USDJPY has formed lower highs and found support at the 112.00 area, creating what might be a descending triangle pattern. Price is currently testing support and might be due for a bounce back to resistance if it holds. Stochastic is pointing up...
USD US banks were still closed for New Year's Day and are set to reopen today. Only the final manufacturing PMI reading is due, though, and no changes from the initial 55.0 figure are eyed. Other potential catalysts include updates on the tax reform...
EURAUD has been trending lower on its 4-hour time frame since breaking below the neckline of a head and shoulders pattern. Price has bounced off support and is now nearing a test of the resistance around the 1.5400 levels.Applying the Fib tool on the...
USD The dollar was in a weak spot for the most part of the day as risk appetite was in play. Positive sentiment in relation to the tax reform package appears to have faded and traders are focused on the event risks. Also, data has been mostly...
AUDNZD has been trending lower, moving inside a descending channel on its 4-hour time frame. Price is currently testing the resistance and could be due for a drop to support. The 100 SMA is below the longer-term 200 SMA, confirming that the path...
USD The US dollar continued to slide against its peers as data turned out mixed. Pending home sales posted a higher than expected 0.2% gain while the CB consumer confidence reading fell short of estimates. The index slipped from 128.6 to 122.1...
USDCAD was previously trading inside a rectangle pattern, which turned out to be a triple top reversal formation when price broke to the downside. The chart pattern is approximately 250 pips tall, so the resulting selloff could be of the same height. ...
USD The dollar has been on strong footing lately as Trump recently signed the tax bill into law. This would mean stronger business investment, consumer spending, and overall growth down the line, likely keeping tightening expectations in play....
GBPUSD has formed lower highs and higher lows recently, creating a symmetrical triangle pattern on its 1-hour time frame. Price is approaching the peak of the formation so a breakout could take place soon. The chart pattern spans around 200 pips so the...
USD The dollar had a mixed run as currency-specific factors were in play and US data also turned out mixed. The final GDP reading for Q3 was downgraded from 3.3% to 3.2% while initial jobless claims also printed weaker than expected results. On...
