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The price in question is 148.29, and this is the 61.8% retracement of June to December, 2016 major move in the pair. Perhaps most importantly, this price had helped to set resistance for almost ten full months in GBP/JPY. Prices turned-around here in mid-December, and again in May as GBP/JPY put in a peculiar period of price action. This pair is often trending or moving in somewhat of a directional manner: But it’s also notorious for being wild and chaotic. The fact that the first nine months of ...
The near-term USD/JPY candlestick version makes it look as though a head and shoulder pattern may be in the offing. After all the current climb seems to be losing momentum already, before it gets anywhere near the previous peak of 114.72. And it’s losing momentum just about exactly where the putative first shoulder was made. Should the second be confirmed by a marked move lower from current levels then the entire climb up from September’s lows in the 107 region could be in some jeopardy. ...
Coming into the year, Gold prices were dropping like a rock. This was on the back of the surge being seen in the U.S. Dollar as the ‘Trump Trade’ got further priced-through capital markets. But as that Dollar strength viciously turned into aggressive weakness in the first quarter of the year, Gold prices began to lift-higher. This lasted all the way into June, where a double top around the $1,296 level finally initiated some element of resistance. This is a level that remains resistant, as we saw ...
EURUSD: Retail trader data shows 29.4% of traders are net-long with the ratio of traders short to long at 2.4 to 1. The number of traders net-long is 8.5% higher than yesterday and 8.7% lower from last week, while the number of traders net-short is 0.4% lower than yesterday and 4.2% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. ...
Heading into last week we were optimistic on the prospect of a higher EUR/USD, and while it was relatively unchanged when the dust settled there is reason to believe we will see higher prices in the days ahead. But if the euro doesn’t get into gear soon it runs the risk of breaking lower. So, we’ll approach this with an objective eye and continue to lean on the trend-line rising up from last month’s low as key to the near-term outlook. It was thoroughly tested during a 24-hr stretch on Thursday ...
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