Economic News

REMINDER:

Today, we see markets run in an illustrative manner. Exercise caution when entering trades in these market conditions as many experiences getting stopped when entering a trade at the wrong prices. Stay clear of the markets when FOMO hits.

GOLD - Gold passed 2295.536 with the potential to touch the demand zone before continuing the rise. While the possibility that this may be the head of an SHS formation, momentum, as it stands, is for the bears.

SILVER -Silver has fallen below the retracement zone and has passed 26.753. We can see the price reaching the anchor point of the Daily range at 25.800. Momentum has slowed down and runs for the bears currently. 

DXY - The USD is aggressively moving away from the structure after strong rejections at 105.523. We may see the price break through 106.394, continuing the bullish trend. However, a failure to break through this may call for a squeeze in the market and collection of orders. We look at this chart as ranging for as long as it stays under said structure.

GBPUSD - We see the price failing to reach 1.25740 and has gone back below 1.25019. We may see prices form an M or SHS pattern. It is wiser to wait for said patterns to form for a better view of price movement. However, while the price remains above 1.24268, we still view this market as bullish.

AUDUSD -AUD has weakened against the dollar after failing to stay beyond 0.65618. We see the price now move toward 0.64801. We may see this as a completed M pattern or an SHS forming. We may see the price move lower to follow a higher timeframe trend. The price may range between 0.64801 and 0.64292. We call a momentum shift on the AU on the H1 chart from a bullish market to a bearish run.

NZDUSD -We see NZD being strongly rejected by the monthly structure at 0.59796. Failure to maintain strength below 0.58856 may make the price range between it and 0.59400. A successful push-down will test 0.58166. 

EURUSD -We see an SHS forming in the 1h chart for the EURUSD. The higher timeframe also maintains a downtrend. With that in mind, we can see the price break downward toward 1.06202 and complete the formation of the pattern. Otherwise, we may find a range.

USDJPY -The price is still unstable after yesterdays aggressive pull-down. However, we see prices rising toward normality, albeit slowly. We still view this as bullish.

USDCHF - After testing the bottom of the daily channel, we see the price aggressively push beyond 0.91473 and run toward the anchor point of the channel. Expect to see the price testing 0.92248. We continue to see this market as bullish.

USDCAD -After the price failed to sustain below 1.36612, it has aggressively returned above 1.37261, following the higher timeframe trend. While the price has formed a W pattern and is above-said structure, we need to see a break beyond 1.37881 and a collection of trades or consolidation beyond the daily structure at 1.38402.