ForexAnalytixPipczar

ForexAnalytixPipczar

Intraday Update: The OANDA:NZDUSD is within a few pips of testing the key .6215/.6220 key resistance. A break higher would put the .6370 level in play in the weeks ahead.

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Intraday Update: Following the ECB today, the EURNZD struggled (again) at wedge resistance which suggests in order for the market to get a sizable bounce, a break of the 1.7625 is needed now.

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One of the most interesting trade setups I see is the $EURMXN. Following the ECB today, if the #EUR rates continue higher, and traders continue to reduce #MXN carry positions following last weekend's elections, this should = higher EURMXN exchange rate.

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Asian Session Update: The Kiwi is breaking a multi year trend line and key resistance at the .6200 level in Asian trade. It's also a bullish wedge intraday. Stops may be just above the market.

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Intraday Update: Silver is back-testing the previous support. If it is going to fail, this would be the level.

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Intraday Update: The NZDUSD is struggling at the .6200 level, which also happens to be a long term trend line from early 2021.

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Intraday Update: Ahead of the Bank of Canada rate decision today, the FX:USDCAD is in a (bearish wedge) with key support at 1.3600, resistance at 1.3700. The market is divided on a cut or not, so a breakout of the wedge is possible, but a hold could allow for a slide back below the key 1.3600 support. We should also mention, US services ISM is due out around...

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Intraday Update: The USDMXN has reached the 127% extension (close with a high at 18.1988) and intraday RSI's are very overbought which has prompted us to remove the Pattern in Play near term. Looking for dips back to 17.60/17.50 to be supportive in the days ahead.

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Intraday Update: Following the election in Mexico over the weekend, the MXN has weakened substantially today, down over 3.5% against the USD at writing. Technically, we'd expect dips back tot he 17.3800 level and then the 200dma to hold as support on any dip.

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Intraday Update: A very strong response off the 1.3600 level once again for the USDCAD, which will solidify it's importance this week ahead of the Bank of Canada rate decision and jobs report at the end of the week.

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For those of you who understand candlestick patterns, this is not news to you. The weekly SPY is setting up an evening star formation. It's a bearish setup on a weekly chart. More importantly, it should be noted as a false breakout (if we close near current levels)

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Intraday Update: Following the PCE, EZ CPI's and amid "end of month flows" the EURUSD is back at the upper end of the well worn range. Longs overnight may be looking to book profits, but an eventual break of 1.09 is possible in the next week.

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Intraday Update: IF the PCE data today is hot, or we get a positive US dollar reaction, the GBPUSD is setting up a head and shoulder pattern. Neckline is at the 1.2667 level which is just about 50 pips away from current price.

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Intraday Update: USDCAD is at key support, a break of 1.3620 then 1.3580 today would be quite bearish the pair. CAD GDP and US PCE data on deck!

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Intraday Update: The NZDJPY is developing a head and shoulder pattern with the neckline at 95.40. It's a setup until the neckline breaks. Then bearish.

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Intraday Update: The AUDUSD has found buyers ahead of the 38% retracement at .6581 which is the neckline of the head and shoulder technical setup. A break below is bearish.

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Intraday Update: Although silver rallied sharply from the $30 level last week as expected, the move back to the 161% Fibonacci extension may carve out a slightly lower high, which may allow for a re-test of $30 in the days ahead.

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Intraday Update: USDMXN has rallied to the 50dma and top of the resistance zone. If it is to turn lower, it would be near here. A break above the 16.80 may illicit a squeeze higher.