2019-11-11 • Updated
Recommendation:
SELL 126.55
SL 127.1
TP1 125.55 TP2 124.75 TP3 123.5
On the daily chart of EUR/JPY, the pair keeps reaching targets of the "Broadening wedge" pattern. A break of resistances at 129.95 and 131.15 will increase odds of the longterm uptrend's recovery. Vice versa, a successful test of supports at 126.55 and 125.75 will pull the pair down.
On H1, there is a high possibility of the implementation of the "Spike and ledge" pattern within 127.55-129.55. If the pair leaves this range, the further direction of the pair will depend on the strength of bulls and bears. Bulls can hope for an implementation of the "Bat" pattern, bears can hope that the pair will reach the 200% target of the AB=CD pattern.
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The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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