but since the
election is a big catalyst, we could even see the market extend much above it. Upcoming
CatalystsTomorrow (https://www.forexlive.com/EconomicCalendar) we have the Japanese wage growth data, the US Jobless Claims and the
FOMC Policy Decision. On Friday, we conclude the week with the University of
Michigan Consumer Sentiment report.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
EURUSD moves down to test the lows from the last two weeks
https://www.forexlive.com/technical-analysis/eurusd-moves-down-to-test-the-lows-from-the-last-two-weeks-20241106/
The EURUSD has moved to new lows and is testing the lows from the last two weeks. That area comes between 1.07605 and 1.07767. A move below that level is needed to give more momentum to the sellers. A move below that level opens the door for more downside control. Conversely, bounce and traders are watching 1.08103 for the buyers to feel more comfortable. Absent that and the sellers are in control.
This article was written by Greg Michalowski at www.forexlive.com.
USD moves higher as bias tips to Trump early
https://www.forexlive.com/technical-analysis/usd-moves-higher-as-bias-tips-to-trump-early-20241106/
The independent voters which account for 31% of the Georgia votes are leaning 54% to 43% for Trump. That was reverse from 2020 with Biden gaining from the independent voters.. Florida numbers are higher for Trump vs 2020 with 50% in and Trump leading 53.2% vs 45.9% in 2020. That was 51.2% to 47.9% in 2020. .That has the USD moving higher.EURUSD:The EURUS has moved down to test the 100-hour MA at 1.08787. The key 200-day MA and swing area is near 1.0870 area. Break below both would be shift more to the downside. Earlier, the high was up near the 38.2% at 1.09345 and the 100 day MA at 1.09418. The high price today reached 1.09365.USDJPY: The USDJPY has moved back above the broken 100-day MA and looks toward the 100-hour MA at 152.307. Yesterday, the high price stalled the rally at the 100-hour MA. That increases the levels importance on the topside. The 200-hour MA comes in at 152.574. Break back above each shift the bias. It would also be a new high for the week. GBPUSD: The GBPUSD is moving lower and tests the 100-day MA and the 100-bar MA on the 4-hour chart at 1.29876.. The price is back below the 1.3000 level There is the 200 hour MA at 1.2968 and the 100-hour MA at 1.29538 as downside targets.PS yields are moving higher with the 30 year up 5.8 bps. The 2 year is up 4.0 basis points
This article was written by Greg Michalowski at www.forexlive.com.
USDCAD Technical Analysis – We are at a key support zone
https://www.forexlive.com/technical-analysis/usdcad-technical-analysis-we-are-at-a-key-support-zone-20241121/
Fundamental
OverviewThe US Dollar continues to
consolidate despite the higher-than-expected inflation figures and a less
dovish Powell last week. The market’s pricing remained largely unchanged at
three rate cuts by the end of 2025.This is generally a signal
that the market is fine with the current pricing, and we would need stronger
reasons to price out the remaining rate cuts. This could lead to some general
US Dollar weakness in the short term.On the CAD side, we had the
Canadian
CPI (https://www.forexlive.com/news/canada-cpi-inflation-for-october-04-versus-03-mom-20241119/) this week and the data came in stronger than expected. This decreased
the chances of a 50 bps cut in December with the market now seeing 90 bps of
easing by the end of 2025 compared to 98 bps before the CPI report. USDCAD
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that USDCAD pulled back into a key support (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/)
zone around the 1.3960 level where we can also find the major trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/)
for confluence (https://www.forexlive.com/Education/technical-analysis-confluence-20220318/).
This is where the buyers will likely step in with a defined risk below the
support to position for a rally into new highs. The sellers, on the other hand,
will want to see the price breaking lower to increase the bearish bets into the
1.3818 level next.USDCAD Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see more clearly the support zone around the 1.3960 level. There’s not much
else we can add here as the buyers will look for a bounce and a rally into new
highs, while the sellers will look for a break lower to increase the bearish
bets into the 1.3818 level.USDCAD Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, there’s
nothing more we can add as we are now trading right at the support zone and we
will see in the next days who’s going to prevail. The red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today.Upcoming
CatalystsToday (https://www.forexlive.com/EconomicCalendar) we get the latest US Jobless Claims figures, while tomorrow we conclude
the week with the US PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
Gold Technical Analysis - New highs as rate cuts repricing pauses
https://www.forexlive.com/technical-analysis/gold-technical-analysis-new-highs-as-rate-cuts-repricing-pauses-20241121/
Fundamental
OverviewGold continues to make new
highs as the correction from the repricing of the rate cuts ended last week. In
fact, if you recall, despite the higher-than-expected inflation figures and a
less dovish Powell, the market’s pricing remained largely unchanged at three
rate cuts by the end of 2025.This is generally a signal
that the market is fine with the pricing, and we would need stronger reasons to
price out the remaining rate cuts. In the bigger picture, gold
remains in a bullish trend as real yields will likely continue to fall amid the
Fed’s easing cycle, but the short-term corrections will be triggered by a
repricing in rate cuts expectations. Gold
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that gold continues to push into new highs as it broke through key
technical resistances and the buyers kept on piling in. The natural target is
of course a new all-time high. The sellers will need to see the price falling
back below the major trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/)
to gain conviction and position for a drop into the next major trendline around
the 2400 level. Gold Technical Analysis
– 4 hour TimeframeOn the 4 hour chart, we can
see more clearly the key technical breaks first with the resistance (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/)
zone around the 2600 level and then with the downward trendline. We now have a
minor upward trendline defining the current bullish momentum. The buyers will
likely lean on it to keep targeting new highs, while the sellers will look for
a break lower to position for a break below the major trendline.Gold Technical Analysis
– 1 hour TimeframeOn the 1 hour chart, we can
see that we have a nice support zone around the 2640 level where we can also
find the trendline for confluence (https://www.forexlive.com/Education/technical-analysis-confluence-20220318/).
There’s not much else we can add here as the buyers will look for a bounce,
while the sellers will look for a break. The red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today. Upcoming
CatalystsToday (https://www.forexlive.com/EconomicCalendar) we get the latest US Jobless Claims figures, while tomorrow we conclude the
week with the US PMIs.See the video below
This article was written by Giuseppe Dellamotta at www.forexlive.com.
Nasdaq Technical Analysis – The market bounces from a key trendline
https://www.forexlive.com/technical-analysis/nasdaq-technical-analysis-the-market-bounces-from-a-key-trendline-20241120/
Fundamental
OverviewLast week, we got a
pullback in the Nasdaq as the higher-than-expected inflation readings and a
less dovish Powell weighed a bit on the market.Despite the recent events
though, the market’s pricing remained largely unchanged at three rate cuts by
the end of 2025. This might be a signal that the market is now fine with the
current pricing, and we will need stronger reasons to price out the remaining
rate cuts.The only bearish reason we
had for the stock market was the rise in Treasury yields. That’s generally
bearish only when the Fed is tightening policy though not when yields rise on
positive growth expectations. Right now, the Fed’s
reaction function is that a strong economy would warrant an earlier pause in
the easing cycle and not a tightening. That should still be supportive for the
stock market in the bigger picture considering that Trump’s policies include tax
cuts and deregulation.If the Fed’s reaction
function changes to a potential tightening, then that will likely trigger a big
correction in the stock market on expected economic slowdown.For now, the pullbacks look
as something healthy and opportunities to buy the dips. Nasdaq
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that the Nasdaq pulled into the key trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/) and bounced off of it as the
dip-buyers stepped in with a defined risk below the trendline to position for a
rally into a new all-time high. The sellers will need the price to break below
the trendline to start targeting the 20K level.Nasdaq Technical
Analysis – 4 hour TimeframeOn the 4 hour chart, we can
see that the price is now consolidating around the previous swing level at
20788. The buyers will likely pile in around these levels to increase the
bullish bets into new highs, while the sellers might want to step in here to
position for a break below the major trendline.Nasdaq Technical
Analysis – 1 hour TimeframeOn the 1 hour chart, we can
see more clearly the recent price action with the strong rebound from the
trendline. There’s not much else we can add here as the buyers will look for
dip buying opportunities around these levels, while the sellers will need to
break below the major trendline to gain more conviction for further downside. The
red lines define the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today. Upcoming CatalystsTomorrow (https://www.forexlive.com/EconomicCalendar),
we get the latest US Jobless Claims figures, while on Friday we conclude the
week with the US PMIs.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
What are the update technical levels in play as Powell works through press conference
https://www.forexlive.com/technical-analysis/what-are-the-update-technical-levels-in-play-as-powell-presser-begins-20241107/
This video outlines the key technical levels in play and why after the FOMC rate decision. EURUSD 0:45USDJPY 1:40GBPUSD 2:29USDCHF 3:15USDCAD 4:15AUDUSD 5:13Looking at the yields, before the Fed decision:2 year 4.205%, -6.2 basis points5 year 4.118%, -8.9 basis point10 year 4.339%, minus a .7 basis points30-year 4.546%, -5.4 basis pointsCurrent yields are showing: 2 year 4.226%, -4.2 basis points5 year 4.198%, -7.3 basis points10 year 4.351%, -7.5 basis points30 year 4.548%, -5.1 basis pointIN the US stock market:S&P index up 35.71 point at 5964.75NASDAQ index 247.18 points at 19230The current levels are trading at: S&P index up 39.09 points 596 a .53NASDAQ index up 269.18 point at 19253.53
This article was written by Greg Michalowski at www.forexlive.com.
NASDAQ index continues the record run to the upside. Up 1.3% on the day
https://www.forexlive.com/technical-analysis/nasdaq-index-continues-the-record-run-to-the-upside-up-13-on-the-day-20241107/
The NASDAQ index is leading the way with a gain of 1.3%, up 247 points or 19231.50.Looking at the hourly chart, the price has moved above a channel trendline that comes across at 19130.21. That increases the bullish bias. There is no reason to sell unless the price were to move back below that line - and stay below that line.
This article was written by Greg Michalowski at www.forexlive.com.
AUDUSD runs up to key daily moving average. Key level at 200 day MA st 0.6691
https://www.forexlive.com/technical-analysis/audusd-runs-up-to-key-daily-moving-average-key-level-at-200-day-ma-st-06691-20241107/
The AUDUSD is moving higher today and technically made some positive stridesEarlier today, the price moved above its 200-day moving average near 0.66284. It also moved above a swing area near that level (see green numbered circles on the chart above). That break turned sellers into buyers. You can see it more clearly on the hourly chart where they price based near that moving average before moving to the upside with increase momentum of the last few hours of trading.The price has now stretched up toward another swing area between 0.6685 and 0.6696. The 200 day moving average is also within that area and 0.6691. Back on October 22, the price last tested that moving average before moving lower. This is the first retest since that test. That should make this area a tough level to get through (at least on the first look). If sellers do lean against the area and push the price lower, watch the 0.66578 level and 0.6645 (50%) as support targets on the downside.
This article was written by Greg Michalowski at www.forexlive.com.
What to watch out for next in the stock market
https://www.forexlive.com/technical-analysis/what-to-watch-out-for-next-in-the-stock-market-20241107/
Stock market analysis as SPX eyes 6000: Will the S&P 500 break through key resistance? 🚀The S&P 500 (SPX) is on a steady climb, testing a critical resistance level around 5936. Traders and investors are abuzz, speculating whether this market heavyweight will reach the monumental 6000 mark—a round number packed with liquidity and significant institutional interest. Here’s what you need to know about this critical juncture!Current setup: testing resistance 📈The SPX is nudging up against a rising resistance line with strong bullish momentum, currently hovering just below the 6000 level. Breaking this line would be a significant move for the index:Above VWAP: The SPX has recently moved above the VWAP (Volume-Weighted Average Price) level of 5729.12, which suggests that buyers currently have control of the market. In technical analysis, trading above the VWAP is often a sign of strength, reflecting an ongoing preference for higher price levels.Psychological resistance: Major round numbers like 6000 are more than just points on a chart; they hold psychological weight. When such levels are approached, they often act as liquidity magnets, drawing in both institutional and retail interest.Experience insight:In previous runs to major round numbers, like the approach to 4000 and 5000, the SPX saw a surge in volume and momentum-driven trades. Traders who recognized the significance of these levels were better positioned to capitalize on volatility or potential reversals.Why 6000 matters: liquidity and psychology 💸The 6000 level isn’t just a number; it represents a key psychological milestone with high liquidity potential:Liquidity magnet: Round numbers tend to attract high liquidity, often triggering a flurry of buying interest. A move toward 6000 could bring in momentum traders, institutional investors, and even algorithmic trading, amplifying volatility.High stakes for bulls and bears: If the SPX approaches 6000, it could trigger short squeezes or new long positions, adding to the buying pressure. However, if it struggles to clear this level, institutional rebalancing or profit-taking could lead to a reversal or a sharp pullback.Expert commentary:According to Morgan Stanley strategist Mike Wilson, defensive stocks remain the preferred choice for investors navigating the current market landscape (https://fortune.com/2024/09/03/morgan-stanley-mike-wilson-predicted-market-dip-stocks-lagged-catch-up/). Wilson advises caution regarding small-cap stocks and other "cheap cyclicals" that have lagged in performance over recent years. He attributes this underperformance to an ongoing deceleration in growth, suggesting that these sectors may face continued challenges ahead..Key levels to watch 👀Monitoring specific price levels and indicators will provide crucial clues about whether the SPX can sustain this bullish run:Volume and price action: As the SPX inches closer to resistance, watch for volume surges. High volume often confirms bullish momentum, while low volume could suggest hesitation and the risk of a reversal.VWAP support at 5729.12: This VWAP level could serve as a support floor if there’s a pullback, indicating whether buyers remain committed. A hold above this level would likely maintain the bullish structure.6000 as a major liquidity target: If the SPX breaks out above resistance, a swift rally toward 6000 may follow. However, it’s essential to be prepared for either scenario; this level could act as either a launchpad for further gains or a brick wall, setting the stage for profit-taking.Trustworthiness through data:This study reveals that informed traders exploit round-number biases (https://www.sciencedirect.com/science/article/abs/pii/S0148296318303400), strategically buying at 9-ending prices and selling at 1-ending prices to capitalize on psychological triggers among liquidity
EURUSD moves down toward triple bottom in June and bounces. Sellers still in control.
https://www.forexlive.com/technical-analysis/eurusd-moves-down-toward-triple-bottom-in-june-and-bounces-sellers-still-in-control-20241106/
The EURUSD moved higher before the results of the election started to trickle in. The price moved up to test the 100-day MA and the 38.2% of the move down from the September high. The price moved lower as results came in, first breaking below the 200-day MA at 1.08687 and then the 100-bar MA on the 4-hour chart at 1.08403. That opened the door for more selling with the lows from the last few weeks and swing area between 1.0760 to 1.07767. The selling continued with the price reaching a low of 1.0681 about 11-14 pips short of triple lows from back in June. The price rebounded to 1.0739. That is still short fot eh swing area above between 1.0760 and 1.07767. GOing forward, I would expect resistance against the aforementioned swing area with stops if the price can move above 1.07767. Absent that, and the sellers are more in control with support near the 1.0670 bottoms. .
This article was written by Greg Michalowski at www.forexlive.com.
Is AMD stock a buy or sell?
https://www.forexlive.com/technical-analysis/is-amd-stock-a-buy-or-sell-20241106/
Is AMD stock a buy or sell? key technical analysis and forecast supporting to sell it 🔍When it comes to deciding whether AMD stock is a buy or sell, recent price action and technical indicators offer valuable insights. Currently, AMD (Advanced Micro Devices) is showing signs of weakness as it fails to hold within a long-term upward channel on the daily chart. A bear flag pattern is forming, which is often a bearish indicator that may suggest further downside. Here’s what traders and investors need to know to make an informed decision about buying or selling AMD stock.Bear flag on AMD stock: a potential sell signal 📉A bear flag pattern has emerged on the daily chart, often seen as a warning sign for more bearish movement. The breakdown from the channel, highlighted with the note “AMD is not protecting the channel. Bear flag activated,” could signal bearish momentum for AMD. For those asking, "Is AMD stock a sell right now?", this bear flag pattern points toward potential downside, making a strong case for cautious trading.Key price level to watch: is AMD stock headed for $125? 🔍The current setup suggests a potential downside target of $125 for AMD stock. This target aligns with the VWAP (Volume Weighted Average Price) support level from AMD’s major low in November 2023. If AMD stock continues to weaken, the $125 level could serve as a significant support zone, offering a possible buy opportunity for long-term investors.buy or sell? trading strategy insights for AMD stock 🧠for sellers: If you’re considering whether AMD stock is a sell, the bear flag pattern may provide a shorting opportunity. With bearish momentum building, this setup could appeal to traders looking to short AMD stock or capitalize on downside moves. Remember, however, that broader market conditions and upcoming catalysts like earnings could impact AMD's direction.for buyers: Long-term investors may prefer to wait for AMD to find support around the $125 level or even lower before buying AMD stock. Observing the price action near VWAP and other key indicators can help assess AMD’s potential for a rebound.key indicators for AMD stock: RSI, MACD, and volume confirmation 📊Monitoring volume spikes can help confirm the bear flag pattern. If selling volume increases, it could strengthen the bearish outlook, reinforcing AMD stock as a potential sell in the short term. Additionally, technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) may offer further clues on whether AMD stock is a buy or sell. A declining RSI, for instance, would suggest growing bearish momentum, a potential signal for sellers.is AMD stock a buy or sell? the bottom line 💡Given the technical setup, caution is warranted. For now, a short-term bearish stance appears sensible, with opportunities for short sellers if AMD continues to show weakness. However, for those considering buying AMD stock, monitoring the $125 level as a potential support zone could be wise. BUT I would not go Long there, should it get there, straight away, as there might be even moer down for AMD.Remember that this is just my opinion and you can check out other perspectives at ForexLive.com (https://www.forexlive.com/). Always do your own research and sell AMD at your own risk.AMD Stock News: Quick Take for Investors!
Last Updated: November 06, 2024Roth MKM: AMD Soars to $200 on AI Surge
🚀 AMD hits the $200 mark, solidifying its role in AI infrastructure! Thanks to a powerhouse partnership with Microsoft in cloud computing, AMD's making waves across Wall Street. Roth MKM analysts are keeping the faith, seeing more gains as AMD rides the AI boom.Light Street: AMD's AI Moves Pay Off Big
AUDUSD falls to lowest level since early August but bounces higher
https://www.forexlive.com/technical-analysis/audusd-falls-to-lowest-level-since-early-august-but-bounces-higher-20241106/
The AUDUSD fell ahead of the election results and in the process moved to the lowest level since August 8 at 0.6506 and bounced. The subsequent move higher taken the price toward the midpoint of the day's trading range. The price has also moved back toward the converged 100 and 200-hour MAs near 0.6586. Those moving averages were broken briefly in the European session today but the momentum faded and the price moved back down. If the price can get back above those MAs watch for more upside momentum. Absent that, and the sellers are still in full control.
This article was written by Greg Michalowski at www.forexlive.com.
This article was written by Greg Michalowski at www.forexlive.com.
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Gold Technical Analysis – Is this the beginning of a bigger pullback?
https://www.forexlive.com/technical-analysis/gold-technical-analysis-is-this-the-beginning-of-a-bigger-pullback-20241106/
Fundamental
OverviewGold is trading lower today
as Trump got elected President of the US. The Republicans won the Senate, and
they just need the House now to get a red sweep. That is the most bearish
scenario for gold in the short-term as it would make the tax cuts easier to
pass which should lead to higher growth and less rate cuts expectations. As of
now, the probabilities are in favour of the Republicans. Given the above and the
strong US data we keep on getting, the Fed might start to change its stance,
and we could see a much earlier than expected pause in 2025. Gold
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that gold bounced near the major trendline (https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/) as the buyers stepped in to
position for a rally into a new all-time high. The sellers, on the other hand,
will want to see the price breaking lower to increase the bearish bets into new
lows.Gold Technical Analysis
– 4 hour TimeframeOn the 4 hour chart, we can
see that we now have a minor downward trendline defining the current bearish
momentum on this timeframe. The sellers will likely lean on the trendline to
position for the break below the major trendline. The buyers, on the other
hand, will want to see the price breaking higher to increase the bullish bets
into new highs.Gold Technical Analysis
– 1 hour TimeframeOn the 1 hour chart, we can
see that the price bounced from the lower bound of the average daily range (https://www.forexlive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/) for today. We can also see that we
have a pretty strong resistance zone around the 2730 level now. The sellers will likely
pile in around the resistance (https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/) and the trendline to keep pushing
into new lows, while the buyers will look for a breakout to the upside to
invalidate the bearish setup and increase the bullish bets into a new all-time
high.Upcoming CatalystsTomorrow (https://www.forexlive.com/EconomicCalendar) we have the US Jobless Claims and the FOMC Policy Decision. On Friday,
we conclude the week with the University of Michigan Consumer Sentiment report.
See the video below
This article was written by Giuseppe Dellamotta at www.forexlive.com.
GBPUSD moves down to test 50% and swing area down to 1.28449
https://www.forexlive.com/technical-analysis/gbpusd-moves-down-to-test-50-and-swing-area-down-to-128449-20241106/
The GBPUSD has moved down to test the 50% and a swing area between 1.2844 and 1.28719. The midpoint level is at 1.2866. The low price reached 1.2864 and is bouncing modestly. The bounce will target the low from two weeks ago at 1.29064. Staying below keeps the seller in controlOn the downside, the 200-day MA comes in at 1.28124. The last time the price traded below the 200 day MA was back in mid-May.
This article was written by Greg Michalowski at www.forexlive.com.
USDCAD moves up to hourly MAs
https://www.forexlive.com/technical-analysis/usdcad-moves-up-to-hourly-mas-20241106/
The USDCAD moved down to test the target support at the end of the trading day yesterday at 1.3813. The low price reached 1.3817 and the price decline slowed. The pair has moved back higher on the back of the early success of the Trump team. The price has now moved up to the 200-hour MA/100-hour MA area. The 200-hour MA is at 1.38975. The 100 hour MA is at 1.3905. A move above those levels would open the door for more upside momentum technically. --------------------------------------------------The Georgia vote has Trump at 52.9% vs 46.4% Harris. That is big. However, there are still a lot of votes in the cities which should bring it closer but it is a climb. There are a lot of votes left in Pennsylvania with Harris leading (57.5% vs 41.5% with 24%). Harris is leading MIchigan as well 53.7% VS 44.3% BUT very early 14%NC is close with 50.4% Trump vs 48.5% of the vote with 50% of the vote counted (now being called for Trump despite the numbers). Trump spent all of yesterday in NC. Virginia is even but lots of votes left in blue areas of the state. Biden won by 10% though. Not good for Harris.The 2 year yield has moved to 2.289% which is the 3 month high. The markets still have Trump the favorite right now.
This article was written by Greg Michalowski at www.forexlive.com.
EURUSD buyers take the price to new highs and approaches a cluster of resistance
https://www.forexlive.com/technical-analysis/eurusd-buyers-take-the-price-to-new-highs-and-approaches-a-cluster-of-resistance-20241105/
The EURUSD is continuing its move to the upside despite stronger services ISM nonmanufacturing data today. Employment moved higher as well. New orders were lower and prices paid was lower as well. Of course the election voting is ongoing with the results still hours aways starting with Georgia, one of the epicenters from 2020 election one of the 1st states to close the polls. GeorgiaIndiana (Polls close at 6 p.m. ET in the 80 counties in Eastern time zone)Kentucky (Polls close at 6 p.m. ET for the 79 counties in the eastern part of the state)South CarolinaVermontVirginiaNorth Carolina and Ohio, key swing states will close polling stations at 7 PM ET (still over 3 hours from now). Trump spent yesterday in the state of North Carolina - a state that he won 49.9% to 48.6% in 2020.North CarolinaOhioWest VirginiaAt 8 PM, with Florida and Pennsylvania the focus. AlabamaConnecticutDelawareDistrict of ColumbiaFlorida (Polls in Eastern time zone close at 7 p.m. ET; part of Panhandle are in Central time zone)IllinoisMaineMarylandMassachusettsMississippiMissouriNew HampshireNew JerseyOklahomaPennsylvaniaRhode IslandTennesseeAt 9 PM, Arizona, Michigan and Wisconsin are the key swing states to close. ArizonaColoradoIowaKansas (Polling locations close at 8 p.m. ET in all except four counties in the west)LouisianaMichigan (Polling locations close at 8 p.m. ET in all except four counties)MinnesotaNebraskaNew MexicoNew YorkNorth Dakota (Polls close at 8 p.m. ET in all but eight counties)South Dakota (Polls close at 8 p.m. ET in the east)Texas (Polls close at 8 p.m. ET for most of the state except three counties in the west)WisconsinWyomingTechnically, the price is moving closer to a cluster of resistance defined by the 38.2% retracement of the move down from the end of September high at 1.09345, the 100-day moving average at 1.09404, and above the 200 bar moving average of the 4-hour chart at 1.09555. Getting above that area would have traders looking toward the 50% midpoint of the same move lower and 1.0988 followed by a swing area between 1.1001 and 1.10145.Holding resistance against the cluster of resistance would give sellers the go-ahead to push back to the downside. Ultimately, a move below the 200-day moving average of 1.0869 would need to be broken to increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com.
