The USDCAD pair has recently extended its rebound to reach a fresh 1-month high. However, despite the positive momentum indicators, it has failed to close above the 50-day simple moving average (SMA). This article analyzes the current state of the USDCAD pair and explores potential scenarios for its future movement. Despite its solid recovery from
Technical Analysis
Bitcoin (BTCUSD) has been in a state of uncertainty, struggling to maintain its recent bullish momentum. After reaching a peak of 49,051, the cryptocurrency has faced a significant decline, plummeting to as low as 41,400. This article will examine the current market conditions surrounding Bitcoin and analyze the key support and resistance levels to watch
Gold price experienced a significant rally, surpassing the $2,040 resistance level and reaching as high as $2,060 against the US Dollar. However, the bullish trend was short-lived as the price underwent a downside correction. The bears managed to push the price below key support levels including $2,030 and the 50-hour simple moving average. The price
The ongoing hostilities in the Middle East region and the Red Sea shipping route have introduced a potential “floor” in oil prices due to the increasing risk of supply disruptions. However, the demand side has remained weak as China’s top policymakers have signaled a less forceful approach in enacting stimulus measures. This article analyzes the
The price of Brent crude oil has been on the rise for three consecutive days, reaching $79.00 per barrel as of today. This surge can be attributed to the unfolding events in the Red Sea, where transportation disruptions could potentially impact crude oil supply. With numerous tankers carrying energy carriers passing through these waters, any
The AUD/USD pair has been showing signs of an upward movement, with the potential to rally if it manages to clear the resistance level of 0.6725. Starting from the support level of 0.6650, the Aussie Dollar has made a fresh increase, surpassing the resistance levels of 0.6680 and 0.6695 against the US Dollar. This positive
Japan’s Nikkei225 index has reached new highs, surpassing levels not seen since February 1990. The recent surge in the index has been attributed to several factors, including a significant drop in expectations that the Bank of Japan would unwind its ultra-soft monetary policy. Additionally, the aftermath of the 1 January earthquake and a slower growth
The USDJPY pair is currently aiming for a bullish breakout as it approaches Thursday’s US CPI data. Although momentum indicators suggest positive sentiment, caution should be exercised due to conflicting trend signals. On Tuesday, USDJPY found new buyers near its 20-day simple moving average (SMA) at 143.40, resulting in a mild positive close for the
BTCUSD recently experienced a significant rally, surpassing $45,000 and reaching a 21-month high at $47,282. The primary driving force behind this surge appears to be the market’s excitement surrounding the potential approval of a spot-Bitcoin ETF by the Securities and Exchange Commission (SEC). However, it is important to analyze the technical aspects of this rally
The US Nas 100 Index, which serves as a proxy for the Nasdaq 100 futures, has experienced a significant decline recently, approaching the upward-sloping 50-day moving average. However, there are indications that the downside momentum has started to ease. In this article, we will analyze the current state of the index and discuss the potential
The US 500 cash index has been experiencing a continuous downward trend, with its sixth consecutive red candle marking a negative start to 2024. This correction in the index may see further decline if the upcoming data releases on Friday disappoint market participants. It is worth noting that despite the correction, the US 500 index
The AUD/JPY currency pair experienced moderate gains on Wednesday, recording a 0.46% increase. However, it started Thursday’s session on a slightly lower note, trading below the previous day’s close of 96.42. Despite this, the pair has shown potential for further gains as buyers reclaim the Kijun-Sen and find support around the bottom of the Ichimoku