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The EUR/USD range is certainly testing traders’ patience, but those who remain disciplined and keep their powder dry are likely to be presented with a momentum-move relatively soon. Ranges don’t last forever. This is one of the tightest in the euro’s existence and getting tighter as price is wedging up into a triangle. A resolution is closing in. This coming week we have the ECB on Thursday, but there isn’t any grand expectation for it to be a market-moving event. However, as per usual, expect ...
The broader bearish view would resume on a break below the April opening range low at 105.65 that aligns closely with the daily Tenkan-Sen (26-day midpoint) at 106.06 as key support. Should the price close below these levels, it would be difficult to argue that the trend is not continuing lower and could soon press towards the long-term Fibonacci target of 104.20. We typically take a contrarian view to crowd sentiment, and the fact traders ...
Bitcoin: Retail trader data shows 72.0% of traders are net-long with the ratio of traders long to short at 2.57 to 1. The number of traders net-long is 5.3% lower than yesterday and 4.0% lower from last week, while the number of traders net-short is 4.9% higher than yesterday and 7.4% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to ...
The Australian Dollar seems to be struggling to pick a direction to choose from against its US counterpart as of late. In the meantime, well-established support and resistance levels have formed and the gap between the two is slowly shrinking. These are the 76.4% Fibonacci retracement at 0.7651 and the descending line from March 16th respectively. Before AUD/USD got to where it is now, the pair has essentially been in a downtrend since ...
Spot Gold: Retail trader data shows 69.7% of traders are net-long with the ratio of traders long to short at 2.3 to 1. The number of traders net-long is 15.4% higher than yesterday and 0.3% higher from last week, while the number of traders net-short is 28.2% lower than yesterday and 10.0% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue ...
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