2022-10-06 • Updated
Over the last couple of weeks, GBPUSD and a few other commodities have breached their recent swing highs and lows, while some have even gone on to create new All-Time Highs and Lows. In this article, we will recount a few of these commodities and trade ideas to watch out for.
USDJPY has recently risen above the 142 price region and is cruising well within the range of the 1998 Highs. However, we see a confluence of trendlines that may act as a resistance to usher in bearish momentum.
EURUSD traded slightly below its lowest price in two (2) decades but has since reacted sharply away from the lower trendline of the descending channel. Thus, we may begin to see renewed bullish pressure on EURUSD
EURUSD Monthly Timeframe.
EURUSD Daily Timeframe.
GBPUSD recently created a record low after trading below 1.05 during the final week of last month (September). Price has also retested the lower trendline of the bearish wedge with a sharp reaction in favor of the bulls. We may see the bulls exert more pressure on price in the coming weeks.
AUDNZD is currently trading at its highest since 2015. Here, we see a confluence of the 200-SMA and the upper trendline of the ascending channel—these factors help reinforce the bearish bias.
GBPCHF is currently trading at its lowest in the last 30 years. Price breached the recent 2-year low last month but reacted sharply, closing with a huge wick resting on the lower trendline of the bearish channel. We should see some bullish impulse return to the markets soon.
CONCLUSION:
To get started trading these commodities and a few more, click here.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
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...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
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...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
