The AUD/USD pair has experienced a downside correction from the 0.6735 zone recently. Despite starting a fresh increase from the 0.6635 support level, the pair has faced resistance near 0.6720. The ongoing correction has led to a decline below the 0.6720 level, indicating a potential move towards the key support at 0.6700. If this support
Technical Analysis
The AUD/USD pair has recently seen an uptick to 0.6676, indicating a potential shift in market dynamics. However, despite this increase, the currency pair remains trapped in a sideways pattern, highlighting the lack of clear directional momentum at the moment. The Australian dollar’s rise can be attributed to the weakening stance of the US dollar,
GBPCAD recently experienced a bounce off the uptrend line, recovering above the 50-day simple moving average (SMA) following a 2% correction in June. This correction caused the price to dip below the SMA, but it managed to stay above the upper ascending trendline that has been in place since the autumn of 2023. While the
The UK 100 stock index (cash) has been experiencing a downturn for the past six trading days, with the price dropping significantly to reach a critical support level of 8,110. The failure to surpass the key resistance area of 8,300 and the important resistance line from February 2022 has raised concerns about a potential negative
The recent parliamentary elections in France, where Marine Le Pen’s far-right party, the National Rally (RN), won the first round, had a significant impact on the financial markets. Exit polls revealed that the victory of RN led to a rise in the euro’s exchange rate against other currencies. The EUR/USD rate surged to its highest
The EUR/USD pair has recently started a recovery wave above the 1.0710 resistance level, indicating a positive trend in the short term. The pair successfully cleared a major bearish trend line with resistance at 1.0725 on the 4-hour chart, which further supported the bullish momentum. However, despite the positive movement, the pair is currently facing
The GBP/USD pair has recently experienced a decline below the 1.2670 support zone, signaling a bearish trend. The British Pound failed to sustain its momentum above the 1.2700 resistance level and has since dropped below key support levels. As indicated on the hourly chart of GBP/USD at FXOpen, there is a key bearish trend line
The USD/JPY pair has surged to 160.34, a level not seen since 1986, amid growing expectations of interventions from Japanese authorities. Despite verbal assurances from the government, concrete financial actions have not been taken, leaving the yen exposed. Finance Minister Shunichi Suzuki has reiterated the government’s readiness to address sudden currency fluctuations, but the timing
In recent days, crude oil prices have shown a strong upward movement, surpassing the $80.00 resistance level. The price broke through the $80.00 mark, but encountered resistance as it approached higher levels. Upon examining the 4-hour chart of XTI/USD, it can be seen that the price has managed to settle above both the 200 simple
The short term Elliott Wave analysis for XAGUSD (Silver) suggests that the cycle from the 5.20.2024 high remains in progress as a double three structure. This means that the market is currently undergoing a complex correction pattern. Wave Count Details Breaking it down further, wave ((a)) ended at 30.03 and wave ((b)) rally ended at
The GBPJPY pair has shown a strong uptrend during Monday’s session, reaching a high of approximately 202.50, which is the highest level seen since 2007. Despite initial efforts from sellers to push the pair down to 106.14, buyers managed to regain control and propel the pair to new cycle highs. The Daily Relative Strength Index
The recent weakness of the yen against the US dollar has raised concerns among Japanese officials, prompting warnings against the possibility of excessive volatility in the currency market. The Bank of Japan has intervened in the past to prevent the yen from strengthening beyond the psychological mark of 160 yen per USD, as it is