Precious Metals: Retreating From Resistance After #Bullish Move (7 May 2024)

• Gold and Silver are holding up relatively well despite the generally strong bearish reversals we have recently seen in commodity markets.
• Silver is outperforming Gold, so traders should be more confident of being long of Silver than of Gold.
• Neither precious metal looks like an immediate buy. It will probably be wise to wait for Silver to clear $27.50 or for Gold to clear $2330 before entering any new long trades.
• Stock markets are generally rising again, which is probably good news for further rises in Gold and Silver.

Gold (XAU/USD): Technical Analysis

The price chart below shows that Gold is still established within a long-term bullish trend despite retreating from its record high made just a few weeks ago. Bulls still need caution as the price is not trading in blue sky and is prone to hitting resistance and swinging lower.

A few hours ago, the price made what seems to be a significant bearish reversal at the resistance level just below $2330. The price is currently sitting on the nearest support level at $2315 and looks quite likely to fall to $2308.

Silver is more bullish, but a long trade here in Gold could be a good idea if we get a bullish bounce at $2315, $2308, or even $2290. In the current technical circumstances where the price is not making any bullish breakouts, trading from bounces at support, even after a deep retracement, will likely be the best approach.

Silver (XAG/USD): Technical Analysis

The price chart below shows that Silver is still established within a long-term bullish trend despite retreating from its multi-year high made just a few weeks ago. Bulls still need caution as the price is not trading in blue sky and is prone to hitting resistance and swinging lower.

A few hours ago, the price made what seems to be a significant bearish reversal at the resistance level just below $27.50 which is a major quarter-number. The price is currently sitting on the nearest support level at $27.18 and looks quite likely to reject it, giving a possible long trade entry now.

A long trade here in Silver could be a good idea if we get a bullish bounce at $27.18, $27.00, or even $26.84. In the current technical circumstances where the price is not making any bullish breakouts, trading from bounces at support, even after a deep retracement, will likely be the best approach.

I see Silver as a better potential buy than Gold right now, but more conservative traders might prefer to wait for a bullish breakout above $27.50 instead of buying on the dip after a bounce at a key support level.

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USDSGD Analysis & Forex Signal: Near-Term Middle Ground Values Face Nervous Test (30 April 2024)

USD/SGD Analysis: Near-Term Middle Ground Values Face Nervous Test

The USD/SGD is within the middle of its one week technical price range as nervousness pervades financial institutions dealing with difficult circumstances.

• The USD/SGD is near the 1.36200 ratio as of this writing, which is technically within the middle of its trading ground attained the past week.
• However, early moves this morning have seen the USD/SGD track higher as nervous energy continues to confront the currency pair.
• Manufacturing numbers from China this morning came in mixed, which means still troubled

Singapore banks are large Forex traders and they handle plenty of Chinese Yuan (CNY). The USD/CNY has seen an incremental bullish climb start to develop that is consistent. The prospect of a weaker Chinese Yuan creates exposure for the Singapore Dollar which certainly affects sentiment within the USD/SGD fundamentally. But the USD/SGD was trading at a low of 1.35850 yesterday which tested support levels produced since Thursday of last week, which was a slight sign of Singapore Dollar strength.

USD/SGD Traders are a Barometer for Global Forex

Traders should know that Singapore Forex is watched by experienced speculators around the globe as a barometer regarding behavioral sentiment. The high reached early yesterday in the USD/SGD reached the 1.36310 briefly, this before reversing quickly lower and falling beneath the 1.36000 mark. The volatility and spurts of bearishness seen in the USD/SGD reflect a belief perhaps that the currency pair remains overbought.

However concerns not only about China’s economy and its effect on Singapore, but shadows from the U.S Federal Reserve’s approaching FOMC meeting tomorrow are causing mixed trading. While financial institutions have accepted the notion the U.S Fed will not cut interest rates tomorrow or in June, there remains a hope that the Federal Funds Rate will be cut towards the late summer. Yet, because of mixed U.S economic statistics there isn’t a clear outlook.

Move Higher This Morning in the USD/SGD is Dangerous

As the USD/SGD tests higher ratios early this morning, some speculators may target yesterday’s apex values, but this may prove overly ambitious. But the short-term price range in the USD/SGD is likely to be challenged today and tomorrow with fast trading results. Financial institutions in Asia are being confronted by cautious winds from their central banks, yesterday’s Bank of Japan intervention is an example.

• The USD/SGD may appear too strong to many speculators, but the fact is the currency pair remains within the upper depths of its one month technical range.
• Support levels have proven rather durable around the 1.35900 to 1.35850 ratios the past week.

Singapore Dollar Short Term Outlook:

Current Resistance: 1.36295

Current Support: 1.36180

High Target: 1.36375

Low Target: 1.35945

USD/SGD Forex Signal: Bullish Flag Forming in Singaporean Dollar

Potential signal:

I am a buyer of this pair above the 1.3650 level. If we can break that level on a daily close, I will have a stop loss at 1.3550, as well as a target of 1.38 above.

Buying On the Dips

I think buying on the dip is going to continue to be the way forward here, but if we were to break down below the 1.35 level, then I would have to think about this pair in other terms. While that hasn’t happened yet, I do think that it is a possibility but that would almost certainly be attached to the idea of the US dollar plunging against almost everything. While that does look very likely at the moment, I do consider this a pair that is worth being involved in, but like anything else, it’s going to be worried about geopolitical events globally.

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AUDJPY Elliott Wave: Forecasting the Path (16 April 2024)

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AUDJPY Forex pair, published in members area of the website. As our members know we have been favoring the long side in YEN pairs. Recently we got a pull back that has made a clear 3 waves pull back that found buyers right at the equal legs area. In the further text we are going to explain the Elliott Wave forecast

AUDJPY H1 Weekend Update 04.13.2024

AUDJPY ended cycle from the 96.8676 low and now correcting it. Current view suggests wave 4 red pull back can be unfolding as Elliott Wave Zig Zag Pattern. The Equal legs area is already reached at 98.799-98.460. We are aware that pull back can complete any moment. We don’t recommend selling the pair and expect further rally to resume from the buyers zone : 98.799-98.460.

AUDJPY H1 Weekend Update 04.15.2024

AUDJPY has given us a nice reaction from the Equal Legs zone as expected. The bounce reached and exceeded 50% Fibonacci retracement against the ((b)) high, so we consider wave 4 red completed at the 98.7 low. We anticipate a break of the 3 red peak to confirm that the next leg up is in progress. Alternatively, if the price breaks below the 98.7 low, the pair will open up the possibility for a 7-swing pattern toward 97.963-97.476 area. In that case, any long positions will be stopped out at Break Even, and we will look to buy the dips again at the next set of equal legs.

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USDJPY Hovers Beneath 152 Ceiling as Bulls Refuse to Give Up (4 April 2024)

• USDJPY remains stuck within 151-152 range
• Neutral trend looks safe for now
• But strong support keeps bullish forces alive

USDJPY has been gradually inching higher after dropping near the floor of the sideway range at the end of March to briefly touch 151.01. Prices made it all the way to 151.94 on Wednesday before easing again.

However, with both the 20- and 50-day simple moving averages (SMA) lurking below the price action, there is still a possibility of a fresh attempt to break above the 152.00 ceiling in the near term. Looking at the momentum indicators, the stochastic oscillator is sending positive signals in the four-hour chart, as the %K line has crossed above the %D line. The RSI is somewhat more neutral as it remains flat, but it managed to hold above the 50 level after the latest dip.

Should the positive momentum gather more traction, the bulls will likely again target the 152.00 handle. A successful break above it would bring the 123.6% Fibonacci extension of the early February-March downleg at 152.55 into view. Further gains would turn attention to the 161.8% Fibonacci of 153.60.

However, if the bears manage to defend the 152.00 level in the coming days, a sharp pullback would become inevitable. The 151.00 floor would become the first major test in the negative scenario, with the 100-day SMA offering further support at 150.70, after which the 200-day SMA would come into scope at 150.10. A drop below the psychologically important level of 150.00 would shift the short-term risk to the downside.

In brief, USDJPY still stands a chance of hitting fresh 34-year highs. But the longer it lingers within its current sideways range without breaching the upper bound, the more likely that it will reverse lower at some point.

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CHFJPY Forecast: Swiss Franc Continues to Consolidate Against Yen (2 April 2024)

CHF/JPY consolidates; ¥167 support key. Interest rate dynamics between SNB and BoJ shape pair’s trend. Break above ¥169 may signal uptrend, influencing JPY pairs.

• The Swiss franc has been back and forth during the trading session on Monday, as this market is going to continue to see a lot of noisy behavior.
• The ¥167 level underneath has been offered support a couple of times, and therefore I think it’s possible that we would see a situation where we have a lot of noise in this area.

A Battle Between Funding Currencies

The Swiss franc initially did try to rally against the Japanese yen, but as it pulled back it looks like we are just simply settling into some type of short-term range. This is a pair that I watch quite often, due to the fact that one of the facts of life when trading currencies is that you are trying to move with interest rates. The Swiss franc and the Japanese yen are two of the world’s favorite funding currencies, and even though the Bank of Japan recently increased interest rates to a whopping 0.1%, the reality is that the Swiss National Bank has recently cut rates. That’s part of why we are seeing a downtrend in the short-term, but in the longer term we still see an interest rate differential that pays you to own this pair at the end of the day. Granted, it’s not a lot but it’s enough to continue to favor shorting the Japanese yen.

Ultimately, this is a situation where if we can break above the 50-Day EMA above, which is closer to the ¥169 level, then we could see quite a bit of upward momentum. In that environment, I would anticipate that the Japanese yen would get eviscerated against most currencies, not just this one. After all, this will be the “weakest currency” to match up against the Japanese yen, so this will give you a good idea as to how many people will be jumping into short the yen, and start buying other currencies in pairs like the GBP/JPY, NZD/JPY, and AUD/JPY currency markets. In other words, this chart is a bit of a harbinger for what happens with the JPY overall.

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USDJPY Could Consolidate Before Fresh Increase (29 MARCH 2024)

Key Highlights

• USD/JPY climbed higher above the 150.50 and 151.20 resistance levels.
• A major bullish trend line is forming with support at 150.60 on the 4-hour chart.
• EUR/USD could gain bearish momentum below 1.0820.
• Crude oil prices are accelerating above the $82.50 resistance zone.

USD/JPY Technical Analysis

The US Dollar climbed further higher above the 149.20 resistance zone against the Japanese Yen. USD/JPY broke the 150.00 resistance to set the pace for more upsides.

Looking at the 4-hour chart, the pair even settled above the 150.50 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Finally, the pair broke the 151.80 level.

A high was formed at 151.97 and the pair is now consolidating gains. On the upside, the pair could face resistance near the 151.50 level. The first major resistance is now forming near 151.80. The main resistance is now forming near 152.00.

A close above the 152.00 zone could open the doors for more upsides. The next stop for the bulls might be 153.20. If not, the pair might continue to decline. Immediate support is near the 151.00 level.

The next major support is at 150.50. There is also a major bullish trend line forming with support at 150.60 on the same chart. If there is a downside break below the 150.50 support, the pair could decline toward the 150.00 support. Any more losses might send the pair toward the 148.40 level in the near term.

Looking at Oil, the bulls are active above the $82.50 resistance level and they might soon aim for more upsides toward the $85 level.

Economic Releases

• US Personal Income for Feb 2024

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USDJPY Slides to Lowest Level Since 1990 (27 MARCH 2024)

The Japanese yen has edged higher on Wednesday. In the European session, USD/JPY is trading at 151.17, down 0.26%.

Yen falls to 34-year low, will Tokyo intervene?

The Bank of Japan raised interest rates last week for the first time since 2007. The move marked a sea-change in monetary policy. However, the tightening has not translated into gains for the Japanese yen, which remains under pressure. Earlier today, the yen fell as low as 151.97, its lowest level since 1990.

Will the yen’s slide trigger a currency intervention from Japan’s Ministry of Finance? The MOF intervened last October when the yen dropped to 151.94, which means we are clearly within “intervention territory”. The MOF’s response to the current decline, however, has been limited to verbal intervention.

On Monday, as the top currency diplomat, Masato Kanda, sent a warning to speculators that he was concerned by the yen’s slide, saying it did not reflect fundamentals. Earlier today, Japan’s finance minister, Shunichi Suzuki, warned that excessive movement by the yen would be answered with “decisive steps”.

Japanese officials have limited their response to the yen’s woes with jawboning but the risk of intervention is very real and will increase if the yen continues to lose ground. Still, it should be noted that last year’s interventions didn’t really get the job done, as yen gains were short-lived.

The lack of certainty as to whether Tokyo will intervene to prop up the yen could result in volatility for USD/JPY and investors will be listening carefully to every comment coming out of the BoJ or the MOF.

USD/JPY Technical

• USD/JPY remains range-bound on the weekly chart:
• 152.58 and 153.70 are the next resistance lines
• There is support at 150.74 and 149.62

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JP 225 Index in Sight of Historic Peak (15 Feb 2024)

• JP 225 index approaches its 1989 record high
• Bulls might be exhausted as overbought signals detected

Japan’s 225 stock index (cash) marked another green day on Thursday despite GDP figures pointing to a recessionary economy, extending its weekly bull run closer to the 1989 record high of 38,915.

While the upward pattern has shown no cracks so far, the market might be at risk of a downside correction. Specifically, the price could not strengthen its positive momentum above the resistance trendline, which connects the highs from November 2023 and January 2024 at 38,200. The overbought signals coming from the RSI and the stochastic oscillator are adding to the negative risks.

In the event of a pullback, the index could initially retest the 37,770 region ahead of the 37,000 round level. An extension lower could challenge the 20-day simple moving average (SMA) near the tentative support trendline at 36,700. A break lower would dampen market sentiment, likely causing a sharper decline towards the 35,678 floor.

If the bulls stay in charge, the price may attempt to pierce through the critical 38,915-39,000 wall. A successful penetration higher would open a new chapter for the market, bringing the 40,000 number on the radar.

All in all, Japan’s 225 index is in a bullish mode, though whether the bulls have more fuel to extend the ongoing uptrend in the coming days remains to be seen as the price is currently hanging near an important resistance.

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