The current price action formation on the daily chart of EUR/JPY is a descending wedge, and this can be found by connecting the swing high on March 31st with the swing high to April 27th to define resistance; while that confluent support zone between 121.50-122.50 continues to stem the declines. This support has held for the better part of three-and-a-half months; and at this point traders would likely want to see a concerted break before looking for down-trend continuation setups. ...
WTI Crude Oil Price came within a whisper of the 2016 high on Tuesday after hitting $50.10 in mid-morning trading ahead of July Contract expiration. Regardless of recent force, the CL1 June contract has seen a May price range of ~14% (43.03-50.21) that may be slowing down but does not appear done. After being the laughing stock of markets, Oil Bulls are looking at the longest run of gains in five years as they look to add another month ...
CAC 40 Daily Chart Price action for the CAC 40 is now trading higher for the fourth consecutive session. This bullish momentum has continued since the Index broke free from a previously mentioned consolidating trading range. Now as prices advance, traders may begin looking for potential points of resistance. For today’s trading that includes a 78.6% Fibonacci retracement found at 4,536.89. This value has been found by measuring the distance ...
USD/JPY has moved cleanly lower from the 110.50, which aligns with a multitude of resistance that we’ll unpack later. Over the weekend events, which included the G-7 meeting and Japan’s Trade Surplus that swelled unexpectedly to the largest amount since 2010 when the JPY was in an environment of persistence strength. The economic surprise brought short-term JPY strength, but that may not be long lasting. Many had discounted the probability ...
GBP/USD Weekly -FXTW has maintained that “GBP/USD trade remains constructive for a run at trendline resistance (about 1.4900) but watch for support at the internal trendline that crosses through inflection points since September. FXTW would like to see support register at that line in order to maintain a constructive view. Remember, there is a 96 month (8 year) cycle low count.” Support registered near (a few ticks above) the mentioned ...
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