A major bullish trend line is forming with support at 159.80 on the 4-hour chart.
EUR/USD is consolidating above the 1.0670 support zone.
GBP/USD spiked lower toward 1.2600 before it recovered some losses.
USD/JPY Technical Analysis
The US Dollar remained in a strong uptrend above the 157.50 level against the Japanese Yen. USD/JPY cleared the 160.00 resistance to move further into a positive zone.
Looking at the 4-hour chart, the pair settled above the 160.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bulls remained in control and even pumped the pair toward the 160.80 zone.
On the upside, the pair is facing resistance near the 160.85 level. The next resistance sits at 161.20. The first major resistance is near the 162.00 level.
A clear move above the 162.00 resistance might send it toward the 162.50 level. Any more gains might open the doors for a test of the 165.00 zone and a new all-time high in the coming days.
Immediate support is near the 160.00 level or the 38.2% Fib retracement level of the upward move from the 158.73 swing low to the 160.86 high. The next major support is near the 159.80 level. There is also a crucial bullish trend line forming with support at 159.80 on the same chart.
The trend line coincides with the 50% Fib retracement level of the upward move from the 158.73 swing low to the 160.86 high. A downside break and close below the 159.80 support zone could open the doors for a larger decline. In the stated case, the pair could decline toward the 159.20 level.
Looking at EUR/USD, the pair remained stable above the 1.0670 support zone and is now attempting a short-term recovery wave.
Economic Releases
US Personal Income for May 2024
US Core Personal Consumption Expenditure for May 2024
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
The Australian Stock Exchange has been very noisy as of late, as we continue to hang around the 7700 Australian dollars level.
The market is currently in the midst of a major triangle, suggesting that there is a certain amount of bullish pressure underneath but it is somewhat fleeting.
After all, you have to keep in mind that the Australian exchange is highly influenced by commodities, and although some commodities have really started to take off, we have seen some other ones cool off at the same time period.
Asia and global growth
I suspect that one of the biggest influences on the ASX 200 is going to be the global growth situation as countries start to see a bit of a slowdown. We have seen several countries and central banks around the world start to cut rates, and this of course is a sign that perhaps there are some problems. If that ends up being the case, some of the biggest materials producers in Australia will find themselves in trouble as customers cancel orders. BHP Group Ltd., Rio Tinto, and many others could find themselves falling. Remember, the ASX is highly sensitive to not only materials, but asian growth as well. We are starting to see concerns about third world countries struggling, with a lot of the previous bright growth areas struggling.
However, if we do continue to see central banks cutting interest rates, it is probably only a matter of time before traders start to draw the correlation between stimulus and commodities, especially hard commodities as you will see massive infrastructure projects come into the fold. If that ends up being the case, then the ASX 200 will probably spend quite a bit of time trying to catch up to other indices around the world such as the S&P 500 and the DAX. This isn’t a clear picture yet, but I think we are getting there, and it so far looks like the buyers might have the upper hand, if even just by a bit at this point in time.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
Bitcoin price started another decline from the $72,000 resistance zone.
BTC traded below a key bullish trend line with support near $68,250 on the 4-hour chart.
Gold prices consolidate near the $2,320 resistance zone.
The Fed is likely to keep interest rates at 5.5%.
Bitcoin Price Technical Analysis
Bitcoin price failed to clear the $72,000 resistance zone and started a fresh decline. BTC/USD traded below many supports such as $70,000 and $69,200.
Looking at the 4-hour chart, the price traded below a key bullish trend line with support near $68,250. The price settled well below the 100 simple moving average (red, 4 hours) and tested the 200 simple moving average (green, 4 hours).
However, the bulls are now active near the $66,500 support zone. If there is another increase, the price could face resistance near the $67,800 level.
The first key resistance is near the $68,400 zone. The next resistance is near $69,200 and the 100 simple moving average (red, 4 hours). A successful close above $69,200 might start another steady increase. In the stated case, the price may perhaps rise toward the $70,000 level.
Conversely, Bitcoin might extend losses. Immediate support is near the $66,500 level. The main support sits at $66,000. Any more losses might send the price toward the $62,500 support zone.
Immediate resistance is near the $72,000 level.
Today’s Economic Releases
US Consumer Price Index for May 2024 (MoM) – Forecast +0.1%, versus +0.3% previous.
US Consumer Price Index for May 2024 (YoY) – Forecast +3.4%, versus +3.4% previous.
Fed Interest Rate Decision – Forecast 5.5%, versus 5.5% previous.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
Bitcoin has also been very noisy during the week, testing the $67,000 level for support at the end. Ultimately, this is an area that I think will continue to attract a lot of attention, but even if we were to break down below it, the actual “floor in the market” is closer to the $60,000 level, an area we had bounce from previously. If we can break above the $73,000 level, then it’s possible that we go much higher.
NASDAQ 100
The NASDAQ 100plunged during a huge part of the week, but it does look like it’s finding a little bit of support in an area that previously had been resistant. At this point, it looks like it is offering a little bit of value, but I would also be a bit cautious as there is so much volatility. The 17,850 level underneath should continue to be a massive support, right along with the 17,000 level. I am a buyer and not a seller, despite the fact that I am a bit nervous jumping in with a huge position at the moment.
S&P 500
The S&P 500 fell during the week, but it looks as if it is trying to find some type of support as we head into the weekend. I think that the 5000 level underneath is going to be a major support level that a lot of people will be cognizant of a, as it is a large, round, psychologically significant figure. It’s obvious that the 5300 level continues to be a bit of a headache, but once we break above there it’s likely that the S&P 500 will go higher, looking toward the 5500 level given enough time.
Silver
Silver initially shot higher again during the course of the week but has been absolutely decimated. At this point, it looks like we are doing everything we can to test the $30 level, an area that I think will end up being very important before it is all said and done. If we were to break down below the $30 level, we could see the market go looking to the $28.50 level. On the other hand, if we do rally from here expect the $32.50 level to be very difficult to get above.
DAX
The German index has been pretty wild during the course of the week, but it still is very much in an uptrend, and it makes sense that we will eventually see some type of continuation. The €18,250 level is an area that we have seen a lot of support at, and I think we also have even more support below, near the €18,000 level. I have no interest in shorting this market, and if we do continue to pull back, I think that we will only end up seeing more value in a market that has been strong for some time. Keep in mind that Germany will lead the European Union higher overall, so this is one of the most important markets to follow.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
The Parisian CAC initially fell during the week but has turned around to show signs of life. The €7900 level continues to be a major floor, and we have in fact reacted it just above there to find plenty of buyers. The question now is whether or not we can build up enough momentum to continue going higher? It certainly looks that way, and I would not be surprised at all to see this market go looking to the €8200 level over the next several sessions. At this point, I certainly have no interest in trying to short stocks anywhere, let alone France.
GBP/JPY
The British pound has rallied rather significantly during the course of the trading week, closing near the ¥197 level. By doing so, it looks very much like a market that is going to continue to go higher, especially now that the Bank of Japan has finally admitted that he can’t really do much about the value of the yen. In fact, they said the shrinking yen isn’t something that they’re worried about. That’s an interesting take, and probably a flat out lie. Nonetheless, I think they are helpless at this point and therefore I think we continue to see the British pound overtake the Japanese yen.
Silver
Silver has had a somewhat negative week, but let’s keep in mind that the market had been straight up in the air for what seemed like a lifetime. Furthermore, we are also extended to say the least and therefore we need to pay close attention to the $26 level underneath, because that could define whether or not we are still in an uptrend. On the upside, we have the $28.50 level offering a significant barrier, and I believe a short-term target for those who are bullish in this market.
GBP/CHF
The British pound has rallied significantly against the Swiss franc during the course of the week, but we continue to see the same major barrier get in the way. This of course is the 1.15 CHF level, which has been like a brick wall multiple times. That being said, it is worth noting that the British pound has been relentless in its attempt to break out, and I think given enough time it actually will. If we can clear the 1.15 CHF level on at least a daily close, I am anticipating a move to the 1.17 CHF level. Underneath, I see the 1.13 CHF level as support.
USD/MXN
The US dollar rallied slightly against the Mexican peso during the past week, but we still see a lot of resistance above in the form of the 17.50 MXN level, and of course the 50-Week EMA which we pull back from. We ended up forming a bit of a shooting star so that suggests to me that we are more likely than not going to continue to see some downward pressure. After all, the interest rate differential heavily favors the Mexican peso, and therefore if you do want to get long of the US dollar, this might not be the pair to do it in.
EUR/GBP
The euro initially rallied significantly during the course of the week only to find significant resistance near the 50-Week EMA, and of course the 200-Week EMA, which are sitting right around the 0.86 level. Ultimately, this is a market that looks as if it is going to finish the week at the very lows of the candle, meaning that we may get some follow-through. However, I do believe that the 0.85 level underneath is going to continue to hold, so the closer we get to that area, the more likely I am to be looking for some type of bounce to start buying again.
Bitcoin
Bitcoin has been all over the place during the course of the week, essentially finishing the week slightly negative. That being said, it certainly looks as if there is a lot of support underneath, and it looks like the $60,000 level is an area that could be a massive “floor in the market” that traders will continue to use. I think this remains a “buy on the dips” market, but I don’t think you are going to get a huge run higher anytime soon. In other words, you are looking for value and then dumping it off as soon as you get a significant profit.
EUR/USD
The Euro initially rallied during the week but continues to see a lot of noise above the 1.07 level. I think we continue to pay close attention to interest rates in the United States, which seemingly be in one way trade at the moment, thereby making the US dollar stronger. The fact that we gave back some of these gains tells me that although we could very well rally next week, the upside is limited. I am presently using this chart more or less as a way to determine which way the US dollar could be traded against other currencies.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
GBP/USD failed to clear the 1.2700 resistance zone.
It traded below a key bullish trend line with support at 1.2650 on the 4-hour chart.
EUR/USD is consolidating above the 1.0780 support.
Bitcoin rallied over 10% and cleared the $60,000 resistance.
GBP/USD Technical Analysis
The British Pound started a decent increase from the 1.2535 zone against the US Dollar. GBP/USD gained pace for a move above the 1.2620 and 1.2650 resistance levels.
Looking at the 4-hour chart, the pair struggled to clear the 1.2700 resistance. A high was formed near 1.2709 and the pair reacted to the downside. There was a break below a key bullish trend line with support at 1.2650 and the 200 simple moving average (green, 4-hour).
The pair spiked toward the 50% Fib retracement level of the upward move from the 1.2535 swing low to the 1.2709 high. It also tested the 100 simple moving average (red, 4-hour).
If there is a downside break below the 1.2620 support, the pair could decline toward the 1.2575 level. Any more gains might send GBP/USD toward 1.2535.
On the upside, the pair is facing resistance near the 1.2685 level. The main resistance is near 1.2700. A close above the 1.2700 zone could open the doors for more upsides. The next stop for the bulls might be 1.2765.
Looking at Bitcoin, there was a strong increase, and the bulls were able to pump the price above the $60,000 resistance. The next key resistance sits at $62,500.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of CHFJPY. In which, the rally from 14 December 2023 low unfolded as an impulse sequence and called for an extension higher to take place. Therefore, we knew that the structure in CHFJPY should remain supported & extend higher. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
CHFJPY 4-Hour Elliott Wave Chart From 2.06.2024
Here’s the 4-hour Elliott wave Chart from the 2/06/2024 update. In which, the rally to 171.82 high-ended wave (1) & made a pullback in wave (2). The internals of that pullback unfolded as Elliott wave zigzag correction where wave A ended in 3 swings at 169.64 low. Then a bounce to 171.48 high-ended wave B & started the next leg lower in wave C towards 169.26- 167.89 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
CHFJPY Latest 4-Hour Elliott Wave Chart From 2.12.2024
This is the latest 4-hour Elliott wave Chart from the 2/12/2024 update. In which the pair is showing a reaction higher taking place, right after ending the correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 171.82 high is still needed to confirm the next extension higher & avoid further correction lower.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
In case the bulls push up the price above the resistance level of $25, the price may test the resistance levels of $26 and $27. Should the resistance level of $25 holds, price may reverse and face the support levels of $24, $23 and $22.
XAGUSD Market
Key Levels:
Resistance levels: $25, $26, $27
Support levels: $24, $23, $22
XAGUSD Long-term trend: Bullish
XAGUSD is bullish on the long-term outlook. Two weeks ago, the metal pulled back when it tested the resistance level of $24 on October 26. The metal retested the support level of $22 and bounced back with formation of a pin bar. This scenario restored the bullish momentum in to the Silver market. Silver price has broken up the resistance level of $24 and the price is targeting $25 price level.
Silver is trading above the 9 periods EMA and 21 periods EMA which indicates that bulls are dominating the Silver market. The fast moving Average (9 periods EMA) remains above the slow moving Average (21 periods EMA). In case the bulls push up the price above the resistance level of $25, the price may test the resistance levels of $26 and $27. Should the resistance level of $25 holds, price may reverse and face the support levels of $24, $23 and $22.
XAGUSD Medium-term Trend: Bullish
XAGUSD is on the bullish movement on 4-hour chart. Silver bounced off the resistance level of $24 as the bears opposed the bullish movement. The price pulled back and retested the support level of $22. On November 03, the bullish engulfing candle formed and this triggered a bullish momentum and the price increase towards $25 level.
Silver price is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 70 levels with the signal line displaying a bullish signal.
To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor
Rehana William |Financial Consultant _Forex_Gold Xauusd| Fund Manager 