Jing Ren

Jing Ren

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London. Later on he worked as a senior analyst within the FX brokerage industry where he developed strategies in trading and risk management. With solid understanding of market dynamics he founded Wensfer to offer research and asset management services.

Will AUD/USD Bounce? USDCHF May Be Affected By Recent Fed's Rhetoric. UK 100 Supported By Easing COVID Situation In China

Will AUD/USD Bounce? USDCHF May Be Affected By Recent Fed's Rhetoric. UK 100 Supported By Easing COVID Situation In China

Jing Ren Jing Ren 29.06.2022 10:44
AUDUSD struggles to bounce The Australian dollar recoups losses over upbeat retail sales in May. The price action has been looking to hold onto it recent gains above 0.6850. An oversold RSI attracted some buying interest but buyers will need to clear the psychological level of 0.7000 before a rebound could take a foothold. Then the aussie would have a chance of a broader recovery above 0.7070. On the downside, a drop below 0.6890 would lead to a retest of 0.6850 which is a critical floor to keep last month’s rebound intact. USDCHF breaks lower The US dollar stabilised after Fed officials stated that rates could reach 3.5% by the end of the year. After failing to produce a new high above the parity, the dollar’s fall below May’s lows (0.9550) has put the bulls on the defensive, invalidating the June rally. Sentiment has turned downbeat and the price’s struggle to bounce above 0.9630 indicates that the path of least resistance might be down. As trapped buyers seek to bail out, the greenback could be vulnerable to a new round of sell-off with 0.9460 as the target. UK 100 seeks support Equity markets found some support from China loosening its Covid policies. The FTSE bounced higher after clearing the last leg of sell-off at 7320. A combination of short-covering and momentum buying has stirred up volatility and eased the bearish pressure. 7450 is the next stop and the RSI’ double top in the overbought area may temper the bullish drive. As the index takes a breather, 7230 is the first level where short-term buyers may buy the dip. 7080 is the second line of defence against a deeper correction in the medium-term.
FX: EUR/USD (1 EUR To USD), NZD/USD And Dow Jones (US 30) May Surprise You! | Orbex

FX: EUR/USD (1 EUR To USD), NZD/USD And Dow Jones (US 30) May Surprise You! | Orbex

Jing Ren Jing Ren 28.06.2022 10:15
EURUSD consolidates gains The US dollar treads water over lower inflation expectations. The euro gained traction after it bounced off the key support (1.0350) on the daily chart. A pop above 1.0500 has prompted short-term sellers to cover some positions. Then a series of higher lows suggests increasing buying pressure. 1.0630 is the resistance ahead and its breach could extend the rally to 1.0750 near the recent peak, where selling interest could be expected. 1.0490 is a fresh support and a bearish breakout could invalidate the current rebound. NZDUSD awaits breakout The New Zealand dollar softens as commodity prices remain under pressure. After meeting stiff selling pressure in the supply zone (0.6400), the pair is struggling to hold onto its gains above 0.6250. 0.6200 is an important level to keep the kiwi afloat or it could be vulnerable to another round of sell-off. On the upside, a rally above 0.6350 would bring the price to the key resistance at 0.6430 where the bears may look to sell into strength. However, a bullish breakout may attract momentum buying and send the pair to 0.6560. US 30 may see pullback The Dow Jones 30 steadies as some investors are hopeful that markets may bottom out soon. The rebound gained impetus after it broke above 31000. Momentum buying has lifted the index back to the origin of the mid-June sell-off at 31500 which used to be a support. 32300 is the next hurdle and a bullish close would bring the price to 33200 near the recent top. The RSI’s overbought situation may cause a limited pullback as intraday traders take profit. 31400 is the first support and 30800 the bulls’ second line of defence.
FX: British Pound (GBP) Keeps Struggling, Can EUR/GBP Go On With Recovery? Gold Price: What About XAGUSD?

FX: British Pound (GBP) Keeps Struggling, Can EUR/GBP Go On With Recovery? Gold Price: What About XAGUSD?

Jing Ren Jing Ren 27.06.2022 09:29
EURGBP tests support The pound inched higher as Britain’s retail sales showed a smaller-than-expected contraction in May. The euros came under pressure at 0.8640 for lack of momentum. The bulls have sought support in the demand zone between 0.8550 and 0.8570. A close above the said resistance could extend the rally to the recent peak at 0.8720, a step closer to a sustainable recovery in the medium-term. A bearish breakout though would send the euro to 0.8490 which is a key level to keep the two-month long recovery intact. XAGUSD bounces off major floor Silver recoups some losses as the US dollar takes a breather. On the daily chart, the price has struggled to lift offers around the 30-day moving average, suggesting prevailing selling interest. A drop below 20.90 has invalidated the mid-June rally. As buyers seek to bail out, the path of least resistance could be down. May’s low at 20.50 is the last support and its breach could trigger a broader sell-off towards 19.00. On the upside, 21.50 is the closest resistance and the triple top (22.00) a major level before a recovery could happen. GER 40 attempts comeback The Dax 40 bounces back as falling commodity prices ease inflation fears. Sentiment remains downbeat after the index fell through May’s low at 13300. However, a break above 13400 may prompt sellers to lift their feet off the pedal. The bulls will need to push past 13650 before the relief rally could gain traction. Otherwise, most buyers may be wary of going in with both hands for fear of catching a falling knife. On the downside, a fall below 12900 would trigger a new round of liquidation to March’s bottom next to 12500.
Trading plan for USDCHF on June 24, 2022

USD consolidates across board

Jing Ren Jing Ren 24.06.2022 12:31
USDCHF grinds key support The US dollar treads water as initial jobless claims disappoint. After forming a double top at 1.0050 on the daily chart, the pair is struggling to hold above June’s lows (0.9560). A bullish RSI divergence showed a slowdown in the sell-off, which might prompt intraday sellers to cover in the demand zone. The bulls will need to push above the support-turned-resistance at 0.9800 to trigger a broader rally and ease the pressure. Otherwise, a drop below 0.9560 may cause another round of sell-off and send the pair to 0.9400. NZDUSD breaks support The New Zealand dollar weakens as commodity prices fall amid fears of recession. A bearish MA cross on the daily chart points to an acceleration to the downside, further weighing on overall sentiment. A fall below 0.6250 has put early bulls on the defensive, invalidating the latest rebound in the process. 0.6210 is the last stronghold and its breach would signal further weakness. The bears may look to sell into strength as the kiwi inches back into its downtrend. 0.6350 is a key hurdle in case of a bounce. US 100 attempts to bounce back The Nasdaq 100 recovers as recession worries may temper the Fed’s eagerness to raise rates later this year. The index is hovering above November 2020’s lows at 11050. Profit-taking and fresh buying have stabilised the price action for now. 11950 is the next resistance and its breach could open the door for a rally towards 12500 where selling pressure could be expected. Sentiment would remain bearish in the medium-term unless the bulls succeed in lifting that hurdle. 11300 is the immediate support if the index struggles.
USD seeks support | Orbex

USD seeks support | Orbex

Jing Ren Jing Ren 23.06.2022 09:23
GBPUSD consolidates gains Sterling edged higher after the UK’s CPI accelerated to 9.1% in May. A previous surge above 1.2200 prompted sellers to trim their positions, reducing the downward pressure. The former supply zone has turned into a demand one (1.2180) where buyers would look to hold onto their gains. A close above 1.2400 may bring the pound to June’s high at 1.2600, a major resistance on the daily chart. 1.2050 is an important support to keep the rebound valid. Otherwise, the pair would resume its bearish course. USDCAD tests support The Canadian dollar bounced higher after May’s CPI exceeded expectations. The greenback is struggling to consolidate its gains after a tentative break above last month’s peak at 1.3070. The bulls have bought the pullback around 1.2860. A rally above 1.3070 would trigger a runaway rally as selling interests become scarce, paving the way for a recovery above 1.3300. However, a bearish breakout would dent the mood in the short-term and force leveraged buyers to bail out. Then 1.2700 would be the next support. USOIL nears critical support WTI crude remains under pressure over fears of recession. A fall below the daily support at 109.00 triggered a new round of liquidation. After a clean cut through the 30-day moving average, the demand area between May’s lows (99.00) and the psychological level of 100.00 is critical in keeping the price afloat in the medium-term. The RSI’s triple dip into the oversold zone caused a rebound as the bears’ profit-taking met the bulls’ buying the dip. 111.00 is the first obstacle to remove before the commodity could bounce back.
USD/JPY: will there be a correction and when?

Will GBP/JPY Go Higher? CAD/CHF Resembles A Lake! FX: EUR/USD Looks Stable, How Will Today's Powell's (FED) Testimony Affect It?

Jing Ren Jing Ren 22.06.2022 09:21
EURUSD attempts to rebound The US dollar finds support from higher Treasury yields. The pair saw strong support near May’s lows (1.0380). A surge above 1.0500 prompted short-term sellers to cover and paved the way for a rebound. This is a sign of robust interest in keeping last month’s rally intact. 1.0660 is a former support that has turned into a resistance. Its breach would bring the single currency to the recent peak near 1.0770, which is the last hurdle before a meaningful recovery. On the downside, 1.0460 is a fresh support in case of a pullback. GBPJPY to test peak The Japanese yen weakens as the BoJ’s meeting minutes confirm its ultra-loose stand. The sell-off came to a halt at the psychological level of 160.00 where the pair first broke out in late May. The latest rally above 166.00 further trimmed the downward pressure. A break above 168.60 would put the rally back on track. The uptrend remains intact in the medium-term and the bulls may see pullbacks as an opportunity to jump in. 165.50 is the first support as buyers may wait for the RSI to drop back into the neutral area. CADCHF grinds demand zone The Canadian dollar recoups losses as April’s retail sales beat market expectations. The price action is hovering above the origin of a mid-April rally around 0.7400. A bullish RSI divergence indicates a slowdown in the liquidation momentum, and in conjunction with a demand zone, sellers could be taking some chips off the table. A rebound will need to clear 0.7580 before it could gain traction. Otherwise, a fall below 0.7400 may trigger a new round of sell-off towards 0.7300.
Video market update for June 29, 2022  | InstaForex

Gold Price May Near $1900! Can We Expect Striking AUD/USD Performance!? Is US 30 Scared Of FED!? | Orbex

Jing Ren Jing Ren 21.06.2022 09:17
AUDUSD finds support The Australian dollar rallies as the RBA minutes show its commitment to rate hikes. The pair is hovering above May’s lows around 0.6830 as the bulls seek to safeguard the previous rebound. The price saw support at the base of the recent rally over 0.6900. An oversold RSI in this demand zone might have triggered a ‘buy-the-dip’ behaviour. A rally back above 0.7070 would show that the path of least resistance is up and the recent top at 0.7270 could be within reach. A bearish breakout may cause a deeper correction. XAUUSD consolidates gains Gold seeks support as the US dollar inches higher across the board. A break above the former demand zone near 1840 has prompted sellers to cover some of their bets. The price action is likely to consolidate in a narrow range between 1805 and 1878 in the next couple of days for lack of decisive catalyst. 1825 is the immediate support and its breach might break the latest momentum, leaving the precious metal vulnerable to a sell-off. A rally above 1878 may turn sentiment around and trigger a strong recovery. US 30 struggles to bounce The Dow Jones 30 slips as investors fret that the Fed may go too far in its tightening. Bearish inertia prevails as buyers remain on the sidelines. The few bulls who are still in the market are struggling to hold above February 2021’s lows (29750). A bullish RSI divergence suggests a slowdown in the downward impetus. But buyers have the challenging task of clearing the former support at 31000 before they could draw more attention. Strong selling pressure could be expected as trend followers would look to fade rebounds.
Equities retraced amid weak US consumer confidence and near completion of quarter-end rebalancing

FX: EUR CHF - Swiss Franc Goes Like A Bomb! USD/JPY: Japanese Yen (JPY) Falls Back | Orbex

Jing Ren Jing Ren 20.06.2022 10:46
USDJPY recoups losses The Japanese yen fell back after the Bank of Japan vowed to keep interest rates ultra-low. A sharp U-turn above 134.50 has taken sellers by surprise and forced them to cover. A bullish MA cross suggests a possible acceleration to the upside. The recent peak at 135.60 is a key resistance and its breach could resume the rally towards 137.00. As the RSI goes into the overbought area, momentum buying could be fading as intraday traders take profit. The base of the latest surge at 132.40 would be the first support. EURCHF to test critical floor The Swiss franc edges higher as the market continues to price in the SNB’s hawkish turn. The euro’s plunge below the daily support at 1.0230 caused leveraged long positions to close out, driving up volatility. As the dust settles, an oversold RSI caused a brief rebound as short-term sellers bagged their profits. The price action is near April’s lows around 1.0090. A bearish breakout might trigger a new round of sell-off below the parity. On the upside, 1.0270 is the first resistance to clear before a recovery could materialise. GER 40 struggles for bids The Dax 40 struggles as investors grapple with the prospect of stagflation. A break below the daily support at 13300 invalidated the May rebound and could put the index on a bearish course in the weeks to come. Buyers’ failure to hold onto 13250 suggests that the bears have doubled down at the latest bounce. The index is heading towards 12750, though the RSI’s oversold condition attracted some buying interest. The rebound might come under pressure near 13650 as the bears could be waiting to sell into strength.
Will GBP/USD Surprise FX Traders!? Swiss Franc (CHF) Bounces Back! Some May Say S&P 500 (SPX) Is Not Very Strong At The Moment | Orbex

Will GBP/USD Surprise FX Traders!? Swiss Franc (CHF) Bounces Back! Some May Say S&P 500 (SPX) Is Not Very Strong At The Moment | Orbex

Jing Ren Jing Ren 17.06.2022 11:21
USDCHF breaks supportThe Swiss franc soared after the SNB delivered a surprise 50-basis-point rate hike. The dollar came to a halt at May’s peak at 1.0050. A bearish divergence indicated a slowdown in the upward momentum. Then a fall below the base of the latest rebound at 0.9880 acted as a confirmation of a correction. Heightened volatility suggests that short-term buyers have bailed out and a break below 0.9780 further weighs on sentiment. 0.9550 is a critical floor to keep June’s rally intact. The bulls need to clear 0.9820 first to ease the pressure. GBPUSD attempts to reboundThe pound rallied after the BoE raised its interest rates to 1.25%. A surge above 1.2200 has forced sellers to cover their positions, paving the way for a sharp rebound. A combination of profit-taking and momentum buying is propelling Sterling to the supply zone around 1.2500. Strong selling pressure could be expected though as the medium-term trend remains bearish. An overbought RSI may trigger a limited pullback as intraday traders take profit. 1.2050 at the origin of the rally is a major support should this happen. SPX 500 falls into bearish trendThe S&P 500 struggles as the FOMC anticipates an economic downturn. A fall below the daily support at 3840 which has turned into a resistance might confirm the bear market. Sellers would continue to fade rebounds as sentiment deteriorates. The RSI’s dip into the oversold area may prompt some short-term sellers to cover. But unless the buy side manages to lift offers around 3840, the index could be vulnerable to a new round of sell-off. 3550 from November 2020 would be the next target.
Oil struggles to bounce back

Oil struggles to bounce back

Jing Ren Jing Ren 16.06.2022 09:00
AUDUSD bounces off major supportThe Australian dollar recoups losses after better-than-expected job data. The pair has given up most of its gains from the May rally which suggests that risk appetite remains feeble. However, the short-term price action saw strong bids near its two-year low at 0.6850, a critical demand zone on the daily chart, the RSI’s repeatedly oversold situation has triggered a ‘buy-the-dip’ behaviour. A close above 0.6970 has prompted sellers to cover and alleviate the pressure. 0.7100 is the next hurdle as the recovery gains momentum. NZDUSD attempts to reboundThe New Zealand dollar bounces higher as risk appetite makes a timid return. A fall below the daily support at 0.6220 has invalidated the recent rebound and put the kiwi back into the bearish spiral. The RSI’s oversold condition led to profit-taking, temporarily driving up the exchange rate. However, a rally above 0.6290, a support-turned-resistance may have given the bulls a fighting chance. Short squeezing could trigger a rally towards 0.6430. 0.6210 is a fresh support and its breach would send the pair to 0.6150. USOIL seeks supportWTI crude falls over concerns about a slowdown in global economic growth. The price has met stiff selling pressure in the supply zone around 123.00. A break below the base of the recent rebound at 117.50 shows weakness in the rally and has prompted the bulls to take some chips off the table. Then a breach below 115.50 which sits over the 30-day moving average forced more leveraged positions to close out. 112.00 is the support to keep the price action afloat. Only a bounce above 119.50 may put the rally back on track.
1 GBP Price To Increase!? Is British Pound Going To Rally!? How Has USDCHF Changed After SNB Meeting? | Saxo Bank

How US Dollar (USD) Is Interacting With XAUUSD? GBP/JPY - Is British Pound Weaker? GER 40 (DAX) Is Probably Affected By The Expectations Of Monetary Policy Tightening | Orbex

Jing Ren Jing Ren 15.06.2022 10:08
XAUUSD nears critical support Gold tumbles as the US dollar regains bullish impetus across the board. A clean cut below the demand zone at 1828 indicates weak interest in safeguarding the latest rebound. As trapped buyers look to exit, more selling pressure could weigh on the price action. The RSI’s oversold condition attracted some bargain hunters near 1810. The supply zone between 1840 and 1850 is a major hurdle. A failure to break higher would send the precious metal to the daily support at 1791, a step closer to a full-blown sell-off. GBPJPY seeks support The pound softened after an unexpected rise in the UK’s unemployment rate in April. The pair is struggling to hold onto its recent gains after a rally above last April’s high at 168.40. A drop below 166.00 has triggered a round of liquidation as buyers rushed to exit a crowded trade. The recent jitter above 162.00 has turned out to be a dead cat bounce. The bulls will need to clear the support-turned-resistance at 164.20 before they could regain control. Otherwise, the psychological level of 160.00 would be next. GER 40 breaks key support The Dax 40 sinks as expectations of high interest rates continue to drive global equities south. A break below 13850, a support on the daily chart, prompted short-term bulls to close their bets. The fall below May’s low and critical floor at 13300 came in as a coup de grâce. This may seal the bearish fate and trigger another round of sell-off. The psychological level of 13000 would be the next support. 13600 is a fresh resistance and the bears may look to fade a rebound as the overall mood remains extremely bearish.
Will Fuel Prices Shock Again? Crude Oil Price Almost Hit $120! Will EV Become More Popular Shortly?

FX: USD (US Dollar) keeps high ground. Let's Have A Look At USDJPY, EURGBP And US30 | Orbex

Jing Ren Jing Ren 14.06.2022 10:49
USDJPY consolidates gains The Japanese yen clawed back losses after BoJ boss Kuroda raised concerns about the yen's sharp decline. The pair has been climbing along a rising trend line. The lack of supply zone means that there is little resistance on the upside. The RSI’s overbought situation on the daily chart has caused a pullback and a fall below the trend line indicates that the greenback could use some breathing room. 133.50 is the first level to gauge the strength of the bullish momentum. A bounce above 135.00 would carry the price to 137.00. EURGBP tests major resistance Sterling weakened after Britain’s GDP showed a larger-than-expected contraction in April. A rising pennant on the daily suggests that a breakout may soon put an end to the month-long consolidation. 0.8615 is a major supply area after several failed attempts. Its breach would flush out the remaining selling interest and signal a bullish continuation towards April’s highs near 0.8700. 0.8530 is the immediate support in case of further hesitation. 0.8485 is a critical floor to keep the upward bias intact. US 30 breaks critical support The Dow Jones plunges over a broad-based rise in risk aversion. The liquidation continued after the price action failed to hold above 32600. Sentiment remains overwhelmingly downbeat. A fall below the major support at 30700 may officially make the recent rally a dead cat bounce and send the index into bearish territory. The psychological level of 30000 would be the next support. An oversold RSI may trigger a temporary bounce but the bears could be expected to sell into strength near 31700.
Oh My! EURUSD Has Gone Down, USDCAD Done The Opposite! What About Stocks? UK100 Seems To Have Decreased! | Orbex

Oh My! EURUSD Has Gone Down, USDCAD Done The Opposite! What About Stocks? UK100 Seems To Have Decreased! | Orbex

Jing Ren Jing Ren 13.06.2022 10:31
EURUSD seeks support The US dollar surged after May’s inflation beat expectations. The previous rebound’s failure to clear the supply area around 1.0760 indicates that the path of least resistance is down. A sharp drop below 1.0640 and 1.0540 forced the bulls to cut losses. The RSI’s oversold condition may cause a limited bounce. 1.0460 at the base of a bullish breakout is a key support. Its breach would invalidate the recovery and send the euro back into a downward trajectory. The bulls will need to lift 1.0640 before they could regain control. USDCAD breaks higher The Canadian dollar struggles against its US counterpart over red-hot US inflation. A break above the supply zone around 1.2680 has put the greenback on a reversal course. A combination of short-covering and momentum buying is sending the pair to the daily resistance at 1.2880. A bullish breakout could resume the rally in the medium-term. The RSI’s overbought situation may cause a temporary pullback as traders may refrain from chasing after bids. 1.2680 has turned into a support where the bulls may look to accumulate. UK 100 struggles for bids The FTSE 100 tumbles as risk appetite recedes amid growth concerns. On the daily chart, the index has met stiff selling pressure at the double top (7650). A fall below 7520 has triggered a round of liquidation which suggests a lack of commitment from the buy side. 7240 is the next support as the RSI sank into the oversold area. Further down, the daily support at 7160 is a critical floor to keep the index afloat. A bearish breakout could trigger a sell-off towards 7000. 7450 is the closest resistance in case of a rebound.
Intraday Market Analysis – USD Bounces Back - 09.06.2022

Intraday Market Analysis – USD Bounces Back - 09.06.2022

Jing Ren Jing Ren 09.06.2022 09:46
USDCHF breaks resistanceThe US dollar recovered in anticipation of consumer price data on Friday. Medium-term sentiment remains upbeat and a break above 0.9760 may have put the greenback back on track as sellers rushed to cover their positions. The RSI’s overbought situation has briefly limited the upside but the bulls may see a pullback as an opportunity to accumulate. 0.9710 is the first support and 0.9600 an important level to keep the reversal intact. As the pair makes its way to the parity once again, 0.9900 would be the next hurdle.EURGBP awaits breakoutThe euro clawed back losses after solid GDP growth in the eurozone in Q1. On the daily chart, the pair is in an ascending triangle pattern, foreshadowing a breakout which would dictate the direction in the weeks to come. The pair’s choppy path may have shaken out some weak hands, but the latest retreat has found support in the demand zone (0.8490) over the 30-day moving average. The triple top at 0.8585 is a major resistance and its breach could end a four-week long consolidation and resume the rally towards 0.8660.USOIL tests resistanceWTI crude finds support from tight spare capacity. A close above the recent peak at 119.20 has put the price action back on track after a short-lived retracement. The former resistance at 117.30 has turned into a support where trend followers are likely to place their bids. A surge above 123.00 would confirm that the path of least resistance is still up and may extend the rally to March’s high at 129.00. On the downside, 119.70 is the immediate support and 117.30 a second line of defence for the bulls.
Euro To British Pound (EUR/GBP) Keeps High Levels! USD/CHF And AUD/USD Have Been Consequently Rising. Swiss Franc And Australian Have Strengthened | Orbex

Euro To British Pound (EUR/GBP) Keeps High Levels! USD/CHF And AUD/USD Have Been Consequently Rising. Swiss Franc And Australian Have Strengthened | Orbex

Jing Ren Jing Ren 25.05.2022 09:13
USDCHF struggles for bids The Swiss franc rallied further after the SNB said it would tighten if inflation persisted. The pair has given up more than half of its gains from the past month. A fall below 0.9710 which sits on the 30-day moving average has put the bulls on the defensive. The discount and the RSI’s repeatedly oversold condition may attract some bargain hunters, but buyers need to clear the support-turn-resistance at 0.9710 before a rebound could take shape. On the downside, a break below 0.9570 would deepen the correction to 0.9500. AUDUSD tests resistance The Australian dollar continues to recover as commodities bounce higher. The rebound gained traction after it broke above the first resistance at 0.7050. A combination of short-covering and fresh buying has sent the aussie to the key supply zone near 0.7160. A bullish close would send the pair 100-pip higher to the last hurdle at 0.7260, the bears’ stronghold on the daily chart. Strong selling pressure could be expected due to bearish inertia. The psychological level of 0.7000 is the first support. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM EURGBP attempts bullish reversal The euro continues higher fuelled by the ECB’s latest hawkish hint. Sentiment stayed bullish after the pair found support over 0.8400. A pop above 0.8530 suggests that sellers scrambled to cover their positions. The RSI’s overbought situation may temper the upward drive momentarily. As the dust settles, the bulls may look to accumulate above 0.8500 ahead of their final breakout attempt. A close above 0.8620 could trigger an extended rally above 0.8720, setting the tone for a bullish reversal in the medium-term. Follow FXMAG.COM on Google News
FX: GBP/USD: downside continuation signaled

GBP/USD - British Pound Finally Shows Its Potential, But US Dollar Can Be Supported By Fed Shortly. USD/JPY Is Likely To Become A "Boring" Battle, Gold Price (XAUUSD) Looks Like It Can't Get Any Higher | Orbex

Jing Ren Jing Ren 18.05.2022 09:33
GBPUSD tests daily resistance The pound surged after the UK saw a jump in average earnings over the past three months. Solid bullish momentum above 1.2400 has prompted sellers to cover their positions, exacerbating volatility in the process. The daily resistance at 1.2640 coincides with the 30-day moving average and is an important supply zone. Its breach could pave the way for a bullish reversal in the weeks to come. In the meantime, an overbought RSI may cause a pullback as intraday buyers take profit. 1.2310 is the closest support. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM USDJPY enters narrowing consolidation The yen recouped some losses after Japan’s GDP growth beat expectations in Q1. The US dollar is taking a breather after a prolonged rally. The latest retreat has found support at 127.50 over the 30-day moving average. Medium-term sentiment would stay upbeat as long as the price remains above this demand zone. 130.80 from a previously faded rebound is a key resistance and a bullish breakout could resume the rally towards 133.00. 128.70 is the immediate support for the current consolidation. Follow us on Google News! XAUUSD tests critical floor Gold inched higher as the US dollar index pulled back from a two-decade high. The price action has stabilised near January’s lows at 1790. A bullish RSI divergence indicates a loss of bearish momentum in this critical demand area, triggering a buy-the-dip behaviour. Sellers’ profit-taking could drive the precious metal higher. A bounce above 1858 may trigger an even broader short-covering. On the downside, a fall below 1790 would send the price into bearish territory with December’s lows (1750) as the next stop. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM
Supported Euro Affects EUR/USD, Recovering New Zealand Dollar Duels With US Dollar (NZD/USD), Scared Investors And US 30 Performance | Orbex

Supported Euro Affects EUR/USD, Recovering New Zealand Dollar Duels With US Dollar (NZD/USD), Scared Investors And US 30 Performance | Orbex

Jing Ren Jing Ren 17.05.2022 09:14
EURUSD goes sideways The euro edged higher after an ECB official supported the idea of a stronger currency to combat inflation. The pair is bouncing off December 2017’s lows at 1.0350. The RSI’s oversold situation on both daily and hourly charts led some sellers to cover as a wave of profit-taking could help the euro snap back from this demand zone. The bias remains down unless the bulls lift the first hurdle (1.0530) from the latest sell-off. 1.0640 on the 30-day moving average is a major resistance to clear before a bullish reversal could happen. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM NZDUSD stays under pressure The New Zealand dollar recovers as weak data from China may trigger more policy support. The RSI’s double dip into the oversold territory shows an overextension. The sell-off has become such a crowded one-way trade and the kiwi could use some breathing room. A bullish RSI divergence suggests a slowdown in the downtrend but needs a breakout to confirm buying interest. 0.6380 is a fresh resistance and 0.6450 on the 20-day moving average a major obstacle. A drop below 0.6220 would further extend the kiwi’s losses. US 30 tests resistance The Dow Jones 30 struggles as investors still ponder a recession scenario. A break below the daily support at 32600 has put the bulls on the defensive. Bargain hunting may cause limited rebounds, but the lack of buying momentum means that the mood is still extremely cautious. 32600 has become a resistance and its breach could extend the recovery to 34000, where sell orders could be expected from trend followers. 31250 is the closest support and a breakout may send the index to the psychological level of 30000. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM
Trading plan for USDCHF on June 22, 2022 | InstaForex

US Dollar Against Swiss Franc (USD/CHF) - Dollar Reaching Three-Year High!? Norwegian Krone Strengthens As Crude Oil Gains, DAX Goes Back To The Early-May Levels! | Orbex

Jing Ren Jing Ren 16.05.2022 09:09
USDCHF grinds higher The US dollar consolidates its gains as traders ponder whether inflation has peaked. A close above the parity, last seen in November 2019 indicates strong bullish sentiment. Trend followers have been eager to buy at pullbacks and may continue to do so in this directional market. The RSI’s overbought condition has prompted intraday buyers to take profit. 0.9960 is the closest support and 0.9870 a second line of defence for the bulls. A rebound would bring the greenback back to a three-year high at 1.0120. USDNOK rides trendline The Norwegian krone recoups losses as oil prices bounce back. The US dollar has been grinding up a rising trend line after a bullish breakout in early May. Sentiment remains extremely bullish and the pair is on its way to the psychological level of 10.0000. The RSI’s repeatedly overbought situation and a break below the trend line may cause a retracement as buyers would be unwilling to chase after higher bids. The demand zone around 9.6300 is a key level to keep short-term sentiment upbeat. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM GER 40 tests daily resistance The Dax 40 bounces higher amid bargain hunting after earlier sell-off. The index found support at the base of the mid-March rally at 13300. A bullish RSI divergence revealed a deceleration in the latest sell-off and a close above 13850 prompted sellers to cover their bets. The daily resistance at 14300 is a major hurdle and its breach could turn sentiment around. An overbought RSI may cause a pullback to test buyers’ commitment. 13750 is a fresh support and 13300 a floor to keep the current rebound relevant. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM
Video market update for June 29, 2022  | InstaForex

Can British Pound To US Dollar (GBP/USD) Reach 2-year-low? NZD/USD Doesn't Seem To Be Improving And US 100 Sends A Small Recovery Signal

Jing Ren Jing Ren 13.05.2022 07:46
GBPUSD to reach 2-year lows The pound remained under pressure after a slowdown in the UK’s GDP growth in Q1. A break below the lower range (1.2260) of a brief consolidation signalled a bearish continuation. Sterling is heading towards its two-year low at 1.2100. Short-covering could be expected and in conjunction with dip-buying could drive the price up momentarily. 1.2400 is the first resistance and the bulls need to lift the recent high at 1.2640 before they could regain control. Otherwise, the psychological level of 1.2000 would be the next stop. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM NZDUSD grinds lower The New Zealand dollar tumbles as traders continue to pile into safe haven assets. The sell-off accelerated after the pair sank below June 2020’s lows near 0.6400. Downbeat sentiment may attract more trend followers after a faded rebound. 0.6100 near a two-year low would be the next target. 0.6370 is a fresh resistance and the bears may sell into strength at the next bounce. The support-turned-resistance at 0.6450 sits next to the 20-day moving average and is a major level to clear before a reversal could materialise. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM US 100 may see limited bounce The Nasdaq 100 struggles to find bottom as investors continue to flee risk assets. The index sees no sign of stabilisation yet as it approaches 11500. The price action has been capped by a falling trend line from last April. An oversold RSI may prompt sellers to take profit and possibly trigger a mean reversion trade to the upper band (13000) of the line. A break above 12400 may attract enough buying interest to make this happen, but the rebound could be limited unless the bulls succeed in pushing higher. Read next: Binance Academy: Crypto Fear And Greed Index Explained| FXMAG.COM
Oil prices rise as demand outstrips supply

Crude Oil (USOIL) Trades Quite Lower, Australian Dollar Has Weakened Against US Dollar (AUDUSD), Gold Price Has Slid | Orbex

Jing Ren Jing Ren 12.05.2022 09:21
AUDUSD saw brief recovery The Australian dollar struggles as Beijing vows to support its Covid-hit economy. A drop below the psychological level of 0.7000 near this year’s low may have put the Aussie on a bearish trajectory in the medium-term. On the hourly chart, the RSI’s double bottom in the oversold area may cause a limited rebound. Selling interest could be expected at 0.7100 at the origin of the latest sell-off. A drop below the intermediate support at 0.6920 would extend losses towards June 2020’s lows around 0.6820. Read next: Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co.  XAUUSD tests demand area Bullion steadied after the US CPI receded in April. The price action has found some support at the base of the February bullish breakout. A bullish RSI divergence indicates a slowdown in the downward momentum, a prerequisite for a reversal. 1868 is a key resistance and a breakout would confirm the demand zone and prompt sellers to cover their bets. Then 1910 is the last hurdle before sentiment would turn around. On the downside, a break below 1831 would send the precious metal to the psychological level of 1800. Read next: (BTC) Bitcoin’s Price Tanks Along With Equities. U.S. Stock Market Awaits CPI Report, Poor Performance From The FTSE 100.  USOIL bounces higher WTI crude rallies as Russia retaliates by sanctioning European gas companies. A fall below the rising trendline near 106.00 has put the bulls on the defensive. The price has met bids at 98.50 and in conjunction with a bullish RSI divergence could attract more buying interest. Optimism may gain traction if buyers succeed in holding above this demand zone. A close above support-turned-resistance at 107.00 would put the bulls back in the game. Then a break above 111.00 could trigger an extended rally above 117.00.
Intraday Market Analysis – USD Consolidates Gains - 10.05.2022

Intraday Market Analysis – USD Consolidates Gains - 10.05.2022

Jing Ren Jing Ren 10.05.2022 09:17
USDCHF grinds rising trend line The US dollar continues upward over the interest rate differential. The pair’s steep climb over the past month pushed the RSI into an extremely overbought condition on the daily chart. A pullback may be due to let the bulls catch their breath, but a confirmation is yet to materialise. Sentiment would stay intact if the price action maintains its course above the rising trend line. November 2019’s high at 1.0020 is the next target. The resistance-turned-support at 0.9820 sits next to the trendline, making it an area of interest. EURGBP breaks key resistance The pound weakens as fears of a recession in the UK take hold. The pair’s recovery accelerated after it broke above this year’s high at 0.8510. A bullish reversal in the medium-term could be in the making as sentiment turns around. The RSI’s double top in the overbought area may temporarily limit the rally. The bulls may look to accumulate at the next retracement. 0.8510 is the closest support and 0.8440 an important demand zone for the latest rally. A bounce above 0.8590 would trigger a runaway rally towards 0.8700. XAGUSD tests 5-month low Silver edged lower as US Treasury yields stayed high. A break below the recent consolidation range at 22.20 suggested a lack of buying interest and prompted early bulls to bail out. The price is testing last December’s low at 21.50. As the RSI shows an oversold condition on both daily and hourly charts, profit-taking from the short-side and dip-buying could cause a rebound. 22.50 is a fresh resistance and 23.25 a major hurdle before buyers could push for a reversal. Otherwise, the psychological level of 20.00 might be next.
(EUR/USD) - An Eye For An Eye And A Tooth For A Tooth, US Dollar To Canadian Dollar - CAD Has Weakened, DAX (GER 40) Has Slid | Orbex

(EUR/USD) - An Eye For An Eye And A Tooth For A Tooth, US Dollar To Canadian Dollar - CAD Has Weakened, DAX (GER 40) Has Slid | Orbex

Jing Ren Jing Ren 09.05.2022 13:00
EURUSD consolidates The US dollar climbed after better-than-expected NFP in April. The euro is licking its wounds after it broke March 2020’s lows near 1.0640. The price is seeking support above March 2017’s lows (1.0500). The previous rebound came to a halt at the support-turned-resistance at 1.0640. A bullish breakout could drive the bears into giving up their chips, reducing the pressure and potentially paving the way for a rally towards 1.0810. A fall below the current consolidation range (1.0480) would send the single currency to 1.0400. USDCAD bounces higher The Canadian dollar softens as April’s labour market performance fell short of expectations. A combination of a break above March’s high (1.2900) and a bullish MA cross on the daily chart confirms the market’s upbeat mood. The latest retracement found support in the major demand zone over 1.2720. A break above 1.2840 may have flushed remaining selling interests out. Last December’s high at 1.2960 is the last hurdle and its breach could open the door for an extended rally above 1.3100. GER 40 struggles for support The Dax 40 tumbles as risk appetite subsides amid global policy tightening. The index has met stiff selling pressure at the origin of the late April sell-off at 14300. A drop below the psychological level of 14000 prompted buyers to bail out, invalidating the latest rebound in the process. A bearish MA cross is another sign that an imminent sell-off could be building up. A deeper correction below 13570 would send the price action to 13300. 13820 is a fresh resistance in case of a rebound.
Intraday Market Analysis – AUD Is Still Under Pressure

Intraday Market Analysis – AUD Is Still Under Pressure

Jing Ren Jing Ren 04.05.2022 08:35
AUDUSD struggles to rebound The Australian dollar recovered after the RBA raised its cash rate for the first time in over a decade. A break below 0.7100 further weighed on sentiment. Caution still prevails as buyers are wary of catching a falling knife. The RSI’s oversold condition on the daily chart may attract increasing buying interest, notably some short-covering. Nonetheless, the bulls need to lift offers near 0.7170 before a reversal could gain a foothold. This year’s low at 0.6970 is a critical floor and its breach could send the Aussie into 0.68s. NZDUSD becomes overextended The New Zealand dollar steadied after the Q1 jobless rate met expectations. The break below January’s lows at 0.6540 sent the kiwi into a free fall. On the daily chart, a bearish MA cross exacerbated the downward pressure, though the RSI’s incursion into the oversold area may temper the bearish drive. A rebound to 0.6540 may be necessary to recover from the overextension, which could be an opportunity to sell into strength. June 2020’s low at 0.6390 would be the next target when momentum returns. UK 100 grinds resistance The FTSE 100 rallies ahead of the BOE meeting on Thursday. A bullish RSI divergence could be a soothing sign for the bulls as it indicates a slowdown in the sell-off. A bounce above 7490 prompted sellers to cover their positions, further easing the downward pressure. 7580 is the next hurdle and its breach would bring the index back to the double top at 7670, where a breakout could resume the uptrend in the medium-term. 7420 is an immediate support and 7300 an important level to keep the recent rebound intact.
Week Ahead – Rate hikes keep coming

Intraday Market Analysis – USD Seems Overextended

Jing Ren Jing Ren 03.05.2022 11:47
EURUSD sees further downside The euro continues to weaken over growth concerns in the eurozone amid the war in Ukraine. A tentative break below 1.0500 further put the euro under pressure. A lack of rebound suggests that the bears are confident enough to hold onto their chips, while the bulls stay on the sidelines. A bullish RSI divergence shows a slowdown in the sell-off. However, only a rally above 1.0650 could ease the selling pressure and help turn sentiment around. Otherwise, 1.0400 from January 2017 would be the next stop. USDCHF hits 2-year high The US dollar rallies ahead of an expected Fed rate hike this week. The pair is grinding a rising trendline and is about to reach a two-year high at 0.9800. The RSI has ventured into the overbought area on the daily time frame. Meanwhile, the indicator’s bearish divergence suggests a loss of momentum in the parabolic ascent. The pair could be due for a pullback for the bulls to catch their breath. The demand zone between the trendline and 0.9670 from the latest consolidation is a key area to gauge short-term buying interest. US 30 struggles for support The Dow Jones 30 recoups losses as traders take profit ahead of the FOMC. A break below 33300 forced bulls to bail out and suggests that the liquidation phase is yet to end. The demand zone around 32700 from March’s rebound is a critical level to test buyers’ resolve. An oversold RSI has attracted bargain hunters, but the rebound will need to clear 33900 before a bullish reversal could materialize. Failing that, February’s lows around 32300 would be the support of last resort before a deeper correction towards 31000.
Equities retraced amid weak US consumer confidence and near completion of quarter-end rebalancing

Intraday Market Analysis – The Canadian Dollar Softens

Jing Ren Jing Ren 02.05.2022 08:16
USDCAD bounces off support The US dollar found support from a rise in personal income in March. The pair previously found resistance at March’s high around 1.2880. A bearish RSI divergence suggests a loss of momentum in the upward push. However, price action’s swift recovery from 1.2720 showed strong commitment from the buy-side. A close above 1.2880 would bring the greenback to December’s high at 1.2960, where a breakout could trigger an extended rally. 1.2600 on the 30-day moving average is another major area of interest. EURCHF grinds higher The euro bounces back as core inflation across the eurozone accelerated to 3.5% in April. On the daily chart, the pair is in a narrowing consolidation between 1.0100 and 1.0370, a sign of stabilization after February’s sharp drop. Solid support above 1.0190 indicates a strong interest in keeping the euro afloat. 1.0290 is the next hurdle and a bullish breakout could flush remaining selling interests out and extend the rally to the major supply area at 1.0370. On the downside, 1.0140 is a second line of defense in case of hesitation. GER 40 struggles to rebound The Dax 40 weakens as the energy crisis in Europe casts doubt on growth. A bullish RSI divergence indicates a slowdown in the current liquidation. A break above the latest sell-off point at 14140 prompted some sellers to cover their bets, easing the pressure in the process. Nonetheless, the bulls need to clear offers around 14400 from a previously faded rebound. Only then a broader rally may reach the March peak at 14910. Otherwise, 13850 is a fresh support, and 13580 is a key level to keep the recovery intact.
Chart of the Week : An ECB rate hike is imminent

Will Japanese Yen (JPY) Finally Strengthen!? New Zealand Dollar Decreases - NZD/USD Chart Dominated By Downtrend! US 30 Goes Up And Down Amid, Fed, Earnings Season And More

Jing Ren Jing Ren 29.04.2022 08:42
USDJPY breaks higher The yen nosedived after the Bank of Japan vowed to keep its interest rates ultra-low. The dollar’s surge above the top range (129.30) of the recent consolidation forced early sellers to cover and switch sides. This breakout confirms the MA cross as an indication of a bullish acceleration. Strong momentum suggests a combination of short-covering and fresh buying. The uptrend may resume towards 132.00 even though an overbought RSI could cause a temporary fallback. 128.30 at the base of the rally is the first support. Read next: Intraday Market Analysis – USD Keeps High Ground| FXMAG.COM NZDUSD dips into bearish zone The New Zealand dollar continues southward amid a lack of demand for risk-sensitive currencies. Sentiment turned bearish after price action failed to hold above this year’s low at 0.6530, invalidating a two-month-long recovery. The pair is heading to a 22-month low at 0.6390. An oversold RSI may prompt short-term sellers to cover, driving up the price. However, 0.6590 is a fresh resistance, and there is a high chance of a dead cat bounce as trend followers could be waiting to sell into strength. Read next: What Is SFM? Does The Altcoin SafeMoon (SFM) Have A Bright Future? | FXMAG.COM US 30 nears critical floor Dow Jones 30 steadies as a US GDP contraction may temper the Fed’s hawkish stance. The index has given up most gains from the March rally. The demand zone between 32700 and 33000 is an important guardrail to keep the price afloat in the medium term. A bearish breakout could extend losses beyond 32300, leading up to a potential bear market. A bullish RSI divergence is an encouraging sign as the sell-off could be slowing down. Nonetheless, buyers will need to push past 34150 to ease the selling pressure first.
Intraday Market Analysis – USD Keeps High Ground

Intraday Market Analysis – USD Keeps High Ground

Jing Ren Jing Ren 28.04.2022 08:44
USDCHF keeps momentum The US dollar continues upwards as traders pour in before the Fed hike next week. A bullish MA cross on the daily chart indicates an acceleration to the upside after a break above April 2021’ high at 0.9460. General sentiment remains overwhelmingly optimistic as the greenback heads towards 0.9730. However, the bulls may refrain from committing too much as the RSI repeatedly ventures into the overbought territory. The pair could use a pullback to consolidate its gains. 0.9560 is a fresh support in this case. USDCAD tests key resistance The Canadian dollar struggles as risk appetite remains fragile, in regard to commodity currencies. The bulls did not waste time after they pushed through the supply zone near 1.2650. A combination of short-covering and momentum buying dialed-up volatility. 1.2870 near March’s highs is a major hurdle and its breach could pave the way for a bullish reversal above 1.2950. Nonetheless, the RSI’s bearish divergence suggests that the rally could be losing steam in the near term. 1.2690 is the first support for buyers to regroup. USOIL bounces off support WTI crude found support from a lower-than-expected increase in stockpiles. The price has held well around 94.00 at the base of the flag consolidation from the daily chart. The uptrend is still intact and the bulls may see the pattern as an opportunity to accumulate. The RSI’s double bottom in the oversold zone attracted some buying interest. 105.00 is the first resistance from the recent sell-off. Then 109.00 is a major ceiling where a breakout could prompt the last sellers to exit and resume the rally in the medium-term.
This Week: UK GDP And NATO Summit! Eurozone CPI Will Be Released On Friday! | Oanda

Eurozone Amid War And Strong US Dollar (USD), Very Weak Euro (EUR), Poor Australian Dollar (AUD), Recovering (?) UK100?

Jing Ren Jing Ren 27.04.2022 08:31
EURUSD breaks critical support The euro struggles as the eurozone’s growth prospect dampens. The pair remains under pressure after it broke below a short-lived congestion area around 1.0770. A bearish breakout below March 2020’s lows near 1.0650 (a major demand zone) could send the single currency to 1.0580. In the meantime, the RSI’s double-dip in the oversold territory may trigger a buy-the-dips behavior. 1.0750 is a fresh resistance and its breach could alleviate the selling pressure. The bulls must clear 1.0840 before they could regain control. Read next: Powerful (USD), Really Strong (CAD) - US Dollar To Canadian Dollar, Solid NZD Performance, UKOIL To Stabilize? | FXMAG.COM AUDUSD sees limited bounce The Australian dollar recovers over a better-than-expected Q1 CPI reading. A break below March’s low at 0.7170 may have invalidated the recent rebound and put the Aussie on a reversal course in the weeks to come. A bearish MA cross on the daily chart indicates an acceleration to the downside. An extremely oversold RSI on the hourly time frame prompted sellers to take profit, driving the price up momentarily. Stiff selling pressure could be expected around 0.7370. 0.7100 would be the next stop in case of another sell-off. Read next: EUR/USD: US Dollar (USD) Supported By A 75bp Rate Hike!? EUR Influenced By Last Week's Activities, Price Of Gold (XAUUSD) May Not Stop Below $1980 | FXMAG.COM UK 100 struggles for bids The FTSE 100 tumbles as China’s lockdowns hit sentiment. A plunge below the demand zone at 7500 further weighs on the market mood after buyers failed to lift offers around this year’s peak at 7670. The RSI’s overextension led to a rebound. Nonetheless, downbeat sentiment capped the price at 7490 where a new round of sell-off started. Trapped buyers could be scrambling for the exit, compounding existing selling interests in the process. A deeper correction below 7370 would send the index to 7250. Read next: What Is Chia Coin? - (XCH) - First New Nakamoto Coin Since Bitcoin Launch (2009) | FXMAG.COM
Powell to hit bullish sentiment at semiannual testimony | MarketTalk: What’s up today? | Swissquote

Powerful (USD), Really Strong (CAD) - US Dollar To Canadian Dollar, Solid NZD Performance, UKOIL To Stabilize?

Jing Ren Jing Ren 21.04.2022 07:40
Key takeaways: The Canadian dollar soared after red hot inflation readings in March The New Zealand dollar inched lower after the Q1 CPI fell short of expectations Brent crude finds support from a surprise drawdown in inventories USDCAD breaks support The Canadian dollar soared after red hot inflation readings in March. The greenback’s struggle to reclaim 1.2670 suggests a lack of momentum from the buy-side. A fall below 1.2540 triggered a new round of liquidation and further confirmed the bearish RSI divergence. 1.2480 is the next support and an oversold RSI may attract some bargain hunters. However, there is an expectation of stiff selling pressure around 1.2645 as the mood sours. A deeper correction could send the price below the critical floor at 1.2400. Related article: Japanese Yen (JPY) Weakens Against The Dollar, USD/CAD Stable And The Inevitable Strengthening Of The USD, IMF/World Bank Events NZDUSD tests resistance The New Zealand dollar inched lower after the Q1 CPI fell short of expectations. A break below the daily support of 0.6730 revealed a lack of buying interest so far. Sentiment turned cautious after the daily chart exhibited a bearish MA cross. On the hourly chart, the RSI’s oversold situation led to some profit-taking off 0.6720. A bullish divergence suggests a slowdown in the current sell-off. Nonetheless, the bulls need to lift offers in the supply zone between 0.6820 and 0.6880 before a reversal could happen. Related article: Monetary Policy Drives EUR/USD, The Future of the EUR/GBP Awaits the Bank Of England's Speech - Good Morning Forex| FXMAG.COM UKOIL bounces off support Brent crude finds support from a surprise drawdown in inventories. On the daily chart, the price is taking a breather in a flag-shaped pattern after a parabolic ascent. The uptrend can remain intact as long as the support of 98.00 stays still. A tentative break above 114.50 has prompted short-term sellers to cover. The latest pullback saw bids at the 61.8% (104.20) Fibonacci retracement level while the RSI recovers to the neutrality area. A break above 117.80 could extend the rally towards 127.00.
EUR/USD: US Dollar (USD) Supported By A 75bp Rate Hike!? EUR Influenced By Last Week's Activities, Price Of Gold (XAUUSD) May Not Stop Below $1980

EUR/USD: US Dollar (USD) Supported By A 75bp Rate Hike!? EUR Influenced By Last Week's Activities, Price Of Gold (XAUUSD) May Not Stop Below $1980

Jing Ren Jing Ren 20.04.2022 08:12
EURUSD consolidates post-sell-off The US dollar rallies as a 75bp rate hike by the Fed could be on the table. The single currency remains under pressure after last week’s sell-off. 1.0920 has become an important supply area after buyers’ failed attempts to push higher. Further above, the psychological level of 1.1000 is another support-turned-resistance, suggesting that the path of least resistance is down. Bearish trend followers could be waiting to fade the next rebound. The pair is treading water above 1.0760 as the RSI rises back to the neutrality area. Article on Crypto: Altcoins Showing Promising Growth - Take a Look at Solana (SOL), POLKADOT (DOT) and SHIBA INU (SHIB-USD)| FXMAG.COM XAUUSD keeps high ground Gold slipped as the greenback rallied across the board amid the Fed’s increasingly hawkish stance. The previous rally cleared the resistance at 1990 but struggled to grind to the psychological level of 2000. A drop below 1961 revealed underlying weakness and caused a liquidation of leveraged buyers. 1940 at the base of a previous breakout is the next stop to gauge the bulls’ commitment. An oversold RSI may trigger a buy-the-dips behavior and lead to a limited rebound. 1980 is now the closest resistance. Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun SPX 500 breaks channel The S&P 500 recoups losses as the quarterly earnings season heats up. The index has been sliding down in a bearish channel, which indicates a cautious mood in the short term. The latest rally above the upper band (4420) and resistance at 4460 could prompt sellers to cover their positions, paving the way for a potential reversal towards 4590. 4360 is a fresh support. In fact, a series of higher lows would show buying interest and convince followers to jump in with both feet. Otherwise, 4300 would be the next support.
Global equities staged a notable rally | Saxo Bank

British Pound (GBP) Power! Will GBPUSD Go Down Anymore!? (Australian Dollar To US Dollar) AUD/USD Is Volatile, GER 40 (DAX) To Pause Longer?

Jing Ren Jing Ren 19.04.2022 08:42
Summary: GBPUSD tests critical floor AUDUSD breaks support GER 40 seeks support GBPUSD tests critical floor The RSI’s oversold situation may cause a temporary bounce towards 1.3060. The US dollar continues upward as markets wager a 50 bp Fed hike next month. The pound’s latest rally came to a halt in the supply zone around 1.3150 which coincides with the 30-day moving average.   Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun   As the pair gives up its recent gains, the bears still retain control of the direction and seem to be ready to double down at rebounds. A drop below 1.3000 would attract momentum selling and push the pair to November 2020’s lows near 1.2860. The RSI’s oversold situation may cause a temporary bounce towards 1.3060. AUDUSD breaks support As the RSI recovers into the neutral area, the pair may face stiff selling pressure around the support-turned-resistance at 0.7400. The Australian dollar remains under pressure after dovish RBA minutes. A fall below the demand zone between 0.7380 and 0.7400, which sits on the 30-day moving average, has put the bulls further on the defensive.   For you: Forex Rates: British Pound (GBP) Strengthening? Weak (EUR) Euro? GBP, NZD And AUD Supported By Monetary Policy?   As the short-term prospect turns bearish, depressed offers compound the lack of bids, driving the Aussie even lower. 0.7300 would be the next target. As the RSI recovers into the neutral area, the pair may face stiff selling pressure around the support-turned-resistance at 0.7400. GER 40 seeks support The bulls need to push above 14320 in order to turn the cautious mood around. The Dax 40 retreats as risk appetite remains subdued across equity markets. The index is still under pressure after it struggled to hold above the psychological level of 14000. The current pennant may turn out to be another distribution phase. Additionally, a break below 13900 would make the index vulnerable to a new round of sell-off. 13600 would be the next support. The bulls need to push above 14320 in order to turn the cautious mood around. Then 14600 will be the final hurdle before an extended recovery could materialize.
Intraday Market Analysis – USD Gains Momentum

Intraday Market Analysis – USD Gains Momentum

Jing Ren Jing Ren 18.04.2022 08:24
USDCHF tests daily resistanceThe US dollar edged higher as Treasury yields touched a 3-year high. A surge above the supply zone around 0.9370 is a strong sign that the bulls have regained control of the direction.The daily resistance at 0.9450 is the sellers’ last stronghold, a breakout could end the year-long consolidation and extend the reversal to 0.9600.The RSI’s overbought condition may cause a limited pullback as intraday traders unwind their positions. 0.9350 from the former supply zone is now a fresh support to gauge buyers’ commitment.EURGBP breaks below daily supportThe ECB’s patience regarding its monetary policy continues to weigh on the single currency. The latest drop below the daily support (0.8300) is an invalidation of the recent rebound and could further depress the euro.While trapped bulls seek to bail out, there could be stiff selling pressure near 0.8310, which has turned into resistance. An oversold RSI may cause a brief rally but the bears may see it as an opportunity to push lower.March’s lows near 0.8200 would be the next target when momentum comes around.CADJPY rises along the trendlineThe Canadian dollar rallies thanks to the Bank of Canada’s hawkish stance. A break above last month’s high and the psychological level of 100.00 has put the pair back on track after a 2-week long consolidation.Sentiment remains overwhelmingly bullish as the bears hesitate to jump in. The loonie is climbing along a rising trendline and 101.00 from June 2015 high is the next resistance.A pullback is likely to find support from trend followers. 99.80 coincides with the trendline, making it a congestion area.
Will Fuel Prices Shock Again? Crude Oil Price Almost Hit $120! Will EV Become More Popular Shortly?

(EUR) Euro Power!? (EURUSD) Euro To US Dollar Still Trades Really Low! Does AUDUSD Impose US Dollar Weakening? Shocking USD/NOK Rollercoaster

Jing Ren Jing Ren 15.04.2022 09:03
EURUSD breaks key support The euro fell after the ECB insisted that there is no rush to raise interest rates. The price has given up all gains from the March rebound. Even though a bullish RSI divergence shows a slowdown in the sell-off momentum, a break below 1.0810 put the single currency further on the defensive. A deeper correction would push the pair to 1.0700. 1.0920 is a fresh resistance and those who bought the dip may seek to bail out. Analysts expect more offers around the support-turned-resistance at 1.1000. AUDUSD seeks support The Australian dollar recovers as inflation expectations rise amid a tight labor market. The pair is seeking support after it broke above last October’s high at 0.7550. The pullback came across buying interest near 0.7400 which sits on the 30-day moving average. A bounce above 0.7490 would shave off some selling pressure and the bulls need to reclaim 0.7550 before the uptrend could resume. On the downside, a bearish breakout would force the latest buyers to bail out and trigger a sell-off towards 0.7300. USDNOK consolidates in channel The US dollar rallied as March retail sales came out in line with expectations. A previous break above 8.7900 prompted sellers to cover, easing the pressure on the greenback. The pair is in a rising channel and a series of higher lows indicates improved sentiment. 8.7000 is the current support as traders buy the dips. 8.8000 on the upper side would be the next target in the short term. Its breach could extend the recovery to the psychological level of 9.0000. A bearish breakout would send the pair to the daily support at 8.5600.
UK Inflation Influences GBPUSD Price Line, USDCAD Shows Canadian Dollar Strength, Crude Oil Price (USOIL) Has Been Rising Gradually

UK Inflation Influences GBPUSD Price Line, USDCAD Shows Canadian Dollar Strength, Crude Oil Price (USOIL) Has Been Rising Gradually

Jing Ren Jing Ren 14.04.2022 08:55
USDCAD tumbles towards daily support The Canadian dollar surged after the BOC’s aggressive rate hike of 50bp. The pair’s recovery came under pressure at 1.2670. A bearish RSI divergence shows a loss of momentum in the rally and the ensuing break below 1.2580 acts as confirmation of underlying weakness. A combination of stop losses and momentum selling could further depress the greenback. An oversold RSI may attract some bargain hunters and 1.2480 is a major level to keep the rebound intact. In fact, its breach could cause extended losses beyond 1.2400. Related article: ECB Interest Rate Decision Is Coming! European Indices (DAX, CAC40) To Plunge Or Rise? What About Forex Pairs? GBPUSD breaks resistance The pound recoups losses as the UK’s March CPI beats market expectations. Overall sentiment ticked down after the pair dropped below the psychological level of 1.3000. However, a swift bounce above 1.3080 is an encouraging sign for the bulls as it forced the bears to cover their positions. 1.3180 is the next resistance and a bullish breakout could bring the sterling back to 1.3300 and open the door to a reversal. The RSI’s overbought condition may lead to a pullback. And 1.2990 is the immediate support should this happen. USOIL grinds resistance WTI bounces as major trading houses plan to trim purchases of Russian crude. The price is slowly recovering from the daily demand zone around 94.00. This could be a consolidation phase after the recent wild ride. The RSI’s double-dip in the oversold territory triggered a buy-the-dips behavior. A break above 105.00 could cause a broader recovery to 115.00. The RSI’s swing into overextension may limit the impetus. The psychological level of 100.00 is a fresh support and 94.00 is a critical floor to keep the price afloat.
Intraday Market Analysis – NZD Attempts To Rebound

Intraday Market Analysis – NZD Attempts To Rebound

Jing Ren Jing Ren 13.04.2022 07:50
NZDUSD tests resistance The New Zealand dollar bounced back after the RBNZ raised its interest rates by 50bp. The pair came under pressure after hitting resistance near the psychological level of 0.7000. The kiwi then saw bids at 0.6810 near the base of a previous bullish breakout. A rally above the support-turned-resistance at 0.6900 may turn sentiment around. The next hurdle will be 0.6950. A fall below 0.6810 could trigger a sell-off towards the daily support at 0.6740. And that is an important level safeguarding the March rebound. Related article: ECB To Shock Markets In The Following Week!? US Dollar Rate Under Pressure As Well! XAUUSD bounces higher Gold rallied after US inflation in March came out less than market participants had expected. The metal’s medium-term uptrend is still intact as long as the price is above the major support at 1895. The recent consolidation could be an opportunity for the bulls to accumulate. A break above 1965 prompted some sellers to cover. This could also pave the way for a bullish reversal. 1990 is the next hurdle and its breach may send bullion to the March high at 2070. 1940 is the immediate support in case of a pullback. UK 100 seeks support The FTSE 100 struggles as UK consumer confidence wanes amid geopolitical uncertainty. The index has met stiff selling pressure near the recent peak (7690). A combination of profit-taking and fresh selling weighs on price action. Nonetheless, sentiment remains upbeat. And a bullish MA cross on the daily chart suggests strong impetus in the latest recovery. 7530 is fresh support and 7450 is the second line of defense in case of a deeper retreat. The bulls need to clear 7650 before they could regain the upper hand in the short term. Analysis: Gold prices (XAUUSD) increase inlight of the U.S. announcing their new inflation rate - Chart Of The Day By FXMAG.COM
Intraday Market Analysis – CHF Bounces Back

Intraday Market Analysis – CHF Bounces Back

Jing Ren Jing Ren 12.04.2022 07:57
USDCHF hits resistance The Swiss franc rallies across the board as traders dump risk assets for safe haven ones amid uncertainty. The latest rebound came to a halt at 0.9370 from the late March sell-off. The RSI’s double top in the overbought zone prompted intraday buyers to take profit, weakening the upward momentum. A bullish close would lift offers to the recent peak at 0.9460, where strong selling pressure could be expected. A breakout may extend the rally to 0.9600. Otherwise, 0.9240 is the closest support to test the bulls’ resolve. EURGBP attempts rebound The sterling softened after Britain’s GDP fell short of expectations in February. The euro found support in the demand zone between 0.8300 and 0.8310, an important level from the daily chart. The ensuing break above 0.8360 flushed out some selling interests and could pave the way for a sustained bounce. 0.8400 is the next hurdle and its breach may propel the single currency to the previous high (0.8510). An overbought RSI may cause a temporary pullback and the bulls may see it as an opportunity to join in. US 30 struggles for support The Dow Jones 30 turns south as US Treasury yields continue to climb. The index briefly found support over the 30-day moving average (34200). A bullish RSI divergence indicates a deceleration in the current sell-off. Nonetheless, the bulls’ struggle to push past 35000 suggests that short-term sentiment remains cautious. On the downside, a fall below 34200 could trigger a broader liquidation, causing an extended consolidation in the days to come. 33500 at the origin of the previous breakout would be the next support.
USDJPY - The Chart Shows A Strong Greenback, EURCAD And DAX Calmer Than Before

USDJPY - The Chart Shows A Strong Greenback, EURCAD And DAX Calmer Than Before

Jing Ren Jing Ren 11.04.2022 08:31
USDJPY consolidates gains The US dollar rallies as the 10-year Treasury yield hits a three-year high. Price action has been treading water after it bounced off 121.30. The RSI shot back into the overbought area and could limit the upward momentum. Sentiment remains bullish but subdued volatility suggests a lack of volume. The recent peak at 125.00 is a major hurdle and its breach could resume the rally. On the downside, a break below 122.70 could lead to an extended consolidation. 121.30 is a critical floor to keep the short-term rally intact. EURCAD struggles to rebound The Canadian dollar strengthened after a drop in the jobless rate in March. The RSI’s double-dip in the oversold area has attracted some buying interest. A break above the demand-turned-supply zone around 1.3700 has improved the short-term mood. The origin of the previous sell-off at 1.3840 is a major resistance, as it sits on the 20-day moving average, making it a congestion area. A bullish close could pave the way for a meaningful rebound. Failing that, a retreat back below 1.3600 may resume the downtrend. GER 40 seeks support The Dax 40 struggles on concerns about the economic costs of war in Ukraine. A bullish MA cross on the daily chart suggests steadied sentiment in the medium-term after a V-shaped rebound. The bulls may see the pullback as an opportunity to accumulate. They will need to clear February’s sell-off point at 15500 before the uptrend could resume. On the intraday level, a drop below 14200 prompted buyers to exit, making 14430 a fresh resistance. A break below 14050 may cause a deeper correction towards 13600.
Should Drivers Worry About Fuel Prices Again? Will Crude Oil Price Go Up!?

This USOIL Chart Makes Many Very Happy! USDCHF Stays "Stable", US 100 Stabilised After Decline

Jing Ren Jing Ren 08.04.2022 07:48
USDCHF tests key resistance The US dollar edged higher supported by better-than-expected initial jobless claims. The pair continues its journey upward from the demand zone near 0.9200. The rally is gaining momentum after a break above 0.9280. 0.9370 from a previously botched rebound is a major hurdle. In fact, its breach could flush out remaining selling interests. Then last month’s peak at 0.9450 would be within reach. On the downside, 0.9260 is the immediate support if the market shows hesitation. 0.9200 is a critical level to keep the rebound intact. USOIL grinds daily support WTI crude softens as concerns grow over lockdowns in China. A bearish MA cross on the daily chart suggests that sentiment may have turned cautious. The price is testing the key floor at 94.00 which is a daily support from the mid-March rebound. A bearish breakout could force the bulls to bail out and trigger a sell-off towards the psychological level of 90.00, putting the commodity on a correction course. The RSI’s oversold condition may raise some buying interest. Buyers need to lift 104.00 to safeguard the uptrend. US 100 seeks support The Nasdaq 100 retreats as investors continue to digest hawkish Fed minutes. The rally came to a halt at February’s high at 15260. Then a drop below the short-term demand zone at 14730 led to a wave of liquidation. 14200 is the next support and coincides with the 30-day moving average, making it an area of congestion. If the bulls become wary of catching a falling knife, a bearish breakout could cause a deeper correction towards 13700. The support-turned-resistance at 14800 is the level to crack to resume the rally.
Greenback Strengthens, Silver Price (XAGUSD) Seems Stably

Greenback Strengthens, Silver Price (XAGUSD) Seems Stably

Jing Ren Jing Ren 07.04.2022 07:36
USDCAD attempts to rebound The US dollar rallied after FOMC minutes showed the central bank’s plan to reduce its balance sheet. The pair found support at 1.2400 after the RSI went deeply into the oversold territory. A break above 1.2500 prompted sellers to cover their latest bets, easing the downward pressure in the process. The bulls need to clear offers near 1.2590 before they could push for a sustainable bounce. Failing that, further weakness could drive price action to October’s lows around 1.2300. NZDUSD breaks support The New Zealand dollar softened against its US counterpart after hawkish Fed minutes. The rally came to a halt in the supply zone around 0.7050 from last November’s sell-off. 0.6900 was important support and its breach forced short-term buyers to bail out. As the kiwi grinds 0.6875 over the 30-day moving average, an oversold RSI may cause a rebound. A deeper correction may send the pair to 0.6800 and cause a bearish reversal. The bulls need to reclaim 0.6940 to regain the upper hand. XAGUSD tests major support Silver struggles as the greenback recovers across the board. A bearish MA cross on the daily chart suggests a deterioration in the market mood. Buyers’ struggle to lift offers at the psychological level of 25.00 indicates prevailing strong selling pressure. Sentiment has become cautious as the precious metal revisits 24.00. Price action could be vulnerable to another round of sell-off if the bears succeed in pushing below this critical floor. Following that, 23.30 would be the next target.
Not Again! CSI 300 And Hang Seng - COVID Makes Stock Market Struggle! EuroStoxx 600 and S&P 500 (SPX) Don't Set A Good Example

GBPUSD Has Declined, S&P 500 (SPX) Decreased As Well! AUDUSD After RBA Interest Rate Decision

Jing Ren Jing Ren 06.04.2022 07:49
AUDUSD breaks major resistance The Australian dollar soared after the RBA signaled higher interest rates later this year. The pop above the daily resistance at 0.7550 has put the Aussie on a bullish reversal course for the weeks to come. Solid green candles indicate a combination of short-covering and momentum buying. Last June’s high at 0.7770 is the next target. In the meantime, the RSI’s overbought situation led to a brief pause. Trend followers could be looking to join the rally at pullbacks. 0.7470 is fresh support in this case. GBPUSD awaits breakout The US dollar rallies as traders hoard the safe haven currency. The price is in a narrowing consolidation range as a sign of short-term hesitation. Overall sentiment remained downbeat after the latest rebound hit resistance at 1.3300. The bulls need to lift offers around 1.3220 before they could turn the tables. Otherwise, the path of least resistance would be down. 1.3050 is the closest support and the psychological level of 1.3000 is a critical floor. A bearish breakout could make the sterling vulnerable to a new round of sell-off. SPX 500 seeks support The S&P 500 falls back as yield curve inversion raises concerns of an economic contraction. On the daily chart, a break above the February high at 4590 and a bullish MA cross suggest a steady market mood. A drop below 4580 prompted leverage buyers to bail out but found support at 4510. 4455 on the 20-day moving average would be the second line of defense in case of a deeper correction. Buyers may see short-term retracements as opportunities to stake in. A bounce above 4600 could be a continuation signal.
USDJPY Flattened, EURGBP Is Sliding, DAX (GER 40) Is Back

USDJPY Flattened, EURGBP Is Sliding, DAX (GER 40) Is Back

Jing Ren Jing Ren 05.04.2022 07:46
USDJPY consolidates gains The US dollar gains on the prospect of more sanctions on Russia. On the daily chart, the RSI’s overbought condition led to profit-takings as the bulls became reluctant to outbid each other. Nonetheless, the direction remains upward, and a pause is necessary for the market to take a breather. The current pullback has found support over 121.30. A bounce above 123.20 may signal a bullish continuation and extend the price back to 125.00. On the downside, a breakout could cause a correction to 119.40 near the 30-day moving average. EURGBP struggles for support The euro fell as worries over Europe’s energy supply grew. The current pullback could be an opportunity for the bulls to stake in but they will need to push past 0.8400 to regain control. The 61.8% (0.8380) Fibonacci retracement level has failed to foster buyers’ interest. The RSI’s double dip into the oversold area may attract some bids. The demand zone between the daily support (0.8300) and 0.8320 is a critical floor to keep the rebound valid. That said, its breach could trigger a sell-off towards 0.8200. GER 40 takes a breather The Dax 40 goes sideways as the EU considers a new set of sanctions. A bullish MA cross on the daily chart suggests an acceleration in the rebound as a sign of improved sentiment. The index is hovering above the lower end (14200) of the previous consolidation. This level coincides with the 20 and 30-day moving averages, making it an area of interest. A close above 14730 could extend the rally to the origin of the February liquidation at 15200. This is an important resistance before the uptrend could resume in the medium-term.
EURUSD And XAUUSD Trade Lower Than Before. UK100 Gains Gradually

EURUSD And XAUUSD Trade Lower Than Before. UK100 Gains Gradually

Jing Ren Jing Ren 04.04.2022 07:34
EURUSD seeks support The US dollar rallied after March’s average hourly wages jumped by 5.6%. The euro came to a halt in the supply zone at the origin of the March sell-off (1.1180). A bearish RSI divergence pointed to softness in the rebound. A fall below 1.1120 then 1.1070 prompted buyers to bail out, further weighing on overall sentiment. 1.0980 at the base of the recent bullish impetus is major support. Its breach could invalidate the recovery and trigger a new round of sell-offs. The bulls need to clear 1.1120 to regain the upper hand. XAUUSD builds support Gold retreats as the US dollar finds support from a fall in the jobless rate. On the daily chart, price action still holds above the demand zone between 1890 and 1900 which is a sign of strong buying interest. A break above 1940 forced sellers out. This may also foreshadow a reversal. Sentiment would improve if the precious metal stays above 1915. A bullish close above 1960 could extend the rally to the psychological level of 2000. On the downside, 1890 is a critical level to maintain the bulls’ optimism. UK 100 consolidates gains The FTSE 100 treads water dragged by weaker energy stocks. A bullish MA cross on the daily chart suggests that the index could be back on track in the medium term. The intraday direction is still up despite its choppiness. A close above 7590 would extend the rally to this year’s high at 7690. Trend followers may see pullbacks as a bargain opportunity. The RSI’s oversold condition attracted some buying interest over 7460. A deeper correction would send the index to 7380 which coincides with the moving averages.
GBPUSD Keeps The Line, NZDUSD Has Decreased, US 30 Dropped Significantly

GBPUSD Keeps The Line, NZDUSD Has Decreased, US 30 Dropped Significantly

Jing Ren Jing Ren 01.04.2022 08:39
GBPUSD attempts to rebound The US dollar went sideways as February’s PCE fell short of expectations. The pair met stiff selling pressure around 1.3300, a supply zone next to the 30-day moving average. A break below 1.3120 may have cast doubt on the viability of the previous rebound after short-term buyers rushed to the exit. 1.3220 is now a fresh resistance and buyers’ failure to lift these offers could send the pound into a deeper correction. Price action may revisit the psychological level of 1.3000 if it drops below 1.3070. NZDUSD sees a limited pullback The New Zealand dollar falls back as risk appetite subdues. The pair hit resistance under the psychological level of 0.7000 after it broke to a new high. The RSI’s overbought condition in this supply zone led buyers to take profit, driving the kiwi lower momentarily. Trend followers may see the retracement as a buying opportunity. Sentiment would stay bullish as long as the pair is above the previous low at 0.6880. A bearish breakout may dent short-term optimism and send the kiwi to 0.6790. US 30 keeps high ground The Dow Jones 30 retreats on profit-taking as the first quarter draws to an end. A bullish MA cross on the daily chart suggests that the rebound is picking up steam. The index hit resistance around 35400 and went horizontal, allowing the bulls to take a breather. Buyers may find relief as the RSI tanks into the oversold area. A rebound would propel the Dow to February’s high at 35870, where a bullish breakout could resume the uptrend in the medium term. The demand area between 34350 and 34580 is an important level.
EUR/USD - EUR Has Strengthened Significantly, US OIL Has Plunged, What About CAD?

EUR/USD - EUR Has Strengthened Significantly, US OIL Has Plunged, What About CAD?

Jing Ren Jing Ren 31.03.2022 07:41
EURUSD attempts reversal The US dollar weakened after the Q4 GDP failed to impress. The euro gained momentum after it broke above 1.1130 which sits next to the 30-day moving average. 1.1230 at the origin of the March sell-off is a major resistance where medium-term sellers might be waiting to double down. Further pressure could be expected if intraday buyers take profit as the RSI shows a double top in the overbought area. 1.1070 is a fresh support. 1.0980 at the base of the current breakout is an important level to safeguard the rebound. USDCAD breaks daily support The Canadian dollar inched higher on expectations of aggressive tightening by the Bank of Canada. The US counterpart has given up all its gains from earlier this year. In turn, this indicates a lack of commitment from the buy-side. A tentative rally above 1.2590 has failed to secure follow-ups, further undermining the US dollar. 1.2400 is the next target after a drop below 1.2450 and a deeper correction would send the price to October’s lows around 1.2300. A rebound could be capped by fresh resistance at 1.2520. USOIL bounces off psychological level WTI crude rallies as the EIA shows a larger-than-expected fall in inventories. The price saw solid support in the demand area between the psychological level of 100.00 and the 30-day moving average (103.00). A bullish RSI divergence in this congestion zone suggests a loss of momentum in the retracement. A follow-up close above 107.00 would prompt sellers to cover, easing short-term pressure in the process. 114.00 is the next resistance and a breakout could lift offers to 129.00. 94.00 is a critical support to keep the rally intact.
USDCHF - Swiss Franc Strengthens, XAUUSD Rebounces, Will UK100 Start To Gain Consequently?

USDCHF - Swiss Franc Strengthens, XAUUSD Rebounces, Will UK100 Start To Gain Consequently?

Jing Ren Jing Ren 30.03.2022 07:41
USDCHF tests support The US dollar edged lower as traders ditched its safe-haven appeal. The pair met strong support at 0.9260 over the 30-day moving average. A break above the immediate resistance at 0.9340 prompted short-term sellers to cover their positions, opening the door for potential bullish continuation. A break above 0.9370 could bring the greenback back to the 12-month high at 0.9470. 0.9260 is major support in case of hesitation and its breach could invalidate the current rebound. XAUUSD struggles for support Gold struggles as risk appetite returns amid ceasefire talks. A fall below 1940 forced those hoping for a swift rebound to bail out. On the daily chart, gold’s struggle to stay above the 30-day moving average suggests a lack of buying power. Sentiment grows cautious as the metal tentatively breaks the psychological level of 1900. A drop below 1880 could make bullion vulnerable to a broader sell-off to 1850. An oversold RSI attracted some bargain hunters, but buyers need to lift offers around 1940 before they could expect a rebound. UK 100 heads towards recent peak The FTSE 100 continues upward as Russia promises to de-escalate. A bullish close above the origin of the February sell-off at 7550 has put the index back on track. Sentiment has become increasingly upbeat over a series of higher highs. The lack of selling pressure would send the index back to this year’s high at 7690. A bullish breakout may resume the uptrend in the medium term. As the RSI shot into the overbought zone, profit-taking could drive the price down temporarily and 7460 would be the closest support.
Markets are betting the Fed has it wrong again

Intraday Market Analysis – JPY Struggles For Bids

Jing Ren Jing Ren 29.03.2022 08:40
USDJPY seeks support The Japanese yen recouped some losses after a drop in February’s unemployment rate. The pair surged to August 2015’s high and the psychological level of 125.00. An overwhelmingly overbought RSI may cause a pullback if short-term buyers start to unwind their bets. As the market mood stays upbeat, trend followers could be waiting to jump in at a discount. 122.20 is the closest level if the greenback needs to gather support. A break above the current resistance would propel the pair to new highs above 127.00. AUDUSD hits major resistance The Australian dollar stalls as caution prevails ahead of major economic data. The rally slowed down at last October’s peak at 0.7550. A combination of profit-taking and fresh selling weighs on the Aussie. The bulls may see a pullback as an opportunity to accumulate in hope of a new round of rally. 0.7400 from the latest bullish breakout would be key support should this happen. On the upside, an extended rally could propel the pair to last June’s highs around 0.7770 and pave the way for a reversal in the medium-term. US 100 to test major resistance Growth stocks rose amid a sell-off in the bond market. Short-term sentiment remains bullish after a series of higher lows which indicates sustained buying interest. The Nasdaq 100 is heading to the daily resistance at 15050. A bearish RSI divergence suggests a deceleration in the rally, foreshadowing a potential retracement. 14600 is the support and its breach may trigger a sell-off towards 14200 which sits at the base of the recent breakout. A close above the said hurdle may put the index back on track in the weeks to come.
GBPUSD Almost Full Recovered After BoE's Decision, USDJPY Doesn't Fluctuate Significantly, S&P 500 (SPX) Is Not So Far From 4400.00

GBPUSD Almost Full Recovered After BoE's Decision, USDJPY Doesn't Fluctuate Significantly, S&P 500 (SPX) Is Not So Far From 4400.00

Jing Ren Jing Ren 18.03.2022 07:58
GBPUSD attempts to rebound The British pound stalled after the BOE failed to secure a unanimous vote for higher rates. A bullish RSI divergence suggests exhaustion in the sell-off, and combined with the indicator’s oversold condition on the daily chart, may attract buying interest. A tentative break above 1.3190 led some sellers to take profit. The bulls will need to push above the 1.3250 next to the 20-day moving average to get a foothold. On the downside, the psychological level of 1.3000 is a critical floor to keep the current rebound valid. USDJPY takes a breather The Japanese yen struggles as the BOJ pledges to stick with stimulus. Sentiment turned extremely bullish after the pair rallied above December 2016’s high at 118.60. The RSI went overbought on both hourly and daily charts, and the overextension could refrain buyers from chasing bids. Trend followers may be waiting to buy at pullbacks. 117.70 is the first level to gauge buying interest and 116.80 is the second line of support. A rebound above 119.00 would extend gains beyond the psychological level of 120.00. SPX 500 tests resistance The S&P 500 bounced higher after Russia averted a bond default. Price action has stabilized above last June’s lows around 4140 where a triple bottom indicates a strong interest in keeping the index afloat. A previous attempt above 4350 forced sellers to cover but hit resistance at 4420. A bullish close above this key level on the daily chart could trigger a runaway rally. 4590 would be the next target when sentiment turns around. Otherwise, a lack of conviction from the buy-side would send the index to test 4250.
XAUUSD After Fed Decision, NZDUSD And CADJPY Climbs

XAUUSD After Fed Decision, NZDUSD And CADJPY Climbs

Jing Ren Jing Ren 17.03.2022 08:15
XAUUSD stabilizes Gold struggles as the Fed maps out aggressive tightening. The precious metal has given up all its gains from the previous parabolic rise, which suggests a lack of commitment to support the rally. The price is testing the origin of the bullish breakout at 1907 which coincides with the 30-day moving average. An oversold RSI attracted some buying interest. 1961 is the hurdle ahead before a rebound could materialize. Further down, 1880 is key support on the daily chart and its breach could reverse the course in the weeks to come. NZDUSD attempts rebound The New Zealand dollar found support from a rebound in commodity prices. The pair saw solid bids in the demand zone around 0.6725 and right over the 30-day moving average. A bullish RSI divergence showed a deceleration in the pullback, which would have caught buyers’ attention in this congestion area. A close above 0.6800 has prompted short-term sellers to cover and leave the door open for a rebound. 0.6870 is the last major resistance and a bullish breakout could propel the kiwi past the recent peak at 0.6920. CADJPY breaks key resistance The Canadian dollar shot higher after February’s CPI beat expectations. A break above last October’s high at 93.00 could be an ongoing signal to end a 5-month long consolidation. The RSI’s double top in the overbought area may temporarily hold the bulls back. As sentiment turns overwhelmingly upbeat, buyers may be eager to jump in at a discounted price. The supply-turned-demand zone near 91.60 is an important level to safeguard the breakout. The psychological level of 94.00 could see resistance.
USDCHF Nears 0.940 Levels, EURGBP Keeps Its "Stability", USOIL Is Like A Benchmark For Geopolitical Situation

USDCHF Nears 0.940 Levels, EURGBP Keeps Its "Stability", USOIL Is Like A Benchmark For Geopolitical Situation

Jing Ren Jing Ren 16.03.2022 08:11
USDCHF breaks major resistance The US dollar continues upward as the Fed is set to increase its interest rates by 25bp. The rally sped up after it cleared the daily resistance at 0.9360. The bullish breakout may have ended a 9-month long consolidation from the daily chart perspective. The rising trendline confirms the optimism and acts as an immediate support. Solid momentum could propel the greenback to April 2021’s high at 0.9470. Buyers may see a pullback as an opportunity to jump in. 0.9330 is the closest support should this happen. EURGBP tests key resistance The sterling found support after a drop in Britain’s unemployment rate in January. A break above the daily resistance at 0.8400 has prompted sellers to cover, easing the downward pressure. Sentiment remains downbeat unless buyers push the single currency past 0.8475. In turn, this could pave the way for a reversal in the weeks to come. Otherwise, the bears might double down and drive the euro back into its downtrend. A fall below 0.8360 would force early bulls to liquidate and trigger a sell-off to 0.8280. USOIL drops towards key support WTI crude falls back over a new round of ceasefire talks between Russia and Ukraine. Previously, a bearish RSI divergence indicated a loss of momentum as the price went parabolic. Then a steep fall below 107.00 was a sign of liquidation. Buyers continue to unwind their positions as the price slides back to its pre-war level. The psychological level of 90.00 is an important support on the daily chart. An oversold RSI may attract buying interest in this demand zone. 105.00 is the first resistance before buyers could regain control.
EURUSD Has Climbed A Bit, DAX (GER40) Has Moved Up Slightly, AUDUSD Chart Shows A Small Downtrend

EURUSD Has Climbed A Bit, DAX (GER40) Has Moved Up Slightly, AUDUSD Chart Shows A Small Downtrend

Jing Ren Jing Ren 15.03.2022 08:02
EURUSD struggles to rebound The US dollar bounces across the board as the Fed may possibly raise interest rates on Wednesday. The pair found support near May 2020’s lows around 1.0800. The RSI’s oversold condition on the daily chart prompted the bears to take some chips off the table, alleviating the pressure. 1.1110 is a fresh resistance and its breach could lift offers to 1.1270. In fact, this could turn sentiment around in the short term. Failing that, a break below 1.0830 could trigger a new round of sell-off towards March 2020’s lows near 1.0650. AUDUSD lacks support The Australian dollar slipped after dovish RBA minutes. The pair continues to pull back from its recent top at 0.7430. A drop below the demand zone at 0.7250 further puts the bulls on the defensive. The former support has turned into a resistance level. 0.7170 at the origin of a previous breakout is key support. An oversold RSI may raise buyers’ interest in this congestion area. A deeper correction could invalidate the recent rebound and send the Aussie to the daily support at 0.7090. GER 40 attempts to rebound The Dax 40 edges higher as Russia and Ukraine hold a fourth round of talks. The index bounced off the demand zone (12500) from the daily chart, a sign that price action could be stabilizing. The supply zone around the psychological level of 14000 sits next to the 20-day moving average, making it an important hurdle. A tentative breakout may have prompted sellers to cover. 14900 would be the target if the rebound gains momentum. On the downside, 13300 is fresh support, and 12720 is the second line of defense.
Intraday Market Analysis – The Canadian Dollar Recovers

Intraday Market Analysis – The Canadian Dollar Recovers

Jing Ren Jing Ren 14.03.2022 07:50
USDCAD struggles for supportThe Canadian dollar surged after a sharp drop in February’s unemployment rate. A break above the recent peak at 1.2875 has consolidated the US dollar’s lead.The RSI’s repeatedly overbought condition has led to some profit-taking. As the indicator swung into the oversold area, a pullback attracted bargain hunters in the demand zone between 61.8% (1.2700) Fibonacci retracement level and 1.2680.A rally above 1.2840 may resume the rally and send the pair to December’s high at 1.2960.EURJPY attempts reversalThe euro continues upward after the ECB left the door open to an interest rate hike. A pop above 128.60 has prompted sellers to reconsider their bets.However, traders can expect strong bearish pressure in the supply zone around 129.20. This level overlays with the 20-day moving average, making it a congestion area.An overbought RSI has tempered the initial comeback and the bulls need to consolidate their positions before they could push further. 126.50 is key support and 124.40 a second line of defense to keep the pair afloat.UK 100 bounces backThe FTSE 100 recoups losses as Britain’s GDP beat expectations in January. The rebound has gained traction after it broke above 7200.After a brief pause, the index met buying interest over 7050 and a bullish MA cross indicates an acceleration to the upside. Sentiment remains cautious from the daily chart perspective though and the bears could be waiting to sell into strength.7450 at the origin of the latest sell-off is a major hurdle as its breach could turn the mood around. Otherwise, there could be a revision of 6800 soon.
NZDUSD Trades Higher, XAGUSD Nears $25.50-26 Range, US 30 Chart Shows Fluctuations

NZDUSD Trades Higher, XAGUSD Nears $25.50-26 Range, US 30 Chart Shows Fluctuations

Jing Ren Jing Ren 11.03.2022 07:40
NZDUSD consolidates gains The New Zealand dollar inched higher supported by roaring commodity prices. A break above the daily resistance at 0.6890 has put the kiwi back on track in the medium term. A bullish MA cross on the daily chart suggests an acceleration to the upside. As sentiment improves, the bulls may see the current consolidation as an opportunity to accumulate. A close above 0.6920 would extend the rally to 0.7050. 0.6800 is the first support and 0.6730 over the 30-day moving average a key demand zone. XAGUSD seeks support Silver consolidates amid ongoing geopolitical instability. A bearish RSI divergence suggests a deceleration in the rally. A tentative break below 25.40 has prompted some buyers to take profit. While sentiment remains optimistic, a correction might be necessary for the bulls to take a breather. The psychological level of 25.00 is a major demand zone. Its breach could send the precious metal to 24.30 which sits on the 30-day moving average. A rally above 26.90 could propel the price to last May’s highs around 28.50. US 30 struggles for buyers The Dow Jones 30 turned south after talks between Russia and Ukraine stalled again. A rebound above 34000 has provided some relief. Nonetheless, enthusiasm could be short-lived after the index gave up all recent gains. The prospect of a bear market looms if this turns out to be a dead cat bounce. A fall below 32300 could trigger another round of liquidation and push the Dow to a 12-month low at 30800. On the upside, 33500 is the first resistance. The bulls will need to lift offers around 34100 before they could attract more followers.
EURUSD Rallies, GBPUSD Moves Up A Little, USOIL Goes Back To "Normal" (?) Levels

EURUSD Rallies, GBPUSD Moves Up A Little, USOIL Goes Back To "Normal" (?) Levels

Jing Ren Jing Ren 10.03.2022 08:43
EURUSD bounces back The euro rallies on news that the EU may issue a joint bond to fund energy and defense. The pair found bids near May 2020’s lows (1.0810). An oversold RSI on the daily chart prompted sellers to take profit, easing the downward pressure. A rally above the immediate resistance at 1.0940 and a bullish MA cross may improve sentiment in the short term. However, buyers will need to clear the support-turned-resistance at 1.1160 before they could hope for a meaningful rebound. 1.0910 is the support in case of a pullback. GBPUSD inches higher The sterling claws back losses as risk appetite makes a timid return across the board. Following a three-month-long rebound on the daily chart, a lack of support at 1.3200 and a bearish MA cross shows strong selling pressure. A bounce-back above 1.3200 may only offer temporary relief as sellers potentially look to fade the rebound. 1.3350 is a key hurdle that sits along the 20-day moving average. 1.3080 is fresh support and its breach could trigger a new round of sell-off below the next daily support at 1.2880. USOIL breaks support WTI crude tumbled after the UAE said consider boosting production. The parabolic climb came to a halt at 129.00 and pushed the RSI into an extremely overbought condition on the daily chart. A bearish RSI divergence suggested a loss of momentum and foreshadowed a correction as traders would be wary of chasing the rally. A fall below 115.00 led buyers to bail out, triggering a wave of liquidation. 105.00 is the next support and a breakout could bring the price back to 95.00 near the 30-day moving average.
USDCAD Trades Higher, EURGBP Nears 0.83, S&P 500 (SPX) Fell A Little

USDCAD Trades Higher, EURGBP Nears 0.83, S&P 500 (SPX) Fell A Little

Jing Ren Jing Ren 08.03.2022 09:29
USDCAD breaks higher The US dollar bounces back as traders pile into safer currencies at the expense of commodity assets. The previous rally above the supply zone at 1.2800 has prompted sellers to cover. Then a follow-up pullback saw support over 1.2600, a sign of accumulation and traders’ strong interest in keeping the greenback afloat. A breakout above 1.2810 could pave the way for an extended rise to last December’s high at 1.2950, even though the RSI’s situation may briefly hold the bulls back. 1.2680 is a fresh support in case of a pullback. EURGBP bounces back The euro recoups losses as shorts cover ahead of the ECB meeting. The pair’s fall below the major floor (0.8280) on the daily chart further weighs on sentiment. The lack of support suggests that traders’ are wary of catching a falling knife. The RSI’s double-dip into the oversold area has led to profit-taking, driving the price up. However, the rally could turn out to be a dead cat bounce if the bears fade the rebound in the supply zone around 0.8360. 0.8200 is a fresh support when momentum comes back again. SPX 500 struggles to rebound The S&P 500 extended losses as investors are wary of a global economic downturn. On the daily chart, a brief rebound has met stiff selling pressure on the 30-day moving average (4410). In fact, this indicates that the bearish mood still dominates after the index fell through 4250. Buyers have failed to hold above 4230, leaving the market vulnerable to another round of sell-off. 4110 is the next stop and a bearish breakout could lead to the psychological level of 4000. 4320 is now the closest resistance ahead.
USOIL Became A Rocketship, EURUSD Trades Ca. 1.110 And USDCAD Hits 7-Day-Low

USOIL Became A Rocketship, EURUSD Trades Ca. 1.110 And USDCAD Hits 7-Day-Low

Jing Ren Jing Ren 03.03.2022 08:54
EURUSD sees limited bounce The euro retreats as the ECB may dial back normalization amid the Ukraine crisis. A fall below the daily support at 1.1130 was an invalidation of the February rebound and forced buyers to bail out. The lack of support means that short-term sentiment has turned bearish once again. An oversold RSI may lift the pair temporarily due to profit-taking, but trend followers could be looking to sell into strength. 1.1230 is the closest resistance. A new round of sell-off may push the euro beyond 1.1050. USDCAD breaks support The Canadian dollar jumped after the Bank of Canada raised its key interest rate to 0.5%. A break below the demand zone, around 1.2680, has put buyers on the defensive. The daily support at 1.2640 was a major level. And its breach could trigger a sell-off towards 1.2560, threatening the rally from late January. Further south, January’s low at 1.2450 is a key floor to keep the greenback afloat. An oversold RSI may lead short-term sellers to exit, driving up the price briefly, but a rebound may be capped by 1.2700. USOIL bounces higher WTI crude skyrocketed as the war in Ukraine could drag on pushing up energy prices. The rally accelerated after it broke above the psychological tag of 100.00. The RSI’s overbought situation in both hourly and daily charts indicates overextension. Profit-taking may drive the price back down and let the bulls take a breather. 104.00 is the immediate support in this case. Sentiment is overwhelmingly bullish and pullbacks could be limited. 120.00 would be the next stop when volatility comes around again.
Intraday Market Analysis – Gold Recovers Slowly

Intraday Market Analysis – Gold Recovers Slowly

Jing Ren Jing Ren 02.03.2022 09:06
XAUUSD grinds rising trendline Gold recovered after the first round of peace talks between Ukraine and Russia ended without a resolution. The precious metal found support over 1885. The rising trendline from early February indicates that the general direction is still up despite a choppy path. The previous peak at 1974 is now a fresh resistance and its breach could send the price to the psychological level of 2000. The downside risk is a fall below the said support. Then 1852, near the 30-day moving average, would be the bulls’ second line of defense. AUDUSD attempts reversal The Australian dollar steadied after the RBA warned that energy prices could flare up inflation. A break above the previous high (0.7285) shows buyers’ strong commitment despite sharp liquidation. Sentiment swiftly recovered and may attract more buying interest. An overbought RSI may temporarily limit the upside. And the bulls could be waiting for a pullback to accumulate. 0.7220 is the closest support. A bullish close above the January peak at 0.7310 could initiate a reversal in the medium-term and extend gains towards 0.7400. CADJPY bounces back The Canadian dollar clawed back losses after the Q4 GDP beat expectations. A jump above 90.70 has prompted sellers to cover their bets, opening the door for a potential reversal. 91.10 is the next resistance and its breach could propel the loonie to this year’s high at 92.00. On the downside, the psychological level of 90.00 is a key support to keep the rebound relevant. Otherwise, a drop to 89.30 would suggest that sentiment remains fragile. In turn, this would place the pair under pressure once again.
USDCHF Trades Lower, EURGBP - EUR Weakened A Bit, US 100 Looks To Hold Its Normal Level

USDCHF Trades Lower, EURGBP - EUR Weakened A Bit, US 100 Looks To Hold Its Normal Level

Jing Ren Jing Ren 01.03.2022 10:07
USDCHF struggles for support The Swiss franc rallies as new sanctions against Russia trigger a flight to safety. The pair has met stiff resistance in the supply area (0.9290). Then a drop below 0.9220 and 0.9170 suggests that sentiment remains cautious and buyers are hesitant. 0.9150 is a key level to safeguard the greenback’s latest bounce. A bearish breakout could send the pair to the daily support at 0.9110. An oversold RSI may attract some buying interest. The bulls need to reclaim 0.9230 before they could hope for a turnaround. EURGBP attempts to rebound The euro struggles amid escalation in Western sanctions. A bullish attempt above 0.8400 indicates an upward bias as sellers cover their positions. 0.8310 has been solid support. And the market mood may become increasingly upbeat if buyers succeed in holding above this level. An extended rally may send the single currency to the daily resistance at 0.8475, where a breakout may cause a bullish reversal in the weeks to come. On the downside, a fall below the said demand zone may send the euro to 0.8260. US 100 to test key resistance The Nasdaq 100 bounces as Russia and Ukraine meet for peace talks. The index saw bids near last May’s lows (13050), an important floor to prevent further bleeding. A rebound above 14050 has prompted some sellers to take profit, easing the downward pressure for the moment. Price action is heading to the next resistance at 14500 which sits on the 30-day moving average, and high volume could be expected in this area of interest. A bullish breakout could boost sentiment in the short term and extend gains to 15280.
Intraday Market Analysis – EUR Builds Up Bullish Reveal - 29.10.2021

Intraday Market Analysis – EUR Builds Up Bullish Reveal - 29.10.2021

Jing Ren Jing Ren 29.10.2021 09:04
The euro surges as the market prices in inflation pressure despite the ECB’s dovish message. Bullish candles have pushed the single currency above the triple top (1.1665) which sits on the 30-day moving average, paving the way for a reversal. Strong momentum is a sign of short-covering from those caught on the wrong side of the market. An overbought RSI could temporarily limit the range of the rally. However, renewed optimism may send the pair to the daily resistance at 1.1750. 1.1620 is the support in case of a pullback. USDJPY tests demand zone The Japanese yen recouped losses after the BOJ sees a weak yen as positive for Japan’s economy. And the US dollar has come under pressure near a four-year high. An overbought RSI on the daily chart points to an overextension. On the hourly level, the pair has found bids around 113.30 near a previous consolidation range. A bearish breakout would test the round number at 113.00, which lies on the 20-day moving average and is critical in safeguarding the uptrend. The bulls need to lift 114.30 before they may resume the rally. US 30 pulls backs for support The Dow Jones consolidates as investors digest earnings near the all-time high. A breakout above the August peak at 35600 and a bullish MA cross from the daily timeframe indicate an acceleration on the upside as the rally continues. Pullbacks could be an opportunity to buy low. An overbought RSI has triggered a minor sell-off below 35600, shaking out weaker hands in the process. A drop below 35450 would lead to the psychological level of 35000. 35830 is now a fresh resistance.
Intraday Market Analysis – Gold Seeks Support

Intraday Market Analysis – Gold Seeks Support

Jing Ren Jing Ren 28.10.2021 12:26
Gold treads water as markets await a slew of central bank decisions in the coming days. The recent break above the daily resistance at 1805 is a prerequisite for a bullish turnaround. However, the rally has met stiff selling pressure at the supply zone around 1813 which is at the origin of the September sell-off. Along with a repeatedly overbought RSI, a combination of profit-taking and fresh selling may weigh on the precious metal in the short term. 1777 is the immediate support and its breach would send the price to 1760. USDCAD pierces through supports The Canadian dollar surged after the Bank of Canada ended its QE. As the RSI from the daily chart showed an oversold situation, the greenback had attracted bargain hunters at its four-month low around 1.2300. However, it has given up all recent gains as it revisits the bottom. 1.2430 is now fresh resistance and the downtrend may resume. 1.2200 would be the next target as those who have been waiting for a catalyst join in. An oversold RSI has caused a temporary rebound which is likely to meet strong selling interest. USOIL retraces after overextension WTI crude tumbled after an unexpected surge in US inventories. Medium-term sentiment remains bullish, though an overbought RSI on the daily chart may prompt buyers to proceed with caution. A fall below 82.50 and then 81.00 has exacerbated profit-takings as late buyers rushed for the exit. 79.50 is the next support. A bearish breakout would extend the correction to 77.00 which was previously a resistance, making it an area of interest. An oversold RSI may trigger a rebound with 82.30 as a fresh resistance.
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Intraday Market Analysis – USD Struggles To Bounce

Jing Ren Jing Ren 27.10.2021 14:08
The Australian dollar rallied after Q3 inflation exceeded expectations. A bullish MA cross on the daily chart indicates an acceleration in the upward movement. Pullbacks are likely to attract a ‘buy the dips’ crowd. The pair has been consolidating its recent gains above 0.7450, a former major resistance that has turned into support. A close above 0.7545 may extend the rally to last July’s high at 0.7610. On the downside, a deeper retracement would test the demand area between 0.7380 and the psychological level of 0.7400. USDNOK maintains bearish trend The Norwegian krone keeps the high ground supported by continued strength in oil prices. Sentiment has remained downbeat after a break below the daily support at 8.4700. Rebounds have so far been checked by solid selling interest. The current sideways action under 8.4100 could be another phase of distribution. Then the bears would be pushing towards June’s low at 8.2400, the last support before reaching this year’s low at 8.1500. 8.4800 near the 20-day moving average would be the second resistance in case of a bullish attempt. UK 100 resumes rally The FTSE 100 breaks higher as confidence grew after fresh highs on Wall Street. The rally above August’s high at 7220 is an indication of a strong commitment from the long side. Breakout candles and a bullish MA cross confirm that the uptrend has resumed. The index is now on its way to the pre-pandemic level around 7550. 7350 would be an intermediate hurdle as an overbought RSI may trigger some profit-taking. 7220 has become fresh support if the bulls need to catch their breath.
Intraday Market Analysis - USD Sees Limited Rebound

Intraday Market Analysis - USD Sees Limited Rebound

Jing Ren Jing Ren 26.10.2021 13:18
The US dollar inched higher after Fed Chairman Jerome Powell commented that it was time to taper. A bearish MA cross on the daily chart weighs on overall sentiment. Nonetheless, the pair has found some buying interest in the short-term over the daily support at 0.9150. A bullish RSI divergence was the first sign that the downward pressure might have eased for now. A break above 0.9200 would prompt sellers to cover, opening up the path to the key resistance at 0.9250. A bearish breakout would send the price to 0.9100. NZDUSD seeks support The US dollar recovers across the board thanks to rising Treasury yields. The Kiwi’s breakout above the daily resistance at 0.7150 may have put it back on a bullish trajectory. However, a repeatedly overbought RSI and its bearish divergence indicate that the bulls have struggled to follow up. Buyers are likely to be waiting on the sidelines and a pullback towards 0.7080 could be an opportunity. 0.7020 would be the second line of defense in case of a deeper correction. A rebound above 0.7185 may resume the rally. NAS 100 aims at an all-time high The Nasdaq 100 bounced higher as investors hope to see solid earnings from the Big Tech companies. The index has consolidated its recent gains after it broke above the daily resistance at 15400. The bulls have pushed above the major step at 15550 which was the origin of the September sell-off. This would take out the selling interest and put the uptrend back on track. The all-time high at 15700 is the next resistance. An overbought RSI may cause a temporary pullback to 15280 where the bulls may look to accumulate.  
Intraday Market Analysis – GBP In Key Supply Zone

Intraday Market Analysis – GBP In Key Supply Zone

Jing Ren Jing Ren 25.10.2021 09:22
The sterling hit the brakes after the UK’s retail sales fell for the fifth month in a row in September. The pair has been inching up towards the hurdle on the daily chart (1.3900). The RSI’s bearish divergence, however, shows less enthusiasm from buyers as the price approaches the major resistance. Sentiment remains bullish but we can expect profit-taking. 1.3710 would be the first support to monitor in case of retracement. On the upside, a bullish breakout may trigger an extended rally to 1.4000 and signal a potential reversal. The sterling hit the brakes after the UK’s retail sales fell for the fifth month in a row in September. The pair has been inching up towards the hurdle on the daily chart (1.3900). The RSI’s bearish divergence, however, shows less enthusiasm from buyers as the price approaches the major resistance. Sentiment remains bullish but we can expect profit-taking. 1.3710 would be the first support to monitor in case of retracement. On the upside, a bullish breakout may trigger an extended rally to 1.4000 and signal a potential reversal. CADJPY hits 6-year high The Canadian dollar slipped despite solid retail sales numbers in August. The pair has come under pressure at a six-year high (93.00). A bearish RSI divergence indicates a loss of momentum as the bulls proceed with caution in this key supply zone. A repeatedly overbought situation has been calling for a consolidation and might limit their risk appetite. A break below 91.80 would prompt more buyers to bail out. The psychological level of 91.00 from last June’s peak would turn into the second line of defense.  GER 40 tests daily resistance The DAX 40 found support after Germany’s manufacturing PMI beat the consensus. The latest rally above the 30-day moving average is a strong bullish signal. And after a brief horizontal consolidation, the index is climbing towards the key hurdle at 15700. A bullish close above this daily resistance would throw the bears off balance. A combination of short-covering and momentum buying may heighten volatility. This is a prerequisite before the uptrend could resume. On the downside, 15400 is the immediate support in case of a pullback.
Intraday Market Analysis – USD Consolidates Gains

Intraday Market Analysis – USD Consolidates Gains

Jing Ren Jing Ren 22.10.2021 11:29
The US dollar steadies over lower-than-expected initial jobless claims. Sentiment remains upbeat, however, the pair is struggling to climb past the psychological level of 115.00, probably due to overextension. The RSI’s double top in the overbought area and bearish divergence suggests that the rally could be losing steam. A breach below 113.90 would prompt weaker hands to exit, leading to a pullback towards 113.00. A rebound past the said resistance would send the price to March 2017’s high of 115.40. XAGUSD to test critical ceiling Silver stalls as the greenback reclaims some lost ground. The break above the round number of 24.00 indicates strong commitment from the buy-side. The bulls are looking at the major resistance at 24.80 from the daily timeframe, as a breakout would end a five-month-long correction and pave the way for a bullish reversal. However, an overbought RSI coupled with a bearish divergence suggests possible exhaustion in the run-up. 23.60 would be the first level to watch for if the price pulls lower in search of support. SPX 500 tests all-time high The S&P 500 flies high supported by better-than-expected third-quarter earnings. The index has reached the previous all-time high at 4550. A breakout may trigger a runaway rally. Nonetheless, a repeatedly overbought RSI may cause a limited pullback as buyers take profit. A drop below the immediate support at 4515 would pull the trigger. 4445 would be next as it coincides with the 38.2% Fibonacci retracement level of the October rally. The bulls are likely to buy the dips though after sentiment turns optimistic.
Intraday Market Analysis -GBP Consolidates Gains

Intraday Market Analysis - GBP Consolidates Gains

Jing Ren Jing Ren 21.10.2021 09:12
The pound’s rally stalled after Britain’s core CPI dropped below 3% in September. The pair’s recovery has picked up the pace after a close above the daily resistance at 1.3730. 1.3900 is the main hurdle and a bullish breakout would resume the uptrend. However, the RSI’s triple top in the overbought area indicates an overextension. A pullback is necessary to let the bulls consolidate their gains. The supply-turned-demand zone around 1.3710 is the first level to watch for. Its breach may trigger more profit-takings towards 1.3630. USDCAD sell-off continues The Canadian dollar rallied after solid inflation data in September. The US dollar has found little buying interest near July’s lows (1.2310). A bullish RSI divergence out of the oversold area suggests a deceleration in the downward momentum. But buyers need confirmation of a reversal, and a break above 1.2370 would be the first step to force sellers to cover. The Canadian dollar rallied after solid inflation data in September. The US dollar has found little buying interest near July’s lows (1.2310). Sentiment remains bearish unless the pair lifts offers around 1.2500. Failing that, the greenback could be vulnerable to a new round of sell-off towards 1.2250. USOIL gains support WTI crude bounced back after the EIA reported a surprise drop in US inventories. A previous double top had indicated potential exhaustion as the price struggled to achieve a higher high. However, the price has found support at 81.00 as buyers were eager to stake in at a better price. Overall sentiment remains upbeat and a close above at 83.80 may trigger an extended rally to 86.00. An overbought RSI may temporarily limit the momentum. But as long as the price is above the said support the directional bias stays bullish.
Intraday Market Analysis – Gold Attempts To Rebound

Intraday Market Analysis – Gold Attempts To Rebound

Jing Ren Jing Ren 20.10.2021 09:08
Gold inched higher as the dollar index hit a two-week low. The latest rebound has been checked by the psychological level of 1800. With the RSI showing an overbought situation, short-term buyers were swift in taking profit from this resistance on the daily chart. The pullback has met buying interest over 1760. There is an expectation for sideways action in the next few hours as traders wait for a breakout. A deeper correction would test the floor at 1730, while a higher high may send the precious metal to the triple top at 1830. EURGBP breaks below support The sterling soared after BOE Governor Bailey said that the central bank may act to contain inflation. Sentiment has become increasingly bearish over the euro after its break below August’s low at 0.8450. A bearish MA cross on the daily chart indicates an acceleration to the downside. An oversold RSI has led to a limited rebound towards 0.8485, which may turn out to be an opportunity to sell into strength. 0.8350 near February 2020’s lows would be the next target when momentum traders jump in to bid up the pound. US 30 recovers to previous peak The Dow Jones rallies as investors look past macro concerns and focus on earnings instead. The break above the supply zone around 35000 has prompted the bears to cover. The index then went on to recoup most losses from the September sell-off. With the short-side out of the picture, sentiment might have turned around. 35500 is a major resistance and a bullish breakout would resume the uptrend for new all-time highs. As the RSI suggests an overextension, 35050 is fresh support in case of retracement.
Intraday Market Analysis – USD Seeks Support - 19.10.2021

Intraday Market Analysis – USD Seeks Support - 19.10.2021

Jing Ren Jing Ren 19.10.2021 12:07
The Australian dollar rallied after the RBA expected a return to growth in October’s meeting minutes. The pair has met stiff selling pressure in the supply zone (0.7460) from the September sell-off. And the RSI is once again in the overbought area. Short-term buyers would be eager to take profit, driving the price lower in the process. 0.7380 is the first support and will test the bulls’ resolve. A bounce above the said resistance would trigger an extended rally. On the downside, a bearish breakout may cause a correction to 0.7320. USDCHF sees limited rebound The US dollar recoups some losses supported by recovering Treasury yields. The drop below the demand zone around 0.9230 has put the bulls under pressure. An oversold RSI has triggered the buy-the-dips mentality at the fresh support at 0.9200. The buy-side will need to clear the hurdle at 0.9310 to reclaim control of the direction. Otherwise, the latest rebound may be an opportunity for the bears to sell into strength. A new round of sell-off would send the pair towards the daily support at 0.9100. NAS 100 tests resistance The Nasdaq 100 rallies as investors seem to be feeling confident about the upcoming earnings. A rebound above the psychological level of 15000 suggests strong buying interest in keeping the rally intact in the medium-term. The RSI’s overbought situation has temporarily held the impetus back. A retracement is likely to attract bids in the vicinity of 15050. 15400 is a major resistance from the daily timeframe and its breach may resume the uptrend above 15700. Failing that, 14800 is a key floor on the downside.  
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Intraday Market Analysis – USD Struggles For Support

Jing Ren Jing Ren 18.10.2021 12:08
EURUSD attempts a bullish breakout The US dollar retreated after retail sales fell below 1% in September. The euro’s rally above 1.1570 has led some short interests to close their positions. The pair is testing the key resistance at 1.1640, which coincides with the 20-day moving average and the first resistance on the daily chart. A bullish breakout could pave the way for recovery to 1.1750. However, buyers could be hesitant to commit after an overbought RSI caused profit-taking. In case of a pullback, 1.1540 is fresh support to keep the current rebound relevant. NZDUSD tests key resistance The New Zealand dollar rallies as Q3 inflation beats estimates. After a few days of sideways action, the indecision ended with a break above 0.7020, the origin of the last sell-off. In turn, this set the kiwi on a bullish course. Sellers would scramble to get out after their failed attempts to push lower. An overbought RSI may cause a temporary pullback. 0.7040 is the immediate support, then 0.6980 is the second line of defense in case of a deeper correction. A close above 0.7110 would lift the pair towards the previous peak at 0.7170. GER 40 heads towards major hurdle The Dax 40 bounces higher as the market bets on a prolonged low-interest environment. The major floor at 14800 has seen strong buying interest as traders bought the dip. A bullish close above 15200 has put the short side under pressure. Then a rally above the 30-day moving average indicates further commitment from the buy-side. The momentum could slow down momentarily as the RSI shows an overbought situation. 15300 would be the first support. A break above the daily resistance at 15700 may resume the uptrend.
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Intraday Market Analysis – WTI Rally Gains Traction

Jing Ren Jing Ren 18.10.2021 08:21
Oil prices jumped after the IEA raised its global oil demand growth forecast. WTI crude continues to grind its way up after it reached a seven-year high. The RSI has returned to the neutrality area and a short-lived retracement met strong buying interest above 78.70. The bulls may raise volatility once again if they succeed in pushing back above the psychological tag of 82.00. A newly overbought RSI may temporarily restrain the momentum. On the downside, a breakout could trigger a correction to 75.50. XAGUSD rises towards key resistance Silver advanced higher as the US dollar index licks wounds after a heavy decline. The precious metal broke above the supply zone around the 30-day moving average (23.10). This is a sign of a bullish U-turn with 23.95 from the daily timeframe as the next target. As the RSI flirts with the overbought territory, we can expect strong selling pressure at that level of interest. 22.90 is the immediate support in case of retracement. Further down, 22.20 is the bulls’ second line of defense. US 100 attempts a bullish reversal The Nasdaq 100 rose as investors anticipate strong profit growth in the third quarter. The break above 14930 has prompted sellers to cover their positions, alleviating the bearish pressure in the process. The tech index has then secured support around 14600. A bullish close above the psychological level of 15000 would bring some much-needed confidence to the long side. Then the daily resistance at 15415 would be in the crosshair. Meanwhile, the RSI’s overbought situation may cause a limited pullback to 14900.
Intraday Market Analysis – USD Regains Bullish Momentum - 23.09.2021

Intraday Market Analysis – USD Regains Bullish Momentum - 23.09.2021

Jing Ren Jing Ren 23.09.2021 08:55
USDJPY bounces off triple bottom The US dollar recovered after the Fed signaled an interest rate hike next year. The fall below 109.60 had made buyers cautious in an extended consolidation with the market marred by indecision as the pair swung between 109.10 and 110.40. A triple bottom at 109.10 is a sign of strong buying interest when the RSI showed an oversold situation. The bulls need to push above the psychological level of 110.00 to trigger a rally. Otherwise, a break below 109.10 may force them to bail out and send the pair to 108.70. XAUUSD meets tough resistance Gold tumbles as the US dollar’s rally gains traction. The precious metal has met solid bids in the demand zone around 1742. A bullish RSI divergence has indicated that selling pressure may have waned. A close above the immediate resistance at 1767 has attracted some buying interests, though an overbought RSI has checked the upward impetus. 1796 from the previous consolidation remains a key hurdle. Its breach would open the door to the daily resistance at 1830. On the downside 1760 is fresh support. USOIL to test major resistance WTI crude holds onto its gains after a larger-than-expected decrease in US inventories. The price had met stiff selling pressure at 73.00 where the August sell-off started. A bullish RSI divergence in the demand zone of 69.50 indicates a loss of momentum in the retracement. A rebound above 71.30 is a confirmation that buyers are still in the game and a bullish MA cross may suggest an acceleration in the rally. A break above 73.00 would lead to the next daily resistance at 74.00. 70.60 is the first support in case of a pullback.
Intraday Market Analysis – USD Finds Bullish Impetus - 17.09.2021

Intraday Market Analysis – USD Finds Bullish Impetus - 17.09.2021

Jing Ren Jing Ren 17.09.2021 09:31
AUDUSD struggles for support The Australian dollar softens as lockdowns led to sharp job losses in August. The pair has struggled to hold on to gains after 0.7400. Traders are testing supports as the initial surge fades. A break below 0.7310 is a sign of weak buying interest. Then a breach below 0.7290 would lead to a test of 0.7245 which happens to be the 61.8% Fibonacci retracement level from the daily chart. The resistance could cap a rebound at 0.7345 and rather be an opportunity to sell into strength. USDJPY bounces off daily support The US dollar surged after August’s upbeat retail sales took the market by surprise. The greenback was bid up by a buying-the-dips crowd on the daily support (109.10) when the RSI showed an oversold situation. The indicator’s bullish divergence pointed to a loss in the sell-off momentum. The break above the immediate resistance at 109.75 would prompt sellers to cover their positions. 110.15 is a key hurdle ahead and a bullish breakout may raise volatility and jump-start a new round of rally in the dollar. GBPUSD falls through trendline The US dollar’s rally across the board puts the sterling on the defense. The pair has been climbing along a rising trendline. Then it met stiff selling pressure in the daily supply zone near 1.3900. An initial fall below 1.3800 indicated a lack of conviction in the rebound after a repeatedly overbought RSI. The invalidation of the trendline would turn sentiment upside down with buyers cashing in. 1.3730 is the next support as the firesale gains traction. On the upside, the bulls will need to lift 1.3840 before they could hope for a bounce.
Intraday Market Analysis – CAD Claws Back Losses - 16.09.2021

Intraday Market Analysis – CAD Claws Back Losses - 16.09.2021

Jing Ren Jing Ren 16.09.2021 15:07
USDCAD capped by key resistance The Canadian dollar recovered after a rise in the August CPI. The previous attempt to break below 1.2500 has put the bulls under pressure. The rebound met offers at 1.2760 when the RSI was in an overbought situation. A bullish breakout would send the price to the peak around 1.2900. On the downside, 1.2600 is fresh support as buyers try to hold onto recent gains. Its breach could force them to abandon ship and trigger a sell-off to 1.2500, which would be the ultimate test of the bulls’ commitment. NZDUSD seeks support The New Zealand dollar inched higher after the Q2 GDP beat expectations. The bulls are looking to consolidate their gains after they cleared the daily resistance at 0.7100. A bullish MA cross on the daily chart indicates a bullish bias. However, the kiwi’s struggle to stay above 0.7100 is a sign of overextension in the short term. A controlled pullback is necessary to gather momentum after a rebound stalled at 0.7150. 0.7055 is the immediate support. Then the psychological level of 0.7000 is a crucial floor. USOIL rally gains momentum WTI crude shot higher after the EIA reported a large drop in US inventories. A bullish MA cross on the daily chart suggests that sentiment has turned positive. After a brief consolidation, price action has lifted the psychological level of 70.00, turning it into fresh support. As the upward momentum picks up speed, the oil price is heading to 74.10. The quick recovery would put the August sell-off behind and resume the 17-month long rally. A limited retracement may occur as the RSI inches into the overbought area.
Intraday Market Analysis – Dax Extends Consolidation

Intraday Market Analysis – Dax Extends Consolidation

Jing Ren Jing Ren 13.09.2021 10:49
GER 30 tests key support The stock markets recover as a discussion between Biden and Xi raises hopes of a thaw in US-China relations. The Dax 30 has found buying interest on the daily support (15450). A bullish RSI divergence suggests a loss in the sell-off momentum. Traders were eager to buy the dip in this area of congestion when the RSI showed an oversold situation. A rally above 15740 would confirm the rebound. 16000 would be the target when buyers regain confidence. Otherwise, a slide below 15450 may trigger an extended correction. CADJPY hits key resistance The loonie stalled after Canada’s mixed employment data in August. The pair has previously broken below the demand zone at 86.60, putting buyers on the defensive. The latest rebound has turned out to be a dead cat bounce after the price saw strong selling pressure at 87.35. An overbought RSI was an opportunity for sellers to step in. Sentiment remains bearish in line with the downtrend initiated in early June. 86.40 is the last line of defense for the bulls and a fall below may trigger a sell-off to 85.50. XAGUSD sees bearish breakout Bullions weakened after the US dollar advanced on better-than-expected producer prices. The break below the rising trendline has put silver’s recovery at risk. Then the bears’ push below the critical support at 23.80 was an indication that they have gained the upper hand. An oversold RSI may cause a limited bounce. The bulls have the daunting task of lifting offers around 24.40 to turn the downbeat bias around. If momentum traders join in, a cascade of sell-offs may target 23.40 and then the psychological tag at 23.00.
Intraday Market Analysis – Gold Meets Resistance

Intraday Market Analysis – Gold Meets Resistance

Jing Ren Jing Ren 26.08.2021 09:05
XAUUSD tests key resistance The US dollar’s weakness continues to fuel the gold rush. The precious metal has recouped most losses from the crash earlier this month. The rapid recovery indicates traders’ strong willingness to buy the dips. The price is about to test the major supply zone between 1810 and 1830 from the daily chart. Analysts can expect stiff selling pressure as short-term buyers take profit. A bullish breakout may jump-start the uptrend once again. As the RSI goes muted, 1785 is the first level to gauge the strength of the rebound. USDNOK retreats to critical support The commodity-linked Norwegian krone strengthened as oil prices recovered. The greenback had met stiff selling pressure at the double top (9.1000). The subsequent break below 8.8800 suggests that hands are weak on the long side. Profit-taking and fresh selling have sent the price to 8.7800, which is critical support from the daily timeframe. Its breach could signal a bearish reversal. An oversold RSI may attract some buying interest, but the bulls will need to lift offers around 8.9200 before they could push for a rebound. USOIL heads towards daily resistance WTI crude rallied after the EIA showed a drop in the US inventories. Price action continues on its upward journey after it bounced off May’s low at 62.00. A bullish RSI divergence at that major support suggested that the selling pressure was fading. The rally above 67.40 is a confirmation that buyers have taken over. 69.50 is the hurdle ahead and a breakout may end a seven-week long consolidation and resume the uptrend. An overbought RSI may trigger a limited pullback. 65.70 would be the first support in that case.
Intraday Market Analysis – USD Seeks Support

Intraday Market Analysis – USD Seeks Support

Jing Ren Jing Ren 26.08.2021 09:04
USDCHF retests Fibonacci level The US dollar takes a backseat as traders await the Fed’s update at the Jackson Hole symposium tomorrow. The pair is trading within a narrowing range between 0.9020 and 0.9240. This is a sign of momentary hesitation amid mixed data signals. The greenback is testing again the 61.8% (0.9100) Fibonacci retracement level from the August rally. A rebound will need to clear 0.9170 to attract more patient players. A bearish breakout towards 0.9020 on the other hand may invalidate the recent rally. CADJPY grinds resistance The Canadian dollar bounces back supported thanks to a recovery in oil price. The break below the daily support at 85.50 suggests that sentiment may have turned downbeat in the medium-term. However, there is still room for an intraday rebound after the RSI’s double-dip into the oversold area. The indicator’s divergence also showed a slowdown in the sell-off. A close above 87.10 would lead to the supply zone at 88.40 where we can expect stronger selling pressure. 86.20 is fresh support on the downside. NZDCHF bounces off key support The New Zealand dollar climbed after the RBNZ’s chief economist said that the outbreak has limited effect on monetary policy. The pair saw buying interest at December’s low at 0.6250. The RSI’s bullish divergence in this demand zone was an important signal that sellers had become less aggressive. The subsequent rally above 0.6330 is a confirmation that a rebound is underway. 0.6415 would be an intermediate resistance. 0.6300 is fresh support in case of a pullback as the RSI inches towards an overbought situation.
Intraday Market Analysis – USD Struggles To Find Bids

Intraday Market Analysis – USD Struggles To Find Bids

Jing Ren Jing Ren 29.07.2021 09:52
EURUSD attempts reversal The US dollar tumbled after Fed Chairman Jerome Powell said it is nowhere near a rate hike. The RSI divergence was a giveaway that the sellers may have taken their feet off the pedals. The break above 1.1820 suggests that buyers were trying to get back into the game. As the pair grinds its way up, a close above 1.1850 may foreshadow a U-turn in the coming days, prompting sellers to cover. 1.1880 could be the last hurdle and its clearance may trigger a runaway rally. 1.1770 is a fresh support in case of a pullback. CADJPY tests psychological level The Canadian dollar inched higher after a better-than-expected CPI in June. The bulls are looking to extend the rebound from 85.50, a major support on the daily chart, in order to resume the fifteen-month long uptrend. The break above the support-turned-resistance of 87.60 has put the bears under pressure. The psychological level of 88.00 has so far capped the loonie’s advance. However, an oversold RSI may help gather more buying interest. 86.60 is the immediate support if the consolidation drags on. NAS 100 recoups losses The Nasdaq 100 recovers from profit-takings as investors continue to digest Q2 earnings. The technical pullback has found bids on the 20-day moving average (14800). Buyers were quick to see the oversold RSI as a bargain indicator. The bullish mood remains intact as long as the price is above the previous demand zone near 14550 from the daily chart. Consolidation may run its course for a few more hours as short-term bulls rebuild their stakes. Those armed with patience may wait for a clean break above the peak at 15140.
Gold & the USDX: Correlations

Intraday Market Analysis – USD In Overbought Conditions

Jing Ren Jing Ren 18.06.2021 09:23
USDCHF tests daily resistance The US dollar carries on its rally as the SNB sticks with ultra-loose policy. Strong momentum above 0.9090 indicates that the directional bias has shifted to the upside as sellers rush to bail out. The rebound is now testing the resistance at 0.9200 on the daily chart. The RSI shows overextension and could lead to a temporary pullback. The former supply zone near 0.9070 and the 30-hour moving average is the first support. 0.9270 is the nearest resistance when buyers renew their pressure. AUDUSD tanks to critical demand area A drop in Australia’s unemployment rate barely lifted its currency as traders’ prices in the US taper. The breakout below the demand area at 0.7600 is a sign of mounting bearish pressure. 0.7530 is a critical support to safeguard the uptrend from a medium-term perspective. Its breach could trigger an extended sell-off leading to a reversal. An oversold RSI is rising back to the neutral area. A combination of profit-taking and fresh buying may lift the price to the immediate resistance at 0.7640. UK 100 retreats to key support The FTSE index consolidates as traders ponder inflation threat post-FOMC. The rally above May’s high at 7160 is a bullish sign though short-term data-driven volatility is unlikely to die down. 7200 has capped buyers’ attempts to push higher and is now a key hurdle. A dip below 7135 may force leveraged buyers to abandon ship, especially when a divergent RSI points to a loss in the upward momentum. 7100, a resistance-turned-support is an area of congestion as it lies on the 20-day moving average.
Intraday Market Analysis – USD Lifts Key Resistance

Intraday Market Analysis – USD Lifts Key Resistance

Jing Ren Jing Ren 17.06.2021 08:57
EURUSD plunges in search of support The US dollar surges as the Fed signals interest rate hikes in 2023. The pair has been in a steady retracement after it broke above the daily resistance at 1.2240. Though the breach of the major support at 1.2070 may have dented the bullish fever. The RSI is deep in the oversold zone. The demand area between 1.1990 and the psychological level of 1.2000 could see a limited rebound as a result of profit-taking and dip-buying. 1.1940 could be the next target while 1.2130 has become the new resistance. USDCAD cuts through critical resistance The Canadian dollar slumped against its buoyant US counterpart despite Canada’s upbeat CPI. The greenback has pierced through the key resistance at 1.2200. The bullish breakout could initiate a reversal as sellers scramble to cover. The pair is looking to consolidate its gains above the 30-day moving average. 1.2300 is the next resistance. The RSI has ventured again in the overbought area and could face a pullback as momentum players take chips off the table. 1.2155 is the immediate support in case of a retreat. EURGBP tests lower band of consolidation range Sterling rallied after the UK’s core CPI jumped to 2% yoy in May. The euro’s last rebound has once again failed to clear the supply zone near 0.8630. Stiff selling pressure has pushed the pair below 0.8580, the origin of the latest rally. This suggests that sellers still have the upper hand in the general direction. An oversold RSI may prompt intraday traders to take profit. The demand zone between 0.8560 and 0.8570 at the lower range of consolidation is critical. Its breach could trigger a sell-off towards 0.8500.
Gold & the USDX: Correlations

Intraday Market Analysis – GBP Needs Rebound Catalyst

Jing Ren Jing Ren 16.06.2021 09:39
GBPUSD bounces off key support The pound consolidates as the unemployment rate falls to 4.7% in the three months to April. The pair has found support at the lower range of its horizontal consolidation (1.4040). This demand zone from the daily chart is critical in keeping the bullish trend intact. An oversold RSI at this level may have prompted the bulls to buy the dip. 1.4125 from the latest sell-off is the immediate resistance. Its clearance could pave the way to the peak at 1.4250. On the downside, a breakout could trigger a sell-off towards 1.3900. NAS 100 retreats towards support The Nasdaq 100 pulls back ahead of the Federal Reserve’s June monetary policy meeting. The breakout above the previous high at 14070 is a confirmation of bullish continuation. The bullish MA cross on the daily chart suggests an acceleration in the rally. Short-term retracement could meet buying interest from trend followers. 14170 is the immediate resistance and the psychological level of 14000 is the closest support. Further down, 13800 on the 20-day moving average would be a test for the bulls’ commitment. XAGUSD consolidates ahead of breakout Silver holds on to recent gains as the US dollar softens on lackluster retail numbers. Sentiment has recovered after the price rallied above the daily resistance at 28.30. The precious metal is grinding along the 30-day moving average in search of bids. 27.00 is a major support while the sideways action goes on. A bearish breakout could extend the correction towards 26.10. On the upside, a close above 28.00 may lead the price to challenge the upper band of the range at 28.70 for the third time.
Intraday Market Analysis - NASDAQ Rises Above Major Resistance

Intraday Market Analysis - NASDAQ Rises Above Major Resistance

Jing Ren Jing Ren 09.06.2021 09:42
NAS 100 climbs back towards peak Equity markets hold high as investors weigh stronger economic rebound against reflation concerns. The Nasdaq’s surge above the daily resistance at 13800, suggests that buyers have regained control of the direction. The bull market may resume when trend followers jump in again. 13960 is the resistance up ahead. Its breach could trigger an extended rally to the peak at 14070. The RSI has retreated into the neutral zone. 13700 has turned into a demand zone in case the index needs to consolidate its gains. EURGBP forms head and shoulder The euro rallying after the eurozone’s Q1 GDP showed a smaller contraction than expected. The major support at 0.8560 has held well against sellers’ multiple attempts to break out. The rally above 0.8605 could shift the balance in favor of the demand side. The formation of a head and shoulder may suggest a reversal in the coming hours. A break above the neckline which coincides with the resistance level of 0.8618, acts as a confirmation. 0.8645 would be the next hurdle, while 0.8590 acts as the immediate support. NZDUSD bounces off demand zone The New Zealand dollar is recovering on improved risk appetite across the board. The pair has found solid bids in the demand area (0.7120) on the daily chart. The subsequent breakout above 0.7230 indicates strong buying interest. 0.7140 is the key support to keep the bullish momentum going. The RSI has returned to the neutrality area, leaving room for another round of rally. On the upside, 0.7285, a critical resistance, would be the next target. Its breach could open up the highway towards 0.7400.