The Japanese Yen has returned to the defensive against the US Dollar after a period of daily-chart strength last week, with USD/JPY well illustrating the value of Fibonacci retracement levels to technical analysis. Between April 7 and 10 the pair retreated below the uptrend channel which had previously bounded trade since the lows of March 25. A surge in market risk aversion saw the Dollar and Yen locked in a ‘battle of the havens’ which ...
A week ago, EUR bears were likely chilling their champagne bottles in anticipation of potential profits to be realized as of the close of trading this week. An ECB with a worsening economic outlook seemed to be a ripe environment for sharp losses. On Wednesday, when the ECB met, the markets grabbed onto the message that the ECB will consider whether it needs to mitigate any of the side effects from negative rates and the long-term bank funding “solution: known as TLTRO-III, but that was not enough ...
Big-picture wedge continues to develop The US Dollar continues to be a difficult market for traders as low volatility puts a strangle-hold on the trading environment. Looking at the big-picture ascending wedge developing it is well within reason to expect more of the same for a little while longer as the pattern continues to fill out towards its apex. This doesn’t mean there won’t be room for opportunities or for a surprise move ...
Bitcoin: Retail trader data shows 79.7% of traders are net-long with the ratio of traders long to short at 3.93 to 1. The number of traders net-long is 2.3% higher than yesterday and 6.7% higher from last week, while the number of traders net-short is 5.3% lower than yesterday and 4.2% lower from last week. more...
Last week’s strong closing candle is coming from a big area with long-term implications. The head-and-shoulders top I’ve been discussing for months had its neckline thoroughly tested after it broke in October. Retests are a common occurrence for these types of patterns before their full bearish potential is realized. In confluence with the neckline is the decisively falling 200-day MA, the underside of the 2011 trendline which was also ...
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