Technical Analysis

Bitcoin has gone up 86% since November 2022. Why would traders take (at least partial) profit? Traders who have been profitable over a protracted rise, such as early Bitcoin buyers before an extended rally, may choose to sell or exit at least part of their position at a price deemed a “junction” in terms of

The last week was full of so many events and releases that it is hard to figure where to start. So as Julie Andrews sang in the Sound of Music, you start at the very beginning. In this video, I talk to the week that was that had the Fed, and the market seemingly at

GBPUSD bounces off a key support target The GBPUSD experienced a decline today, breaking below the 100-hour moving average (MA) at 1.22608 for the first time since March 17th. The pair’s downward trajectory brought it to a significant swing area between 1.2191 and 1.22028, with the rising 200-hour MA currently situated at 1.21952 – within

USDCAD breaks out of the up and down range today The USDCAD experienced considerable volatility during the first four days of the trading week, with the price action reflecting significant fluctuations. The red box in the chart above highlights this week’s trading range, characterized by sharp ups and downs over the first 4 1/2 days.

AUDUSD falls a new low today The AUDUSD has exhibited a series of ups and downs since last Friday, with the “ups” encountering resistance between 0.67239 and 0.67296 for the majority of the week. Buyers attempted to push the price up on Wednesday and Thursday, driven by volatility from the Fed rate decision. These upward

WTI crude oil is higher on the week The price of WTI crude oil futures is settling at $69.26. That’s down $0.70 or -1.0%.. The low-price reached $66.82. The high price extended to $70.38. For the trading week, the price is up $3.47 or 2.32% from the close last Friday. Looking at the hourly chart

On the daily chart below, we can see that after breaking above the downward trendline that was keeping the downtrend intact, the price rallied erasing almost all of the February decline. The price is now struggling to extend above the 1.2264 resistance as the uncertainty is high in the markets regarding the future outlook. The

EURUSD falls below 1.0866 The EURUSD moved to new session lows. The move to the downside picked up steam on the break below the swing area between 1.0866 to 1.0886. The price has moved to a low of 1.0823 and looks toward the 1.0800 area (1.0799 to 1.0805) as the next target (blue numbered circles).

On the daily chart below, we can see that the price got rejected from a key resistance level set in June 2021. Bitcoin had a parabolic rally since the peak of the banking “crisis” and we may now see a pullback with the most likely support at the 25231 level where we can also find

The two year yield is down to 4.041% that’s down -13.5 basis points and down from 4.13% before the Fed decision. That is driving the USD down as a first reaction. The Fed kept the target terminal rate at 5.1% the same as December. They do not see the PCE inflation moving below 2% target

On the daily chart below, we can see that the sellers couldn’t keep the momentum going breaking out of the 0.6191 support. As the fears caused by the failure of the Silicon Valley Bank and a possible banking crisis reached their peak, the buyers stepped in as emergency actions taken by the Fed and the

The NZD is the weakest of the major currencies The NZD is currently the weakest among major currencies, with the NZDUSD pair trending downwards, down by 1.15% for the day. Consequently, various technical levels have been successively breached. The NZDUSD has moved below a number of technical levels Observing the hourly chart above, the price

On the daily chart below, we can see that the price has eventually break above the downward trendline, but the buyers couldn’t extend the rally much as the sellers are leaning on the red long period moving average. The US Dollar is under pressure as the market expects the Fed to cut interest rates as

NZDUSD close above the 100 day MA on Friday. Not today. The NZDUSD closed above it’s 100 day MA on Friday (blue line in the chart above). The MA was at 0.6260. The close was at 0.62636 just a few pips above the MA level. The buyers had tried to move above that moving average

On the daily chart below, we can see that the broken trendline is acting as a strong support for the buyers, but the sellers keep leaning on the red long period moving average targeting a breakout. The market is getting nervous amid the stress in the banking sector and emergency actions taken by the central

First things first, what’s the deal with the rate hike? Well, investors are split on whether the Fed will implement a quarter-point hike or hit pause. The bond market gives a 65% probability to a quarter-point boost that will raise the Fed’s policy rate to 4.75%-5%. Traders have slashed the odds of a hike, but

Crude oil keeps on testing the 200 week moving average The price of WTI crude futures reached a new week low of $65.38. That took out the low from earlier this week at $65.65. Looking at the weekly chart, the price also move below its 200 week moving average at $66.14. However the price has

The major European stock indices are closing the day with sharp declines. For the trading week the indices are also lower as concerns about financial conditions in Switzerland hurt sentiment. Concerns about global growth are also weighing as is the ECB 50 basis point hike this week. Finally, the European indices have been relatively stronger