In Asia, Japan today will not release any economic data. However, the US will release a series of economic reports such as Natural Gas Storage, CB Leading Index m/m, New Home Sales, Prelim Wholesale Inventories m/m, Goods Trade Balance, and Unemployment Claims. So there is a probability the USD/JPY pair will move with low to […]

Price is now testing major resistance at 1360 (ABC Fibonacci extension, bearish price action, bearish harmonic formation) and a strong reversal could occur at this level to push price down to at least 1345 support (Fibonacci retracement, horizontal pullback support).Stochastic (34,5,3) is seeing major resistance at 96% where a corresponding reaction could occur. Sell below […]

Price is approaching major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support) and a bounce could occur at this level to push price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension). RSI (34) sees a long term ascending support line, which since November 2017 has been holding […]

Wave summary: EUR/NZD spiked lower to 1.6630 before completing the correction from 1.6937, however, the strong rally from the 1.6630 low is a clear indication that the wave ii is now complete and the wave iii higher to at least 1.7360 is developing on the way higher to 1.7777. A clear break above the mark […]

Forex Market Reviews: http://thefxlounge.com/#Market-Review -A Weak Dollar is good for the USA they said…… -GBP up almost 3% vs USD ,since Monday. –Oil back above $71 pb. -NZ rate rises on hold after weak Q4 inflation. -SK tiger slows down in Q4 201.7 -The changing world of work. The overnight changes and price moves to […]

Wave summary: EUR/JPY once again failed to break below the important short-term support at 135.00, this may lead to a new short-term spike higher to 136.00 before renewed downside pressure is seen, but we remain convinced that it’s only a matter of time before the important short-term support at 135.00 is broken for real and […]

EUR/USD: Since January 10, this pair has gone upwards by 470 pips, leading to a clear Bullish Confirmation Pattern in the 4-hour chart. The resistance line at 1.2400 has been tested and it is almost being breached to the upside. The next targets would thus be the resistance lines at 1.2450 and 1.2500. USD/CHF: Since […]

The index is showing a very weak price action and the bears are taking it to test the support level of 89.36, at which could gather enough momentum to go towards the 87.88 level. To the upside, it seems the 200 SMA is acting as a dynamic resistance and if it manages to break above […]

The index is showing a very weak price action and the bears are taking it to test the support level of 89.36, at which could gather enough momentum to go towards the 87.88 level. To the upside, it seems the 200 SMA is acting as a dynamic resistance and if it manages to break above […]

GBP/USD has been rallying across the board and it managed to break above the 1.4060 level. The 200 SMA continues to guide the path in the short-term and that’s allowing more gains. The resistance level of 1.4181 seems to be a strong level to crack and if it manages to break above it, then the […]

Canadian retail sales for the month of November are due on Thursday at 1330 GMT. The pace of growth in sales is forecast to slow down after comfortably beating expectations in October. Should another beat be delivered – maintaining positive momentum –  then the Loonie is expected to receive a boost. On Friday, Canada will […]

US economic growth is expected to have slowed a little in the final quarter of 2017, but to still remain in healthy territory. However, according to Fed models, there is the prospect for a slightly better reading than what is anticipated. With the implied probability for a Fed hike in March resting at 73%, a […]

The GBPUSD pair has been trending higher since January 2017 after reaching a major low in October 2016 of 1.19116. This week, the price broke above the 200-Week MA at 1.40545, keeping the bullish trend on track. The price is firmly back trading in the pre-Brexit range and it is in this range we have […]

EURGBP edged sharply lower over the last hours and recorded a fresh 5-week low of 0.8710. When looking at the bigger picture the pair has been trading within a downward sloping channel since October 2017. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, prices are looking capped by […]

GOLD ETF trust fund trading saw bullion prices rise within $5 per ounce of last September’s 13-month high on Wednesday in Londonas the US Dollar fell to new 3-year lows on the FX market and Japan led a retreat in world stock markets from record-high levels.   As gold prices moved above $1352 per ounce […]

Interest in the January meeting of the ECB increased after the minutes of the December meeting surprised the market by stating that the Governing Council may revise its bias regarding the asset purchase program “at the beginning of the year”, which is earlier than expected so far. From that moment, the central bank has to […]

Here are the latest developments in global markets: Forex: Better than expected employment readings and growing hopes of a softer Brexit pushed Pound/dollar to 1.4151 (+1.04%) during early European trading hours and led Euro/pound down to a 5-week low of 0.8746 (-0.75%). Euro/dollar edged up to fresh 3-year highs at 1.2355 (+0.28%) after Eurozone’s Markit composite […]

Daily Outlook In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal. As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That’s why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target). Evident signs of […]

Monthly Outlook In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450. In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997. […]

BITCOIN (BTC) has been trading sideways at the price of $10.992. The South Korean government has officially released two sets of previously promised guidelines that specify cryptocurrency regulatory measures. In addition to details of the new real-name system to end anonymous trading of cryptocurrencies, the government also published its anti-money laundering guidelines for banks providing […]

ECB Meeting – Euro Strength Likely to Dominate the meeting. Today, the Monetary Policy Committee (MPC) will meet in Frankfurt to deliberate on the status of the economy. Tomorrow, at 12:45 PM, (GMT), they will announce their decision on base interest rates and the deposit facility rate. Two hour later, Mario Draghi will hold a […]

Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.4118. According to the 30M time frame, I found that price broke the daily pivot resistance 2, which is a sign that buyers are in control. I also found fresh upward cross on the stochastic oscillator, which is another sign of […]

Overview: The USD/CHF pair faces resistance at 0.9567, while strong resistance is seen at 0.5658. Support is found at 0.9420 and 0.9330 levels. Today, the USD/CHF pair continues to move downwards from 0.9567 level. The pair could fall from 0.9567 level to a minor support around 0.9493. In consequence, if the USD/CHF pair will break […]

Recently, GOLD has been trading upwards. The price tested the level of $1,350.60. According to the 30M time – frame, I found that price broke the resistance cluster at the price of $1,344.65, which is a sign that buyers are in control. Now, the strong resistance cluster at the price of $1,344.65 became strong support […]

Overview: The NZD/USD pair continued moving upwards from the level of 0.7260. Yesterday, the pair rose from the level of 0.7260 (weekly support) to the top around 0.7400. Today, the first support level is seen at 0.7260 followed by 0.7168, while daily resistance is seen at 0.7465. According to the previous events, the NZD/USD pair […]