John Benjamin

John Benjamin

John Benjamin is a Macro-Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.

Intraday Market Analysis – USD Consolidates Gains - 09.03.2022

Intraday Market Analysis – USD Consolidates Gains - 09.03.2022

John Benjamin John Benjamin 09.03.2022 08:47
USDJPY breaks higherThe Japanese yen softened after weaker-than-expected GDP in Q4. Despite choppiness in recent price action, confidence in the greenback remains high.A failed attempt at the supply zone (115.80) suggests a lack of momentum, but a swift bounce off 114.65 reveals strong enough buying interest.A bullish breakout would lead to the double top at 116.35. Its breach could end the two-month-long consolidation and trigger an extended rally towards January 2017’s highs around 118.00. 115.40 is fresh support.AUDUSD seeks supportThe Australian dollar stalls as commodity prices consolidate. The rally above 0.7310, a major supply area, has weakened selling pressure and put the pair on a bullish reversal course.The Aussie’s parabolic ascent and an overbought RSI prompted short-term buyers to take profit. As the RSI swings back into the oversold zone, the bulls may see the current fallback as an opportunity to stake in.0.7380 is a fresh resistance and 0.7250 is the immediate support. Further below 0.7170 is a critical level to keep the rebound valid.UK 100 sees limited bounceThe FTSE 100 struggles as the UK plans to ban Russian energy imports.On the daily chart, a break below the demand zone (6850) wiped out 11-months worth of gains and signaled a strong bearish bias. The RSI’s oversold situation may cause a temporary rebound, but a bearish MA cross could attract more selling interest.The liquidation is yet to end as medium-term buyers scramble for the exit. 7200 is a fresh resistance and 7450 is a major supply zone. A drop below 6800 may lead to 6500.
We Will Probably Review All Of Inflation Indicators Around The World This Weekend

Intraday Market Analysis – USD Consolidates - 07.03.2022

John Benjamin John Benjamin 07.03.2022 09:21
USDCHF struggles for support USDCHF The US dollar softens as the Fed may settle for a less aggressive rate hike agenda. The recent sideways action is a sign of the market’s indecision. Sellers’ previous attempts to push below 0.9150 have met some buying interest in this demand zone. A definitive breakout may send the pair to January’s lows around 0.9100. Then the path of least resistance could be down, ending a three-month-long consolidation. 0.9230 is the immediate resistance and 0.9290 is a major hurdle before the greenback could bounce back. XAUUSD breaks higher XAUUSD Gold rallies as investors’ flight to safety continues. The bulls have tempered their aggressiveness after the initial surge. The latest pullback has been an opportunity to accumulate against a bullish backdrop. Price action continues to climb along the rising trendline which suggests that the direction is still up. A break above the psychological level of 2000 would bring in more momentum traders. In fact, that would send the price to August 2020’s high at 2075. Between the trendline and 1930 there is a key demand zone. GER 40 drops to a fresh low GER 40 The Dax 40 plunges for fears of stagflation in the eurozone. The index has ventured further into the bearish territory after it broke below March 2021’s lows around 14000. The liquidation is yet to end as sentiment remains downbeat. A break below the psychological level of 13000 would trigger a new round of sell-off to 12000. The RSI’s oversold situation from both daily and hourly charts may cause a limited bounce if short-term traders take profit. 13500 is the first resistance ahead and could attract more trend followers.  
Intraday Market Analysis – USD Consolidates Gains - 04.03.2022

Intraday Market Analysis – USD Consolidates Gains - 04.03.2022

John Benjamin John Benjamin 04.03.2022 09:19
USDJPY tests supply areaThe Japanese yen stalled after an increase in January’s unemployment rate.The pair’s rally above the supply zone around 115.80 has put the US dollar back on track. The general direction remains up despite its choppiness. 114.40 has proved to be solid support and kept the bulls in the game.A close above 115.80 would extend the rally to the double top (116.30), a major resistance on the daily chart. Meanwhile, an overbought RSI caused a limited pullback, with 115.10 as fresh support.NZDUSD breaks resistanceThe New Zealand dollar recovers amid commodity price rallies.After the pair found support near last September’s lows (0.6530), a bullish MA cross on the daily chart suggests that sentiment could be turning around. A bullish breakout above the recent high (0.6810) would further boost buyers’ confidence and lift offers to January’s high at 0.6890.On the downside, 0.6730 is the first support if buyers struggle to gather more interest. 0.6675 would be a second layer to keep the current rebound intact.UK 100 lacks supportThe FTSE 100 slipped after the second round of talks between Russia and Ukraine ended without much result.The index met stiff selling pressure at 7560 then fell below the critical floor at 7170. Increasingly bearish sentiment triggered a new round of sell-off to the psychological level of 7000 from last November.A deeper correction would lead to a retest of 6850, dampening the market mood in the medium-term. On the upside, the bulls must clear 7300 and 7450 to reclaim control of the direction.
USDNOK Nears 9.000 Level, GBPUSD Trades Ca. 1.335, GER 40 (DAX) Opened Quite Lower

USDNOK Nears 9.000 Level, GBPUSD Trades Ca. 1.335, GER 40 (DAX) Opened Quite Lower

John Benjamin John Benjamin 28.02.2022 10:32
GBPUSD looks to steady The sterling recoups some losses as sentiment stabilizes after the initial fear-driven sell-off. A clean cut through the daily support at 1.3360 has triggered a wave of liquidation. Sentiment remains downbeat despite the recent rebound. A deeply oversold RSI attracted some bargain hunters. However, the pound is vulnerable to another sell-off as buyers could be wary of catching a falling knife. 1.3500 from the previous consolidation range is the closest resistance. Further down, 1.3200 (near last December’s lows) might be the next target. USDNOK breaks rising trendline The US dollar consolidates as the Ukraine conflict makes a too aggressive move by the Fed unlikely. A short-lived surge above the supply area (9.0300) indicates strong selling pressure around 9.0900. Then a fall below the rising trendline calls the recent rebound into question. 8.7900 is the next support and buyers will need to lift offers around 9.0900 before they could hope for a meaningful comeback. Further down, this month’s low at 8.6800 is a key floor to keep the greenback afloat. GER 40 attempts to rebound The Dax 40 rebounds as traders bet that sanctions against Russia may not reach their full extent. The index saw solid bids near its 12-month lows (13800). The RSI’s repeated oversold indication has led short-term sellers to take profit in this key demand zone. 14850 from the tip of a previous bounce is the immediate resistance where the bears could be awaiting to sell into strength. A bullish breakout could soothe a battered mood. Otherwise, another round of sell-off may push the index below 13500.
USDJPY, XAUUSD And Standard And Poor 500 Recovering After Noticeable Fluctuations

USDJPY, XAUUSD And Standard And Poor 500 Recovering After Noticeable Fluctuations

John Benjamin John Benjamin 25.02.2022 09:04
USDJPY bounces off daily support The US dollar jumps as traders seek safe haven assets over the Russia-Ukraine conflict. The pair struggled for bids after it turned away from the double top (116.20) and has been grinding down a falling trend line. However, the daily support at 114.40 has proved to be a solid demand area by keeping February’s rebound intact. Strong momentum above the trend line and 115.20 forced sellers out of the game and would attract more purchasing power. A close above 116.20 would extend the rally towards 117.00 XAUUSD seeks support Gold whipsawed as markets await the Western response to the invasion of Ukraine. The rally accelerated after it broke above last June’s high at 1912. Momentum trading pushed the price to September 2020’s highs (1975) before reversing its course. 1880 is a fresh support after intraday buyers took profit. As sentiment shifts to the bullish side, the current pullback combined with a depressed RSI could trigger a bargain-hunting behavior. Renewed buying frenzy may send the metal to the psychological level of 2000. US 500 lacks support The S&P 500 weakens as investors fear spillover from the conflict in Ukraine. A break below the daily support at 4280 further put the bulls on the defensive. Last May’s lows, near 4040, are the next target as liquidation continues. The index may have entered the bear market as the sell-off could speed up in the coming weeks. On the daily chart, the RSI’s double-dip in the oversold area may offer a temporary relief. 4350 is the first hurdle ahead and the bears may look to fade any rebound amid soured sentiment.
USOIL (WTI) Increased As Expected. NZDUSD And AUDUSD Went Down

USOIL (WTI) Increased As Expected. NZDUSD And AUDUSD Went Down

John Benjamin John Benjamin 24.02.2022 09:02
USOIL continues to climb WTI crude surged after Russia launched a military operation in eastern Ukraine. The latest market jitters met support over 90.70 which sits next to the 20-day moving average. Sentiment would stay optimistic as long as price action is above this demand zone. A previous horizontal consolidation allowed the bulls to catch their breath and accumulate for the current push. A close above 95.50 would send the price towards the landmark 100.00. An overbought RSI may cause a brief pause if momentum traders take profit. NZDUSD hits resistance The New Zealand dollar jumped after the RBNZ raised rates for the third time in a row. The pair met selling pressure in the supply zone (0.6810) from the sell-off in late January. An overextended RSI led short-term bulls to take profit in that congestion area. However, the rebound trajectory may attract buying interest with the current pullback seen as an opportunity. 0.6680 is the next support after a drop below 0.6730. A deeper correction may test 0.6600, which is important support from the daily chart. AUDUSD seeks support The Australian dollar retreats amid cautious market sentiment. A break above the recent peak at 0.7245 suggests a strong bullish commitment. The pair is heading towards January’s high at 0.7310. A bullish breakout could turn things around in the medium term. After the RSI ventured into the overbought area, the bullish impetus stalled as intraday buyers took profit. 0.7165 is the next support as the RSI swings into the oversold area. Further down, 0.7100 is a key floor to keep the rebound intact.
Tension Beetween Ukraine And Russia Definetely Shaped News In Recent Days

EURGBP - Does The Single Currency Strengthen? Bearish GER 40 Ahead?

John Benjamin John Benjamin 23.02.2022 08:52
EURUSD bounces off support The euro surged over signs that Moscow may remain open to diplomacy. The pair found support at the base of the previous rally (1.1290), indicating the bulls’ commitment to keeping the rebound intact. The RSI’s oversold situation attracted a slew of bargain hunters betting on a lengthy rebound. A break above 1.1390 would prompt sellers to cover and pave the way for a sustained recovery. The recent peak and daily resistance at 1.1490 is a major hurdle. Its breach could extend the rally to 1.1600. EURGBP attempts reversal The sterling whipsawed after BOE officials’ comment about a “modest” rate hike over the coming months. The euro saw strong bids at the base of the February breakout rally (0.8310). A break above 0.8370 wiped out some selling interest, a prerequisite for a meaningful recovery. 0.8400 is the next resistance and its breach would further boost buyers’ confidence and propel the single currency to the recent high at 0.8475. On the downside, a bearish breakout would invalidate the rebound pattern and cause a sell-off below 0.8280. GER 40 breaks floor Trepid sentiment continues to weigh on the Dax. The plunge below the 9-month long consolidation area (14850) may foreshadow a bear market. As traders grew wary, trapped bulls would look to get out of their positions while the bears saw any rebound as an opportunity to sell into strength. An oversold RSI brought in some bids and 14850 is the immediate resistance. However, the index would remain under unless it lifts offers around 15200. Otherwise, the psychological level of 14000 would be the next stop.
UK100 Price Trades Below Levels Of The Week Before, Silver Price Raised Noticeably

UK100 Price Trades Below Levels Of The Week Before, Silver Price Raised Noticeably

John Benjamin John Benjamin 22.02.2022 08:59
USDCHF tests daily support The Swiss franc surges as the US-Russia stalemate boosts demand for safe haven assets. Consecutive drops below 0.9220 and then 0.9180 suggest that sellers have taken control. The greenback is heading towards January’s double bottom around 0.9110. A break below this key floor would trigger a deeper correction towards the psychological level of 0.9000. The RSI’s oversold situation may cause a temporary rebound. The support-turned-resistance at 0.9220 is the level to break to give the bulls any hope of recovery. XAGUSD bounces higher Bullion rallies over ongoing geopolitical tensions in Eastern Europe. Silver gained momentum after a break above the supply zone at 23.90. A brief fallback found support over 23.10 which indicates solid buying interest. The price is grinding up along a rising trendline and sentiment remains upbeat as long as it stays above the congestion area near the trendline and 23.60. January’s peak at 24.70 is the target when volatility picks up again. A bullish breakout could trigger a broader reversal in the weeks to come. UK 100 struggles for support The FTSE 100 tumbles as risk appetite slips across the board. The bulls’ latest effort to push beyond 7630 turned out to be futile. A break below 7500 suggests a lack of commitment and weighs on short-term sentiment. Intraday traders have switched sides and look to fade the next bounce towards the former support. A dip below 7430 has opened the door to 7330 as the next target. Further down, the daily support at 7240 would be a major level to keep the uptrend intact in the medium term.
GBPUSD Chart - Green Candles On The Right Hand Side, USDCAD Moved Down A Little

GBPUSD Chart - Green Candles On The Right Hand Side, USDCAD Moved Down A Little

John Benjamin John Benjamin 21.02.2022 08:53
GBPUSD tests resistance The sterling edged higher after January’s retail sales beat expectations. The recent pause has been an opportunity for the bulls to accumulate. A break above 1.3640 would signal solid buying after previous failed attempts. The daily resistance at 1.3750 would be the next hurdle. Its breach could trigger a broader reversal in the weeks to come. 1.3560 is the immediate support. And 1.3490 at the lower end of the horizontal consolidation is the second line of defense in case the pair needs to attract more support. USDCAD awaits breakout The Canadian dollar tanked after disappointing retail sales in December. The US counterpart is still struggling below the supply zone around 1.2800. A close above this daily resistance could propel the pair to last December’s high at 1.2950, a prerequisite for a bullish continuation in the medium-term. The current sideways action is a sign of indecision. 1.2640 is the lower boundary of the recent consolidation range. A bearish breakout would bring the greenback to a previous low at 1.2560. EURJPY struggles for support The Japanese yen rallies amid growing risk aversion across the board. The euro continues to shed gains from the surge earlier this month. A fall below 131.90 triggered profit-taking, and the latest rally came out to be a dead cat bounce after it was capped by this support-turned-resistance. A break below 130.40 (which sits over the 30-day moving average) shows fragility in market sentiment and would cause another round of sell-off. 129.20 at the base of the bullish impetus would be the next support.
AUDUSD And NZDUSD Charts Looks Quite Similar... SPX Trades A Bit Lower Than A Few Days Ago

AUDUSD And NZDUSD Charts Looks Quite Similar... SPX Trades A Bit Lower Than A Few Days Ago

John Benjamin John Benjamin 18.02.2022 08:51
AUDUSD attempts to break out The Australian dollar finds support from a low jobless rate in January. The pair has previously hit resistance in the supply zone around 0.7250. This is a daily resistance from the sell-off in late January. Then a recovery above 0.7180 suggests solid buying pressure before a bearish mood could take hold again. A break above the key hurdle could initiate a bullish reversal above this year’s peak (0.7310). Otherwise, a prolonged consolidation may test the demand area between 0.7100 and 0.7150. NZDUSD tests resistance The New Zealand dollar climbed higher as the RBNZ can lift its cash rates next week. Price action came under pressure on the 30-day moving average (0.6730). However, strong support at 0.6590 builds a case for a potential reversal. A break above 0.6690 is an encouraging sign leaving 0.6730 as the last obstacle before a bullish extension. A broader rally would bring the kiwi back to January’s high at 0.6890. In the meantime, an overbought RSI caused a brief pullback towards 0.6660. SPX 500 consolidates The S&P 500 struggles as the Russia-Ukraine crisis persists. The previous rebound has met stiff selling pressure over the 30-day moving average (4590). A pullback has sent the RSI into the oversold territory, triggering some buyers’ interest in racking up the bargain. The rebound is still valid as long as the index stays above the critical area of 4280. A break above 4480 may extend gains to the double top at 4590 which is an important resistance. 4360 is the immediate support if the sideways action lingers.
USDCAD Nears Tuesday's Level, GBPCHF Doesn't Fluctate Much And USOIL With A Small Hike After A Significant Decrease

USDCAD Nears Tuesday's Level, GBPCHF Doesn't Fluctate Much And USOIL With A Small Hike After A Significant Decrease

John Benjamin John Benjamin 17.02.2022 08:46
USDCAD struggles for support The Canadian dollar rose after January’s CPI exceeded expectations. The recent triple top near 1.2800 at the origin of the January sell-off is a sign of strong bearish pressure. A combination of profit-taking and new selling means that sentiment is yet to make a decisive turnaround. The bulls will need to push past this major daily resistance before the US dollar could recover to 1.2960. Failing that, a drop below the lower band (1.2640) of the current consolidation range would bring the pair to 1.2560. GBPCHF attempts breakout The sterling finds support from upbeat readings in the UK’s CPI and retail sales. The rally came under pressure in the supply zone around 1.2600. A retreat below 1.2500 has shaken out some weak hands but the sentiment remains upbeat. A subsequent bounce off the demand zone (1.2470) suggests solid interest in keeping the pound afloat. A break above the said resistance would trigger momentum buying and open the door to last October’s high at 1.2760. On the downside, a deeper retracement would test the next support at 1.2380. USOIL shows signs of overextension Oil prices faltered after a surprise rise in US inventories. WTI hits resistance at September 2014’s high (95.50). The RSI’s repeated overbought situation on the daily chart may restrain the bullish fever. A bearish RSI divergence on the hourly time frame indicates a loss of momentum in the short term. 89.10 is the closest support that sits along the 20-day moving average. Buyers could be waiting to enter at pullbacks. A deeper retreat could trigger a sell-off towards 84.00, which is a demand zone from January’s breakout.
Speaking Of nVidia Stock, S&P500 (SPX), The Conflict In Eastern Europe And GBP State

Look At This XAUUSD Slide. Did GBPUSD Find Its Straight Line?

John Benjamin John Benjamin 16.02.2022 08:43
EURUSD bounces off support The US dollar retreats as the Fed’s half-point hike in March remains uncertain. The euro’s break above the daily resistance at 1.1480 boosted buyers’ confidence after a sell-off in January. It bounced off 1.1280 at the base of the recent bullish breakout. The support also is right next to the 61.8% Fibonacci retracement level (1.1265) making it an area of congestion. A close above the intermediate resistance (1.1370) would attract more buying interest. Then an extension above 1.1490 may fuel a rally towards 1.1600. GBPUSD awaits breakout The sterling holds well as Britain’s wage growth beats expectations in December. The current rebound came under pressure in the supply zone around 1.3660 which was the origin of a sharp drop in late January. An overbought RSI led to some profit-taking but the pound has found support above 1.3480. The bears’ failed attempts to push lower indicates strong demand. A bullish close above 1.3640 would lift offers towards last month’s high at 1.3750. The daily support at 1.3370 is a key floor in keeping the rally intact. XAUUSD seeks support Gold drifts lower on signs of de-escalation in Ukraine. A break above last November’s high at 1875 may have put the precious metal back on track. However, the rally ran out of steam in the short term with the RSI shooting into the overbought territory. The price is taking a breather and buyers may see a pullback as an opportunity to stake in. A drop below 1852 may wash out weak hands and deepen the correction towards 1830. 1880 is now a fresh resistance and its breach could propel bullion to last June’s high at 1910.
Will USDJPY Find Its Stability? XAUUSD Is Trades Higher And Higher

Will USDJPY Find Its Stability? XAUUSD Is Trades Higher And Higher

John Benjamin John Benjamin 15.02.2022 09:04
USDJPY hits double top The US dollar recovers as hot CPI fuels bets of a 50 basis points hike in March. The rally came to a halt at January’s high (116.35). Profit-taking compounded by new selling triggered a liquidation below 115.50. The medium-term trajectory remains upward and the bulls may be eager to buy the dips. 114.90 is the next support and an oversold RSI may attract bargain hunters. Further down, the daily support at 114.20 is a major demand zone in case of a deeper correction. A close above the double top could resume the uptrend. XAGUSD tests resistance Bullion rallies over investors’ flight to safety. Silver continues to climb from the daily support at 22.00. Following a brief pullback, a break above the recent high at 23.70 indicates strong buying interest. A bullish MA cross is a sign of acceleration to the upside. The psychological level of 24.00 is the next hurdle and a breakout would bring the price to January’s peak at 24.70. The RSI’s overbought situation may cause a limited fallback; if so the previous low at 22.90 would be the closest support. GER 40 tests critical floor The Dax 40 remains under pressure over Russia-Ukraine tensions. The last rebound’s failure to achieve a new high showed that the bears were still in charge. Trend followers are likely to sell into strength as sentiment remains wary. The index saw bids in the critical demand zone around 14900 which has been tested several times in the last four months. A bearish breakout would trigger a broader sell-off and put a serious dent in the medium-term rally. The bulls will need to reclaim 15500 before they could turn things around.
US 30 Is On A Slightly Low Level, Which Way Will GBPJPY Choose?

US 30 Is On A Slightly Low Level, Which Way Will GBPJPY Choose?

John Benjamin John Benjamin 14.02.2022 08:48
USDCHF to test resistance The US dollar rises as traders seek safe haven amid tensions in Ukraine. The pair is grinding up along a rising trendline from support at 0.9180. A series of higher lows suggests strong buying interest. A break above the intermediate resistance at 0.9275 may boost buyers’ confidence further. 0.9310 is the next hurdle and its breach would bring the greenback to the double top (0.9370) on the daily chart. On the downside, the trendline is the closest support, and then 0.9180 is a critical level to keep the short-term rally intact. GBPJPY tests demand zone The pound may find support from Britain’s upbeat GDP in Q4. A break above January’s high at 157.70 suggests that the bulls have reclaimed control of price action. The next challenging task is to push above last October’s peak at 158.20. This would resume the uptrend in the medium term. In the meantime, a combination of profit-taking and fresh selling is driving the price towards 155.20. Sentiment would remain steady as long as the sterling met bidders in this demand area. US 30 seeks support The Dow Jones 30 struggled as white-hot US inflation fanned fears of aggressive rate hikes. Nonetheless, a break above the 30-day moving average on the daily chart indicates improved market sentiment. An overbought RSI prompted momentum traders to exit. A fall below 34820 would suggest lingering hesitation among market participants and shake out weak hands. The bulls may see a pullback towards 34500 as a buying opportunity. The rebound may only resume if the price lifts offers around 35400.
XAGUSD And US100 Slides Down, USDJPY Near 116.00

XAGUSD And US100 Slides Down, USDJPY Near 116.00

John Benjamin John Benjamin 11.02.2022 10:06
USDJPY to test major resistance The US dollar surged after consumer prices hit a 40-year high. Higher lows and then a close above the recent peak at 115.65 is an indication of strong bullish pressure. This breakout has propelled the greenback to January’s high at 116.35. Its breach could trigger a runaway rally and resume the uptrend in the medium term. An overbought RSI on the hourly chart may briefly restrain the bullish fever. 115.30 is the closest support and the bulls may see a pullback as an opportunity to stake in. XAGUSD seeks support Bullions fell back after US Treasury yields soared over hot US inflation data. The psychological level of 22.00 has proven to be a solid demand area. A break above 23.00 has forced sellers to cover, paving the way for an upward extension. 24.00 from a previous rectangle consolidation is the next resistance. A bullish breakout would bring silver back to this year’s high at 24.70. On the downside, the resistance-turned-support at 22.80 could see buying interest in case of a retracement. US 100 hits resistance The Nasdaq 100 struggles as record-high US inflation exacerbates rate hike concerns. The previous rebound has eased selling pressure but hit resistance under 15350. The subsequent pullback bounced off the 61.8% Fibonacci retracement level (14400), which suggests buyers’ strong interest in keeping the index afloat. Sentiment is still a tad cautious unless the bulls clear the said hurdle. Then the psychological level of 16000 could be within reach. 14500 is a key support in case of an extended consolidation.
AUDUSD Gets Rid Of The Recent Resistance, EURGBP Flows Calmly And USOIL Hovers Around $90

AUDUSD Gets Rid Of The Recent Resistance, EURGBP Flows Calmly And USOIL Hovers Around $90

John Benjamin John Benjamin 10.02.2022 08:47
AUDUSD breaks higher The Australian dollar climbs as traders wager on a hawkish shift from the Reserve Bank of Australia. On the daily chart, a break above the 30-day moving average suggests improved sentiment in the short term. The pair extended its gains after it broke the supply area around 0.7170. As sellers scramble to cover their bets, driving up bids, the rally is heading to the next resistance at 0.7210. The RSI’s overbought situation may cause a temporary pullback with 0.7110 as the first support. EURGBP seeks support The euro consolidates gains amid mixed messages from the ECB. The pair found support at February 2020’s low at 0.8290, and a bullish MA cross on the daily chart suggests a potential turnaround. A break above the daily resistance at 0.8405 has put the single currency back on track. An overbought RSI led momentum traders to take profit. The current pullback is testing the 38.2% Fibonacci retracement level (0.8405) which used to be a resistance. 0.8475 is the main hurdle for the reversal to gain traction. USOIL tests support WTI crude bounces higher after the EIA reported a sharp drop in US inventories. Price action is looking to consolidate its gains above the psychological level of 90.00. Sentiment remains upbeat though the bulls need to take a breather after the latest vertical ascent. 88.00 on the 20-day moving average is the immediate support. An oversold RSI may attract buying interest. A deeper retracement would test 85.00. A recovery above 92.30 could trigger momentum buying once again and resume the rally towards 95.00.
Having A Look At The Markets Considering Tensions, COVID-19 And National Banks Decisions

EURUSD Keeps Plain Line, US 30 With A Bounce, GBPUSD Gains A Bit

John Benjamin John Benjamin 09.02.2022 08:51
EURUSD hits resistance The euro fell back after ECB President Lagarde tried to cool rate hike expectations. The rally came under pressure at the January peak of 1.1480. The RSI’s overextension at this daily resistance prompted momentum buyers to cash in. A combination of profit-taking and fresh selling may drive the exchange rate lower. Short-term sentiment remains upbeat though unless the single currency drops below the origin of its bullish push at 1.1270. A recovery above 1.1480 could pave the way to last October’s high at 1.1690. GBPUSD consolidates gains The sterling turns higher as traders price in an increasingly hawkish Bank of England. A break above 1.3520 forced sellers to cover some of their positions. However, the pound’s rally came to a halt in the supply zone around 1.3620. The RSI’s overbought situation and bearish divergence suggest softness in the underlying momentum. The pair found bids on the 50% Fibonacci retracement level (1.3490), which sits in the aforementioned supply area. A new rally may propel the pair to the daily resistance at 1.3750. US 30 bounces higher The Dow Jones 30 inches higher supported by better-than-expected earnings. The index steadied after successive breaks above 34800 and 35450. Nonetheless, the recent recovery slowed down on the 30-day moving average, a sign of a lingering cautious mood. 34500 is a key support to keep the rebound relevant. A bearish breakout could extend the correction to 33800. On the upside, a rally above 35700 could attract momentum traders and initiate a bullish reversal to 36500.
Bubble stocks...

Recovery Of Gold (XAUUSD), Will NZDUSD Meet The Sell-off? UK 100 Keeps Quite High Values

John Benjamin John Benjamin 08.02.2022 08:48
XAUUSD breaks resistance Gold continues to recover as the US dollar treads water. The previous fall below the daily support at 1785 had put the bulls on the defensive. The RSI’s oversold signal attracted some buying interest and prompted sellers to cover, driving up the price. The rebound has since gained traction after the metal rallied above the support-turned-resistance at 1817. In fact, the bullish breakout may raise momentum and open the door to the recent peak at 1850. On the downside, 1795 is a major support to keep buyers committed. NZDUSD remains under pressure The New Zealand dollar edges lower amid cautious market sentiment at the start of the week. The pair previously bounced off September 2020’s low around 0.6530. However, 0.6700 on the 20-day moving average so far has proven to be a tough hurdle. A drop below the fresh support (0.6630) indicates that the directional bias remains bearish. And sellers would be eager to fade another rebound. 0.6590 is the closest support. A break below 0.6530 could trigger a new round of sell-off towards 0.6400. UK 100 awaits breakout The FTSE 100 rallies supported by solid performance in the commodity sector. The recent rebound hit resistance near the January peak at 7640. Narrowing consolidation and higher highs suggest increased buying pressure. A bullish breakout would flush sellers out and attract momentum traders, firing up volatility in the process. This would be a strong bullish continuation signal. 7460 is a fresh support if the market remains indecisive. Its breach could extend the correction back to 7250.
Intraday Market Analysis – USD Regains Momentum

Intraday Market Analysis – USD Regains Momentum

John Benjamin John Benjamin 07.02.2022 09:10
USDCHF bounces higherThe US dollar rallied after January’s nonfarm payrolls exceeded expectations. The latest pullback found support near the previous low at 0.9180.A bullish RSI divergence suggests a loss of momentum in the sell-off. A close above 0.9275 would force short-term sellers to cover and pave the way for a broader rebound.Then the double top (0.9360) on the daily chart would be the next target. On the downside, a bearish breakout may send the pair to 0.9110.USDCAD awaits breakoutThe loonie weakened after a rise in Canada’s unemployment rate in January. The greenback has previously come to a halt at the daily resistance (1.2800).The retracement then found bids at the resistance-turned-support at 1.2650, suggesting traders’ strong interest in keeping the two-week-long rally intact. The RSI has inched into the overbought territory and may drive the price lower with short-term profit-taking.A bullish breakout may extend the uptrend to December’s peak at 1.2950.GER 40 lacks supportThe Dax 40 drifts lower after the ECB’s hawkish turn. The recent rebound met stiff selling pressure at 15740. Then a fall below 15350 indicates a lack of commitment from the buy-side.A bearish MA cross suggests an acceleration to the downside and may attract more bears. The demand area around 14850 is a critical floor on the daily chart. Its breach could trigger a bearish reversal in the medium term.An oversold RSI may cause a limited bounce. The bulls need to reclaim 15500 in order to turn sentiment around.
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EURUSD - Heading To 1.1480? GBPUSD After BoE Decision, CADJPY - A Quite Wide Rang?

John Benjamin John Benjamin 04.02.2022 09:38
EURUSD breaks higher The euro soared as traders bet that persistent inflation could force the ECB to act sooner than later. A break below the daily support at 1.1300 had put the single currency under pressure. However, a swift rebound above this support-turned-resistance indicates strong commitment from the buy-side. The pair is rising towards the January peak at 1.1480. The RSI’s triple top in the overbought area may slow the momentum down as intraday buyers take a break. 1.1270 is a key support to keep the rebound relevant. GBPUSD tests resistance The pound popped higher after the BOE raised interest rates to 0.5%. The latest rebound above the resistance at 1.3520 has prompted sellers to cover. Then the rally is accelerating towards 1.3660 which is a major hurdle from the sell-off in late January. A bullish breakout could turn sentiment in the sterling’s favor and send the price to the previous peak at 1.3740. On the downside, 1.3500 is an important support and its breach could invalidate the recovery despite the bullish catalyst. CADJPY awaits breakout The Canadian dollar recovers over growing risk appetite. A fall below the demand zone around 90.60 weighed on sentiment as the loonie struggled to make a higher high. The pair found support at 89.70 in what used to be a former supply area on the daily chart. The current consolidation is a sign of indecision. 91.10 proves to be a tough resistance to crack. A bullish breakout could bring the price to the recent peak at 92.00. Failing that, the pair may suffer from another round of sell-off below 89.10.
Price Of Gold Update By GoldViewFX

S&P 500 Tops The Chart, Gold Finds His Way (?), USOIL On A Straight Way?

John Benjamin John Benjamin 03.02.2022 09:01
XAUUSD attempts to bounce The bullions bounce higher as the US dollar softens across the board. Gold is looking to claw back losses from the liquidation in late January. A close above the psychological level of 1800 would be the first step, pushing short-term sellers into covering their bets. The previous support at 1817 coincides with the 30-day moving average, making it an area of interest and important resistance. A bullish breakout may send the metal to the previous high at 1847. On the downside, 1780 is a fresh support. SPX 500 tests resistance The S&P 500 rallies over better-than-expected corporate earnings. A break above 4490 has eased the selling pressure on the index. The former daily support at 4600 is now a key resistance that lies over the 30-day moving average. A close above this congestion area could turn sentiment around, paving the way for a recovery towards 4750. The RSI’s overbought situation may keep the momentum in check temporarily. A pullback may see buying interest in the demand zone between 4410 and 4490. USOIL consolidates gains WTI crude continues to climb as OPEC+ refuses to raise its output limit. The RSI inched into the overbought territory on the daily chart after a new high above 85.00. The bulls could be wary of chasing after the extended rally. 85.00 has turned into a support and a pullback could be an opportunity to accumulate again. Further down, 82.00 on the 30-day moving average is a major floor for the current rally. The milestone at 90.00 would be the next target when momentum makes its return.
Pairs With American Dollar: AUDUSD, USDCAD, NZDUSD - Update

Pairs With American Dollar: AUDUSD, USDCAD, NZDUSD - Update

John Benjamin John Benjamin 02.02.2022 08:31
AUDUSD recoups losses The Australian dollar recovered after the RBA signaled an end to its bond-buying program. The recent sell-off below the daily support and psychological level of 0.7000 further weighed on market sentiment. As the RSI dipped again into the oversold territory, short-term sellers’ profit-taking has driven the price higher. The bears could be looking to fade the current rebound unless the bulls succeed in pushing past 0.7180. 0.7030 is a fresh support and 0.6970 a major floor before June 2020’s lows near 0.6800. USDCAD tests support The Canadian dollar advanced after November’s GDP exceeded expectations. A break above the supply zone at 1.2730 has put the US counterpart back on track. Nonetheless, the rally came to a halt at the daily resistance at 1.2790. The greenback needed a breather as the surge prevented buyers from chasing after volatility. 1.2580 is a key support and an oversold RSI may raise buyers’ interest again. A close above the said resistance could propel the pair to December’s high at 1.2950. NZDUSD sees limited rebound The New Zealand dollar bounced back after the Q4 jobless rate dropped to 3.2%. The pair saw bids over September 2020’s lows around 0.6530. The RSI’s repeated oversold situation has caught bargain hunters’ attention. However, the directional bias remains bearish. The kiwi could find resistance at 0.6700 near the 20-day moving average as trend-followers look to sell into strength. 0.6400 would be the next target if the US dollar makes a comeback across the board.
USD To JPY Chart - What an Upswing! SPX Doesn't Go Really High

USD To JPY Chart - What an Upswing! SPX Doesn't Go Really High

John Benjamin John Benjamin 28.01.2022 08:39
USDJPY tests major resistance The Japanese yen inched higher after January’s Tokyo CPI beat expectations. The US dollar found support in the daily demand zone around 113.50. And that is a sign that upbeat sentiment in the medium-term remains intact. A close above the psychological level of 115.00 attracted momentum traders and sped up the rebound. 115.60 at the origin of the January liquidation is key resistance. In fact, its breach could put the uptrend back on track. The RSI’s overextension may cause a limited pullback with 114.50 as the closest support. USOIL breaks to new high Oil climbed amid fears of disruption as tensions between Russia and the West grew. After a short-lived pause, WTI crude saw bids near a previous low at 82.00 which lies on the 20-day moving average. A break above the January peak at 87.80 indicates solid interest in keeping the rally in shape. As the bulls’ run continued, more trend-followers would push the price to 89.00. An overbought RSI temporarily restrained the fever, and buyers could see a pullback towards 85.00 as an opportunity. SPX 500 struggles for support Upcoming US rate hike still weighs on equity markets. A tentative break below last October’s low (4300) has put the S&P 500 on the defense. A bearish MA cross on the daily chart shows that sentiment could be deteriorating as price action struggles to stabilize. An oversold RSI led to a limited rebound as intraday sellers took profit. Nonetheless, buyers should be wary of catching a falling knife, leaving the index vulnerable to another sell-off if it drops below 4230. 4490 is the first resistance to clear to initiate a recovery.
Intraday Market Analysis – USD Gains Bullish Momentum

Intraday Market Analysis – USD Gains Bullish Momentum

John Benjamin John Benjamin 27.01.2022 08:26
USDCAD breaks higherThe Canadian dollar slipped after the BOC kept interest rates unchanged. Its US counterpart found support at 1.2560 after a brief pullback.An oversold RSI attracted some bargain hunters. The current rebound is a sign that there is a strong interest in pushing for a bullish reversal. 1.2700 is a key supply zone as it coincides with the 30-day moving average.A breakout would definitely turn sentiment around and trigger a runaway rally. In turn, this sets the daily resistance at 1.2810 as the next target.NZDUSD continues lowerThe New Zealand dollar steadied after the Q4 CPI beat expectations.However, the pair is still in bearish territory after it broke below the lower end (0.6750) of the flag consolidation from the daily time frame. The RSI’s oversold situation brought in a buying-the-dips crowd around 0.6660 but its breach indicates a lack of buying interest.The kiwi is now testing November 2020’s low at 0.6600. The bears could be waiting to fade the next bounce with 0.6700 as a fresh resistance.XAUUSD pulls back for supportGold tumbled after the US Fed signaled it may raise interest rates in March. The rally stalled at 1853 and a break below the resistance-turned-support at 1830 flushed some buyers out.1810 at the base of the previous bullish breakout is a second line of defense. The short-term uptrend may still be intact as long as the metal stays above this key support.A deeper correction would drive the price down to the daily support at 1785. The bulls need a rebound above 1838 to regain control of price action.
EURUSD, EURCHF and US 30 Chart Don't Show Spectacular Fluctations

EURUSD, EURCHF and US 30 Chart Don't Show Spectacular Fluctations

John Benjamin John Benjamin 26.01.2022 08:44
EURUSD grinds daily support The US dollar inches lower as traders take profit ahead of the Fed meeting. The euro’s struggle to stay above 1.1360 indicates buyers’ weak interest in holding onto previous gains. The latest rebounds have failed to clear the former support that has turned into a resistance. A break below the previous consolidation range and daily support (1.1280) could send the pair to 1.1235. The RSI’s oversold situation attracted some buying interest. But the bulls will need to lift 1.1360 first before a reversal could become a reality. EURCHF attempts reversal The safe-haven Swiss franc retreats as global panic selling takes a breather. A bullish RSI divergence shows a slowdown in the sell-off momentum. Then a rally above 1.0355 has prompted some sellers to cover, taking the heat off the single currency. A bullish MA cross is an encouraging sign for a reversal. 1.0400 is the next hurdle and its breach could be a turning point for traders’ sentiment and a launchpad towards 1.0480. On the downside, 1.0340 is fresh support and then 1.0300 a critical floor to safeguard the rebound. US 30 hits last major support The Dow Jones 30 recoups losses as traders await details on the Fed’s monetary tightening. Breaks below daily supports at 34700 and 34000 have forced buyers to liquidate in bulk. The index saw bids at last June’s low (33200) while the RSI sank into the oversold area on the daily chart. As the quote stabilizes, traders may be looking to buy the dips. A close above 34500 may lead to 35500 which is a key supply zone from a previous breakout. A break below the daily support could trigger a broader correction in the weeks to come.
GBPUSD To Visit 1.3440? AUD Recovered, GER 40 Went a Few Steps Up To Slightly Decrease a Moment Later

GBPUSD To Visit 1.3440? AUD Recovered, GER 40 Went a Few Steps Up To Slightly Decrease a Moment Later

John Benjamin John Benjamin 25.01.2022 08:47
GBPUSD remains under pressure The sterling struggles as global markets remain risk-off. A limited rebound has fought to hold above 1.3570 and the sell-off accelerated after a bearish breakout. The pair is testing a previous low at 1.3440 which sits along the 30-day moving average. There could be buying interest in this congestion area after the RSI plunged into the oversold band. 1.3570 is now a fresh resistance, then the bulls will need to lift 1.3660 before they could turn sentiment around. On the other hand, a deeper correction may send the price to 1.3400. AUDUSD in bearish reversal The Australian dollar recovered after the Q4 CPI beat expectations. However, the latest rally took a bearish turn after the price slipped below 0.7170. The lack of commitment to hold onto recent gains suggests a weak risk appetite. A fall below the daily support at 0.7130 further weighs on the Aussie and prompts buyers to bail out. The RSI’s oversold situation helped lift the pair temporarily. Nonetheless, the bears might be eager to sell into strength near 0.7210. 0.7080 would be the next stop as the trend turns south. GER 40 tests critical support The Dax 40 plunges amid rising tensions in Ukraine. The index has given up all gains from the rebound in late December and cut through the major demand zone around 15070. The RSI’s repeatedly oversold situation attracted a buying-the-dips crowd. Nevertheless, there is no sign of improvement in the market mood. And price action has not stabilized yet. A grind of last October’s low at 14820 would test the bulls’ resolve in the medium-term. On the upside, 15600 is the first hurdle to lift.
USDCHF, CADJPY And UK 100 - All Of Them Got Some Gains

USDCHF, CADJPY And UK 100 - All Of Them Got Some Gains

John Benjamin John Benjamin 24.01.2022 09:51
USDCHF tests daily support The Swiss franc rallied as traders poured into safe-haven currencies. The pair previously bounced off the critical floor (0.9090) on the daily chart. An oversold RSI in this demand zone brought in some buying interest. However, sentiment remains downbeat with the greenback struggling to clear offers around 0.9180. A fall below said support would trigger a new round of sell-off towards 0.9020 as late buyers rush to the exit. On the upside, a bullish breakout would open the door to the recent peak at 0.9275. CADJPY breaks key support The Canadian dollar slipped after disappointing retail sales in November. A bearish RSI divergence at the recent high (91.15) indicates a loss of momentum in the rally. The first drop below 90.60 prompted some buyers to bail out. Then the rebound met stiff selling pressure at 91.90. And this is a sign of exhaustion after a four-week-long uptrend. The loonie now has fallen through the major support at 90.60, with 89.80 as the target. As the RSI goes oversold, traders may look to sell the next bounce near 91.05. UK 100 tumbles through supports The FTSE 100 stalls as appetite subsides across risk assets. An overbought RSI on the daily chart suggests over-extension after a month-long rally. A pullback is necessary for the bulls to catch their breath. A drop below 7530 and then 7470 further weighs on short-term sentiment as profit-taking intensifies. The index is about to test 7380, a fresh demand zone from the November-December double top on the daily timeframe. The bulls need to reclaim 7540 before a rebound could gain traction.
Technical Analysis: Moving Averages - Did You Know This Tool?

Gold Price Chart Might Make Some Investors Happy, US 30 With Reds

John Benjamin John Benjamin 21.01.2022 08:59
XAUUSD breaks resistance Gold surged over geopolitical tensions between the West and Russia over Ukraine. Following a three-week-long sideways grind, the break above the triple top at 1830 indicates strong commitment from the buy-side. 1850 is the next level to clear, which would lead to November’s peak at 1877. The RSI has shot into the overbought area, and some profit-taking could briefly drive the price lower. Buyers may see a pullback as an opportunity to join in. 1820 near the base of the recent rally is a key support in this case. AUDUSD seeks support The Australian dollar climbed back after the unemployment rate dropped to 4.2% in December. A surge above 0.7270 was the bulls’ attempt to initiate a reversal. As sellers covered their bets, the way might be open for a meaningful rebound. The follow-up correction met solid buying interest at 0.7170. Sentiment would remain upbeat as long as price action stays above this key support. 0.7290 is an important hurdle and its breach could trigger a runaway rally towards 0.7420. US 30 tests major support The Dow Jones 30 retreats as traders take profit ahead of next week’s Fed meeting. The index has given up all its gains from the late December rally and fell through the daily support at 34700. This bearish breakout could extend losses to the psychological level of 34000, a critical floor to prevent a deeper correction in the medium-term. The RSI’s oversold situation may attract some buying interest. Nonetheless, the bulls will need to lift offers around 35500 in a show of force, in order to turn sentiment around.
USDCAD Chart Like A Ski Slope. Will EURGBP Go Back To The Previous Value? USOIL - How Long The Price Will Be Increasing?

USDCAD Chart Like A Ski Slope. Will EURGBP Go Back To The Previous Value? USOIL - How Long The Price Will Be Increasing?

John Benjamin John Benjamin 20.01.2022 09:19
USDCAD grinds lower The Canadian dollar finds support from hotter-than-expected inflation. The US counterpart remained under pressure after it failed to hold onto 1.2500. The RSI’s repeatedly oversold situation has attracted some buying interest. But timid rebounds have rather been opportunities for trend-followers to sell into strength. 1.2570 is a key resistance to lift if the bulls look for another chance. On the downside, a drop below 1.2450 would trigger a new round of sell-off towards the daily support at 1.2390. EURGBP slips to 12-month lows The sterling edged higher after Britain’s December CPI exceeded expectations. The euro has struggled to lift offers around 0.8375 after a two-week-long consolidation. The subsequent break below 0.8340 has forced buyers to bail out, exacerbating the bearish mood. This former support has turned into a fresh resistance. A bearish MA cross indicates an acceleration to the downside. The pair is now heading towards February 2020’s lows near 0.8290. An oversold RSI may cause a limited rebound. USOIL seeks support WTI crude continued upward after the IEA warned inventories in OECD countries were at their lowest levels. The rally may accelerate in the medium-term after the bulls clear last October’s high at 85.00. However, the RSI has shot into the overbought area on the daily chart. Bearish divergence on the hourly time frame suggests a slowdown in the short-term momentum. Price action could be due for a pullback. 84.70 is the first support and 88.00 is the resistance when the price bounces back.
USDJPY Chart Looks Alike A Stable One, GBPUSD Resembles A Hillock

USDJPY Chart Looks Alike A Stable One, GBPUSD Resembles A Hillock

John Benjamin John Benjamin 19.01.2022 09:01
GBPUSD falls into correction The sterling fell back after a slowdown in Britain’s wage growth in November. Sentiment favors the pound after it rallied above the daily resistance at 1.3700. However, an overbought RSI has cut back buyers’ appetite. A break below 1.3630 has prompted some traders to take profit, driving down the price. As the RSI dips into the oversold zone, 1.3570 is the next support. A bearish breakout would send the pair to 1.3480 which sits on the 30-day moving average. 1.3660 is the immediate resistance when a rebound takes shape. USDJPY struggles to bounce The yen softened after the Bank of Japan signaled no shift in its ultra-loose monetary policy. The US dollar bounced off the critical floor at 113.50 from the daily chart. A bullish RSI divergence revealed a deceleration in the downward impetus. The indicator’s oversold situation also attracted a number of bargain hunters. A break above 114.70 suggests a strong interest in keeping the correction in check. 115.50 from the latest sell-off is a major hurdle and its breach could extend the rally to the recent peak at 116.30. SPX 500 to test daily support The S&P 500 extended losses over rising rate worries. The fall below 4640 invalidates the latest rebound and indicates that sentiment is still downbeat. Below the psychological level of 4600, 4540 is a key support near last December’s lows on the daily chart. A bearish breakout would trigger a deeper correction towards 4400, the origin of the October rally. An oversold RSI may cause a limited rebound. Nonetheless, the bulls need to clear offers around 4675 and then 4745 to gain momentum.
Intraday Market Analysis – USD Recoups Some Losses

Intraday Market Analysis – USD Recoups Some Losses

John Benjamin John Benjamin 18.01.2022 08:50
EURUSD seeks supportThe euro retreated as short-term traders took profit. After a six-week-long consolidation, the euro soared above the supply area at 1.1380 and forced the bears to cover in mass.As the dust settles, a bearish RSI divergence showed a lack of follow-up momentum. The current pullback is heading towards the origin of the breakout near 1.1355 which coincides with the 61.8% Fibonacci retracement level.A rebound and then a close above 1.1480 would lead to a bullish reversal towards the daily resistance at 1.1600.EURCAD tests major floorThe Canadian dollar inched higher supported by rising oil prices.The pair has given up all gains from the December rally above the daily resistance at 1.4550. Sentiment is struggling to turn things around.The RSI’s double bottom in the oversold area attracted some buying interest over the critical support at 1.4235. The bulls will need to push above 1.4360 before they could pull in enough bids for a reversal.Otherwise, a bearish breakout could trigger a sell-off towards 1.4100.GER 40 goes sidewaysThe Dax 40 consolidates as the eurozone’s finance ministers meet. The double top at the all-time high (16300) is a strong resistance to crack.A break below 15860 has prompted some buyers to exit and reassess the situation. The current consolidation is a sign of market indecision in the short term.A rise above the psychological level of 16000 has so far struggled to boost buyers’ confidence. This may only happen if the index reclaims 16050. On the downside, a fall below 15750 would send the price to 15500.
FTSE 100 and USDCHF slowly goes up?

FTSE 100 and USDCHF slowly goes up?

John Benjamin John Benjamin 17.01.2022 10:49
USDCHF attempts to rebound The US dollar came under pressure after a contraction in December’s US retail sales. Strong selling pressure from the supply area around 0.9280 has pushed the pair all the way below the daily support at 0.9100. An oversold RSI triggered a buying-the-dips behavior but the rebound could be limited as sentiment tilted to the bearish side. The bulls will need to reclaim the support-turned-resistance at 0.9190 first. Otherwise, a new round of sell-off below 0.9090 could send the greenback to last August lows near 0.9020. NZDUSD seeks post-rally support The New Zealand dollar fell as risk sentiment subsided going into the weekend. The surge above the supply zone around 0.6850 has triggered a reversal fever after a month-long sideways action. As the RSI drops back into the neutrality area, buyers could be waiting to jump in at a discount. A pullback below 0.6840 has led to some profit-taking but as long as the price stays above 0.6780 the rebound is valid, or the kiwi could revisit the critical floor at 0.6700. A break above the recent high at 0.6890 would extend the rally to 0.6960. UK 100 consolidates gains The FTSE 100 finds support from the UK’s stronger-than-expected GDP. A break above the top of the previous consolidation range (7545) means a continuation of the current uptrend. Trend-followers may consider a pullback as an opportunity to stake in. Short-term sentiment remains bullish as long as the index is above 7470. A break above the immediate resistance at 7580 would extend the rally upward. A deeper retracement would test 7370 which used to be a major resistance from the double top on the daily chart.
Having A Look At The Markets Considering Tensions, COVID-19 And National Banks Decisions

US 100 doesn't go really high, XAGUSD seems to feel quite good

John Benjamin John Benjamin 14.01.2022 08:38
US 100 revisits major support The Nasdaq 100 faltered after an unexpected rise in US initial jobless claims. The tech index bounced off the demand zone around 15200 which used to be a resistance on the daily chart. A bullish divergence revealed a slowdown in the sell-off momentum. The latest break above 15820 prompted some sellers to cover but came under pressure at 15980. After intraday traders took profit, 15200 is a critical support to keep the rebound relevant. A deeper correction would send the price to 14900. EURGBP stuck in bearish trend The euro rose after ECB Vice President Luis de Guindos said the inflation spike may last longer than projected. Nonetheless, the bearish sentiment still prevails after the pair failed to hold on to 0.8370. The former support has now turned into a resistance. The current consolidation could be a distribution phase and a drop below 0.8325 could send the price to February 2020’s lows near 0.8290. On the upside, the bulls have the challenging task of lifting offers around 0.8370 and then 0.8415 before they could attract more followers. XAGUSD tests major resistance Silver extends its recovery on the back of a weak US dollar. The metal saw support at the psychological level of 22.00. A break above the resistance at 22.80 and then an acceleration to the upside indicates strong buying interest. An overbought RSI has temporarily held the rally back. The bulls are testing the daily resistance at 23.40. A breakout could shake sellers out and trigger a reversal above 24.00. On the downside, buyers could be lurking around 22.60 in case of a pullback.
USDCHF a bit down, XAUUSD not changing much and we might say USOIL steadily goes up

USDCHF a bit down, XAUUSD not changing much and we might say USOIL steadily goes up

John Benjamin John Benjamin 13.01.2022 08:54
USDCHF tests daily support The US dollar plunged after December’s CPI slowed down to 0.5% from 0.8% in November. Despite a swift recovery from the daily support at 0.9100, price action came under pressure once again at December’s supply area (0.9280). The dive below 0.9180 then 0.9140 is a sign of liquidation as buyers rush to the exit. As the greenback revisits the critical support at 0.9100, an oversold RSI may attract some buying interest. The former demand area around 0.9200 is now the first resistance level. XAUUSD looks to break out Gold edged higher as the US dollar softened across the board. The precious metal has met stiff selling pressure in the supply zone around 1830. This level used to be a support from last November’s sell-off. The recovery above the psychological level of 1800 shows the bulls’ commitment to keeping the price afloat. A break above the supply zone would force the sell-side to cover and trigger an extended rally towards the previous peak at 1870. On the downside, 1800 has turned into a fresh support. USOIL continues upward WTI crude climbed higher after a larger-than-expected fall in US inventories. A close above the daily resistance at 79.00 was a strong bullish sign. Following a brief pause, the rally accelerated above 80.40. Sentiment remains upbeat and the bulls are keen to buy the dip during a pullback. A breach above 82.20 would clear the path to the peak at 85.00. An overbought RSI may cause a temporary retreat. In that case, trend-followers could be looking to jump in near the closest support at 81.20.
Intraday Market Analysis – USD Under Pressure

Intraday Market Analysis – USD Under Pressure

John Benjamin John Benjamin 12.01.2022 09:05
GBPUSD rally gains tractionThe US dollar fell after the Fed Chair’s remark that no decision has been made on quantitative tightening. The pair showed some weakness near the daily resistance at 1.3600.The RSI’s double top in the overbought area led some buyers to take chips off the table. However, a follow-up close above the resistance indicates that the bulls are still in control of the direction.Sentiment remains upbeat and 1.3700 from the start of the November sell-off would be the next target. 1.3570 is a fresh support in case of a pullback.NZDUSD bounces off major supportThe New Zealand dollar recovers as risk appetite returns following Jerome Powell’s testimony.The previous rebound towards 0.6830 met strong selling pressure. Its failure to achieve a new high suggests that the bearish bias lingers. The drop below 0.6740 further weighs on the kiwi. A bounce could still be an opportunity to sell into strength.The bulls need to clear 0.6835 in order to turn the tide, and 0.6730 is a fresh support. A bearish breakout may test the base of December’s bounce at 0.6700.EURJPY maintains uptrendThe euro recoups losses as traders dump safe-haven currencies. The fall below 130.80 has shaken out some weak hands.Nonetheless, the upward bias remains intact after the single currency saw solid demand over the psychological level of 130.00. The RSI’s oversold situation compounded the attractiveness of the discount.A rise above 131.60 would bring in momentum traders and clear the path for an extended rally to 132.55 near last October’s peak. 129.10 is the second line of defence in case of a deeper retracement.
Intraday Market Analysis – USD Consolidates

Intraday Market Analysis – USD Consolidates

John Benjamin John Benjamin 11.01.2022 08:57
AUDUSD attempts reboundThe Australian dollar bounces back over strong retail sales in November. The pair saw bids near a previous trough (0.7130).The RSI’s double-dip into the oversold area attracted some traders in taking up the bargain. A bullish RSI divergence suggests a deceleration in the downward momentum. And a jump above 0.7180 could be the first step towards a bounce.The Aussie may surge to the daily resistance at 0.7360 if buyers succeed in lifting offers around 0.7270. Otherwise, the price could test the critical floor at 0.7080.USDJPY tests supportThe Japanese yen rose as risk appetite fades across markets.A bullish MA cross on the daily chart indicates that the dollar’s rally gained traction. However, an overbought RSI means that a pullback could be an opportunity for the bulls to buy dips.The dollar is testing the psychological level of 115.00, the origin of the rally above the November peak (115.50). An oversold RSI has brought in some buying interest. A bearish breakout could trigger a correction to 114.30. Then, the bulls will need to reclaim 115.90 in order to resume the uptrend.US 30 continues to retreatThe Dow Jones tumbled as US Treasury yields hit a two-year high on hike bets.A bearish RSI divergence foreshadowed the current sell-off. A drop below 36300 prompted leveraged positions to close out, driving up volatility as short-term sentiment deteriorated. Rebounds could be opportunities for the bears to sell into strength.35700 is an area of interest, as it lies in a former supply zone and along the 30-day moving average. 35200 would be a second layer of support, while 36400 is the immediate resistance.
USD to CAD chart is (probably as expected) linked with jobs stats

USD to CAD chart is (probably as expected) linked with jobs stats

John Benjamin John Benjamin 10.01.2022 10:30
EURUSD tests key resistance The US dollar retreated after December’s nonfarm payrolls came in far below expectations. The pair has been in a narrowing range between 1.1270 and 1.1365. The previous fall below 1.1280 added pressure on the buy side, though it turned out to be an opportunity for the bulls to accumulate at a bargain. A break above the resistance could end the sideways action and trigger a runaway rally towards 1.1460. The RSI surged into the overbought area and may cause a brief pullback above 1.1295. USDCAD tests daily support The loonie rallied after Canada added twice as many jobs as expected in December. The year-end sell-off met strong bids near the daily support at 1.2620. But the rebound came to halt at the supply zone around 1.2810, which used to be a support from the previous consolidation. The RSI’s double top in the overbought zone has restrained the upward momentum. 1.2730 is a fresh resistance as price action is about to retest the critical level at 1.2620. A bearish breakout could trigger a plunge to 1.2540. GER 40 seeks support The Dax 40 edged lower as rising CPI in the eurozone argues in favor of tightening. The index saw stiff selling pressure right under the all-time high at 16300. A bearish RSI divergence in this major supply area indicates a lack of commitment from the bulls as buying slows down. A combination of profit-taking and fresh selling has led to a drop below 16100, a warning sign for a steeper correction. 15800 is the next key support. A breakout could send the index to 15500 at the base of the latest rally.
NZDUSD can be ahead of consolidation, XAGUSD - silver declines as dollar strengthens, GER 40 goes up, "wishing" Omicron won't hit that much

NZDUSD can be ahead of consolidation, XAGUSD - silver declines as dollar strengthens, GER 40 goes up, "wishing" Omicron won't hit that much

John Benjamin John Benjamin 04.01.2022 09:14
NZDUSD breaks support The New Zealand dollar tumbles against its US counterpart amid soaring Treasury yields. The pair is looking to consolidate its recent gains after it rallied above the 30-day moving average (0.6820). The December high at 0.6860 is a major resistance. A bullish close may propel the kiwi to 0.6950. In the meantime, the pullback below 0.6800 suggests a lack of further commitment from the buy-side as short-term traders took profit. 0.6740 is the next support and its breach may lead to a correction to 0.6700. XAGUSD seeks support Silver falls back as the US dollar strengthens across the board. Price action saw a strong recovery from the daily support at 21.50. A rally above 23.15 indicates interest in keeping the rebound valid, following a brief end of the year sell-off. The double top at 23.40 is an important resistance on the way to 23.70. This point lies in a supply zone from the late November sell-off. A break below the psychological level of 23.00 has prompted intraday buyers to bail out. 22.60 is the closest support and its breach could drive the metal to 21.80. GER 40 rises towards an all-time high The Dax 40 rallies in hopes that Omicron lockdowns can be avoided. A bullish MA cross on the daily charts indicates improved sentiment. The rally accelerated after it cleared the supply area around 15750. The bulls are pushing towards the all-time high at 16300. A breakout could resume the uptrend, attracting trend followers in the process. The RSI surged again into the overbought territory and may temper the bullish fever. 15840 is fresh support. 15680 from the previous resistance area would be a test for buyers’ resolve.
USDCHF tests daily support, AUDUSD consolidates gains, EURGBP falls below daily support

USDCHF tests daily support, AUDUSD consolidates gains, EURGBP falls below daily support

John Benjamin John Benjamin 03.01.2022 09:59
USDCHF tests daily support The US dollar softens over increased risk appetite. A drop below the lower band of the consolidation range at 0.9160 confirms a lack of interest in the greenback. The pair is testing the major demand zone around 0.9100 from the daily chart. A bearish breakout could jeopardize the pair’s rebound over the past quarter. It could also trigger a sell-off towards the psychological level of 0.9000. The bulls may be tempted to buy the dip. 0.9180 would be the first resistance to lift before they could turn the downbeat inertia around. AUDUSD consolidates gains The Australian dollar finds support from rising commodity prices. A bullish MA cross on the daily chart indicates improvement in underlying sentiment. The former supply zone between 0.7210 and 0.7220 has turned into a demand zone. Buyers may be eager to join the rally after the RSI returned to the neutrality area. 0.7290 is a fresh resistance, and a combination of profit-taking and fresh selling could temporarily weigh on the Aussie. 0.7120 is a second line of defense in case of a deeper retracement. EURGBP falls below daily support The pound outperforms the euro over diverging monetary policies. The break below the daily support at 0.8380 is an invalidation of the rebound in late November. The RSI’s repeatedly oversold situation has attracted some buying interest, but not enough to sustain a meaningful bounce. 0.8420 is now a fresh resistance. And only its breach could prompt sellers to cover. On the downside, 0.8365 is a fragile support. A breakout would further deteriorate sentiment and send the euro to February 2020’s lows near 0.8280.
GBPUSD consolidates gains, GER 40 breaks above daily resistance, USOIL seeks support

GBPUSD consolidates gains, GER 40 breaks above daily resistance, USOIL seeks support

John Benjamin John Benjamin 30.12.2021 08:24
GBPUSD consolidates gains Growing risk appetite weighs on a safer US dollar. The rally above 1.3360 confirms that short-term sentiment has turned around. However, the push might have run out of steam as the RSI shows a bearish divergence. The deceleration indicates limited buying interest after the price went parabolic. 1.3400 is an immediate support. Its breach could trigger a correction and force the latest buyers out. Then 1.3300 would be the next support. 1.3500 is a major resistance from the daily chart. GER 40 breaks above daily resistance The Dax 40 climbed higher as investors favor value stocks in telecoms, transportation, and utilities. A break above December’s high at 15840 is a strong signal that the bulls may have had the last word. Trend followers would jump in, in anticipation of continuing above the psychological level of 16000. The RSI’s overbought situation could prompt intraday buyers to take profit. The previous resistance 15700 (now turned support) is the first level to evaluate buying interest. 15500 is the second support in case of a deeper pullback. USOIL seeks support WTI crude rallied after the EIA report showed a larger-than-expected fall in US inventories. The bulls are looking to hold onto their recent gains after they cleared the 30-day moving average and daily resistance at 73.20. 79.00 from November’s sharp sell-off is a major hurdle ahead. A bullish breakout could put the rally back on track. The RSI’s overextension may cause a brief pullback. The 38.2% Fibonacci retracement level is an area of interest as it coincides with the previous low at 72.60.
XAUUSD seeks support, NZDUSD consolidates recent gains, EURUSD tests important resistance

XAUUSD seeks support, NZDUSD consolidates recent gains, EURUSD tests important resistance

John Benjamin John Benjamin 29.12.2021 08:42
EURUSD tests important resistance The US dollar struggles as the Omicron scare subsides. The pair has been stuck in a narrow range between 1.1230 and 1.1360, because of a lack of liquidity and a catalyst. Following a bounce from 1.1260 price action is testing the upper band of the horizontal consolidation. A bullish breakout would pop up volatility as sellers rush for the exit. An extended rally would set 1.1450 as the next target. On the downside, a fall below 1.1260 may prolong the sideways action for a few more days. NZDUSD consolidates recent gains The New Zealand dollar softens over a limited year-end risk appetite. The latest surge above 0.6830 has put the bears on the defensive. Intraday traders took profit after the RSI showed overextension. The current flag-shaped consolidation could be an opportunity for the bulls to regroup and catch their breath. The demand zone around 0.6760 is a major level to support the rebound. On the upside, 0.6840 on the 30-day moving average is the closest resistance. And its breach may trigger a broader rally towards 0.6920. XAUUSD seeks support Gold edged higher as the US dollar slipped across the board. A close above the supply zone around 1815 is a short-term confirmation that sentiment favors the upside. A bullish MA cross on the hourly chart indicates that the recovery could be picking up steam. Above 1820, 1840 would be the target when momentum makes its way back into the market. In the meantime, buyers may see a retracement to 1803 as an opportunity to buy the dip after the RSI returned to the neutrality area. 1790 is a second level of support.
AUDUSD, USDCHF and EURJPY status explained

AUDUSD, USDCHF and EURJPY status explained

John Benjamin John Benjamin 28.12.2021 08:43
AUDUSD falls back for support The Australian dollar pulls back as risk assets tread water amid low liquidity. A break above the previous high at 0.7220 reveals a strong bullish bias. However, the RSI’s repeatedly overbought situation may have prompted short-term buyers to take some chips off the table. In turn, this left price action vulnerable to retracement. 0.7200 is the closest support. Its breach would trigger a deeper correction towards 0.7120. A close above 0.7250 may resume the reversal and carry the Aussie to the daily resistance at 0.7360. USDCHF tests consolidation range The US dollar softens over weaker Treasury yields. The pair’s latest rebound has met aggressive selling at the upper bound of the consolidation range near 0.9250. That is a sign of lingering bearish pressure. The greenback is testing the lower bound near 0.9160. Range traders were eager to buy the dip as the RSI ventured into the oversold zone. 0.9210 is an intermediate hurdle leading to the upper limit where a breakout could trigger a bullish reversal towards 0.9350. Otherwise, a drop below 0.9160 may send the pair to 0.9100. EURJPY breaks higher The Japanese yen weakened after Japan’s jobless rate rose to 2.8% in November. The long side has gained the upper hand after they pushed above 129.60. A bullish MA cross following a brief consolidation indicates an acceleration in the upward momentum. A break above the psychological level of 130.00 would set 130.60 as the next target, clearing the path for a rally to 131.30. An overbought RSI may cause a temporary pullback. 129.20 from the previous supply zone has become a fresh support.
USDJPY - an interesting pair, a few words about US 100

USDJPY - an interesting pair, a few words about US 100

John Benjamin John Benjamin 27.12.2021 10:59
USDJPY breaks higher The US dollar inched higher after November’s core PCE jumped to 4.7%. A break above the supply area near 114.20 indicates that the bulls have gained the upper hand. As sellers rush to the exit, the pair may enjoy solid support above the former resistance at 114.05. An overbought RSI has temporarily limited the initial breakout range. After a short accumulation phase, the bulls may have an unobstructed path towards the psychological level of 115.00. That is a major hurdle right under the previous peak. USDCAD retreats to daily support The Canadian dollar bounces back as GDP growth gained traction in October. The US dollar is struggling for support after its tentative break above the August high at 1.2950. A retreat below 1.2900 has led traders to dump leveraged positions. The pair is testing the daily support at 1.2760 which lies along the 30-day moving average. And this makes it an area of interest for the bulls to attempt a rebound. 1.2920 is a fresh resistance ahead. A deeper correction may send the greenback to 1.2650 near December’s lows. US 100 completes V-shaped recovery The Nasdaq 100 continues to recover as improved economic data outweigh covid concerns. The index has met solid buying interest near 15600. This used to be a supply zone from last September. Since then it has recouped losses from the recent liquidation. The RSI’s overbought situation may cause a brief pullback while short-term traders take profit. 16170 is the closest support and 15850 is another layer of defense. On the upside, a break above 16460 could extend the rally to the all-time high at 16770 and beyond.
GBPUSD arouses interest, EURUSD is consolidating near June 2020's lows

GBPUSD arouses interest, EURUSD is consolidating near June 2020's lows

John Benjamin John Benjamin 23.12.2021 08:53
EURUSD tests resistance The US dollar stalled over improved risk appetite. The pair is consolidating near June 2020’s lows. A bearish breakout would further extend the downtrend. The euro so far has found buyers at 1.1235. The bulls need to lift offers around 1.1360, the upper band of the recent consolidation range, before they could hope for a reversal. An extended rally may send the price to 1.1460. In the meantime, the RSI’s overbought situation could briefly limit the bullish push as intraday traders take profit near the resistance. GBPUSD makes a bullish attempt The sterling surged after Britain’s economy showed solid growth in Q3. A previous rebound to the supply zone near 1.3370 has put pressure on the short side. Then the pound found bids at 1.3170. Four attempts at this key support suggest a strong interest in keeping the price steady. 1.3370 is a major hurdle as it coincides with the 30-day moving average. A breakout could initiate a bullish reversal and propel the pound to 1.3500. An overbought RSI may cause a short pullback with 1.3240 as the closest support. USOIL awaits breakout WTI crude found support from a larger-than-expected decline in US inventories. Price action saw active buying above 66.00, keeping the early December rally valid in the process. The latest rebound is testing the supply zone around 73.30, which sits along the 30-day moving average. A close above this area of interest would force the bears to cover, paving the way for a rally towards 78.00. On the downside, 71.00 is the immediate support. And 68.50 is a second line of defense in case of a deeper correction.
Intraday Market Analysis – Gold In Limited Pullback

Intraday Market Analysis – Gold In Limited Pullback

John Benjamin John Benjamin 22.12.2021 08:40
XAUUSD seeks support Gold softens as the US dollar edged higher. A surge above 1788 and then 1808 has prompted the bears to cover. The precious metal is looking for support after the breakout stalled with an overextended RSI. A bearish MA cross may weigh on short-term sentiment. The base of the initial breakout around 1770 is a key support. A deeper correction would lead to the daily support at 1753, a critical level to keep the rebound relevant. Gold may climb towards 1850 if the bulls succeed in pushing above 1814. USDCAD consolidates gains The Canadian dollar recouped some losses after better-than-expected retail sales. A break above the major daily resistance at 1.2930 has put the bulls back in control of the direction. The RSI’s repeated overbought situation may cause a temporary pullback. Trend followers would be looking to jump in at a better price. 1.2880 is the closest support. Sentiment would remain upbeat as long as price action is above 1.2770. A rally above the intermediate resistance at 1.2960 may trigger an extended rally towards 1.3200. UK 100 makes a bullish attempt The FTSE 100 recovered some ground after the Omicron sell-off. The index has found solid buying at 7110. An oversold RSI has attracted a buying-the-dips crowd. A tentative break above 7300 suggests strong interest in keeping the market afloat. A bullish MA cross could lead to an acceleration on the upside. 7385 is a major hurdle on the daily chart. Its breach could cause a runaway rally and resume the uptrend. On the downside, 7250 is the first support, and 7110 is the second line of defense in case of weakness.
Tension Beetween Ukraine And Russia Definetely Shaped News In Recent Days

Intraday Market Analysis – AUD Struggles To Bounce - 21.12.2021

John Benjamin John Benjamin 21.12.2021 07:56
AUDUSD sees limited rebound The Australian dollar softens over dovish RBA meeting minutes. The pair has met stiff selling pressure near the 30-day moving average (0.7220). On the hourly chart, a bearish MA cross and a break below 0.7100 indicate weakness in the latest rebound. An oversold RSI may cause a brief rally, but the bears may sell into strength around 0.7160. 0.7050 at the base of the initial breakout is an important support. A lack of bids could send the Aussie to 0.6990 with the reversal attempt at stake. XAGUSD to test demand area Silver drops as the US dollar inched higher across the board. A bullish RSI divergence suggests a loss of momentum in the sell-off. Then the recent surge has broken above multiple levels of resistance, prompting the short side to cover some of their bets. However, the bulls may need to defend their gains after the initial push overextended. The demand zone between last September’s low (21.40) and 21.80 is critical in keeping the rebound valid. 22.65 is now a fresh resistance before a full-blown recovery could materialize. US 30 struggles for support The Dow Jones retreated as major countries imposed curfews ahead of the holiday season. Following a double top under 36200, a drop below 35450 has broken buyers’ attempt to resume the rally. The index is struggling to hold above the base of the December recovery (34800) which coincides with the 61.8% Fibonacci retracement level of the rally from 34000. Buyers will need to lift 35620 before they could attract followers’ attention. 34000 is the daily support to safeguard the bullish bias in the medium-term.
Intraday Market Analysis: USD Weakens Across The Board

Intraday Market Analysis: USD Weakens Across The Board

John Benjamin John Benjamin 17.12.2021 08:56
EURUSD tests key supply zone The euro jumped after the ECB announced it will cut its bond-buying program. The pair’s latest retreat seems to have been an accumulation phase for the bulls. Strong buying interest lies in the demand zone around 1.1230. A break above 1.1320 has put buyers back in the control room. 1.1380 from a previously botched reversal attempt is a major hurdle ahead. Its breach may trigger an extended rally towards 1.1460. The RSI’s overextended situation has caused a brief pullback with 1.1270 as a key support. GBPUSD attempts bullish reversal Sterling surged after the Bank of England raised its interest rates to 0.25%. The pound has been treading water above 1.3170. The sellers’ struggle to push lower and the buyers’ attempts above 1.3260 suggest that the mood could be improving. A break above 1.3300 has prompted the bears to cover, attracting momentum traders in the process with 1.3440 as the next target. That said, an overbought RSI may cause a temporary pullback as intraday traders take profit. 1.3260 has become the closest support. NZDUSD breaks resistance The New Zealand dollar rallied as risk sentiment made its return post-FOMC. A bullish RSI divergence indicates a deceleration in the sell-off momentum. The long candle wick from 0.6700 suggests solid buying interest. Then a break above 0.6800 has put the last sellers under pressure. An overbought RSI has limited the initial surge. A pullback may test 0.6755, previously a resistance that has turned into a support. 0.6860 near the 30-day moving average is the next hurdle, and its breach could trigger a bullish reversal.
Intraday Market Analysis – Gold Needs Catalyst

Intraday Market Analysis – Gold Needs Catalyst

John Benjamin John Benjamin 15.12.2021 08:38
XAUUSD awaits breakout Gold consolidates as traders await the Fed’s monetary policy update. The metal came under pressure after it erased all gains from the November rally. Price action is stuck in a narrowing range between the daily support at 1760 and 1806. This indicates the market’s indecision. A bearish breakout would confirm the bearish MA cross on the daily chart and trigger an extended sell-off towards the floor at 1680. On the upside, a rally would send the price to retest the previous peak at 1870. GBPCAD rises towards key resistance The pound bounced back after Britain showed strong wage growth in the three months to October. A bullish RSI divergence indicated a loss of momentum in the latest sell-off. A break above 1.6770 and then a bullish MA cross were the confirmation for a reversal. The pair is heading towards the daily resistance level at 1.7100. Its breach may lead to a broader rally in the medium term. In the meantime, an overbought RSI could temporarily limit the extension. 1.6900 is the closest support in case of a pullback. USOIL seeks support Oil prices struggled after the International Energy Agency said that the omicron strain may threaten global demand. WTI crude is hovering under the 20-day moving average after the RSI briefly shot into the overbought territory. 74.10 near the 30-day moving average seems to be a tough nut to crack for now. A bullish breakout would attract momentum buyers and send the price to the daily resistance at 79.00. Otherwise, 68.00 from the latest rally is the support to keep the rebound valid.
Intraday Market Analysis – USD In Brief Consolidation

Intraday Market Analysis – USD In Brief Consolidation

John Benjamin John Benjamin 14.12.2021 09:42
USDCHF looks for breakout The US dollar consolidates ahead of the Federal Reserve meeting. The pair is grinding for support above 0.9160 after it gave up most gains from the November rally. Overall sentiment remains positive as long as price action stays above the daily support at 0.9100. The current consolidation is a sign of accumulation from the long side. A close above the immediate resistance at 0.9270 would propel the greenback to the previous peak at 0.9360. On the downside, between 0.9160 and 0.9195 lies an important demand zone. US 30 to test previous peak The Dow Jones 30 inches lower as investors look ahead to Fed’s aggressive tapering. By lifting offers around the psychological level of 36000, a major resistance on the daily chart, the bulls may have turned sentiment around. As the index falls back in search of support, the RSI’s oversold situation may catch buyers’ attention. A break above 36350 may resume the uptrend. Otherwise, 35620 is the closest support where buyers could jump in for fear of missing out. Further down, 34800 would be a second line of defense. GER 40 seeks support The Dax 40 treads water as major central banks are set to update their policies. An initial surge above 15500 has prompted the bears to cover. Then the index found support at the 38.2% (15550) Fibonacci retracement level while an oversold RSI attracted buying interest. And that is a sign of underlying strength in the rebound. A bullish MA cross indicates an acceleration on the upside. A break above 15840 may send the price to the all-time high at 16300. In case of a deeper pullback, 15300 is a critical level to keep the rebound relevant.
Intraday Market Analysis – USD Continues To Soften

Intraday Market Analysis – USD Continues To Soften

John Benjamin John Benjamin 09.12.2021 10:14
USDCAD tests key support The Canadian dollar inched lower after the BOC left its interest rate unchanged as expected. The pair has met stiff selling pressure at the supply zone around 1.2850, a triple top on the daily chart. A drop below 1.2720 has forced out short-term buyers. 1.2580 is the next support and it sits on the 30-day moving average. A bearish breakout would deepen the correction to the psychological level of 1.2500. On the upside, the bulls will need to clear 1.2770 before they could have another attempt at the supply zone. USOIL rebounds from demand zone WTI crude bounces back on signs that the new virus strain has a limited impact on demand. Price action met strong buying interest near last August’s lows at 62.00, a major support from the daily chart to keep the uptrend intact. A bullish RSI divergence in this congestion area indicates a loss of momentum in the bearish drive. Then a rally above 69.30 forced the sellers to exit, opening the door for an extension towards 79.00. The initial surge has pushed the RSI into the overbought territory. 68.00 is an immediate support. GER 40 to test major resistance The Dax 40 recoups losses as fears of the omicron variant start to subside. Last October’s lows near 14900 have proven to be a solid support. The rally above 15520 stirred up volatility as the last sellers rushed to the exit. The bulls are pushing towards 15920, where the index took a nosedive in late November. A bullish breakout could attract more buying interest and turn market sentiment around. Meanwhile, an overbought RSI has caused a pullback, giving time for the bulls to accumulate. 15300 is the closest support.
Intraday Market Analysis – USD Edges Lower

Intraday Market Analysis – USD Edges Lower

John Benjamin John Benjamin 08.12.2021 09:07
EURUSD seeks support The euro bounced higher after the bloc’s Q3 GDP beat expectations. A previous rebound was capped by the 20-day moving average, suggesting that the bearish sentiment still prevails. The RSI’s double top in the overbought area has prompted short-term buyers to take profit. The pair has met support above 1.1240. The bulls will need to lift offers around 1.1330 before they could attract momentum buyers. A bearish breakout would send the price to the floor at 1.1190. Its breach would trigger a new round of sell-off. AUDUSD breaks higher The Australian dollar soared after the RBA remained optimistic about the economic recovery. The pair saw strong buying interest at the psychological level of 0.7000, which also sits near November 2020’s lows. An oversold RSI on the daily chart compounds the ‘buying-the-dips’ behavior. An initial pop above 0.7070 forced bearish trend followers to cover their latest bets. 0.7170 would be the next target though the RSI’s overbought situation may limit the surge. 0.7040 is the first support for buyers to regroup and accumulate. USDJPY attempts to rebound The yen stalled after Japan’s GDP showed an unexpected contraction in Q3. A break below the daily support at 112.70 has put the bulls on the defensive. The latest consolidation is a sign of indecision as to whether the correction would continue. The greenback found support over 112.50 and a close above 113.95 could help the bulls regain the upper hand. Then the psychological level of 115.00 would be the next step before the uptrend could resume. On the downside, a fall below 113.10 would retest the key support at 112.50.
Intraday Market Analysis – USD Treads Water - 07.12.2021

Intraday Market Analysis – USD Treads Water - 07.12.2021

John Benjamin John Benjamin 07.12.2021 09:00
GBPUSD attempts to rebound The sterling consolidates as BOE officials stress due to inflationary pressure from a tight labor market. So far, rebounds have been an opportunity for trend followers to sell into strength. The pound is testing last December’s demand zone around 1.3200. An oversold RSI may help lift bids momentarily as sellers take profit. 1.3300 is the immediate resistance. Then the bulls will need to clear the origin of the latest sell-off at 1.3370 to attract more buying interest. On the downside, a breakout would send the price to 1.3100. NZDUSD sticks to downtrend The US dollar edged higher thanks to a rally in Treasury yields. Increasing divergence between the 20 and 30-day moving averages suggests a deterioration in market sentiment. On the hourly chart, a short-lived rebound has struggled to stay above 0.6780. And that is a sign that the bears are still in control of the direction. 0.6700 is the next support. Its breach would extend the sell-off to November 2020’s lows near 0.6600. The RSI’s oversold situation may cause a limited rebound with 0.6810 as the closest resistance. US 30 breaks higher The Dow Jones recoups losses as the omicron variant may have less impact than feared. The index bounced off last October’s lows around 34000. An oversold RSI in this demand zone has attracted a crowd to buy the dips. A break above 34950 and then 35300 would prompt short-term sellers to cover, paving the way for a sustainable rally. 35950 would be a key hurdle and its breach may turn the cautious mood around and resume the bullish trend. 34700 is the first support when the bulls try to catch their breath.
Intraday Market Analysis – USD Shows Weakness

Intraday Market Analysis – USD Shows Weakness

John Benjamin John Benjamin 06.12.2021 10:44
USDCHF struggles to bounce The US dollar softened after November’s nonfarm payrolls missed the mark. The pair has met stiff selling pressure at 0.9270, a former support that had turned into a resistance. The bullish RSI divergence suggests a slowdown in the sell-off though there is no confirmation yet for a sustainable bounce. 0.9120 is a key demand area on the daily timeframe and a bearish breakout would invalidate the November rebound. Buyers may switch sides as sentiment further deteriorates, exacerbating volatility to the downside. CADJPY breaks higher The Canadian dollar surged after November’s unemployment rate fell to 6%. A bearish MA cross on the daily chart still indicates a pessimistic mood. An oversold RSI on the hourly chart caused a limited bounce as short-term traders took profit. Sellers are eager to fade rebounds with the latest being at 89.20. 87.20 at the base of the October rally would be the next support. A deeper correction may send the loonie to 85.90. The bulls will need to lift said resistance before they could initiate a reversal. UK 100 attempts to rebound The FTSE 100 recouped some losses bolstered by a weaker US jobs report. The index saw buying interest over the psychological level of 7000 which sits in the daily demand zone. The RSI’s double-dip in the oversold area has attracted a ‘buying-the-dips’ crowd in this congestion area. A close above the immediate resistance at 7150 is an encouraging sign of a bullish attempt. 7310 is a major hurdle ahead, its breach could short circuit the correction. 7060 is the closest support in case of weakness in the rebound.
Intraday Market Analysis – Gold Awaits Breakout - 03.12.2021

Intraday Market Analysis – Gold Awaits Breakout - 03.12.2021

John Benjamin John Benjamin 03.12.2021 09:42
XAUUSD tests key support Gold treads water as markets await US jobs data release. The metal remains under pressure after it failed to maintain bids above 1780. Sellers are testing the daily support at 1760. A bearish breakout would shatter hopes of a swift rebound and send the price to last September’s low at 1725. That move could then threaten the integrity of the uptrend on a longer timeframe. 1806 is a fresh resistance and sellers could be waiting to double down at a better price. On the upside, a bullish breakout may propel the metal to 1845. EURUSD attempts bullish reversal The euro recoups losses as traders reposition ahead of today’s nonfarm payrolls. A bullish RSI divergence indicates a slowdown in the bearish push. The pair has found support near June 2020’s lows around 1.1190. Then successive breaks above 1.1270 and 1.1370 have prompted short interests to bail, paving the way for a potential reversal. 1.1460 next to the 30-day moving average would be the target and its breach may turn sentiment around. 1.1240 is a key support to keep the rebound relevant. US 500 heads towards daily support The S&P 500 continues on its way down as investors jump ship amid the omicron scare. The latest rebound has been capped by 4650, a sign that the bears are in control of short-term price action. A combination of pessimism and lack of buying interest means that the index is stuck in a bearish spiral. An oversold RSI may cause a limited rebound as intraday sellers cover their positions. 4450 at the origin of a previous bullish breakout would be the next target. 4360 is a second line of defense that sits in a daily demand zone.
Intraday Market Analysis – USD Accumulates Support

Intraday Market Analysis – USD Accumulates Support

John Benjamin John Benjamin 02.12.2021 08:58
USDCHF to test key support The US dollar stabilized after Jerome Powell hinted at speeding up the taper pace. The break below 0.9270 has put the rally on hold. The support has turned into resistance with the latest rebound fading. But a bullish divergence suggests a loss of momentum in the retracement as the price approaches 0.9140. Buying could be expected in this demand zone around November’s low 0.9100. Sentiment remains upbeat as long as the greenback is above this level. A bounce above 0.9270 may resume the uptrend. XAGUSD remains under pressure Silver struggled after US Treasury yields jumped on Fed’s hawkish tilt. A bearish MA cross on the daily chart indicates a deterioration in the market mood after a drop below the floor at 23.00. An oversold RSI caused a limited rebound which was then capped by 23.30. This was a sign that the bears were still in control of the direction. The psychological level of 22.00 is the next support. Its breach would lead to September’s lows at 21.50, an important level to keep the metal afloat in the medium term. USOIL tests major demand zone WTI crude inches higher as OPEC+ discuss whether to let additional output flow as previously planned. The price is hovering above a major demand zone between 62.00 and 64.00. A bullish RSI divergence indicates that the selling pressure might have eased. A rally above 71.20 could force the short side to cover and bring in more buying momentum. Then 76.00 would be the next hurdle before a full-blown recovery. On the downside, a bearish breakout could trigger a broader sell-off and potentially derail a 19-month long rally.
Intraday Market Analysis – USD Treads Water

Intraday Market Analysis – USD Treads Water

John Benjamin John Benjamin 01.12.2021 08:17
USDCAD seeks support The Canadian dollar edged higher after Q3’s GDP beat expectations. A bullish MA cross on the daily chart indicates a bullish bias in the US dollar’s favor. The break above the resistance at 1.2770 suggests that the bulls retain control of the direction. An overbought RSI has tempered the bullish fever temporarily, which may be an opportunity for buyers to accumulate. September’s high at 1.2900 is the next target. A bullish breakout could trigger an extended rally towards 1.3100. 1.2730 is now fresh support. AUDUSD falls towards 11-month low The Australian dollar bounced back on upbeat GDP in Q3. The break below 0.7170 has negated October’s rally. A bearish MA cross on the daily chart confirms that sentiment has turned sour. The Aussie is heading to October 2020’s low and the psychological level of 0.7000. An oversold RSI has prompted sellers to start to cover in that congestion area. 0.7190 is a resistance from the previous demand zone and trend followers are likely to sell a rebound. Buyers will need to take out those offers to ease the pressure. UK 100 to test daily support The FTSE 100 struggles with doubts about vaccine efficacy against the omicron variant. A drop below the daily support at 7190 triggered a sharp liquidation. Then a short-lived rebound has met stiff selling pressure at 7170. The index is hovering above the origin of the October rally at 6945. The bulls will need to clear the resistance before they could hope for a recovery. Otherwise, a bearish breakout would send the price to test the triple bottom (6830) from the daily timeframe. And that is the key to the uptrend’s integrity in the medium term.
Intraday Market Analysis – USD Seeks Support - 30.11.2021

Intraday Market Analysis – USD Seeks Support - 30.11.2021

John Benjamin John Benjamin 30.11.2021 09:27
USDJPY tests daily support The yen consolidates gains after a drop in Japan’s unemployment rate. The pair has met stiff selling pressure at March 2017’s high (115.50). The drop below 114.80 then 114.00 has forced short-term positions to bail out, exacerbating the sell-off. The US dollar is hovering above the key daily support at 112.70. An oversold RSI has brought in some buying interest. 114.20 is a fresh resistance. On the downside, a breakout could dent the optimism in the medium-term and pave the way for a bearish reversal. NZDUSD breaks major support The New Zealand dollar remains under pressure as risk assets suffer from the omicron variant scare. A break below the daily support at 0.6860 has put the buy-side on the defense. Sentiment has become increasingly downbeat after the pair fell past last August’s low at 0.6805, which is a second line of defense on the daily chart. 0.6700 would be the next support. The RSI’s repeatedly oversold situation has caused a temporary rebound. But buyers will need to clear 0.6890 before they could turn the tables. US 30 sees limited rebound The Dow Jones 30 struggled to bounce as investors grew cautious. A break below the demand zone near 35500 has prompted the bulls to exit and reassess the short-term sentiment. An oversold RSI may cause a limited rebound as traders take profit. 35700 is now a resistance and the bears may see a rally as an opportunity to sell into strength. The demand zone between 34150 and 34400 from mid-October is a major floor to keep the uptrend intact. A deeper correction may send the index towards 33000.
Intraday Market Analysis – Yen’s Rally Gains Traction

Intraday Market Analysis – Yen’s Rally Gains Traction

John Benjamin John Benjamin 29.11.2021 10:01
EURJPY breaks double bottom The safe-haven Japanese yen soars on news of a vaccine-resistant covid variant. A bearish MA cross on the daily chart indicates weakness in the euro’s previous rebound. The pair has closed below last September’s low at 127.90, a major floor to keep price action afloat in the medium term. This is a bearish signal that the sell-off is yet to end with 127.00 as the next support. The RSI’s double bottom in the oversold area may attract some buying interest. However, the bulls will need to lift 129.50 before a reversal could take shape. GBPUSD struggles to bounce back The pound continues on its way down against the US dollar over divergent monetary policy. The pair is hovering near a 12-month low around 1.3280. Sentiment remains bearish after a failed rebound above 1.3420. A bullish RSI divergence suggests a deceleration in the downward momentum. 1.3390 is the first hurdle ahead. Its breach would prompt the short side to cover and open the door to the daily resistance at 1.3510. Otherwise, a bearish breakout would send the price to 1.3200. GER 40 to test major floor The Dax 40 plunged as investors fret that new lockdowns could wreck the recovery. The gap below 15760 has forced leveraged buyers to bail out, stirring up volatility in the process. The momentum is typical of a catalyst-driven sell-off. Below 15150 the index is testing the psychological level of 15000. The RSI’s oversold situation has attracted a ‘buying-the-dips’ crowd in the demand zone. Further down, 14820 is a key floor to maintain the uptrend. 15530 has become the closest resistance in case of a rebound.
Intraday Market Analysis – EUR Stays Under Pressure

Intraday Market Analysis – EUR Stays Under Pressure

John Benjamin John Benjamin 24.11.2021 09:15
EURUSD struggles to rebound The euro bounced back after PMI readings in the eurozone exceeded expectations. The pair is testing July 2020’s lows around 1.1200. The RSI’s oversold situation on the daily chart may limit the downward pressure for now. We can expect a ‘buying-the-dips’ crowd as price action stabilizes. Sentiment remains fragile though and sellers may fade the next rebound. The bulls will need to lift 1.1360 before a reversal could take shape. Failing that, a bearish breakout would trigger a new round of sell-off towards 1.1100. NZDUSD lacks support The New Zealand dollar softened after the RBNZ met market expectations and raised its cash rate by 25bps. The downward pressure has increased after 0.6980 failed to contain the sell-off. The pair has given up all gains from the October rally, suggesting a lack of interest in bidding up the kiwi. An oversold RSI caused a rebound as short-term traders took profit and the bears were swift in selling into strength. The directional bias remains bearish unless 0.7010 is cleared. The September low at 0.6860 is the next support. UKOIL bounces back Brent crude recovers on speculation that OPEC+ may lower production to counter a release of strategic reserves. A break below 79.30 has shaken out the weak hands. The price has met buying interest over the daily demand zone around 77.70, which coincides with last July’s peak. A surge above 82.00 puts the bears on the defensive. Short-covering would exacerbate short-term volatility. An overbought RSI may cause a brief pullback. Then 85.50 is a key hurdle before the uptrend could resume.
Intraday Market Analysis – Nasdaq Hits Resistance

Intraday Market Analysis – Nasdaq Hits Resistance

John Benjamin John Benjamin 23.11.2021 09:20
NAS 100 pulls back Investors took profit after Jerome Powell’s renomination as US Federal Reserve Chairman. The tech index saw an acceleration in its rally after a break above the previous peak (16450). Strong momentum suggests that buyers are committed to keeping the uptrend intact after a brief pause. However, the RSI’s triple top in the overbought area indicates exhaustion, and a fall below 16550 has triggered a correction. 16300 is the next support from a previous supply zone. A rebound needs to clear 16750 before the rally could resume. AUDUSD struggles for support China’s property slowdown and lower commodity prices weigh on the Australian dollar. The pair has given up most of its gains from the October rally, a sign that support is hard to come by. Nonetheless, a series of lower lows has attracted trend followers’ interest in maintaining the status quo. 0.7220 is an intermediate support. An oversold RSI may prompt the short side to cover, raising bids in the process. However, the bulls will need to lift offers around the former support at 0.7300 before they could expect to turn the tables. NZDJPY seeks support The New Zealand dollar remains under pressure after disappointing retail sales in Q3. The kiwi is seeking support after a surge above last May’s peak at 81.20 led the daily RSI into an overbought situation. Short-term sentiment remains bearish as the pair struggles to achieve a new high. 80.55 is a major resistance after the bulls’ multiple failed attempts. A bullish breakout may pave the way for a reversal towards 82.00. Otherwise, a drop below 79.50 would send the pair towards September’s high at 78.50.
Intraday Market Analysis – USD Bounces Back

Intraday Market Analysis – USD Bounces Back

John Benjamin John Benjamin 22.11.2021 08:40
GBPUSD hits resistance The pound pulled back after Britain’s retail sales registered a steeper drop to -1.3% in October. The pair has met stiff selling pressure in the supply zone around 1.3510, a support that has turned into resistance after a failed rebound. An oversold RSI may cause a limited rebound. However, a bearish MA cross on the daily chart suggests that sentiment is still pessimistic. 1.3380 is a key support to keep the sterling afloat. A bearish breakout may trigger an extended sell-off to last December’s lows around 1.3200. USDCAD breaks higher The Canadian dollar struggles after a contraction in September’s retail numbers. The US dollar bounced off the resistance-turned-support at 1.2580. This is a sign that the bulls are still in control. A bullish MA cross on the daily timeframe confirms the directional bias for the next few days. The daily resistance at 1.2770 would be the next target. Its break would lead to a test of the double top at 1.2900. In the meantime, the RSI’s overextension has temporarily held the bulls back. We can also expect buying interest during dips. GER 40 struggles for support The Dax 40 tumbles as lockdowns across Europe hurt sentiment. The RSI’s overbought situation on the daily chart has made buyers cautious in pursuing high valuations. On the hourly chart, a bearish RSI divergence suggests a deceleration in the upward momentum. Then a dip below 16200 confirms weakness in the rally, prompting leverage positions to liquidate. The psychological level of 16000 is a congestion area as it coincides with last August’s peak and the 20-day moving average. 16300 is now a fresh hurdle.
Intraday Market Analysis – USD In Pullback Mode

Intraday Market Analysis – USD In Pullback Mode

John Benjamin John Benjamin 19.11.2021 09:15
USDCHF seeks support The US dollar stalled after weekly jobless claims came in higher than expected. The pair’s attempt above the daily resistance at 0.9310 suggests that the bulls may have gained the upper hand. Intraday buyers’ profit-taking led by the RSI’s overbought situation has caused a limited pullback. Buyers may see dips as an opportunity to get in at a discount. Bids could be around the resistance-turned-support at 0.9235. 0.9330 is a fresh resistance. And its breach may trigger an extended rally towards last April’s peak at 0.9450. NZDUSD bounces off demand area The New Zealand dollar inches higher as traders are positioning for an RBNZ rate hike next week. From the daily chart’s perspective, the pair has bounced off the demand zone near the psychological level of 0.7000. A bullish RSI divergence indicates a slowdown in the bearish momentum, a sign that sentiment could be turning around. An oversold RSI has attracted buying interest. A rally above 0.7060 would prompt sellers to cover, paving the way for a recovery towards 0.7175. A break below 0.6980 may drive the kiwi to 0.6900. US30 struggles to rally back The Dow Jones is under pressure as investors fear that inflation could choke off economic recovery. The index has been struggling to reclaim the landmark 36000, which coincides with the 20-day moving average. The faded rebound suggests exhaustion after a month-long breakneck rally. The RSI’s double-dip into the oversold area has attracted buying interest. Though buyers may stay cautious unless the first resistance at 36180 is lifted. On the downside, the previous peak at 35500 has turned into the next support.
Intraday Market Analysis – GBP To Test Resistance

Intraday Market Analysis – GBP To Test Resistance

John Benjamin John Benjamin 18.11.2021 10:37
GBPUSD bounces higher The pound inched higher after the UK’s inflation soared to 4.2% in October. Sentiment remains pessimistic after a botched rebound from the demand zone at 1.3420. However, an oversold RSI has attracted some buying interest. Its bullish divergence suggests a slowdown in the sell-off, prompting momentum traders to take profit and look for the next breakout. The sterling may bounce back if the bulls succeed in keeping it above 1.3380. 1.3530 would be the first hurdle. Otherwise, a bearish breakout would send the pair to 1.3200. USDCAD reaches new high The Canadian dollar fell back after the annual inflation rate matched the consensus. Following the greenback’s rally from the demand zone at 1.2300, a bullish MA cross on the daily chart suggests that the current rebound is picking up steam. As a sign of strong commitment, buyers were eager to keep price action above 1.2480 when the RSI flirted with the oversold area. A break above 1.2600 may trigger an extended rally towards the daily resistance at 1.2760. 1.2540 is fresh support in case of a pullback. USOIL falls through key support WTI crude tumbled after OPEC warned of supply surplus. The rally has stalled after the bulls struggled to lift offers at 85.00. On the daily timeframe, the RSI’s double top in the overbought area indicates an overextension. A break below 79.00 has led to profit-taking and put the long side under pressure. 81.60 is now a fresh resistance from the latest sell-off. The buy-side will need to achieve new highs before they could bring in momentum interest. Failing that, 75.00 is a key floor to keep price action afloat.
Intraday Market Analysis – USD Pushes Higher

Intraday Market Analysis – USD Pushes Higher

John Benjamin John Benjamin 17.11.2021 09:08
EURUSD lacks support The US dollar inched higher after October’s retail sales beat expectations. There has been a lack of interest in the single currency following its fall below the daily support at 1.1530. The divergence between the 20 and 30-hour moving averages indicates an acceleration in the sell-off. The bears are targeting the demand zone around 1.1200 from last July. The RSI’s oversold situation may prompt momentum traders to cover. Though a rebound is likely to be capped by 1.1370 and sellers would be eager to sell into strength. GBPJPY attempts to rebound The sterling recouped losses after Britain’s unemployment rate dropped to 4.3%. On the daily chart, the pair saw support near the 61.8% (152.60) Fibonacci retracement of the October rally. A bullish RSI divergence was a sign that the bearish pressure was fading. A break above 153.60 could be an attempt to turn the mood around. The initial surge may need more support after the RSI shot into the overbought area. Should the pound stay above 152.35-152.60, a rebound would lift it towards 155.20. NAS 100 tests peak The Nasdaq 100 bounces back supported by robust tech earnings. The index showed exhaustion after a four-week-long bull run. A combination of an overbought RSI and its bearish divergence made traders cautious in buying into high valuations. A break below the psychological level of 16000 has triggered a wave of profit-taking. A deeper retreat below 16020 would send the index to the previous peak at 15700 which coincides with the 30-day moving average. On the upside, A rally above 16400 would resume the uptrend.
Intraday Market Analysis – Gold Approaches Supply Zone

Intraday Market Analysis – Gold Approaches Supply Zone

John Benjamin John Benjamin 16.11.2021 09:28
XAUUSD tests trendlineGold continues on its way up as investors seek to hedge against inflationary pressures. The rally picked up steam after a break above the triple top at 1833. Price action is grinding up along a rising trendline.The bulls are pushing towards 1884, a major resistance where last June’s sell-off started. Strong selling pressure is possible in that supply zone as short-term buyers may take profit and reassess the directional bias.1855 on the trendline is the first support. A bearish breakout may trigger a correction to 1823.AUDUSD breaks above bearish channelThe Australian dollar softened after the RBA minutes reiterated that there will be no rate hike until 2024.The pair has found buying interest at the base of October’s bullish breakout (0.7280). A break above the falling channel indicates that sentiment could be turning around.0.7390 is a key resistance and its breach could prompt sellers to bail out. In turn, this would raise volatility in the process. Traders may then switch sides in anticipation of a reversal. An overbought RSI has so far limited the upside impetus.GER 40 rally gains tractionThe Dax 40 climbed after upbeat retail sales and industrial production in China lifted market sentiment.The index is seeking to consolidate its recent gains after it cleared the previous peak at 15990 which has now turned into support. Sentiment remains optimistic and 16300 would be the next step.An overbought RSI on the daily chart may temporarily put the brakes on the bullish fever. But a pullback may once again attract a ‘buying-the-dips’ crowd above 15990. A deeper correction may send the price towards 15770.
Intraday Market Analysis – USD Seeks Consolidation

Intraday Market Analysis – USD Seeks Consolidation

John Benjamin John Benjamin 15.11.2021 08:53
USDJPY hits temporary resistance The Japanese yen pulled back after a larger-than-expected GDP contraction in Q3. The US dollar is looking to hold onto its gains after a rally above 114.00. Sentiment has recovered and a surge above 114.45 around the October peak would resume the uptrend. However, the current rebound may lack the strength to clear the supply zone right away. An overbought RSI has held the bullish fever back. A breach below 113.70 would lead to a deeper correction towards 112.80, which is a key level to keep the rebound relevant. EURCHF struggles for support The euro bounced higher after the bloc’s industrial production beat expectations in September. The RSI’s oversold situation on the daily chart has attracted bargain hunters’ attention around 1.0530, a demand area from May 2020. Price action had three failed attempts to lift offers at 1.0600, a sign of strong selling pressure to keep the downtrend going. A bullish breakout may trigger a runaway rally as sellers seek to exit a crowded short bet. A bearish one would send the single currency to 1.0490. UK 100 tests support The FTSE 100 edged lower after active job postings in the UK hit a record high. The index came under pressure at the psychological level of 7400. A combination of an overbought RSI and its bearish divergence suggests that the rally was losing momentum. Sentiment remains upbeat and a pullback could be an opportunity to get filled at a better price. Trend followers may be waiting to buy the dip near the first support at 7315. A deeper correction would send the price to 7255 along the 30-day moving average.
Intraday Market Analysis – USD Seeks Support - 19.10.2021

Intraday Market Analysis – USD Keeps Bullish Momentum

John Benjamin John Benjamin 12.11.2021 09:33
GBPUSD buried in bearish territory The pound continues to retreat after Britain’s growth fell short of expectations in Q3. A break below September’s low at 1.3420 has invalidated the latest rebound, putting buyers on the defensive once again. The RSI’s double bottom in the oversold area may ease the bearish push momentarily. A bounce could be an opportunity to sell into strength. 1.3500 is the immediate resistance. On the downside, renewed momentum would drive price action towards last December’s lows around 1.3200. AUDUSD struggles for support The Australian dollar came under pressure after the unemployment rate returned above 5% last month. The sell-off continued after a brief pause over the 30-day moving average near 0.7390, turning the latter into a fresh resistance. The lack of support suggests increasingly downbeat sentiment. The base of October’s bullish breakout at 0.7240 is the next support. The RSI’s oversold situation may cause a limited rebound from the round number at 0.7300, though it is likely to turn out to be a dead cat bounce. US100 tests demand zone The Nasdaq 100 suffers losses as high inflation dents risk appetite. An RSI divergence showed a deceleration in the uptrend, a sign that the rally has overheated. Subsequently, a drop below 16200 has prompted leveraged buyers to exit for fear of a correction. As the RSI inched into the oversold territory, the index saw bids near the breakout zone (15900) from earlier this month. The support-turned-resistance at 16200 is the first hurdle. Then the bulls will need to clear 16400 before the rally can resume.
Intraday Market Analysis – USD Cuts Through Resistance

Intraday Market Analysis – USD Cuts Through Resistance

John Benjamin John Benjamin 11.11.2021 09:26
USDJPY attempts a bullish reversalThe US dollar broke higher after October’s CPI exceeded expectations.On the daily chart, the RSI has dropped back into the neutrality area. The greenback has secured bids around the 30-day moving average. An oversold RSI on the hourly chart attracted a ‘buying-the-dips’ crowd at 112.70.The latest surge above the psychological level of 114.00 has prompted sellers to cover their bets, paving the way for a bullish reversal above 114.25. Before that, an overbought RSI may lead to a pullback towards 113.05.XAUUSD breaks resistanceRising US CPI boosts the demand for gold as an inflation hedge.After being unable to clear the daily chart’s triple top at 1833 over the course of the summer, the precious metal has cut through the resistance like a hot knife through butter. High volatility suggests that sellers were quick to bail out.As momentum traders jump in, the bullish breakout would lead to an extended rally towards 1900. An overbought RSI may cause a limited pullback. In that case, 1823 at the base of the rally may see strong buying interest.USOIL retreats from resistanceWTI crude edged lower after the EIA reported a slight rise in US inventories. The price’s swift recovery above the sell-off point at 83.00 is an indication that sentiment remains overall optimistic.However, the previous peak and psychological level of 85.00 seems like a tough hurdle to overcome for now. An overbought RSI has triggered a temporary pullback with a break below 81.90. In turn, this is deepening the correction towards 79.30.Trend followers may see the limited retracement as an opportunity to stake in.
Intraday Market Analysis – Euro Attempts To Bounce

Intraday Market Analysis – Euro Attempts To Bounce

John Benjamin John Benjamin 10.11.2021 08:58
EURUSD meets resistance The euro finds support from an upbeat economic sentiment from across the block. The pair has met buying interest in the demand zone around 1.1520. A bullish RSI divergence suggests that sellers may have taken their feet off the pedal. Subsequently, a break above 1.1560 prompted the short side to cover. 1.1615 is a key supply zone from last week’s sell-off, after which the bulls need to lift offers near 1.1690 before a reversal could gain traction. On the downside, a fall below 1.1550 may call the rebound into question. XAGUSD awaits breakout Bullions rise as the US dollar retreats ahead of the release of inflation data. A bullish MA cross on the daily chart is a sign that sentiment could be turning around. Silver is testing the September high of 24.80. A bullish breakout would trigger an extended rally towards 26.00. However, the RSI’s double top in the overbought area has held buyers back as the market awaits new catalysts. A combination of profit-taking and fresh selling could drive the price lower. The base of a previous breakout at 23.70 would be a support. US 500 seeks support The S&P 500 consolidates gains over strong corporate earnings and improved economic outlook. The divergence between the 20 and 30-day moving averages indicates an acceleration in the rally. Though there is a chance of a pullback after the RSI shot into the overbought area. The bullish bias means that buyers may be eager to jump in during a correction. The index is hovering above 4660. 4625 on the 20-day moving average would be the second line of defense. On the upside, a rebound would lead to 4750.
Intraday Market Analysis – GBP Seeks Support

Intraday Market Analysis – GBP Seeks Support

John Benjamin John Benjamin 09.11.2021 09:01
EURGBP sees a temporary pullback The sterling inched higher as traders took profit after the BOE’s dovish shift last week. The rally above the supply area of 0.8570 is a sign of commitment from the buy-side. Strong momentum has forced the bears to rush for the exit door. 0.8620 is now the next resistance. Its break would bring the euro to September’s high at 0.8660, where a breakout may lead to a bullish reversal in the medium-term. In the meantime, an overbought RSI is causing a pullback. The base of the latest surge at 0.8465 is an important support. NZDUSD tests key resistance The New Zealand dollar recoups losses as risk appetite recovers. The pair has met buying interest at 0.7070 along the 20-day moving average. A bullish RSI divergence is a sign that the bearish momentum has waned. When this happens in a demand zone, it makes a rebound of greater significance. 0.7180 is a major hurdle ahead following a previously botched bounce. Its breach may resume the kiwi’s uptrend above 0.7220. The RSI’s double top in the overbought area may briefly limit the bullish impetus. GER 40 consolidates gains The Dax 40 continues to rally in hopes of a prolonged low-rate environment. The bulls are pushing towards 16200 after the index reached the milestone at 16000. However, the RSI’s multiple ventures into the overbought area and a bearish divergence indicate that the rally may have overextended. A temporary pullback would be necessary to let the bulls catch their breath. 15920 is the immediate support. Further down, 15730 on the 20-day moving average would be an area of interest.
Having A Look At The Markets Considering Tensions, COVID-19 And National Banks Decisions

Intraday Market Analysis – USD Attempts Rebound - 08.11.2021

John Benjamin John Benjamin 08.11.2021 09:09
USDCHF struggles for bids The US dollar bounced higher on solid jobs performance in October. A bullish RSI divergence indicates a deceleration in the sell-off. Sellers have started to cover after a close above the immediate support at 0.9170. However, the initial momentum was held back after the RSI shot into the overbought territory. The bulls will need to lift offers around 0.9225, which sits on the 30-day moving average to attract more followers. On the downside, a break below 0.9100 may trigger a fall towards 0.9020. USDCAD tests supply area The Canadian dollar claws back some losses after Canada’s unemployment rate shrank to 6.7% in October. The US dollar’s break above 1.2430 has put the bears under pressure. An overbought RSI has put a limit on the upside as intraday buyers take profit. The bulls are making an attempt at 1.2500. This level was a key support on the daily chart and has now turned into a resistance. A bullish breakout may pave the way for a bullish reversal. A fall below 1.2375 would put the demand zone over 1.2300 at the test once again. US 30 rises as risk appetite grows The Dow Jones 30 finds support from the passage of the $1 trillion US infrastructure bill. The index saw an acceleration to the upside after it rallied above the previous peak at 35600. Sentiment remains bullish with short-term price action grinding up along a rising trendline. 36600 would be the next target. The RSI’s overbought situation has led to a temporary retracement which could be an opportunity for trend followers to stake in. 36070 on the trendline is the first level where we can expect a rebound.
Intraday Market Analysis – GBP Struggles For Support - 05.11.2021

Intraday Market Analysis – GBP Struggles For Support - 05.11.2021

John Benjamin John Benjamin 05.11.2021 08:51
GBPUSD tests key floor The pound plummeted after the Bank of England held interest rates against expectations. The plunge below the daily support at 1.3570 has caught buyers off guard. Those who bet on a rebound around 1.3600 have rushed to the exit, raising volatility in the process. The September low at 1.3430 would be the next target. An oversold RSI may attract some buying interest, though buyers might be cautious to avoid catching a falling knife. The supply zone between 1.3640 and 1.3700 could keep the sterling under pressure. USDJPY consolidates gains The US dollar consolidates recent gains as traders digest the start of the Fed’s taper. The pair is seeking support around the 20-day moving average after a parabolic rise sent it to a four-year high. An overbought RSI from the daily chart is a sign of exhaustion and traders may be reluctant to push higher. The greenback has found bids along the demand zone over 113.30. The bulls need to clear the fresh hurdle at 114.45 before they could resume the uptrend. A bearish breakout would trigger a sell-off towards 112.50. US 500 grinds to new highs The S&P 500 continues to climb as the Fed deliberately leaves rate hikes off the table. The rally has gained momentum after the index cleared the previous peak at 4550. Sentiment remains bullish, but an overbought RSI in the daily timeframe may call for a pause. Overextension is also on the hourly chart as the RSI repeatedly ventures above 70. The bulls are pushing towards the psychological level of 4700. 4620 on the 30-hour moving averages may attract trend followers’ bids in case of a pullback.
Intraday Market Analysis – USD Struggles To Bounce Back

Intraday Market Analysis – USD Struggles To Bounce Back

John Benjamin John Benjamin 04.11.2021 08:38
EURUSD claws back lossesThe US dollar fell after the Federal Reserve called for patience on raising interest rates.The pair has met strong resistance at 1.1690, a previous demand zone on the daily chart that has turned into a supply one. The latest sell-off has been contained by 1.1535, near the base of the recent rebound as an oversold RSI attracted some bargain hunters.A surge above the intermediate resistance of 1.1620 would bring in more momentum traders. Then a break above 1.1690 could kickstart a bullish reversal in favor of the euro.XAUUSD tests resistanceGold recovers as the US dollar softens across the board following a neutral FOMC.Price action had previously struggled to clear the supply area around 1810, the origin of the September correction. The subsequent fall below the support at 1785 has prompted buyers to take profit.However, the RSI’s repeated oversold situation has caught buyers’ attention at the daily support at 1760. 1785 is the hurdle ahead and a bullish breakout would resume the recovery. Failing that, the bears may push towards 1740.USOIL falls back for supportWTI crude slipped after the EIA reported a larger increase in US inventories. The psychological level of 85.00 has been an effective hurdle so far.The previous fall below 81.00 has put the bulls on the defensive, especially after their failure to achieve a new high above 84.70. This is a confirmation that sentiment has grown cautious after the price’s recent vertical ascent.The RSI’s overbought situation on the daily chart could call for a pullback. 79.50 is the closest support. Its breach may send the price to 76.50.
Intraday Market Analysis – AUD Seeks Support

Intraday Market Analysis – AUD Seeks Support

John Benjamin John Benjamin 03.11.2021 08:48
AUDUSD breaks lower The Australian dollar softened after a dovish RBA stressed that inflation was still too low to hike soon. The pair has met stiff selling pressure near last July’s high of 0.7550. While sentiment has turned positive from the daily chart’s perspective, an overbought RSI has made buyers cautious. The drop below 0.7490 then 0.7450 has forced out leveraged positions, exacerbating the downward pressure. 0.7380 on the 30-day moving average would be the next support. An oversold RSI may attract bids in this congestion area. NZDUSD retreats from double top The New Zealand dollar bounced back after the Q3 unemployment rate fell to 3.4%. A double top at 0.7220 suggests exhaustion in the kiwi’s ascent after the RSI repeatedly pointed to an overbought situation. A break below 0.7130 indicates that the bears have gained the upper hand, pushing the opposing side to close their bets. The previous supply zone around 0.7070 has turned into a demand zone. This coincides with the 30-day moving average, and along with an oversold RSI, it may gain support from a buy-the-dips crowd. UK 100 tests demand zone The FTSE 100 consolidates gains as investors turn their attention to the US Federal Reserve meeting. The bulls are looking to get a foothold after a close above the August peak at 7240. The RSI’s double top in the overbought zone is a sign of overextension in the short term. Trend followers may look to stake in at the psychological level of 7200, a key demand zone on the 20-day moving average. A bearish breakout would deepen the pullback to 7140. On the upside, a rebound above 7310 would resume the rally.
Intraday Market Analysis – USD Hits Resistance - 02.11.2021

Intraday Market Analysis – USD Hits Resistance - 02.11.2021

John Benjamin John Benjamin 02.11.2021 08:42
USDCAD consolidates at 4-month lowThe US dollar retreats ahead of this week’s FOMC as traders await further catalysts. Price action has stabilized above 1.2300, a major demand zone from last summer.1.2430 from the latest sell-off is a key resistance as it coincides with the 20-day moving average. The current consolidation suggests the market’s indecision, though overall sentiment remains bearish.A deeper correction would send the greenback to 1.2150. A bullish breakout on the other hand may challenge the supply area around 1.2550.EURJPY tests key supportThe euro struggles to bounce higher after Germany’s lackluster retail sales in September.The pair has come under pressure at 133.45 near June’s peak. The subsequent retracement has met some bids at 131.60 when the RSI dipped into the oversold territory.The triple test of the support level indicates solid buying interest. However, the bulls will need to push above 132.80 before the uptrend could resume.On the downside, a bearish breakout would extend the sideways action towards 130.80 which sits on the 30-day moving average.US 100 falls back for supportThe Nasdaq 100 surges to a new all-time high as investors expect the strong growth trend to continue. The break above the previous peak at 15700 has put the index back on an upward trajectory.A bullish MA cross on the daily chart is a confirmation of the market’s optimism. However, a brief pullback is necessary to let the bulls catch their breath.15620 is the immediate support. Further down, 15280 is key daily support on the 20-day moving average. The psychological level of 16000 would be the next target rebound.
Intraday Market Analysis – USD Grinds Key Resistance

Intraday Market Analysis – USD Grinds Key Resistance

John Benjamin John Benjamin 01.11.2021 09:31
USDCHF bounces off demand zoneThe US dollar inched higher after a solid core PCE reading in September. The pair is testing the major demand area from last August’s lows (0.9100).A bearish MA cross on the daily chart has dented buyers’ optimism. An oversold RSI may attract a ‘buying-the-dips’ crowd while short-term sellers take some chips off the table.However, 0.9190 could be a challenging hurdle to lift as the bears would be eager to fade the rebound. A new round of sell-off would send the greenback to the daily support at 0.9020.EURGBP attempts to reboundThe euro found support from better-than-expected growth and inflation data. A bullish RSI divergence suggests that the downtrend may have lost its momentum.A break above 0.8470 has prompted sellers to cover some of their bets. But the RSI’s overbought situation has so far tempered the optimism.The bulls will need to lift offers around 0.8485 which sits on the 30-day moving average before they could turn the tables. Failing that, a drop below the demand zone between 0.8400 and 0.8420 would deepen the correction.GER 40 finds supportThe Dax 40 bounces back thanks to upbeat European stock earnings.A bullish MA cross on the daily chart is a sign of recovery. Though the index has hit a speed bump at 15775 which is a major resistance from last September’s sell-off.The drop below 15630 has led intraday buyers to bail out, driving short-term price action downward. As the RSI ventured into the oversold zone, the pullback attracted dip-buying interest at the lower range of the previous consolidation (15400). This is a congestion area along the MA cross.
Intraday Market Analysis – EUR Builds Up Bullish Reveal

Intraday Market Analysis – EUR Builds Up Bullish Reveal

John Benjamin John Benjamin 29.10.2021 08:55
EURUSD cuts through resistanceThe 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 zoneThe 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 supportThe 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 – USD Seeks Support - 14.10.2021

Intraday Market Analysis – USD Seeks Support - 14.10.2021

John Benjamin John Benjamin 14.10.2021 08:46
USDCHF tests short-term supportThe US dollar eased after the FOMC minutes failed to pinpoint the first rate hike next year. The drop below 0.9280 was a sign of profit-taking after the RSI showed that the rally had overextended.The pair has then found support along the 20-day moving average (0.9220). This is a major level for the bulls to keep the uptrend intact after a short-lived bounce revealed weakness.A bearish breakout would send the pair to 0.9150. A rebound could propel the pair to 0.9400 if it succeeds in absorbing offers around 0.9330.AUDUSD tests key resistanceThe Australian dollar rallied after the unemployment rate fell to 4.6% in September. The pair has met stiff selling pressure near 0.7480, a supply zone from the sell-off in early September.The RSI’s double top in the overbought area and its bearish divergence are signs of exhaustion. This has led cautious buyers’ to take some chips off the table with a drop below 0.7335.0.7290 would be the support to monitor in case of a pullback. On the upside, a greater high would pave the way for September’s peak at 0.7460.EURGBP hovers above major supportThe pound inched higher after Britain’s GDP returned to positive territory in August. The euro, on the other hand, has fallen victim to the selling pressure after it broke below 0.8530.Price action is heading to 0.8450, a daily support from the August rally. To the bulls’ relief, the RSI’s divergence shows a slowdown in the bearish impetus.They will need to lift 0.8520 before they could attempt a reversal. Failing that, a breakout below the said floor would trigger an extended sell-off towards 0.8360.
Intraday Market Analysis – USD Awaits FOMC Catalyst

Intraday Market Analysis – USD Awaits FOMC Catalyst

John Benjamin John Benjamin 13.10.2021 09:04
GBPUSD tests supply areaThe pound climbs as solid payrolls support the Bank of England’s first post-pandemic interest rate hike.A series of higher highs have prompted sellers to cover their bets. The pair is now testing the supply zone around 1.3650, this was previously major support on the daily chart.Sentiment remains bearish judging by falling moving averages. Strong selling interest could be below 1.3750 as sellers wait to fade the rebound. 1.3550 is the immediate support and its breach would send the sterling back to 1.3420.EURUSD lacks supportThe US dollar consolidates gains as traders await the FOMC Minutes to confirm the tapering in November.The pair has sunk into bearish territory after it broke the daily support at 1.1620. The latest rebound has been capped by the fresh supply area around 1.1585. As the RSI recovered into the neutral zone, short-term trend followers may continue to sell into strength.The psychological level of 1.1500 would be the next target when the current consolidation ends. A deeper correction would drive price action to 1.1400.The UK 100 recovers to major resistanceThe FTSE 100 inched higher after Britain’s unemployment rate fell to 4.5%.The index has met strong buying interest over the key support (6830) on the daily chart. The triple bottom is an indication of the bulls’ commitment to maintaining the uptrend.A surge above 7085 has attracted more attention as the price swiftly recovered above the psychological tag of 7000 once again.A breakout above 7170 would signal a bullish continuation, triggering a runaway rally as those who are patiently waiting on the sidelines bid up.
Intraday Market Analysis – JPY Breaks Key Support

Intraday Market Analysis – JPY Breaks Key Support

John Benjamin John Benjamin 12.10.2021 09:01
USDJPY climbs to 3-year highsThe yen plunges as low Japanese bond rates reflect the divergence in monetary policies. A close above the pre-pandemic peak around 112.10 has triggered a runaway rally.A bullish MA cross indicates an acceleration to the upside. Strong momentum and a lack of resistance are lifting the greenback towards November 2018’s high at 113.70.The RSI’s repeated overbought situation may lead to profit-taking, causing a limited pullback. Patient buyers may be waiting to stake in near the round number of 112.00.NZDUSD struggles to riseThe New Zealand dollar bounces back as risk appetite makes a timid return after a mixed NFP.The pair is in a narrow consolidation range between 0.6880 and the psychological level of 0.7000. However, the short-term mood remains downbeat after the kiwi almost gave up all its gains from late August.The RSI’s double-dip in the oversold area has attracted some buying interest. But the bulls will need to lift the major resistance before they could jump-start a reversal. Failing that, the kiwi would be testing the daily support at 0.6810.US 30 hits resistanceThe Dow Jones climbs back as investors rotate into blue-chip values amid economic recovery.Multiple tests of the demand zone around 33500 reveal the bulls’ commitment to keeping the index afloat. A close above 34660, the last leg of the previous sell-off, is an encouraging sign.A push above 35050 would open the door to 35000 near the all-time high. An overbought RSI has temporarily held the bullish fever back.34200 is the immediate support for buyers to build momentum. Further down, 33850 is their second line of defense.
Intraday Market Analysis – USD Plunges Below Support

Intraday Market Analysis – USD Plunges Below Support

John Benjamin John Benjamin 11.10.2021 09:00
USDCAD falls through critical floor The US dollar tumbled after weaker-than-expected nonfarm payrolls in September. The pair has struggled to bounce back over the past few weeks. The break below 1.2500, a major demand zone on the daily chart, is the straw that broke the camel’s back. 1.2430 is the next support. And its breach could trigger an extended sell-off towards July’s low at 1.2300. As buyers bail out, high volatility has pushed the RSI into the oversold territory. A bounce is likely to be capped by 1.2600, and it could be an opportunity to sell into strength. XAUUSD attempts bullish reversal Gold surges as a slowdown in the US job market weighs on the US dollar. A bullish candle above the first resistance on the daily chart (1775) has forced the bears to cover their positions, exacerbating the momentum in the process. Now that the selling pressure is out of the way, the bulls may consolidate their gains and build strength for a reversal. The psychological level of 1800 would be the next target. However, an overbought RSI has caused a temporary pullback towards the demand area between 1740 and 1755. GER 40 bounces off major support The Dax 40 rallies as risk sentiment returns. The index has bounced off last May’s lows around 14820. A depressed RSI in this major demand area has attracted solid buying interest. A close above 15200 may have prompted short-term sellers to cover. The bulls will have the challenging task of clearing several resistance levels, the first being 15470 on the 30-day moving average. A pullback may test the psychological level of 15000. Further down, 14820 is a critical floor to keep the uptrend intact in the medium term.
Intraday Market Analysis – Gold Sell-Off Fades

Intraday Market Analysis – Gold Sell-Off Fades

John Benjamin John Benjamin 06.10.2021 09:30
XAUUSD tests resistanceGold hit a speed bump after an upbeat ISM Services PMI boosted the dollar’s appeal.The metal saw buying interest in the major demand zone around 1720. A bullish RSI divergence indicates a slowdown in the pace of the sell-off. The initial surge above 1745 could be due to profit-taking from the short side, a prerequisite for a reversal.1775 is the main hurdle and its breach may lead to the psychological level of 1800. On the downside, the area between 1720 and 1740 is the floor to keep price action afloat.AUDUSD attempts to reboundThe Australian dollar consolidated its gains after the RBA played down the rate-hike pressure.The rally above 0.7250 has prompted short-term traders to take some chips off the table. However, the bulls will need to clear the main hurdle at 0.7310 before they could extend upward. The RSI’s double top in this congestion area may momentarily restrain their optimism.In case of a pullback, 0.7190 is a key support to keep the rebound relevant. Failing that, the pair could tumble towards the daily support at 0.7120.NAS 100 breaks key supportThe Nasdaq 100 struggles as investors rotate out of growth stocks amid an uncertain outlook.The break below last July’s low (14450) has pushed the index into a deeper correction. A bearish MA cross on the daily chart points to a downgrade in market sentiment.An oversold RSI has caused a temporary rebound, which would be an opportunity for trend followers to sell into strength. 14330 is the next support. Short-term traders who are brave enough to buy the dips must push through 14850 to secure a foothold.
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Intraday Market Analysis – USD Lacks Support

John Benjamin John Benjamin 05.10.2021 09:26
USDJPY retreats below resistanceThe dollar bounced back against the yen after a weak Tokyo CPI in September.As the pair rose to the peak from February 2020 (112.20), a bearish RSI divergence revealed weakness in the momentum. A break below 111.20 and a bearish MA cross may have dented optimism.The US dollar has seen bids at 110.90 when the RSI neared the oversold area. However, the bounce has been capped by 111.50 as trapped buyers were waiting to get out. A new round of sell-off would send the price to the psychological level of 110.00.USDNOK tests critical supportRally in oil prices helped lift the Norwegian krone against the greenback.The pair had met stiff selling pressure in the supply zone around 8.8000. A sharp drop below 8.6500, which has turned into resistance, suggests that sellers have regained control of the action.A close below 8.5500 (a major support from the daily chart) would invalidate the latest rebound and put the dollar on a bearish trajectory. An oversold RSI may cause a temporary bounce. 8.4500 would be the next stop when momentum traders stake in.GER 40 hovers over major supportStock markets still jitter over ongoing supply chain disruptions.The Dax 40 has been treading water over the psychological level of 15000. A bullish RSI divergence in this important demand zone indicates that selling has become less aggressive.However, it may be too soon to call for a U-turn. The bulls must take out 15330 before they could convince trend-followers of a turnaround. Then, 15700 would be the next hurdle.On the downside, a bearish breakout would trigger a wave of stop-losses, sending the index towards 14500.
Intraday Market Analysis – USD Rally Slows Down - 04.10.2021

Intraday Market Analysis – USD Rally Slows Down - 04.10.2021

John Benjamin John Benjamin 04.10.2021 08:52
USDCAD awaits breakoutThe Canadian dollar recovered after July’s GDP growth beat expectations.The daily chart still favors the greenback even though the hourly price action is stuck in a narrowing range between 1.2600 and 1.2800. The indecision would end with a breakout that will dictate the direction for the next few days.Multiple tests of the demand zone around 1.2600 suggest solid interest in keeping the uptrend intact. A bullish breakout would cause another attempt at August’s peak (1.2950), whereas a bearish one would lead to a revisit of 1.2500.EURGBP tests demand zoneThe pound swings higher likely due to profit-taking, following a sharp sell-off. The euro’s surge has hit a speed bump at July’s high (0.8660).An overbought RSI and its bearish divergence have prompted short-term buyers to take chips off the table. The support-turned-resistance at 0.8620 capped a rebound.The upside bias is still valid as long as the pair is above 0.8525, the base of the latest rally. The bulls may trigger an extended rally if they can lift 0.8625. Failing that, the price may drop to 0.8485.SPX 500 faces key hurdleThe S&P 500 struggles as concerns over economic slowdown spread. A bearish MA cross on the daily chart indicates that sentiment has turned sour.The fall below 4340 has shattered the hope of a quick rebound. The index is testing last July’s low at 4270. A repeatedly oversold RSI has triggered a buying-the-dips mentality.The early bulls will need to close above 4400 before they could attract momentum buyers’ attention. Otherwise, the bears would be eager to sell into strength.
Intraday Market Analysis – GBP In Bearish Reversal

Intraday Market Analysis – GBP In Bearish Reversal

John Benjamin John Benjamin 30.09.2021 09:04
GBPUSD turns bearishThe sterling struggles to stabilize as the UK braces for a fuel supply shock.After three months of sideways action, the break below the daily support at 1.3600 could be the confirmation that the pound has sunk into a downtrend.Strong momentum suggests that those who bought the dips had to bail out. 1.3300 is the next target.A deeply oversold RSI would cause a limited rebound when short-term sellers take profit. 1.3550 is likely to cap the bounce with bears waiting to sell into strength.NAS 100 tests crucial supportThe Nasdaq 100 tumbles as surging bond yields weigh on growth stocks.The retest of the demand zone around 14750 from the daily chart has put the bulls under pressure. The break below 14850 has invalidated last week’s rebound, raising the odds for another round of sell-off.The RSI’s double-dip into the oversold area has offered some temporary respite. However, unless buyers can lift 15220, a rebound would be an opportunity to sell. Below the said critical floor, the index could be vulnerable to a plunge towards 14500.USOIL seeks supportWTI crude dipped after the EIA reported an increase in US inventories.The rally has met stiff selling pressure near July’s high (77.00). The RSI’s bearish divergence signaled a halt in the upward momentum.Then a combination of profit-taking and fresh selling has pushed the price below the first support at 75.20. A bearish MA cross also points to a U-turn.A pullback is necessary to let the bulls catch their breath. The resistance-turned-support at 73.00 would be a key level to keep the sentiment unscathed.
Intraday Market Analysis – Gold Breaks Lower

Intraday Market Analysis – Gold Breaks Lower

John Benjamin John Benjamin 29.09.2021 09:13
XAUUSD lacks supportGold slumps due to rising US Treasury yields. The demand zone around 1745 has failed to contain the market’s pessimism.The latest bounce has been an opportunity to sell into strength, reinforcing the bearish bias. A combination of loss-cutting and fresh selling would raise the downward momentum.The precious metal is heading towards 1720. A breakout would trigger an extended sell-off to the August low at 1680. The bulls have the daunting task of lifting 1760 before they could expect a meaningful rebound.AUDUSD hits resistanceThe Australian dollar inched higher after a smaller contraction in August’s retail sales.The pair has found strong support at 0.7220. Three consecutive tests are an indication of solid interest in keeping the Aussie afloat.0.7320 is the first resistance ahead. Its breach may shake the sellers out and trigger a rebound to 0.7410.Otherwise, a fall below the said support would cause a deeper correction to the critical level of 0.7105.  Erasing all of the gains from late August would seriously dent buyers’ optimism for a rally.USDCAD bounces off supportThe Canadian dollar is under pressure as oil prices retreat. The pair saw buying interest at 1.2600, which is major support for a four-month-long rally on the daily timeframe.The RSI’s bullish divergence indicates that the selling pressure may have waned.A break above the immediate resistance (1.2670) would prompt sellers to cover. 1.2800 near September’s peak could be the target should a rebound gain traction.On the downside, a bearish breakout may send the price to the psychological level of 1.2500.
Intraday Market Analysis – USD Tests Supply Area

Intraday Market Analysis – USD Tests Supply Area

John Benjamin John Benjamin 28.09.2021 08:45
EURUSD tests major supportThe US dollar found support from better-than-expected durable goods orders.The pair gave up all its gains from the rally in late August. This indicates an erosion in the bullish sentiment.The euro’s latest rebound has been capped by 1.1750. Sellers are pushing towards the critical floor at 1.1665. And its breach would lead to the last line of defense at 1.1600 from November last year.An oversold RSI may bring in some buying interest, though buyers will need to lift 1.1820 before they could hope for a bullish reversal.EURJPY seeks supportThe Japanese yen weakened after the BOJ warned of a recovery delay in its meeting minutes. The euro has capitalized on its rebound from the daily demand zone around 128.00.A close above 129.65 may have tipped the balance to the upside. A break above 130.10 would pave the way to the key resistance of 130.70 on the daily chart.However, a descending RSI from the overbought zone is in contrast with the price’s higher highs. There is a risk of a pullback as the momentum slows down. 129.40 is the immediate support.SPX 500 struggles to reboundThe S&P 500 halted its advance as the Fed’s taper is closing in.The V-shaped recovery has met selling interest at 4482, the origin of a recent sell-off. A diverging RSI suggests a loss of momentum in the rebound.The long side may regain confidence in case of a bullish breakout and 4540 would be the next target. Failing that, a drop below 4425 would prompt buyers to bail out, leaving the index vulnerable to a sharp fall.4340 would be the last support before a deeper correction drives the index to July’s lows near 4240.
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Intraday Market Analysis – DAX 40 Struggles To Rally

John Benjamin John Benjamin 27.09.2021 08:58
GER 40 hits tough resistanceEuropean markets struggle as embattled property giant Evergrande faces more coupon payments this week.The Dax 40’s tentative break below the major support at 15050 weighs on traders’ risk appetite. Unless the bulls can push back and absorb offers at 15780, the index could be vulnerable to a deeper correction.An overbought RSI has caused a stall in the recovery. A bearish MA cross may attract selling interest. 15400 is an important gatekeeper and a breach could trigger a sharp sell-off to 14900.NZDUSD retraces to major supportThe US dollar continues to creep up after the Fed’s hawkish tilt. The RSI’s overbought situation suggests that the kiwi’s initial breakout has over-stretched itself.Buying interest could lie between 0.6980 and the psychological level of 0.7000. The bulls will need to clear the origin of the September sell-off (0.7110), and then they could seal the continuation of the rally towards 0.7210.However, if this turns out to be a false rebound, a bearish breakout would dent the hope of recovery and send the pair to 0.6880.XAGUSD tests critical supportThe rising Treasury yields and US dollar weigh on precious metals. Some bargain hunters were eager to buy silver at the psychological level of 22.00, which is also critical support from the daily timeframe.However, the rebound has seen strong selling interest at 23.10. Should buyers gather enough momentum to break free, 23.80 would be the next target.On the downside, a bearish breakout would shake the last buyers out and conclude an eleven-month-long consolidation with a bearish reversal.
Intraday Market Analysis – GBP Attempts Reversal

Intraday Market Analysis – GBP Attempts Reversal

John Benjamin John Benjamin 24.09.2021 08:49
GBPUSD bounces off triple bottomThe pound surged after the Bank of England raised its inflation forecast.The pair has met strong buying interest at the triple bottom (1.3600) on the daily chart. A bullish RSI divergence was an indication that the sellers have taken their feet off the pedal.A subsequent rally above 1.3690 would prompt more bears to cover. An overbought RSI may temporarily limit the initial impulse.Patient buyers would be waiting for a pullback before jumping in. A rebound above 1.3800 would challenge the September high at 1.3900.USDCHF tests Fibonacci levelThe Swiss franc softened after the Swiss National Bank pledged to keep its policy loose.The US dollar saw an acceleration in its momentum after it cleared the daily resistance at 0.9260. The RSI’s double top has triggered a pullback to let the bulls catch their breath.The pair has found bids at the 61.8% (0.9220) Fibonacci retracement level. A break above 0.9280 would resume the rally towards April’s peak at 0.9460.A bearish breakout could send the greenback to 0.9160, a key floor to keep the uptrend afloat.USDCAD tests key supportThe Canadian dollar halts its advance as July’s retail sales unexpectedly show a contraction.The pair has met stiff selling pressure near the August high (1.2950). The pullback is testing the key support at 1.2635. An oversold RSI may attract some bids. Then the bulls need to lift 1.2795 for continuation.Failing that, a bearish breakout would dent the optimism and those who previously bought in this demand area would have to get out. Then 1.2500, a is major support on the daily chart, would be the second line of defense.
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Intraday Market Analysis – USD Regains Bullish Momentum

John Benjamin John Benjamin 23.09.2021 08:51
USDJPY bounces off triple bottomThe 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 resistanceGold 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 resistanceWTI 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 Rally Slows Down

Intraday Market Analysis – USD Rally Slows Down

John Benjamin John Benjamin 22.09.2021 08:53
EURUSD tests demand areaThe US dollar treads water ahead of the Fed meeting. After a limited rebound, the euro’s fall below 1.1750 has put the bulls on the defensive.The pair is testing the demand zone around 1.1700 with the lower boundary being the critical daily support at 1.1660. A bullish RSI divergence suggests that the sell-off might be losing steam.We can expect buying interest in this congestion area as the indicator climbs back into the neutrality area. 1.1790 is a key hurdle to clear before a meaningful bounce would happen.GER 40 rebounds from daily supportThe Dax 40 whipsaws due to the risk of contagion from Chinese real estate developer Evergrande defaulting.The tentative break of the daily support at 15050 has put leveraged buyers under stress. A combination of short-term profit-taking and buying-the-dips mentality has triggered a sharp rebound.15520 is the first resistance ahead, then the bulls will need to lift 15800 to make a turnaround. In the meantime, an overbought RSI may limit the V-shaped rally. 15020 is fresh support in case of a relapse.SPX 500 attempts reboundThe S&P 500 surges back as investors bet on the Fed’s patience for tapering.The index has found support above the psychological level of 4300. The close above the immediate resistance at 4405 may prompt sellers to cover, though the plunge below the daily support at 4360 has dented the bullish sentiment.As a deeply oversold RSI makes its way back up, patient buyers may wait for price action to stabilize first before staking in. 4310 is fresh support. On the upside, selling interests may gather around 4475.
Gold & the USDX: Correlations

Intraday Market Analysis – USD Breaks Higher

John Benjamin John Benjamin 21.09.2021 09:13
AUDUSD seeks supportThe Australian dollar struggles after cautious RBA meeting minutes.The pair had failed to bounce back from the demand zone around 0.7250 which lies on the 61.8% Fibonacci retracement level of the August rally. Those who bought the dip may reverse their positions, exacerbating the bearish mood in the process.0.7200 would be the next target. Its breach could send the Aussie to the daily support at 0.7105. On the upside, buyers will need to take out the resistance at 0.7315 before they could attract more followers.USDNOK breaks resistanceThe Norwegian krone weakens as oil prices make a retreat.The pair saw strong buying interest in the daily demand area near 8.5600. A breakout above 8.6500 has prompted sellers to cover their positions. A bullish MA cross indicates an acceleration in the rally.8.8700 is a key resistance ahead and its breach may confirm a reversal above the psychological level of 9.0000. An overbought RSI may cause a limited pullback. 8.6500 is the immediate support. Further down, 8.5860 is critical in keeping the rebound valid.NAS 100 tests key demand areaThe Nasdaq 100 sees heavy profit-taking ahead of the Fed meeting this week.The fall below the short-term floor at 15300 has triggered a fire sale on leveraged positions. Momentum traders have pushed the index towards the daily support around 14750.A bearish breakout could jeopardize the bull run in the medium term. Buyers would then wait cautiously for price action to stabilize before stepping in.An oversold RSI has caused a temporary rebound with 15280 as the closest resistance.
Gold & the USDX: Correlations

Intraday Market Analysis – USD Finds Bullish Impetus

John Benjamin John Benjamin 17.09.2021 09:22
AUDUSD struggles for supportThe 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 supportThe 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 trendlineThe 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

Intraday Market Analysis – CAD Claws Back Losses

John Benjamin John Benjamin 16.09.2021 08:45
USDCAD capped by key resistanceThe 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 supportThe 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 momentumWTI 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 – USD Attempts Rebound

Intraday Market Analysis – USD Attempts Rebound

John Benjamin John Benjamin 15.09.2021 08:57
USDCHF seeks supportThe US dollar initially tumbled after a minor drop in August’s core CPI. However, the pair can capitalize on strong buying interest from the trough near 0.9150.A tentative break of August’s high at 0.9240 suggests that buyers are in control of price action. Though an overbought RSI has tempered the bullish drive, the latest pullback to 0.9180 can be an accumulation phase.A rebound may lift bids to July’s high at 0.9275. A breach of that ceiling would attract momentum buying and resume the greenback’s rally.XAUUSD bounces off demand zoneGold surged thanks to a decline in Treasury yields. The precious metal had met stiff selling pressure at the triple top (1830) from the daily chart.Short-term sentiment has turned positive after a week-long consolidation above the demand area of 1780. The break above 1803 would prompt the bears to cover their bets. An overbought RSI may trigger a temporary pullback.A rebound would challenge the critical level of 1830 once again, where a bullish breakout may resume the five-week-long rally.US 30 breaks supportThe Dow Jones 30 retreated as last month’s US inflation remained above the Fed’s target. The index was bought out of the dip over the daily support at 34580.The rebound turned out to be short-lived after a breakout invalidated this key floor. A bearish MA cross indicates that sentiment has become increasingly downbeat.The psychological level (34000) from last July would be the next target. On the upside, 34950 is a fresh resistance where sellers would be eager to erase any rebound.
Intraday Market Analysis – USD Lacks Rebound Strength

Intraday Market Analysis – USD Lacks Rebound Strength

John Benjamin John Benjamin 14.09.2021 08:21
EURUSD seeks supportThe US dollar advanced after the Philadelphia Fed President commented in favor of tapering this year.The single currency has not looked back after it turned away from the daily resistance at 1.1920. The bulls’ effort to bid at 1.1800 has been futile.An oversold RSI has attracted some buying interest, but they will need to clear the fresh hurdle at 1.1840. Then 1.1900 would be the next stop.Failing that, the rebound could be an opportunity to sell into strength. 1.1740 is a key support in case of an extended pullback.USDNOK tests supply areaThe Norwegian krone held onto its gains thanks to a recovery in oil prices.The drop below the daily support at 8.7200 suggests that sentiment has turned sour in the short term. The US dollar’s failure to rally back above the supply zone at 8.7300 adds more pressure to the long side.An oversold RSI has led to a limited rebound. If buyers can clear said resistance, they may gain confidence to claim back 8.8400.Otherwise, a new round of sell-off would push the price to another support (8.5200) on the daily chart.UK 100 bounces off daily supportThe FTSE 100 recoups losses supported by strong performance in cyclical stocks. The index has bounced off the critical support (6970) from the daily chart.An oversold RSI near the psychological level of 7000 has attracted bargain hunters. A bullish MA cross confirms the upward bias. 7100 from the latest sell-off is key resistance and its breach could raise bids to the triple top at 7210.In the meantime, the RSI’s overbought situation may temporarily limit the buying power and the bulls would have to wait to buy the dip.
Intraday Market Analysis – Dax Extends Consolidation

Intraday Market Analysis – Dax Extends Consolidation

John Benjamin John Benjamin 13.09.2021 08:56
GER 30 tests key supportThe 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 resistanceThe 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 breakoutBullions 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 – The Euro Attempts To Bounce

Intraday Market Analysis – The Euro Attempts To Bounce

John Benjamin John Benjamin 10.09.2021 10:33
EURUSD tests supportThe euro steadied after the ECB signaled it would reduce its bond-buying under PEPP.The pair is looking for support after it met strong selling pressure at the daily resistance near 1.1900. An oversold RSI has attracted buying interest as the price tests the support at 1.1800.A rebound above the double top (1.1900) would put the single currency back on track and extend the rally to 1.1970.A close below said support would deepen the correction to 1.1740 at the origin of the late August breakout.US 30 struggles to reboundThe Dow Jones 30 recoups losses over new low jobless claims. Price action’s struggle near the top at 35630 suggests a lack of commitment for a new high.The subsequent drop below the consolidation range (35200) has prompted short-term buyers to take the exit. However, an oversold RSI has drawn a buy-the-dips crowd.After a bounce above 35150, the index will need to clear 35400 before the rally could resume. 34600 is critical support on the daily chart to keep the bullish bias valid.USOIL consolidates gainsWTI crude tumbled after the EIA reported only a slight decrease in stockpiles.Sentiment has shifted to the bullish side after a recovery above the daily resistance at 69.50. The sideways action has allowed buyers to hold onto recent gains.The RSI’s double-dip in the oversold area has soaked up bids with 67.20 as fresh support.If the bulls succeed in lifting the hurdle at 70.50, 74.10 could be the next target when momentum makes its return. 65.40 would be the second line of defense in case of a pullback.
Intraday Market Analysis – CAD Struggles For Support

Intraday Market Analysis – CAD Struggles For Support

John Benjamin John Benjamin 09.09.2021 09:39
USDCAD grinds higherThe Canadian dollar weakened after the BOC left the current QE unchanged.Following the pair’s bounce off the daily support at 1.2500, the break above the congestion area near 1.2640 suggests strong commitment from the buy-side.Lifting offers at 1.2705 may have opened the door to the recent peak at 1.2950. However, the RSI’s overbought situation may temper the bullish fever in the meantime.The former resistance at 1.2620 has turned into support to test buyers’ resolve.NAS 100 breaks supportThe Nasdaq 100 slumps as investors worry about moderating growth. The index is holding onto recent gains in the hope of reaching the next all-time high at 15800.On the daily chart, the price’s divergence with moving averages combined with an overbought RSI could trigger mean reversion trades. The hourly chart is also painting an overextension.The RSI’s bearish divergence indicates a loss in upward momentum.A fall below 15520 would prompt traders to take profit. 15300 is key support on the 30-day moving average.GBPJPY tests supportThe sterling underperformed after the British government announced its plan to raise taxes.The pair has broken below the rising trendline from the support at 149.20. This is an indication that the recovery momentum has slowed down.An oversold RSI may attract buying interest at 151.30. Then a rebound will need to clear 152.50 to keep the bullish bias intact.Failing that a fall below would trigger a sell-off as short-term buyers scramble for the exit. Further down, 150.50 would be the next target.
B2Core Updates Its CRM Solution with Event Notifications, Telegram Integration and Detailed cTrader Data

Intraday Market Analysis – USD Breaks Lower

John Benjamin John Benjamin 03.08.2021 08:26
USDJPY struggles for supportThe Japanese yen strengthened on better-than-expected Tokyo CPI in July. The bearish MA cross from the daily timeframe may have put the bulls on the defensive.The dollar’s struggle to keep its head above 109.60 suggests a lack of commitment from the long side. 109.90 has established itself as a fresh resistance.The RSI has risen back into the neutrality area, giving sellers room to push lower. 109.00 is the closest support and its breach could deepen the correction for the days to come.USDCHF falls towards daily supportThe US dollar inches lower as July’s ISM Manufacturing PMI fell short of expectations.The pair dipped further in the bearish territory after 0.9070 failed to keep the price afloat. An oversold RSI has helped the greenback to claw back some lost ground.However, the rebound may be short-lived as sentiment favors selling into strength. 0.9090 is the hurdle where sellers could be waiting to jump in at a better price0.8980 at the origin of the June rebound is a critical demand zone on the daily chart.NAS 100 extends consolidationUS stock markets remain supported thanks to strength among corporate earnings.The Nasdaq 100 has slowly ground its way up from the 20-day moving average. The price action has once again bounced off the demand zone above 14800.As the index recoups its previous losses, there is high hope that the rally could resume to new all-time highs. For this, the bulls will need to lift offers around the peak at 15140. Failing that, a pullback towards 14550, a key level on the daily chart would be the path of least resistance.
Intraday Market Analysis: AUD In Correction Territory

Intraday Market Analysis: AUD In Correction Territory

John Benjamin John Benjamin 21.07.2021 10:41
AUDUSD drops along moving averageThe Australian dollar remains underwater as the RBA minutes say no to a rate hike before 2024.The sell-off has accelerated after the Aussie fell through 0.7410, the last stronghold from a previous bounce. The pair is sliding along the 20-day moving average, and the downtrend is heading towards the next support at 0.7230 from the daily chart.However, a repeatedly oversold RSI may prompt sellers to take some chips off the table, causing a temporary rebound. 0.7440 is likely to cap the buyers’ push.USDCAD breaks above major resistanceThe commodity-linked Canadian dollar took a hit after risk appetite receded. The pair saw strong momentum plays after it cleared 1.2650, a major resistance from last April.Short-covering in a crowded bearish trend may have contributed to high volatility. This could be an inflection point for the greenback in the medium term.In the meantime, February’s high at 1.2870 is the next target. Meanwhile, the RSI is back to the neutral area, and the direction is up as long as the price stays above 1.2600.NAS 100 recovers from moving averageThe Nasdaq index seeks support as investors grow wary of the Delta sell-off. The bearish breakout below the key short-term support at 14550 has put buyers under pressure.Price action has so far bounced off the 30-day moving average but buyers will need more assurance to commit again. 14550 is the first support after a rebound above 14680.A high RSI may slow down the pace of the rally. A recovery may only see the light of day if the bulls succeed in pushing above the major hurdle at 14880.
Intraday Market Analysis – USD Rebound Gains Traction

Intraday Market Analysis – USD Rebound Gains Traction

John Benjamin John Benjamin 19.07.2021 08:43
USDJPY challenges key resistanceThe Japanese yen weakened after the BoJ slashed growth forecasts due to pandemic curbs.The greenback has met buying interest at 109.70, a major demand zone on the daily timeframe. A successful rebound would safeguard the rally in the medium term.An oversold RSI has prompted the bulls to stake in for a bargain as it recovers to the neutral area.The support-turned-resistance at 110.50 is the first hurdle, its clearance could propel the price to the psychological level of 111.00.USDCHF bounces towards daily supply areaThe US dollar claws back losses as June’s retail sales beat the consensus. The pair has found support on the 30-day moving average (0.9120).The bullish breakout above 0.9195 indicates that buyers may have turned the tide in their favor. The bullish MA cross also points to an acceleration to the upside.0.9260 is a major resistance ahead. Its breach would resume the rally and open the path towards April’s peak at 0.9450. 0.9170 is the immediate support in case of a pullback.EURAUD rallies to previous highThe euro rises as the eurozone’s CPI meets the market’s expectation in June. Sentiment remains bullish after the price broke above the major resistance (1.5940) from the daily chart.The latest correction could be mere accumulation to lay the groundwork for the next round of rallies. The pair bounced back from the 50% (1.5790) Fibonacci retracement level. A bullish breakout above 1.5980 would trigger a runaway rally towards 1.6100.On the downside, 1.5870 is the first support to let the RSI cool down.
Intraday Market Analysis – AUD Struggles To Bounce

Intraday Market Analysis – AUD Struggles To Bounce

John Benjamin John Benjamin 16.07.2021 06:40
AUDUSD tests key supportThe Australian dollar softens as the state of Victoria goes into a five-day lockdown.Last week’s bearish breakout below 0.7450 has given the bears the upper hand. The price’s failure to lift offers around 0.7500 further confirms the downward bias. The current consolidation is likely an accumulation phase for the sell-side.Buyers are struggling to hold above the critical support at 0.7410. A drop could invalidate the timid rebound and trigger a new round of sell-off towards 0.7300.EURGBP capped by resistanceThe Pound rallied after average earnings jumped in the past three months. The euro’s latest rebound was capped by 0.8565, where strong selling interest pushed it back to the base.From the daily chart’s perspective, the pair moves south in a falling channel in spite of a choppy path. A break below the floor at 0.8510 could send the price towards 0.8480, key support from April’s rally.On the upside, even if buyers succeed in clearing 0.8565, 0.8595 could be a tough resistance to crack in the short term.US 30 rally seems overstretchedThe Dow Jones consolidates as Fed Chairman Jerome Powell stressed again on the temporary nature of inflation. The rally has halted at May’s high at 35090.The RSI divergence shows a loss in the upward momentum, suggesting that buyers were eager to take profit. A shooting star at the latest high is another indication of a lack of commitment from the buy-side, which may foreshadow a correction.34660 is the key support and its breach would prompt short-term buyers to bail out, confirming the U-turn in the process.
Intraday Market Analysis – EUR Awaits Momentum Catalyst

Intraday Market Analysis – EUR Awaits Momentum Catalyst

John Benjamin John Benjamin 10.06.2021 07:40
EURUSD grinds major resistanceThe euro consolidates its recent gains ahead of today’s ECB meeting. The pair has recovered from the 30-day moving average (1.2105).Hourly MAs have shown a bullish cross through the path upward could be choppy. A break above 1.2205, the origin of the latest sell-off would strengthen the bullish bias. Lifting 1.2250 would be a step closer to the peak at 1.2350.In the meantime, an overbought RSI has prevented traders from chasing momentum. 1.2150 is the immediate support.USDCAD trades in a limited rangeThe Canadian dollar dropped after a dovish BoC gave no hint of taper. The US dollar has been treading water near a six-year bottom. The horizontal consolidation between 1.2010 and 1.2140 is a sign of the market’s indecision.The bears may have covered some of their bets as the RSI showed a deeply oversold situation on the daily chart. Though sentiment remains bearish unless the greenback clears offers at the critical resistance at 1.2175.1.2060 has become the immediate support as the range narrows.WTI rally gains tractionOil prices rose after the US secretary of state said sanctions on Tehran may not be lifted. WTI crude gained momentum after it closed above the March peak and psychological level at 68.00. Following a brief sideways action, 68.50 has established itself as key support.A short-term pullback has allowed the RSI to become neutral again. 70.60 is the closest resistance.The 20-hour moving average would cross above the 30-hour one when the rally picks up steam again. Then 72.40 would be the next target.
Value Fund Increases Stake in LSI Software; Dividend Recommended by Supervisory Board

Las Dudas En Torno La Próxima Reunión Del BOC

John Benjamin John Benjamin 08.06.2021 16:02
Ayer, el USDCAD marcó su punto máximo en 6 años, con un enfoque sobre qué hará el BOC en su reunión de mañana. Sin embargo, aparentemente muchos analistas creen que el alza en el “loonie” no se debe tanto a factores domésticos, sino por debilidad del billete americano. Entonces, podría ser que suba el CAD a pesar de lo que haga el banco central. Desde su última reunión, los datos económicos muestran un panorama mixto. Lo que es desafortunado para los analistas que intentan pronosticar qué hará el BOC. La pregunta más importante es cuándo empezarán a reducir su programa de compra de activos. En lo que hay acuerdo Naturalmente hay un consenso sólido en que la tasa se mantendrá como está. Las proyecciones del mercado son que no habrá un alza hasta finales del próximo año, que está dentro del plazo del compromiso del mismo BOC. Pero no por eso los mercados serán complacientes ante otras medidas que podría tomar los reguladores, incluyendo el “taper”. La provincia más poblada, Ontario, adelantó el fin de los confinamientos por covid, sugiriendo que la normalización de la economía va más rápido de lo inicialmente programado. Por otro lado, la dependencia canadiense sobre su vecino al sur quedó de manifiesto luego del informe de empleo NFP estadounidense de mayo. En qué hay desacuerdo En general, los analistas prevén que el “taper” será “pronto”. Pero no hay acuerdo en lo que significa “pronto”. Más o menos la mitad dice que el BOC anunciará el inicio de su proceso de reducción de compras, y la otra mitad dice que será después. También existe la posibilidad que además el banco central dará un tono menos optimista, al reducir los pronósticos de crecimiento dado el escenario de comercio internacional. El rendimiento de los bonos han estado al alza, en particular la parte más alejada de la curva, en una señal de que los inversionistas están cada vez más preocupados por la posibilidad de inflación. Debido a la falta de consenso, no sería sorpresa que haya una reacción más fuerte en el CAD independiente de que pase. Si el BOC confirma que empezará el taper luego de la próxima reunión, podríamos ver un alza en el “loonie”. Por otro lado, parece haber suficiente especulación de algún tipo de cambio en la política, lo que implica que si el Gobernador Poloz da un tono más pesimista, podríamos ver una baja en la divisa. Los otros elementos a considerar El crudo ha estado al alza, marcando los mejores precios desde el otoño del 2018. Naturalmente esto ayuda al dólar canadiense, pero el aumento en el costo de la energía podría preocupar al BOC en cuanto a su impacto sobre la recuperación. En el fondo, el banco central sigue en modo de apoyo económico, y no han dado señales de que la economía haya normalizado. Entonces, es poco probable que reduzcan significativamente su estímulo.
Intraday Market Analysis – AUD Attempts Reversal

Intraday Market Analysis – AUD Attempts Reversal

John Benjamin John Benjamin 08.06.2021 16:02
AUDUSD rallies from key demand zone The Australian dollar claws back losses against a weaker dollar after a mixed bag of US jobs data. The pair saw a strong rebound off the demand zone (0.7650) from the daily chart. The initial surge above 0.7740 is a sign of commitment from the buy-side. As the short side rushes to cover their positions, we can expect more momentum. The zone around 0.7730 has turned into a support. After the RSI drops from its overbought condition, a break above 0.7770 could trigger a runaway rally towards 0.7850. USDJPY tests rising trendline The Japanese yen advanced after a slower-than-expected GDP contraction in Q1. The US dollar has come under pressure in the supply zone near 110.30, the origin of April’s sell-off. The RSI’s repeated rise into the overbought area is an indication of exhaustion in the upward momentum. The pair is now testing the trendline from April which coincides with the psychological level of 109.00. As the RSI recovers into the neutral area, we could expect strong buying interest. 109.80 is an intermediate resistance on the way up. UK 100 holds firm after breakout The FTSE 100 consolidates its gains as investors await confirmation of the June 21 reopening. Price action has found support at 7010 after it broke above the flag consolidation. This is a sign of a bullish continuation now that the sellers could be out of action. 7115 is the immediate resistance and its clearance would lead to the previous peak at 7165. A bullish close above this critical level would lift the index to 7200. On the downside, a drop below 7040 may extend the consolidation towards the psychological level of 7000.
Gold & the USDX: Correlations

Intraday Market Analysis – Gold Finds Support

John Benjamin John Benjamin 07.06.2021 10:09
XAUUSD grinds short-term resistanceGold is recouping recent losses as the US dollar dips on unconvincing jobs data.The price has met strong buying interest at the key support at 1855, which lies near the 20-day moving average. The V-shaped recovery is likely to meet resistance below 1910. An overbought RSI could prompt short-term players to take profit.Bullish sentiment remains unchallenged from the daily chart’s perspective despite short-term volatility. A bullish breakout could resume the rally towards 1950.EURCAD bounces from demand zoneThe Canadian dollar slipped after the unemployment rate rose to 8.2% in May.The euro has so far been capped by the 30-day moving average on the daily chart.From an intraday point of view, the pair has established a support base around 1.4640-1.4660, after a lengthy consolidation. The sellers’ struggle to reach lower could be a sign of exhaustion, which may attract early buyers in the hope of a reversal.A rally above 1.4750 could challenge the major supply area at 1.4820.SPX 500 rallies to previous peakThe S&P 500 rallied after mixed US nonfarm payrolls tempered reflation fears.The short-lived correction saw solid bids at 4165, the base of a previous rally.Bullish momentum above the immediate resistance of 4125 is an indication that the short side has rushed to cover their bets. 4245 is a critical resistance and its breach could propel the index to a new record high.The RSI has ventured into the overbought area. A temporary pullback is likely to look for support above 4185.
Intraday Market Analysis – EUR Sees Deeper Correction

Intraday Market Analysis – EUR Sees Deeper Correction

John Benjamin John Benjamin 04.06.2021 09:48
EURUSD confirms bearish divergenceThe US dollar further recovers after the ADP showed nearly a million jobs added last month.A bearish RSI divergence in the supply area (1.2255) was a forward warning that the previous rally was losing steam.The fall below 1.2185 suggests that the bulls may start to unwind their positions. A brief rebound around 1.2200 saw strong selling interest. Sentiment has turned bearish and the drop below 1.2130 could trigger a broader sell-off towards 1.2070, the first support found on the daily chart.AUDJPY sold from major resistanceThe Australian dollar slipped after muted retail sales in April. The pair has met stiff selling pressure near 85.15. Four failed attempts to clear this resistance level suggest exhaustion from the buy-side.The break below 84.75 could be the straw that broke the camel’s back as buyers start to bail out. The sell-off could gain momentum once it goes below 84.55. Then 84.25 is the next support.An oversold RSI may lead to a temporary pullback, which could turn out to be a dead cat bounce.NAS 100 falls from daily resistanceEquity markets dip on upbeat jobs numbers as the inflation scare resurfaces.The Nasdaq 100 has been struggling near 13800, a major resistance level on the daily chart. The first dip below 13620 has prompted cautious buyers to get out near 13710 while they still could.13400 is the base of the latest rally and a key support in the short term. Its breach could send the index to 13160. An oversold RSI may temporarily alleviate the selling pressure as new sellers await a rebound before joining in.
Intraday Market Analysis – GBP Forms Bearish Divergence

Intraday Market Analysis – GBP Forms Bearish Divergence

John Benjamin John Benjamin 03.06.2021 07:45
GBPUSD retreats from major resistanceThe pound slips due to concerns over possible delays to June 21 lockdown lifting. The pair saw strong selling interest at the supply zone (1.4200) from last February. The RSI’s failure to achieve a higher high as opposed to the price action indicates exhaustion.Divergence near a key resistance could be a forward warning for a correction. The drop below 1.4160 is a confirmation of weak demand. A break below 1.4100 may send the pound to the psychological level of 1.4000.On the upside, the peak at 1.4250 has become resistance.GER 30 grinds towards new highThe DAX stays muted following Germany’s downbeat retail numbers in April. The index is looking to hold on to its recent gains after it broke into new highs.On the daily chart, the 20-day moving average crossing above the 30-day one suggests an acceleration in the rally after a month-long consolidation. 15800 would be the next target as trend followers rejoin the action.In the meantime, the latest surge has sent the RSI into the overbought area. A temporary pullback is likely to seek support above 15410.USOIL climbs to 3-month highOil rallies as markets expect delays in the Iran nuclear talks. WTI crude has rallied above the March peak at 67.90. This is an indication that buyers have regained control of the direction.The bulls have cleared the way to 70.00 even though the path could be choppy due to intraday volatility. The price is inching up along the 30-hour moving average. A high RSI may prevent traders from chasing after the momentum.Around 66.70 is a key area of congestion after it turned from resistance into support.
Gold & the USDX: Correlations

Intraday Market Analysis – AUD Struggles To Clear Resistance

John Benjamin John Benjamin 02.06.2021 07:14
AUDUSD returns to major supportThe Australian dollar stays muted after a dovish RBA kept the official interest rate unchanged overnight.Despite a rebound above the resistance at 0.7750 the pair is struggling to gain momentum. The supply zone around 0.7800 is a major hurdle that has foiled the Aussie’s previous attempts.The RSI has retreated into the neutral area and may allow buyers greater leeway in making another push.On the downside, the support (0.7680) on the daily chart is critical in keeping the price afloat in the short term.USDCAD meets resistanceThe Canadian dollar rallied on better-than-expected March GDP growth. The US dollar’s recent bounces have failed to clear the key resistance at 1.2140. An overbought RSI in that supply area was rather a signal to sell into strength.The selling pressure intensified after the price dipped to the psychological level of 1.2000. The bearish MA cross indicates a new round of sell-off which would carry the greenback towards May 2015’s low at 1.1920. Any rebound might be capped by the resistance at 1.2090.EURCHF gathers rebound impetusThe Swiss franc inched lower after the Q1 GDP came in worse than expected. From the daily chart’s perspective, the euro is in a flag-shaped consolidation following February’s surge. There is potential for continuation after a bullish breakout.The pair has seen solid support above 1.0930. The current retracement has allowed the RSI to cool down. A break above 1.1020 could bring in momentum.A combination of short-squeezing and fresh buying may extend the rally towards 1.1070.
Intraday Market Analysis – USDJPY Looks For Buying Interest

Intraday Market Analysis – USDJPY Looks For Buying Interest

John Benjamin John Benjamin 01.06.2021 10:20
USDJPY retraces in search of supportThe US dollar’s rally ran out of steam for lack of liquidity during the long weekend in the US and the UK.Traders are cautious in bidding up amid thin trading volume especially after last week’s surge above the psychological level of 110.00. The RSI is retreating into the neutrality area. The bearish MA cross may attract some selling interest in the near term.The zone between 109.00 and 109.30, a former resistance, would be a key support to watch for. The peak at 110.20 is the resistance in case of rebound.XAUUSD breaks out of horizontal consolidationGold stays on high ground following a retreat in Treasury yields at the end of last week. The precious metal is consolidating its gains after the previous round of rallies.The general direction remains upward despite a choppy path. A bullish breakout above 1911.00 after a brief pause suggests strong buying interest.1900.50 is the immediate support as buyers build up their stakes. 1927.50 would be the next target. Then an extended rally may send the price back to January’s peak at 1959.00.US 30 recovers towards peakUS stock markets remain well-supported by recovery momentum into the summer. The Dow Jones index is still rising steadily towards the previous high at 35100.The rally above the supply zone around 34500 suggests that the bulls were willing to pay up to reverse the sell-off. A break above the intermediate resistance at 34700 could increase the bullish momentum.As the price achieves a series of higher highs again, an overbought RSI may briefly temper the bullish fever. 34220 is the closest support.
Intraday Market Analysis – USD Needs Further Support

Intraday Market Analysis – USD Needs Further Support

John Benjamin John Benjamin 31.05.2021 10:28
USDCHF rebounds from daily supportThe US dollar popped up after April’s core personal consumption expenditure rose by 3.1%.The pair has bounced off 0.8930, a key support on the daily chart. Momentum above the psychological level of 0.9000 is a sign of strong conviction from the buy-side. A break above 0.9045 may reverse the bearish sentiment and open the door to the daily resistance at 0.9090.As the RSI has overshot above 80, buyers might show caution in chasing after green candles. 0.8970 would be the first support in case of a pullback.EURGBP struggles to find supportSterling climbed after the BoE commented it may look at discussing rate hikes if the economy continues to improve.The euro has given up all recent gains after the pair broke below 0.8620. This is a reminder that the pair is still in a wide consolidation range between the base of the rebound (0.8480) and the key daily resistance (0.8720).The RSI is rising back from the oversold territory. 0.8560 may turn out to be temporary support if sentiment deteriorates. A pullback is likely to meet stiff selling pressure near 0.8640.CADJPY surges towards a 3-year highThe Japanese yen is still licking its wounds after both CPI and the unemployment rate fell short of expectations.The loonie has been trading in the 89.60-90.70 range to consolidate its gains. Last week’s pop caught the short side by surprise.Stop-losses and momentum buying exacerbated the rally. This confirmed that buyers are still in control of the price action despite recent attempts to break lower.There is a chance of a brief retracement towards 90.30 to cool off the RSI. January 2018’s high at 91.50 would be the next target.
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Intraday Market Analysis – USDJPY Confirms Bullish Reversal

John Benjamin John Benjamin 28.05.2021 07:31
USDJPY breaks above critical resistanceThe US dollar rallies on solid growth and jobless claims data. The pair has found bids in the daily demand zone between 108.30 and 108.60. Repeated tests of the support without breach have suggested strong interest in keeping the price afloat.The latest impetus above 109.70, the upper band of a three-week-long consolidation range, reverses the gear in favor of the dollar.110.50 then the psychological level of 111.00 would be the next target.In the meantime, an overbought RSI may initiate a brief pullback towards 109.00.XAGUSD bounces off rising trendlineJitters in US Treasury yields put a cap on bullions’ advance. Silver has been grinding up along a rising trendline since late March.The breakout above 28.30 has put the psychological level of 30 in buyers’ line of sight. This is an indication that the bulls are still in charge.A rally back above 28.20 would bring in momentum and turn what looks like a short-term recovery into the continuation of the medium-term uptrend.As the price tests the trendline (27.50), a neural RSI may attract more bids.UK 100 consolidates in pennantThe FTSE remains subdued after the number of Covid cases in the UK broke above 3,000 for the first time in over six weeks.The index is trading in a narrowing range between 6980 and 7075. This is a sign of the market’s indecision intraday. A break above the pennant would boost momentum and lead the price to 7160, eventually turning into a bullish continuation.A bearish breakout, however, may trigger a cascade of sell-off to 6925 and then towards 6820 as buyers try to bail out.
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Intraday Market Analysis – DAX Surges To A New High

John Benjamin John Benjamin 25.05.2021 06:57
GER 30 jumps above previous highThe DAX 30 recoups last week’s losses as the EU sets to reopen its borders. The psychological level at 15000 has proven to be a solid demand zone.The rally above the intermediate resistance at 15400 acts as a confirmation of the bullish MA cross.By lifting offers around the previous peak at 15540 the index would break free of its recent consolidation range. Renewed interest from momentum buyers may send the market to new record highs.15350 is the first support in case of a retracement.XAUUSD trades in consolidationGold consolidates its gains as the US dollar index stays subdued at the start of the week.The rally gained momentum after it broke above the daily resistance at 1855.The latest sideways action has enabled the RSI to retreat into the neutrality area. This may attract more buyers without raising concerns of overextension.A bullish close above 1890 could swiftly lift resistance at 1900 and resume the rally to 1917. On the downside, 1853 is the closest support if the price action requires more bids.NZDJPY bounces off psychological supportThe New Zealand dollar saw support after retail sales showed a 2.5% increase in Q1. The pair is hovering above a major support (77.70) from the daily chart.The psychological level at 78.00 has seen strong buying interest after the bears’ failed to push lower on several occasions. The support-turned-resistance at 78.50 has so far capped the kiwi’s rebounds.A bullish breakout would send the price towards 79.00. An overbought RSI may signal a brief pullback for the bulls to gather momentum.
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Intraday Market Analysis – AUD Holds Onto Major Support

John Benjamin John Benjamin 21.05.2021 09:35
AUDUSD treads water above supportThe Australian dollar recovered as last month’s jobless rate fell to 5.5%. The pair is currently in an extended consolidation above the key daily support at 0.7690.Buyers’ failure to hold could send the Aussie back to 0.7600 which is critical to the integrity of the uptrend. 0.7815 acts as a gatekeeper after a rebound stopped short of pushing higher.Only by clearing this resistance would buyers commit more chips to the table. A bullish breakout may resume the rally with 0.7890 as the first target.CADJPY goes into temporary correctionThe Canadian dollar bounced back after the job market showed the third straight month of gains. The strong bearish momentum below the psychological level of 90.00 was an indication of profit-taking.The RSI has recovered to the neutrality area following the initial dip. Though it would be too soon to call a reversal as the price action has built support on its way up. 89.60 is the closest one.Further down 89.05 is important to maintain the bullish bias. A rally above 90.60 may prompt more trend followers to jump in.SPX 500 consolidates above key supportUS equity markets remain subdued as risk appetite takes a backseat. The S&P 500 has pierced through the 30-day moving average, adding pressure on the buy-side.The price action is again testing the demand area around 4040 after a short-lived rebound. A bearish breakout could trigger a new wave of sell-off to 3900. On the upside, 4185, former support turned into resistance is a major obstacle before the rally could carry on.In the meantime, sideways actions within a 140-point range may last into the weekend.
Intraday Market Analysis – Euro Searches For Support

Intraday Market Analysis – Euro Searches For Support

John Benjamin John Benjamin 20.05.2021 07:43
EURUSD retreats from resistanceThe euro slowed its advance after April’s CPI dropped to 0.7% YoY.The pair has met selling pressure at February’s peak at 1.2240. An overbought RSI is likely to prompt short-term players to take profit, pushing the price into a deeper correction.The divergence is a sign of loss of momentum in the bid war. The previous supply zone near 1.2150 has turned into a support where buyers may wait for a bargain.On the upside, a bullish breakout could trigger an extended rally above 1.2300.USDCAD rebounds to resistanceThe US dollar climbed back after the Fed minutes left the door open for discussing tapering. The pair had previously dipped below September 2017’s low at 1.2060, increasing the downward pressure.The rebound may turn out to be elusive just to let the RSI recover into the neutral area. The price action faces multiple layers of resistance.After clearing the closest one at 1.2135 early bulls will need to lift 1.2200 to force sellers to start to fold.On the downside, a return to 1.2010 may send the exchange rate towards 1.1920.UK 100 consolidates above major supportFTSE 100 remains under pressure after the UK’s inflation doubled to 1.5% last month. The surge from the demand area near 6840 indicates buyers’ commitment to keep the boat afloat.Recent whipsaws are a strong sign of the market’s indecision in the short term. Sideways action may offer opportunities for range trading.The psychological level of 6900 is a demand area. An oversold RSI could help lift the index temporarily.7066 is the immediate resistance and its breach could send the price back to 7166.
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Intraday Market Analysis – GBP Tests February’s Peak

John Benjamin John Benjamin 19.05.2021 09:31
GBPUSD grinds to 3-month high Sterling carries on its ascent as Britain’s jobless rate dropped to 4.8% between January and March. The pound was supported by rising bids after it broke above 1.4150. The breakout confirms the bullish MA cross from last Friday. February’s peak at 1.4240 is a major resistance ahead. Its breach could extend the rally to 1.44s. In the meantime, there is a limited risk to the downside as an overbought RSI within this supply zone may trigger profit-takings. 1.4130 is the immediate support should this happen. USOIL retraces from major supply zone Oil prices stay high as reopenings across Europe raise expectations of demand recovery. WTI is currently hovering under March’s peak at 67.90, a critical supply area where stiff pressure can be expected from profit-taking and fresh shorting. The price is likely to go sideways in the short term to build up momentum. The RSI has returned to the neutrality zone. A rebound from the area near 64.30 would suggest solid support. Further down, 63.30 is critical in safeguarding the current uptrend. XAUUSD tests daily resistance Weakness in the US dollar continues to fuel demand for bullions. Gold has been inching up along the 30-hour moving average. Bullish sentiment takes a foothold after a series of higher highs. The price action is now testing a key resistance level at 1874 from the daily timeframe. Combined with an overextended RSI, the supply pressure could prompt short-term traders to cash in. 1844 would be the first support in case of a correction. On the upside, a bullish breakout may send the price to the psychological level of 1900.
Intraday Market Analysis – DAX Back To Peak

Intraday Market Analysis – DAX Back To Peak

John Benjamin John Benjamin 18.05.2021 07:39
GER 30 retests record highGermany’s DAX 30 claws back previous losses as the economic outlook brightens.On the daily timeframe, the latest sideways action has allowed the RSI to drop back to the neutrality area, which is good news for a breakneck bull market.On the hourly chart, strong momentum above the last leg of the sell-off indicates traders’ conviction in buying the dip.April’s high at 15520 is the main obstacle and a breakout could push the index to a new record high. 15220 is the closest support in case of a pullback.USDJPY retraces for supportThe Japanese yen stayed muted as the country’s GDP contracted slightly more than expected in Q1.The surge above 109.70 is an indication that buyers have regained control after a two-week-long consolidation. The US dollar is pulling back after the RSI overshot to 80.Buying interests are likely to be found at the demand area between 108.65 and 108.90. Further down, a drop to 108.30 may extend the consolidation.On the upside, bulls could trigger a broader rally if they succeed in clearing the resistance at 109.70.EURGBP recovers after RSI divergenceThe euro inched higher after Eurozone bond yields climbed to multi-month highs. The pair is still in a recovery phase following last week’s sell-off.The RSI divergence has signaled a deceleration in the bearish momentum. The breakout above 0.8610 has prompted more sellers to take profit, lifting pressure on the single currency.0.8640, support turned into resistance is the next hurdle. A bullish breakout could send the price to 0.8680. 0.8560-90 is the demand area if the pair needs to find bids.
Intraday Market Analysis – USD Struggles To Hold Gains

Intraday Market Analysis – USD Struggles To Hold Gains

John Benjamin John Benjamin 17.05.2021 08:47
USDCHF drops after bearish crossThe US dollar came under renewed pressure after retail sales showed a flatline in April. The latest rebound has struggled to clear 0.9090.An overbought RSI at this key resistance was a warning of exhaustion. Then a fall below 0.9030 was a confirmation of the bearish MA cross. This is a strong signal that the price action has reversed its course to the downside.A breakout below 0.8985 could trigger a new round of sell-off towards 0.8930. 0.9050 is the closest resistance if the price goes sideways.AUDJPY bounces from supportThe risk-sensitive Australian dollar rebounds as risk appetite returns. The pair has bounced off the 20-day moving average on the daily chart which coincides with the short-term support at 84.25.General sentiment remains upbeat as the Aussie carries on the fourteen-month-long rally. Strong momentum above 84.85 points to 85.80 as the next target.The bullish MA cross is another indication of recovery. As the RSI shows an overbought situation a temporary pullback towards 84.55 is possible.UK100 recovers above psychological levelFTSE 100 bounces back as inflation fears take a back seat. The index saw strong buying interest at 6840, a demand zone on the daily chart.The rally above 6980, the origin of the latest sell-off then the psychological level of 7000 is an indication that buyers have strong conviction to push back.The crash seemed to be an opportunity to buy the dip once again. A close above 7045 would prompt more buyers to join and send the price towards the peak at 7165.On the downside, 6940 is the immediate support.
Intraday Market Analysis – S&P 500 Sees Bids On Trendline

Intraday Market Analysis – S&P 500 Sees Bids On Trendline

John Benjamin John Benjamin 14.05.2021 08:09
SPX 500 rebounds from daily trendlineThe S&P 500 reverses sharp decline as investors digest soaring consumer prices.On the daily timeframe, the index saw strong buying interest on the rising trendline (4040) from March 2020. In conjunction with the RSI’s double-dip in the oversold territory, traders were eager to pick up bargains. The sharp correction may end as swiftly as it started if buyers succeed in pushing above 4150.That would confirm the bullish MA cross off the major support. From there the price could rally back to the previous peak at 4144.NZDUSD bounces off supportThe risk-sensitive New Zealand dollar swings up as the ‘risk-off mood recedes. The pair has found support along with the 30-day moving average, above the demand zone around 0.7120.An oversold RSI could have led the sell-side to take profit at the support, turning the price around in the process. However, the kiwi faces multiple technical headwinds.The bulls will need to close above 0.7240 to regain the upper hand. Then 0.7305 is another key resistance. 0.7045 is the second support in case of a bearish breakout.XAUUSD finds Fibonacci supportGold struggles to hold on to its gains after the US dollar’s latest surge. The price action has met strong selling pressure at 1845, resistance from last February’s sell-off.It would be too soon to call a reversal, however, as the underlying momentum remains bullish. The precious metal has bounced back from the 38.2% Fibonacci level (1811) with the RSI skimming over the oversold area.The psychological level of 1800 sits at the 50% retracement level. A breakout above 1845 may extend the rally towards 1870.SPX 500 rebounds from daily trendlineThe S&P 500 reverses sharp decline as investors digest soaring consumer prices.On the daily timeframe, the index saw strong buying interest on the rising trendline (4040) from March 2020. In conjunction with the RSI’s double-dip in the oversold territory, traders were eager to pick up bargains. The sharp correction may end as swiftly as it started if buyers succeed in pushing above 4150.That would confirm the bullish MA cross off the major support. From there the price could rally back to the previous peak at 4144.NZDUSD bounces off supportThe risk-sensitive New Zealand dollar swings up as the ‘risk-off mood recedes. The pair has found support along with the 30-day moving average, above the demand zone around 0.7120.An oversold RSI could have led the sell-side to take profit at the support, turning the price around in the process. However, the kiwi faces multiple technical headwinds.The bulls will need to close above 0.7240 to regain the upper hand. Then 0.7305 is another key resistance. 0.7045 is the second support in case of a bearish breakout.XAUUSD finds Fibonacci supportGold struggles to hold on to its gains after the US dollar’s latest surge. The price action has met strong selling pressure at 1845, resistance from last February’s sell-off.It would be too soon to call a reversal, however, as the underlying momentum remains bullish. The precious metal has bounced back from the 38.2% Fibonacci level (1811) with the RSI skimming over the oversold area.The psychological level of 1800 sits at the 50% retracement level. A breakout above 1845 may extend the rally towards 1870.
Intraday Market Analysis – US Dollar Bounces Off Key Levels

Intraday Market Analysis – US Dollar Bounces Off Key Levels

John Benjamin John Benjamin 13.05.2021 08:12
USDJPY rebounds from Fibonacci levelThe US dollar jumped after April’s CPI rose 3% YoY nearly doubling markets’ expectations.The greenback has found solid support after a double-dip at the 61.8% (108.30) Fibonacci retracement level.The bullish momentum above 109.20 indicates buyers’ commitment to pushing beyond the recent consolidation range. A close above 109.70 could open the path towards 110.50.With the RSI in the overbought area, profit-taking may briefly drive the price south, 108.65 is the closest support in case of a pullback.GBPUSD reaches supply zoneSterling retreats as the greenback rallies across the board on upbeat inflation. The pair has met stiff selling pressure at the supply zone (1.4200) on the daily chart.A combination of profit-taking and surging interest for the US dollar could trigger a deep correction. An RSI divergence suggests a loss in the upward momentum, and when this happens in the proximity of a major resistance may foreshadow a reversal.1.4010 then 1.3890 are the next support levels if buyers start to dump their stakes.USOIL rises towards March’s highWTI crude climbed after the International Energy Agency said demand would outpace supply.The price action has kept its bullish bias after it bounced back from the demand zone around 64.00 which lies on the 20-day moving average. A close above the previous peak at 66.60 would prompt more buyers to join the rally.Last March’s high at 67.90 would be the next target and its clearance may send the price towards 70s. On the downside, the previous resistance at 64.90 has turned into a support.
Intraday Market Analysis – NASDAQ Tests Bulls’ Commitment - 12.05.2021

Intraday Market Analysis – NASDAQ Tests Bulls’ Commitment - 12.05.2021

John Benjamin John Benjamin 12.05.2021 08:41
NAS 100 heads towards important supportThe tech index retreats as investors continue to rotate out of growth-sensitive stocks. A dead cat bounce to 13800 has met stiff selling pressure, turning the former support into a resistance.The nosedive below the temporary support level at 13400 is an indication that the short side has gained the upper hand.12880 is a critical support from the daily chart as a bearish breakout could initiate a reversal in the medium term.On the upside, the index may see a limited rebound while the RSI recovers into the neutrality area.EURUSD tests major resistanceThe US dollar consolidates as traders await inflation data later today.The price is currently hovering under the daily supply zone around 1.2200. A breakout would confirm the bullish MA and put the euro back on track towards 1.24.However, the pair could be vulnerable to the downside as an overbought RSI indicates overextension. 1.2055 is the immediate support should there be a lack of momentum buyers.Further down, 1.1990 near the 30-day moving average is a critical level to keep short-term sentiment upbeat.GBPAUD breaks above double topThe Australian dollar softens as commodity prices pull back. The pair has been grinding up steadily from its support base at 1.7780.The latest breakout above 1.8060 has shifted the action to the upside after two previous failed attempts.1.8200, a major resistance level on the daily chart would be the next on the list. Its breach could reverse the pound’s misfortune and turn the thirteen-month-long downtrend around.In the meantime, a retracement on the back of an overbought RSI may meet buying interest around 1.8000.
Intraday Market Analysis – NASDAQ Tests Bulls’ Commitment

Intraday Market Analysis – NASDAQ Tests Bulls’ Commitment

John Benjamin John Benjamin 12.05.2021 08:39
NAS 100 heads towards important support The tech index retreats as investors continue to rotate out of growth-sensitive stocks. A dead cat bounce to 13800 has met stiff selling pressure, turning the former support into a resistance. The nosedive below the temporary support level at 13400 is an indication that the short side has gained the upper hand. 12880 is a critical support from the daily chart as a bearish breakout could initiate a reversal in the medium term. On the upside, the index may see a limited rebound while the RSI recovers into the neutrality area. EURUSD tests major resistance The US dollar consolidates as traders await inflation data later today. The price is currently hovering under the daily supply zone around 1.2200. A breakout would confirm the bullish MA and put the euro back on track towards 1.24. However, the pair could be vulnerable to the downside as an overbought RSI indicates overextension. 1.2055 is the immediate support should there be a lack of momentum buyers. Further down, 1.1990 near the 30-day moving average is a critical level to keep short-term sentiment upbeat. GBPAUD breaks above double top The Australian dollar softens as commodity prices pull back. The pair has been grinding up steadily from its support base at 1.7780. The latest breakout above 1.8060 has shifted the action to the upside after two previous failed attempts. 1.8200, a major resistance level on the daily chart would be the next on the list. Its breach could reverse the pound’s misfortune and turn the thirteen-month-long downtrend around. In the meantime, a retracement on the back of an overbought RSI may meet buying interest around 1.8000.
Intraday Market Analysis – USD Sees Limited Upside

Intraday Market Analysis – USD Sees Limited Upside

John Benjamin John Benjamin 11.05.2021 07:58
USDCHF faces strong resistanceThe US dollar struggled to bounce back after the US labor market showed inconsistencies. Despite a week-long consolidation above 0.9075, the bearish momentum was a reminder that sellers are still in charge of the price action.The RSI’s double-dip into the oversold territory may prompt short-term traders to take some chips off the table triggering a limited rebound.0.9100 is a tough resistance where trend-followers could be on standby. A failure to break out would lead to renewed pressure towards 0.8940.AUDUSD rallies towards February’s highThe Australian dollar has found solid support from rallies in commodity prices. The pair saw strong momentum after it cleared the triple top at 0.7810.From the daily chart’s perspective, a bullish close above the supply zone around 0.7850 could confirm the bullish MA and resume the uptrend from March 2020.The previous high at 0.8010 would be the next target. 0.7835 near the 30-hour moving average struggles as a support, which means that 0.7760 is the second line of defense in case of a deeper correction.XAGUSD hovers under major resistanceBullions prices grind higher as the US dollar remains under pressure. The recovery accelerated after silver broke above the daily resistance at 26.60.28.30 is a major hurdle ahead and a bullish breakout could extend the rally towards 30. Though an overbought RSI would suggest a potential retreat to attract more buying interest.The resistance-turned-support 27.10 is the first level to monitor. Further down, the demand zone between 26.15 and 26.56 is key in keeping the upward bias intact
Intraday Market Analysis – DAX Aims For New Record High

Intraday Market Analysis – DAX Aims For New Record High

John Benjamin John Benjamin 10.05.2021 08:06
GER 30 tests previous record highThe DAX has recouped recent losses as risk sentiment made its way back in the market. By clearing the previous crash point at 15270 the price action has confirmed the bullish MA cross.The index then established support at 15100. As it climbs back towards the peak at 15520, an overbought RSI could be the rally’s Achilles’ heel.Profit-taking near the resistance level may trigger a brief retracement.On the upside, a breakout could extend the rally to a new record high.USDCAD tumbles towards 2017’s lowThe US dollar fell as the unemployment rate rose to 6.1% in April from a previous 5.8%.The February 2018 low at 1.2250 has failed to contain the bearish mood. The market remains unidirectional to the south.The RSI has dipped into the oversold territory and could trigger some short-covering from intraday players. Though selling into strength is likely to be the motto if the price climbs back towards 1.2280.September 2017’s low at 1.2060 would be the next target when the sell-side doubles down.EURGBP looks to break out of rangeThe euro rose after ECB official Martin Kazaks said the ECB could reduce emergency bond purchases (PEPP).The pair has found strong buying interest in the demand zone above 0.8600. An RSI divergence on this major support was a foresign that the selling pressure had lost steam.The current rebound is still within a consolidation range between 0.8610 and 0.8720.A bullish breakout may open the path towards 0.8780. A failure to do so would lead to a pullback to test bids at 0.8655.
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Intraday Market Analysis – US Dollar Fails To Find Support

John Benjamin John Benjamin 07.05.2021 07:26
USDCHF tanks to new lowsThe US dollar falls as higher continuing jobless claims point to volatility in the labour market. The bearish MA cross from the daily chart is a reminder of the US dollar’s weakness across the board.The latest consolidation has ended up with a breakout below 0.9110 in continuation of the downtrend. As the RSI shows an oversold situation, profit-taking could lead to a short rebound towards the resistance at 0.9145.However, this might turn out to be a dead cat bounce if trend followers seize it as an opportunity to sell into strength. 0.9020 would be the next target in the next round of sell-off.GBPUSD consolidates recent gainsSterling found support after the BoE raised its forecast for Britain’s economy and hinted at reducing its stimulus programme.The bullish MA cross on the daily chart may give buyers an edge as the price action wraps up its sideways action. A confirmation may come in with a breakout above 1.3960.Strong momentum above the psychological level of 1.4000 could prompt short-term sellers to bail out. This would resume the pair’s upward trajectory.On the downside, the demand zone between 1.3800 and 1.3840 is of interest for those wishing to bet against a soft greenback.US 30 extends all-time highThe Dow extended gains to an all-time high as investors rebalance assets away from over-stretched growth stocks.The index continues to grind higher along the 20-day moving average as a sign of optimism.Following its breakout above the 33700-34250 range, buyers seem to have regained control of the price action. A runaway rally gained traction after sellers closed their positions when it was still cheap to do so.An overbought RSI may suggest a temporary pullback. 34200 is the immediate support in case of a pullback. Further down, 33770 would be a critical level to maintain the short-term bullish fever.
Intraday Market Analysis – USDCAD Struggles To Bottom Out

Intraday Market Analysis – USDCAD Struggles To Bottom Out

John Benjamin John Benjamin 06.05.2021 07:16
USDCAD reaches a 3-year lowThe US dollar remains under pressure as downbeat ADP jobs data fails to impress the market. General sentiment remains bearish as the pair grinds down along the 30-day moving average.The price action is about to test the February 2018 low of 1.2250. The recent bounce to 1.2350 indicates that sellers may be taking some chips off the table.A briefly overbought RSI might have prevented bidders to get into the action. One may expect traders to buy the dip when the greenback reaches the said support level.EURGBP tests key supportThe euro weakened after PMIs in Germany and France came out below consensus. The pair has struggled to clear the major supply area around 0.8720 on the daily chart.The triple top has kept the price action in check, which suggests that profit-takings have prevailed for the lack of further commitment from the buy-side.0.8590 is key support as a bearish breakout could make the euro vulnerable to the downside.On the upside, 0.8688 is the immediate resistance from the latest sell-off.USOIL rises above major resistanceWTI crude price consolidates gains as US inventories slash another 8M barrels. By clearing the resistance at 66.30, a major level from the previous sell-off the price action has signaled a bullish continuation.March’s high at 67.90 would be a formality as the rally gains impetus. However, an overbought RSI shows signs of over-extension.There is limited downside risk if trend followers wait for a pullback to jump onboard. 65.00 would be the first support to look for.Further down, 62.90 is critical in keeping optimism intact.
Gold & the USDX: Correlations

Intraday Market Analysis – NASDAQ In Search Of Support

John Benjamin John Benjamin 05.05.2021 08:48
NAS 100 tumbles after exhaustion Tech stocks slip as investors’ bet on a US recovery favors traditional sectors in their asset rotation. The recent peak above 14000 could lead to a pullback as investors may think twice before chasing higher highs. A quadruple top near 14050 and a repeatedly overbought RSI are a sign of exhaustion. After a halt at 13950 a breach below 13720 triggered a sell-off exacerbated by profit-taking. This would add pressure on traders who are still on the long side. 13340 would be the next support level. AUDUSD drops below consolidation range The Australian dollar eased off following the RBA’s commitment to keeping the policy loose for another three years. The pair has so far failed to overcome the supply area at 0.7820 on the daily chart. The two-week-long consolidation suggests a lack of conviction from the long side. A bearish close below the lower band of the current range would trigger a sell-off as buyers try to bail out. 0.7675 could be temporary support.On the upside, 0.7766 is the first hurdle to lift before a recovery could carry on. NZDUSD falls from supply area The New Zealand dollar clawed back some losses after the country’s unemployment rate dropped to 4.7%. The pair is heading south after having met tense selling pressure near the daily resistance at 0.7300. Strong momentum below 0.7150 then 0.7125 is an indication that buyers are currently out of the picture. 0.7210 may cap a brief rebound after the RSI went into oversold. A fall below 0.7120 could deepen the correction.
Intraday Market Analysis – Psychological Level

Intraday Market Analysis – Psychological Level

John Benjamin John Benjamin 03.05.2021 08:52
EURUSD retraces to major supportThe euro pulled back after the block’s CPI dropped to 0.8% in April. Though the pair maintains its bullish trajectory from the daily chart’s perspective, a healthy pullback seems necessary for buyers to catch up after it rose back above the last leg of sell-off (1.1990).With an RSI deep in the oversold area, the psychological level of 1.2000 near the 20-day moving average would be a critical level to test buyers’ confidence.The rally would only resume if the euro climbs back to the previous high at 1.2150,GBPJPY exhibits bearish MA crossThe Japanese yen gained traction after the unemployment rate fell to 2.6% in March. The pound falls back in search of the next support as the yen recoups losses across the board.The RSI’s double top in the overbought area was an indication of exhaustion past the key resistance at 152.00. A breakout below 151.00 would confirm the bearish MA cross.The next level to find potential buying interest would be around 150.10. On the upside, the long side will need to lift 152.10 to resume the U-turn.SPX 500 tests resistance-turned-supportThe S&P 500 consolidates recent gains as rebounding corporate profits raise investors’ risk appetite. Buyers are striving to hold above 4180 after they cleared the former supply zone.A rally above 4219 would open the path to a new high above 4300. However, a slide below could dent the short-term fever and trigger profit-taking.4140, the lower band of the previous consolidation range would be a major support to monitor.Its breach could lead to a deeper correction towards the rising trendline (4050) on the daily chart.
Intraday Market Analysis – Extended Rally - 30.04.2021

Intraday Market Analysis – Extended Rally - 30.04.2021

John Benjamin John Benjamin 30.04.2021 08:40
USOIL speeds up runaway rallyWTI crude oil gained momentum after EIA data showed a sharp reduction in US inventories.The bullish momentum has accelerated following a breakout above the intermediate resistance level at 64.3. The previous high at 66.40 would be next as sentiment turns around.There is limited risk to the downside as the RSI shows a double top in the overbought area. The 20-hour moving average has acted as support and may do so in case of another retracement.Failing that, 63.60 would be the second line of defense.NAS 100 meets tough resistanceStronger-than-expected quarterly results lift market optimism as the earnings season is in full swing.The index has been struggling to keep its head above 14070 after it resumed the uptrend above February’s high at 13900. The RSI’s repeated incursions in the overbought area are a sign of exhaustion in the supply zone.A bearish breakout below 13880 suggests a lack of conviction so far from the buy-side.13720 between the 20 and 30-day moving averages on the daily chart would be a critical support to monitor.USDCAD rebounds briefly after sell-offThe US dollar struggles as core personal consumption expenditures fell short of expectations. After falling below the short-term support at 1.2370 the greenback has come under increasing pressure.An oversold RSI may prompt sellers to take profit, offering the pair a chance to claw back some losses. Though the price action remains vulnerable to the downside. 1.2420 is a major resistance that would cap any velleity to rebound.1.2200 would be the next target when selling pressure picks up again.
Intraday Market Analysis – Bearish Momentum

Intraday Market Analysis – Bearish Momentum

John Benjamin John Benjamin 29.04.2021 08:21
USDCHF breaks below consolidation rangeThe US dollar remains subdued as the Fed offers no signs of tapering.After falling below the key level at 0.9220, the bearish MA cross on the daily time frame may keep buyers at bay. Their failure to lift offers around 0.9180 despite a week-long consolidation strongly suggests that sellers are in control.Any rebound was seen as an opportunity to join the downward movement. A close below 0.9115 could render the greenback vulnerable.0.9040 would be the next target should there be a new round of sell-off.AUDUSD tests double topThe Australian dollar shrugged off March’s weaker-than-expected CPI as risk appetite grew.The pair has met stiff selling pressure at the supply zone around 0.7820, the origin of last month’s sell-off. However, the Aussie has established a solid base above 0.7700.As the RSI bounces back into the neutral area from the sub-30 level, the bullish momentum from 0.7725 is a sign of buying the dip.A breakout above 0.7815 may trigger a runaway rally to 0.7950, a prerequisite to resuming the fourteen-month-long uptrend.XAGUSD gathers bullish momentumSilver strengthens as the US dollar’s sell-off continues after the Fed’s cautious tone on inflation. The precious metal has come to rest after reaching the major resistance (26.60) on the daily chart.The bullish MA cross is an indication of strong buying interest. A breakout above that resistance would confirm the bullish bias and send the price to 28.20.On the hourly chart, sentiment remains upbeat as long as the price action stays above 25.70.A bearish breakout could extend the correction towards 25.20.
Intraday Market Analysis – From Support To Resistance

Intraday Market Analysis – From Support To Resistance

John Benjamin John Benjamin 28.04.2021 08:14
USDJPY rises to major resistanceThe Japanese yen stayed muted after the Bank of Japan revised down its inflation forecasts.The bearish MA cross on the daily time frame may weigh on the US dollar as it recovers towards 108.90, a previous daily support now turned into a resistance.The rally above 108.20 in the short-term has prompted some sellers to cover reducing the downward pressure. A close above 108.50 would help gain momentum.As the RSI shows an overbought situation, 108.20 would be the first support In case of a retracement.EURGBP tests triple topEuro buyers are encouraged by news of easing of restrictions in Italy and France. The pair has risen back to the major support area around 0.8720-0.8730.After the failure of the first test, strong bids have supported the price to form a triple top. Would the third time be the charm?A neutral RSI gives buyers enough space to play around. A breakout above 0.8730 would confirm the bullish MA cross on the daily chart and trigger a rally towards 0.88s.On the downside, a drop below 0.8670 may drive the correction down to 0.8630.GER 30 consolidates near a record highThe German index stagnates as the earnings season kicks off in Europe. Last week’s sell-off below 15180 was a sign that buyers took profit after the index made a series of record new highs.On the daily chart, the uptrend is so far intact as the price action hovers above the 20-day moving average. 15410 is the immediate resistance and a bullish breakout would resume the upward movement.However, a breach below 15090 could dent the short-term optimism and trigger a new round of sell-off to 14800.
Intraday Market Analysis – In Search Of Support

Intraday Market Analysis – In Search Of Support

John Benjamin John Benjamin 27.04.2021 08:11
EURUSD pulls back to supportThe euro popped higher after the Eurozone’s bond yields rose on improved sentiment. The pair maintained its recovery trajectory after it turned 1.1990 from resistance into support.The euro has met strong selling pressure at March’s high at 1.2110 while the RSI shot into the overbought area.The current retracement would test the demand zone between the psychological level of 1.2000 and 1.2045.A rebound followed by a rally above 1.2110 would suggest a bullish continuation towards 1.2180.NZDUSD rises above consolidation rangeRisk sentiment makes its return at the start of the week driving higher the commodity-linked New Zealand dollar.The pair has found strong support by the demand area above 0.7120. The current rebound is heading towards the key resistance (0.7270) from the daily chart.A bullish breakout could end the two-month-long consolidation and put the kiwi back on track.A rise above 0.7210 is the final confirmation for the bullish MA cross as the upward momentum accelerates. 0.7165 is the closest support in case of a retracement.XAUUSD tests major supportGold keeps the high ground as the US dollar index remains subdued near an eight-week low. Price action is currently sideways as buyers are trying to accumulate momentum after the latest series of higher highs.The RSI has cooled down from the overbought zone. The area around 1764 and the rising trendline (1770) is important support on an hourly basis.A rebound could propel the precious metal back to 1815.On the downside, however, a drop to 1744 may extend the consolidation by shaking out weak hands.
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Intraday Market Analysis – Triple-Tested Support

John Benjamin John Benjamin 26.04.2021 08:32
US 30 bounces off key supportThe Dow Jones recoups losses as investors expect some leeway for President Biden’s fiscal plans.The index has found support at 33700. There have been three consecutive tests at this level which is a sign that buyers remain in control of the price action. A rally back above 34150, the base of the latest sell-off could convince traders of the underlying strength.A new high at 34400 would be the next target should momentum picks up. As the RSI ventures again into the overbought area, 33700 is a critical support in case of a pullback.GBPUSD retreats in search of supportThe pound is looking for support after a better-than-expected PMI suggests economic resilience.The latest sharp sell-off came from the psychological level of 1.4000, also a major resistance on the daily chart. Its breach could revive the thirteen-month-long uptrend.As for now, an oversold RSI has prompted some short-covering. 1.3810 is the immediate support to test the strength of rebound.Further down, 1.3720 will need to see solid buying interest to save the chance of a reversal.EURAUD tests key supply areaThe euro climbed back after the euro zone’s service PMI recovered to 50.3. The previous sell-off has met robust support at 1.5420. The subsequent rally above 1.5530 suggests that buyers are still committed to pushing higher.The price may test the supply area at 1.5670 for the third time. Profit-taking from short-term traders would be expected.A bullish breakout may trigger a broader recovery as the short side rush to cover their bets. On the downside, 1.5500 would be a key support to monitor.
Intraday Market Analysis – Whipsaw Catalyst

Intraday Market Analysis – Whipsaw Catalyst

John Benjamin John Benjamin 22.04.2021 08:20
USDCAD breaks out of rangeThe Canadian dollar surged after the BoC announced a reduction of its asset purchasing program.After a month-long consolidation, the loonie may have finally found momentum to break free. The sell-off below 1.2470 suggests strong selling interest and potential for bearish continuation. The price may retrace briefly after the RSI shot into the oversold zone.1.2650 is the immediate resistance and 1.2420 would be the next target. A combination of short-covering and fresh buying could send the price to 1.2360.EURGBP falls from key resistanceSterling rises higher as the UK’s core CPI accelerates to 1.1% YoY. The euro has met stiff selling pressure at 0.8720, a key resistance on the daily timeframe.Successive breakouts below 0.8670 then 0.8640 are a sign that sellers have taken control of the short-term direction.The RSI has recovered into the neutrality area, leaving the price vulnerable at the end of the current consolidation. The support-turned-resistance 0.8670 may cap a rebound.A drop below 0.8590 could trigger a new round of sell-off.XAUUSD grinds along rising trendlineBullion advances higher as the dollar index stays muted at a seven-week low. The price action has been in consolidation following a recent rally above 1757.A neutral RSI may suggest there is still room on the upside. 1814 from the daily chart is a major resistance, and its breach could trigger a reversal. On the downside, 1777 is the immediate support in case of a pullback.Further down, 1760 along the bullish trendline is a congestion area and may see strong buying interest from short-term trend-followers.
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Intraday Market Analysis – Bullish Continuation

John Benjamin John Benjamin 21.04.2021 08:58
GBPUSD breaks to 4-week highThe pound rallied across the board after the UK’s unemployment rate fell from 5.1 % to 4.9 %.The pair has surged to a four-week high, breaking above the consolidation range on the daily chart in the process. This is a signal that the uptrend may have resumed.The previous high at 1.4200 could be the next on the list. But for now, profit-taking around the psychological level of 1.4000 may drive the price lower while the RSI returns to the neutrality area. The resistance-turn-support 1.3900 would be the area of interest.AUDUSD hovers under major resistanceThe Australian dollar struggles to keep the high ground following the RBA’s dovish meeting minutes overnight.The Aussie has come under pressure in the major supply area between 0.7800 and 0.7850. The RSI’s repeated indication of an overbought situation may keep the price action subdued. 0.7700 is the immediate support to test buyers’ commitment.On the upside, a breakout would see a pick up in the bullish momentum and open the door to last February’s high at 0.8000.NZDUSD tests critical daily resistanceThe New Zealand dollar grinds higher as the CPI improved from 1.4% to 1.5%. The kiwi’s rally has gained traction after offers around 0.7180 were lifted.0.7270, a key resistance from the daily chart is the next hurdle. A bullish breakout may help the pair resume its thirteen-month-long rally. In a similar fashion to its Australian counterpart, an overshort RSI could mean a brief consolidation in search of buying interest.0.7120 is the first line of defense in case of a retracement.
Intraday Market Analysis – Recovery Momentum

Intraday Market Analysis – Recovery Momentum

John Benjamin John Benjamin 20.04.2021 08:33
EURUSD breaks above key resistanceThe euro recoups last month’s losses as traders reposition themselves for this week’s ECB meeting.After a few days of consolidation under the key level of 1.1990 from the daily chart, the strong momentum above this resistance is a confirmation that buyers are in control of the price action.1.2110 would be the next target as the pair makes its way back.An overbought RSI may lead to a brief pullback. If so, the demand area between 1.1880 and 1.1940 may see strong buying interest.USDJPY faces strong supplyThe market’s expectation of further falls in US Treasury yields keeps sending the greenback lower.The pair’s successive breakouts below the daily moving averages and the critical support at 108.40 have triggered a new round of sell-off.There is a chance of a rebound as traders take profit after the RSI went deeply into the oversold territory. Bears are likely to sell into strength in the supply zone around 108.90.On the downside, 107.80 would be the next target as a continuation of the bearish momentum.SP 500 tests rising trendlineMajor stock indices stay high on hopes that the recovery is firmly on track. The S&P 500 has been grinding up along a rising trendline established earlier this month.However, a double top in the RSI’s overbought area may temper buyers’ willingness to chase bids.The trendline (4150) is the immediate support as the index makes a retreat. 4120 is a key level to keep the uptrend intact in the short term.On the upside, the psychological level of 4200 could be the target as buyers push for a new record high.
Gold & the USDX: Correlations

Intraday Market Analysis – Breaking All-Time Highs

John Benjamin John Benjamin 19.04.2021 08:42
GER 30 resumes uptrendWith the fear of reflation now taking a backseat, improved risk sentiment is pushing equity markets into new highs.The DAX has built a floor around 15160 following the latest rectangle consolidation. Bullish candles above the previous high at 15360 could draw more momentum players into the game.The 20-hour moving average crossing the 30-hour one is the final confirmation that the uptrend is picking up speed again. 15270 is the demand zone if the index falls back in search of more bids.USDCHF falls below major supportThe greenback remains underwater as US yields retreat from recent highs. Selling pressure has increased after the pair broke below the critical support at 0.9220 on the daily chart.Recent rebounds have been opportunities for short-term trend followers to sell into strength.A neutral RSI may encourage more sellers to jump on board. 0.9140 is the next target on the way down.On the upside, the newly established supply area around 0.9240 could be a tough nut to crack.USOIL breaks above consolidation rangeWTI crude oil has rallied back after the US EIA reported falling inventories. After a four-week-long consolidation, the latest surge above 62.10 suggests that buyers may have retaken control of the price action.64.80 from last month’s sell-off is a key resistance to lift if the bulls expect to turn the sentiment around once for all.In the meantime, profit-takings driven by an overbought RSI may lead to a brief retracement.The psychological level of 61.00 would be the support to keep an eye on.
Intraday Market Analysis – Bullish Extension

Intraday Market Analysis – Bullish Extension

John Benjamin John Benjamin 16.04.2021 08:40
AUDUSD gains momentum as rally extendsMarkets bid up the Australian dollar after the country’s unemployment rate dropped from 5.8% to 5.6% in March.A brief pullback overnight near the 30-hour moving average (0.7700) was met with strong buying interest. The RSI’s easing from the overbought zone suggests that there could be more room on the upside.The latest rally above 0.7750 may attract more momentum players into the bidding war. This might open the path to 0.7850, a key resistance on the daily chart.USDNOK tests lower band of consolidation rangeSurging oil prices have put the commodity-sensitive Norwegian krone on the launchpad against a soft US dollar.Successive breakouts below 0.8470 then 0.8390 were a strong sign that the bias remains bearish.The US dollar may carry on its downtrend following a three-month-long consolidation between 8.3200 and 8.7200. There is a chance of a temporary rebound as the RSI rises back from the oversold area.8.3200 would be the next target while 8.4500 is the immediate resistance in case of a retracement.UK 100 lifts January’s resistanceThe FTSE 100 climbs higher as value stocks gain momentum amid the UK’s reopening.The bullish close above January’s high at 6963 indicates that the bulls are still in charge of the price action despite recent profit-takings.The next round of rally could set the pre-pandemic level above 7400 as the target in the weeks to come.In the short term, the index will need to lift the psychological level of 7000. An overbought RSI may cause a temporary pullback, and 6920 would be the closest support in that case.
Intraday Market Analysis – Bullish Turnaround

Intraday Market Analysis – Bullish Turnaround

John Benjamin John Benjamin 15.04.2021 09:07
NZDUSD recovers above daily MAThe New Zealand dollar gained support after the RBNZ kept its monetary policy unchanged.The Kiwi has found an effective floor above the psychological level of 0.7000 after a week-long sideways action.A breakout above the consolidation range (0.7070) has triggered a runaway rally as the short side scrambles to cover.On the daily chart, the surge above the 30-day moving average suggests that the recovery could extend further if 0.7180 is lifted. 0.7045 is the immediate support in case of a pullback.USDJPY falls to medium-term supportThe prospect of the Fed to maintain the low rate course continues to drive the US dollar lower.On the daily chart, the pair has come under pressure at the psychological level of 111.00 while the RSI made a double top in the overbought area. The sell-off is heading towards the first major support at 108.40.On an hourly chart, the RSI’s triple dip into the oversold territory could lead to a temporary rebound. 109.60 is the hurdle on the upside where intraday traders may look to sell into strength.NAS 100 breaks into new highGrowth stocks are making a comeback as receding Treasury yields make risk assets attractive again. A bullish close above February’s high at 13908 suggests that buyers have returned.The NASDAQ index may resume its uptrend as market sentiment improves.After hitting the milestone at 14000 the market may take a moment to digest the new record high while the RSI falls back into the neutrality area.The demand zone between the previous lows at 13670 and 13800 may be of trend followers’ interest.
Intraday Market Analysis – Extended Rally

Intraday Market Analysis – Extended Rally

John Benjamin John Benjamin 14.04.2021 08:34
EURUSD tests major resistanceA 2.6% yoy rise in US CPI has so far failed to impress traders as the Fed may remain patient longer than the market.After a short consolidation around 1.1900, the RSI has receded from the overbought area, laying the groundwork for a new round of rallies. The next target would be the key resistance level of 1.1990 from the daily chart.A bullish breakout may signal that the euro could resume its year-long rally.In case of a pullback, 1.1870 is a critical support to keep the optimism intact.EURGBP builds bullish momentumThe pound struggles across the board after Britain’s economy showed a slower than expected growth in February.The euro has previously come under selling pressure near the daily supply area (0.8730). The RSI has since retreated into the neutrality zone.Despite profit-taking, the pair has stayed afloat above 0.8620 which would suggest that buyers are still in control of the price action.A surge above the said resistance could trigger a runaway rally as a combination of short-covering and fresh buying.UKOIL trades in narrowing rangeBrent crude ticked up after data showed oil imports into China surged 21% in March. The price action remains range-bound however for lack of a major catalyst.The narrowing consolidation is a sign of the market’s indecision and a breakout is bound to happen soon.A bearish MA cross on the daily chart may weigh on the sentiment but as long as 61.20 holds firm as support, there is a chance of a rebound.On the upside, a rise above 65.15 could extend the rally towards 68.
Gold & the USDX: Correlations

Intraday Market Analysis – Testing Daily Support

John Benjamin John Benjamin 13.04.2021 08:29
USDCHF retreats to major supportThe US dollar is treading water as traders await inflation data which would dictate the next movement.The greenback has fallen back to test the medium-term support (0.9210) from the daily chart after a three-month-long rally.An RSI divergence right above the key level is a sign that the correction has lost its momentum. Though a bullish breakout above 0.9280 will be needed to confirm a reversal.To the downside, a drop below the said support would trigger a new round of sell-off towards 0.9140.XAUUSD looks for supportGold is striving to consolidate its latest gains after a fall in US yields last week. After having established a solid support base at 1677, the price has rallied back to March’s high at 1757.A bullish breakout could lead to a sharp recovery as a result of triggering stop-losses and momentum buying.But for now, an overbought RSI has prompted profit-taking within the supply area. 1730 is the first line of defense as the metal pulls back to rebuild support.A deeper correction may lead to test 1710.US 30 rises along the trendlineThe Dow Jones flies high after Chairman Jerome Powell expressed his optimism in an interview that the US economy was set for a strong rebound.Following a breakout above its latest consolidation range (33250), the index has been grinding up along a rising trendline.The psychological level of 33400 would be the next target for the bulls. Though an overshot RSI may lead to a temporary pullback.The 30-hour moving average is the immediate support. Further down, 33510 along the trendline may see more buying interests.
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Intraday Market Analysis – Last Chance To Rebound

John Benjamin John Benjamin 12.04.2021 09:58
GBPUSD meets critical supportThe pound falls back as traders take profit after a strong performance from the start of the year.The price action has retreated to March’s low at 1.3670, a support on the daily chart to keep the uptrend intact. The pair is likely to consolidate from that major level while the RSI recovers from the sub-30 area.1.3770 is the immediate resistance and a bullish breakout may convince buyers that the correction is over.To the downside, 1.3600 would be the target if the pair struggles to find bids.USDCAD struggles to bounce higherA fall in Canada’s unemployment rate from 8.2 % to 7.5 % in March helped lift the loonie against its US counterpart.The pair has met strong selling pressure around the supply area (1.2640) found on the daily chart.An overbought RSI has prompted short-term traders to take profit. However, the price’s subsequent failure to make a higher high signals weakness in the past week’s rally.A drop below 1.2535 could trigger a broader sell-off in the continuation of the downtrend with 1.2470 as the next target.EURAUD pierces through multiple resistancesThe Aussie was spoiled by the government’s restrictions on the AstraZeneca vaccine which would delay its vaccination campaign.After bouncing off a three-year low (1.5260) the euro has been building up its momentum. The latest surge above the key resistance at 1.5600 suggests that buyers are gaining confidence and aiming for 1.5690.An overbought RSI might temper the optimism and 1.5530 is first support in case of a pullback. As long as the price is above the base of the recent rally (1.5430), the bias will remain bullish. 
Intraday Market Analysis – Deeper Correction

Intraday Market Analysis – Deeper Correction

John Benjamin John Benjamin 08.04.2021 08:14
USDJPY continues to pull back The US dollar struggles to find buyers amid dovish FOMC minutes. The pair has met stiff selling pressure near the psychological level of 111.00 from last March. An RSI divergence was an indication that the rally was already losing steam. A breakout below 109.30 could trigger a deeper correction to the demand area between 108.40 and the 30-day moving average found on the daily chart. A rebound will need to lift offers around 110.55 first before more buyers would commit their chips. USOIL awaits breakout Oil prices came under pressure after data showed an increase in US oil production at the end of March. The upbeat sentiment has softened after the US crude dipped below the 20 and 30-day moving averages for the first time in four months. The bearish MA cross may attract more sellers. On the hourly chart, the price action is currently in a rectangle consolidation between 57.20 and 62.20. A bearish breakout could trigger a broader sell-off towards 52s, while 64.70 would be the immediate target on the upside. UK 100 tests major resistance The FTSE 100 has reached a three-month high after Boris Johnson confirmed that the UK’s economy would reopen next week. The index is rising along the 20-hour moving average and is heading towards the previous high at 6960. A breakout above that major resistance could open the door to the pre-covid level (7400). The RSI has entered the overbought area and may draw a temporary pullback. In this case, the resistance-turned-support 6805 would be the level to watch for trend followers.
Intraday Market Analysis – Rally Overheated

Intraday Market Analysis – Rally Overheated

John Benjamin John Benjamin 02.04.2021 08:56
USDCHF sees rally over-stretchedThe US dollar tanked after an increase in US jobless claims tempered market optimism. The pair has met stiff selling pressure at 0.9470 since last July.The RSI has repeatedly ventured into the overbought area and suggested that the rally could have overextended itself.0.9400 is the immediate support and a bearish breakout could trigger a broader sell-off to 0.9350. Below that, a deeper pullback may lead the price action towards the medium-term support level at 0.9220 on the daily chart.AUDUSD bounces back to resistanceThe Aussie has found support from better-than-expected retail sales of -0.8% versus a consensus of -1.1%.Following the pair’s fall below the daily trendline and the key floor at 0.7580, the market has turned into a consolidation mood.An oversold RSI has triggered some short-covering, but the current rebound may attract more sellers in the supply zone around 0.7660.A bullish breakout could raise offers to 0.7750. Failing that, the price action would remain in a downward trajectory and test 0.7530 once again.EURNZD looks for Fibonacci supportThe euro is struggling to keep its balance between upbeat PMI and new lockdowns.The pair has been trying to rebound from last March’s bottom near 1.6330. After establishing a base around 1.65 the price action has surged with solid momentum.The current retracement is testing the 50% Fibonacci level (1.6730). A deeper correction would test the 61.8% level.1.6890 is a critical resistance on the upside, and if buyers succeed in clearing the way the euro could extend the rally above the psychological level of 1.7.
Intraday Market Analysis – Moving Resistance

Intraday Market Analysis – Moving Resistance

John Benjamin John Benjamin 31.03.2021 07:54
EURUSD capped by bearish moving averages The US dollar continues to advance across the board supported by improving economic outlook. After a short pause along the 20 and 30-hour moving averages, the sell-off renewed below 1.1760. A further drop below the psychological level of 1.1700 could drive the price towards 1.1600, a critical support level for the ten-month-long rally on the daily chart. As the RSI falls into the oversold area, a limited rebound could be met with selling pressure between the moving averages and 1.1775. NZDUSD weighed by bearish MA cross The New Zealand dollar is still struggling near its five-week lows as the appetite for growth-sensitive currencies fades. The kiwi has had a timid rally after the RSI went sharply into an oversold situation. It was probably due to profit-taking rather than fresh dip-buying. Buyers’ failure to hold onto 0.7000 suggests a lack of commitment after the daily chart showed a bearish MA cross. 0.6940 is the immediate support and a bearish breakout could trigger a new wave of sell-off towards 0.6900. XAGUSD sees limited bounce Silver slipped again amid rising long-term US yields as holding the precious metal would incur a higher opportunity cost. The price has retreated to January’s low at 24.00. Profit-taking from short-term traders may help lift bids while an oversold RSI recovers into neutrality. However, sentiment would remain bearish as long as the price stays below 24.80. Trend followers are likely to sell into strength in case of a rebound near the moving averages. A drop below 23.60 could trigger an extended sell-off into the 22s.
Intraday Market Analysis – Fading Sell-Off

Intraday Market Analysis – Fading Sell-Off

John Benjamin John Benjamin 30.03.2021 08:31
USOIL sees bearish momentum stallingWTI climbed back in anticipation of extended production cuts by OPEC+ in their upcoming meeting in April. The pullback would be temporary as an RSI divergence showed a loss in the sell-off.Following a rebound from the support at 57.20, an RSI double top in the overbought area suggests that the US crude has been consolidating in search of momentum.The latest breakout above the psychological level at 62.00 is a confirmation that buyers have regained control and the price could be on its way to 65.USDCAD recovers towards supply areaThe recent retreat in oil prices has weighed on the loonie while the US dollar kept the high ground across the board. The pair is grinding higher towards the supply zone near 1.27.However, selling pressure is likely to intensify as the US dollar tests the 20 and 30-day moving averages on the daily chart, within a year-long downtrend.1.2540 is the immediate support and a bearish breakout could further depress the price action.To the upside, 1.2680 is the hurdle to lift before the bulls could press for a reversal.US 30 tests a record highStock markets recouped losses from previous choppy sessions as investors saw the dip as an opportunity.After rallying above the former resistance at 32500, the Dow Jones is making an attempt at the previous high at 33250. A bullish breakout could extend the rally to new record highs.While market sentiment remains positive, an overbought RSI could prompt a pullback driven by profit takings.The demand area between 32500 and 32700 could see strong buying interest if the index cools off.
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Intraday Market Analysis – Bullish Case

John Benjamin John Benjamin 29.03.2021 08:00
USDJPY accelerates rallyThe US dollar climbs as the US economy is gaining steam while other parts of the world face new Covid restrictions.The pair has shot up to last June’s high at 109.85 after it broke out of the consolidation range under 109. The bias remains strongly bullish, though an overbought RSI would suggest a temporary pullback as traders take profit.In that case, the rising trendline and 20 and 30-hour moving averages would become the demand zone. A deeper retracement may find support from the former resistance at 109.20.XAUUSD awaits breakout catalystA firm US dollar is weighing on gold as Treasury yields hold ground. The recovery stalled after the price broke below the rising trendline, denting the optimism for a swift rebound.The precious metal is likely to stay range-bound until a catalyst, be it fundamental or technical, triggers a breakout.1718 is a key support and a bearish breakout could deepen the correction towards 1700.To the upside, bulls will need to remove 1745 to bring back confidence. After that, an extended rally may carry the price to 1780.GER 30 surges to new highEquity markets recovered swiftly after lower-than-expected US personal consumption expenditure quelled the fear of reflation.The DAX has bounced off the key short-term support at 14430 to challenge the all-time high at 14800.Solid momentum above a bullish MA cross confirms that buyers are still in control of the price action. A close above 14800 may convince more trend followers to join in and push the index higher.To the downside, 14590 would be the immediate support for the RSI to cool off.
Intraday Market Analysis – Double Top Breakout

Intraday Market Analysis – Double Top Breakout

John Benjamin John Benjamin 26.03.2021 07:03
USDCHF rallies above double top The US dollar continues its advance against the Swiss franc after solid GDP growth last month. The buck’s previous bounce from the 20-day moving average (0.9220) and then a close above 0.9300 have put the uptrend back on track. The bullish breakout above the double top at 0.9375 would trigger a new round of rally. An overbought RSI may lead to a brief pullback where the pair would be looking to gain momentum. If that happens the former resistance area around 0.9350 would be the support to monitor. USDNOK rises along the trendline Sliding oil prices have forced the crude-dependent Norwegian krone to take a backseat. The dollar has been grinding up along a week-long rising trendline. Lifting offers around the previous top at 8.6700 has confirmed that buyers are still in control. An RSI in the neutrality area suggests there is still room on the upside and a bullish breakout above 8.6800 could lead to a broader rally. In the case of a pullback, the demand zone between 8.5400 and 8.5800 could see strong bids from trend followers. EURJPY bounces off major support Tensions around the EU’s vaccine supply have put a strain on the euro as traders rush into a safer Japanese yen. The pair has broken below the 30-day moving average, a bearish movement that could trigger an extended consolidation if not an outright reversal. On the hourly chart, after being oversold, price action is making an attempt to rebound from 128.20. 129.20 is a key area of congestion as it coincides with the falling trendline. Needless to say, traders would try to sell into strength as the pair recovers.
Intraday Market Analysis – Bearish Breakout

Intraday Market Analysis – Bearish Breakout

John Benjamin John Benjamin 24.03.2021 07:31
GBPUSD cuts through major supportThe pound saw fresh sell-off despite a fall in the UK’s unemployment rate as average earnings, an indication of inflation remained subpar.Two failed attempts to breach the psychological level of 1.4000 have put the short side back in control. The bearish breakout below 1.3800 has intensified the selling pressure by triggering stop-losses and would call 1.3650 as the next target.In the meantime, as the RSI dipped into the oversold area, a brief pullback to around 1.3850 might fill more sell orders.XAUUSD breaks out of consolidation rangeGold came under pressure as the US dollar claws back losses from previous sessions.On the daily chart, the price is entangled between the 20 and 30-day moving averages which act as resistance after the February sell-off.Zooming into the hourly chart, the precious metal has been struggling near the supply area 1750-55.The narrowing trading range between the resistance and the rising trendline is a prelude to a breakout, and a close below 1728 would resume the downtrend with 1700 as the target.SPX 500 slides on profit-takingAs a reminiscence of the trade war, brewing international tensions with China could derail investor sentiment once again. After a two-week-long rally, the S&P 500 has retreated from its peak at 3989 in search of stronger support.Divergence between the price action and the RSI was a sign of exhaustion. Then successive breakouts below 3936 and 3911 prompted short-term traders to take profit.The latest rally could be a dead cat bounce unless it achieves a new high. To the downside, 3860 would be the next stop.
Gold & the USDX: Correlations

Intraday Market Analysis – Awaiting A Breakout

John Benjamin John Benjamin 23.03.2021 07:47
EURUSD consolidates near the support area The US dollar stayed subdued as Treasury yields retreated on Monday, relieving pressure on its European counterpart. The pair has fallen back from the double top at 1.1990 after it went into an overbought situation. The euro is looking for support while hovering above the major demand area around 1.1830. The current consolidation is an opportunity to build up momentum. The resistance at 1.1990 is a tough nut to crack but a bullish breakout could send the price towards 1.2050. GER 30 retreats after being overbought Equity markets are treading water at the start of the week as investors remain cautious about the inflation outlook. The DAX 30 has pulled back from the all-time high at 14810 after the RSI continuously ventured into the overbought area. Instead of chasing the momentum buyers may likely wait for a discount before jumping on the trend. The previous low at 14400 coincides with the rising trendline and could be a key zone of congestion where trend-followers would bid up the index. USOIL recovers from daily support The oil price has recouped some losses from concerns about vaccine rollouts and new lockdowns in parts of Europe. The RSI has recovered into the neutral zone as the price found support in the demand area around 58.50 on the daily chart. WTI is now at a crossroad as a deeper retracement could trigger a reversal. Otherwise, what is happening could be a mere three-wave correction. As for now, the 38.2% Fibonacci level (62.00) is the next resistance. The uptrend may only resume if buyers can push through 64.80 once again.
Intraday Market Analysis – Finding Support

Intraday Market Analysis – Finding Support

John Benjamin John Benjamin 22.03.2021 07:50
AUDUSD tests key supportIn Australia’s worse-than-expected retail sales, traders saw not a reason to dump, but rather an opportunity to get in for cheap.After the RSI shot into the overbought territory post-FOMC, the indicator cooled off as the price came down to test the support at 0.7700.The subsequent rebound above 0.7770 was a sign that buyers are still in the business. 0.7850 is the intermediate resistance and its clearance could propel the Aussie above 0.79.On the downside, 0.7620 is the major daily support buyers should be aware of.GBPJPY tumbles after over-extensionThe BOJ’s tweak to widen the long-term rates cap to 0.25% from the previous 0.2% came off as a rate hike in disguise, sending the yen higher across the board.Technically speaking, the RSI’s bearish divergence was a warning on an overstretched rally. Zooming out on the daily chart an overbought RSI suggests a pullback towards the 20 or 30-day moving average (149.00).On the hourly chart, successive breaks below 151.30 then 150.80 have confirmed the turnaround. 151.80 is the resistance after the first round of sell-off.USDCAD breaks bearish momentumDespite an improvement in retail data, the Canadian dollar came under pressure as the price of oil tanked.The RSI divergence from last week indicated a loss of momentum in the sell-off. Then a breakout above the resistance at 1.2490 and a bullish MA cross have heightened the odds of a reversal.1.2570 is the next hurdle and a close above that level could trigger a new round of rally. In the case of a retracement, the demand zone between 1.2360 and 1.2460 may see strong buying interest.
Intraday Market Analysis – Sterling Tests Key Resistance

Intraday Market Analysis – Sterling Tests Key Resistance

John Benjamin John Benjamin 19.03.2021 08:18
GBPUSD builds bullish momentumThe Bank of England followed the US Fed’s dovish footstep on Thursday in an attempt to rein in inflation expectations. This has led the pound to hit a wall once again at the psychological level of 1.4000.Those who believe in the third time’s a charm may find support at 1.3850 after the pair made a series of higher lows.A bullish breakout could push the price towards 1.4150 or even end the three-week-long consolidation. A drop below 1.3800, however, may dent the upward bias from a medium-term perspective.USDJPY in rectangle consolidationRally in risk assets come at the expense of a safer Japanese yen. Though the BoJ would sit on its hands and find no issue in a weaker currency as global trade makes a comeback.The US dollar has so far found support above the previous lows around 108.30. The RSI has dropped back into neutral territory from an overbought situation, which may prompt more buyers to get in the game.A breakout above the horizontal range (109.30) could extend the rally to last June’s high at 109.80.XAGUSD bounces off ascending trendlineA softer US dollar is exactly what commodity traders have been waiting for. Silver is looking to safeguard its gains after the latest pop above the resistance at 26.40.An over-extended RSI was followed up by profit-taking in the supply area. However, a nascent rising trendline hints at buyers’ strong interest in bidding up the price.A reversal is in the making if the price action succeeds in staying above 25.80.A bullish breakout above 26.90 could trigger a broader rally into the 28s.
Intraday Market Analysis – Post-FOMC Momentum

Intraday Market Analysis – Post-FOMC Momentum

John Benjamin John Benjamin 18.03.2021 08:41
NAS 100 challenges key resistanceFOMC officials’ pledge to keep the monetary policy accommodative has pumped up the appetite for risk assets. After reaching near the March high of 13330, the tech index saw profit-taking as the RSI shot into the overbought zone.The price has bounced off the demand zone around 12900. As the bullish sentiment makes its return after the recent correction, a neutral low RSI could prompt bargain hunters to get onboard.A rally above the previous high may extend the recovery towards 13700.AUDUSD breaks above the consolidation rangeA fall in Australia’s unemployment rate has confirmed the country’s strong fundamentals and put the Aussie back on track. After hitting the supply area around 0.7800, the price action has previously gone sideways for the lack of a catalyst.An oversold RSI indicator has raised traders’ interest to buy the dip at the psychological level of 0.7700. A rally back above 0.7835 could resume the medium-term uptrend.In the case of a pullback, the area between 0.7670 and 0.7700 would see strong buying interests.NZDUSD attempts a U-turnDespite a worse-than-expected GDP, the kiwi rallied on the back of a dovish US Federal Reserve. Having established support at 0.7100 on the daily chart, the pair is gathering momentum for the next round of rally.A low RSI suggests there is plenty of room on the upside, though the price action will first need to clear the origin of the latest sell-off at 0.7270.That would pave the way for a rise above 0.7300. The reversal would gain traction as long as the pair stays above the immediate support at 0.7150.
Intraday Market Analysis – Gold Consolidates Gains

Intraday Market Analysis – Gold Consolidates Gains

John Benjamin John Benjamin 17.03.2021 08:27
XAUUSD builds support for a comebackA weaker US dollar has offered gold the opportunity to make a comeback just ahead of the Fed meeting later today.After having established a base at the round number 1700 the precious metal is struggling to clear the resistance at 1740, which coincides with the 20-day moving average. A neutral RSI suggests there is still room on the upside and a bullish breakout could add an extra $20 to the ounce (1760).However, in the case of a retreat below 1700, the price action is likely to go sideways and test the previous support at 1675.USDCAD capped by the falling trendlineThe Canadian dollar rises further as improvements in the domestic economy may lead the central bank to cut back on its QE.The bearish trendline from March 2020 has so far contained the US dollar’s multiple rebounds. The break below 1.2470 has confirmed that sellers are still in control.As the RSI dipped into the oversold area, short-term traders may take profit and cause a brief bounce. The zone between the psychological level of 1.2600 and the trendline is where strong selling interests would be.EURJPY tumbles to the trendlineThe euro took a hit after the suspension of the AstraZeneca shots caused a hiatus in the vaccine campaign across the continent.A diverging RSI in the overbought zone suggests an overextension and a loss in the bullish momentum. The pair is testing the rising trendline as the RSI goes into oversold. A failure to bounce back could send the price to the 20-day moving average (128.85).On the upside, 130.40 may keep a lid on the price action for the next few days.
Intraday Market Analysis – US Dollar Starts Consolidation

Intraday Market Analysis – US Dollar Starts Consolidation

John Benjamin John Benjamin 16.03.2021 08:22
USDCHF stays in rangeAfter its meteoric rise, the US dollar is likely to go sideways as traders await a new catalyst from this week’s FOMC.The break below 0.9260 along with a bearish MA cross was a sign that the price action has gone into a consolidation if not a reversal. A brief rally is not excluded but the recent high of 0.9375 may cap any advance in the short-term.The lower band of the trading range is 0.9180, a resistance-turned-support which also lies around the 20-day moving average on a larger time frame.EURGBP finds support above the bearish trendlineProfit-taking seems to be the theme at the beginning of the week, and in the case of the sterling, buyers have reduced their bets in anticipation of the BoE meeting.The euro took a chance to bounce from the key short-term support area around 0.8550 after a week-long consolidation. The rise above the bearish trendline coupled with the previously mentioned RSI divergence would confirm the bullish bias.Clearing the psychological level of 0.8600 would open the path towards the next target 0.8650.GER 30 looks for support after the new highThe DAX is looking to consolidate its gains on the high ground after global markets regained optimism.A declining RSI indicator from a previously overbought situation is good news for traders looking to join the rally. As the bull market has seemingly resumed, a momentary pullback could see strong buying interest in bidding up the index.14390 is the immediate support but a failure to bounce would suggest a protracted retracement towards the rising trendline (14250).
Intraday Market Analysis – Dow Jones Reaches New Highs

Intraday Market Analysis – Dow Jones Reaches New Highs

John Benjamin John Benjamin 12.03.2021 08:29
US 30 surges from daily supportUS Congress’s green light on the $1.9 trillion relief package seems to have put stock markets back on track. This came in as half-expected on the technical side as the index bounced off the year-long bullish trendline on the daily chart.From the hourly perspective, the breakout above the previous high (32050) has triggered a broader rally fuelled by short-coverings.As the RSI shows signs of overheating, a limited pullback might attract more buyers. 32300 near the short-term trendline would be the support to watch for.XAGUSD recovers from key supportLower treasury yields have made the non-yielding metal more attractive, right when buyers bid up the price from its daily support level (24.80).Following the previously mentioned RSI divergence, an indication of a potential reversal, silver saw a limited drop then rallied above the first resistance of 26.20.After a brief consolidation, the price could rise towards the next target around 27.00 as long as it stays above 25.60.To the downside, 24.80 is critical in keeping the bullish sentiment intact.NZDUSD looks for a bullish breakoutThe New Zealand dollar is having its fair share of markets’ renewed affection for risk assets. A rebound from the psychological level of 0.7100, a two-month low has brought the pair to its first hurdle: 0.7270 where strong selling pressure could cap the rally.The kiwi is gathering momentum near the rising trendline as the RSI falls back into the neutral zone. If buyers can overcome this resistance, an extended rally may push the price towards 0.7400.A drop below 0.7160 though could lead to a retest of the daily support.
Value Fund Increases Stake in LSI Software; Dividend Recommended by Supervisory Board

Intraday Market Analysis – DAX Shrugs Off Correction

John Benjamin John Benjamin 10.03.2021 08:14
DAX 30 surges to new highThe German index rallied to a new high as investors priced in the benefits of economic normalization.The ascent above 14180 was the result of short-covering and momentum trading when that critical resistance broke away. The latest correction might have ended right there with the bullish bias intact on the daily timeframe.Short-term traders’ profit-taking might cause a retracement towards the demand zone between 14180 and 14310. However, the buying interest is likely to stay strong as trend followers jump in.USDCHF drops on profit-takingRetreating US yields have led to profit-taking on the US dollar.An RSI divergence in the overbought area was a sign of a loss in the bullish momentum. Then a 100-pip drop below the 20 and 30-hour moving averages and a bearish MA cross confirmed the overextension.The pair is now testing its first key support at 0.9250. An oversold RSI indication could attract some bargain hunters. Though a failure to hold on to that level may trigger a deeper correction towards 0.9180.USDCAD tests major resistanceAs the US dollar is grinding along a falling trendline, there is a chance of a breakout if the Bank of Canada convinces markets of its resolve to keep interest rates at a record low.Price action has been building up support above 1.2570 in a rectangle-shaped consolidation. The narrowing range between the support and the resistance is typical of the market’s indecision ahead of a catalyst.A close above 1.2700 on the daily trendline could prompt sellers to rush to cover their positions, fuelling a breakout rally.
Intraday Market Analysis: US Dollar In Bullish Continuation

Intraday Market Analysis: US Dollar In Bullish Continuation

John Benjamin John Benjamin 09.03.2021 11:17
EURUSD tumbles in falling channelThe US dollar continues to push forward as prospects of a strong US recovery take root.After conceding the intermediate support of 1.1950, the euro came under renewed pressure and is now sliding towards the daily support level of 1.1750.A bullish RSI divergence and the price testing the lower band of the bearish channel suggest that a rebound is overdue. A better-than-expected GDP data from the eurozone might just give the single currency the relief it needs. Though the upper band (1.1970) will be a tough nut to crack.AUDUSD remains under bearish trendlineThe Aussie might not be out of the woods yet as market fever over the greenback is still in full swing. The pair is heading towards the daily support level of 0.7580, a critical level where a failure to bounce could signal an upcoming reversal.A fairly neutral RSI says there is still room for a retracement in the next few hours.The price action is then likely to go sideways between the support and the bearish trendline (0.7720) before a breakout would lead to a new direction.SPX 500 rallies back from daily supportThe S&P 500 climbed back after the US Senate passed the $1.9 trillion COVID-19 relief package. The demand zone around 3700 from the daily timeframe has seen strong bids.On the hourly chart, a bullish MA cross and a rally above 3845 have prompted the short side to cover. 3900 is the immediate resistance and its breach could resume the upward movement.An overbought RSI might signal a potential pullback but as long as the index stays above 3730, the bias remains bullish.
EURAUD capped by falling channel

EURAUD capped by falling channel

John Benjamin John Benjamin 04.03.2021 11:00
Intraday Market Analysis – Channel TradeDespite Australia’s soft retail sales number, the euro remains under technical pressure. The pair has been sliding within a bearish channel since last October and the eurozone’s retail reading today is unlikely to change the course.As the pair rebounds after the RSI dipped into the oversold territory, the euro may encounter stiff selling pressure in the 1.5530-1.5600 supply zone.On the downside, 1.5250 is the next target should the sell-off accelerate.USDCHF reaches 5-month highToday’s jobless claims may stir up the volatility in the US dollar. A low number would heighten the reflation fear as the labour market may have recovered faster than expected.The pair is hovering right under last October’s high around 0.9200. The recent drop of the RSI from the overbought area would suggest some leeway to the upside.A bullish breakout could trigger an extended rally as shorts cover their positions. On the downside, 0.9130 is the intraday support to monitor.XAGUSD tests 12-month long trendlinePrecious metals have taken a toll as the greenback made a comeback. Silver is trying to hold on to its near-year-long rising trendline, and a successful bounce could resume the uptrend.The double dip on the line (25.80) is a serious test of the buyers’ commitment. However, an RSI divergence showing a loss in the bearish momentum may give the buy-side an edge.A rebound will need to lift offers around 27.00 to gain traction. Failing that, the price could start to reverse.
GBPUSD Holds Steady Above 1.41

GBPUSD Holds Steady Above 1.41

John Benjamin John Benjamin 26.02.2021 09:21
USD gives back gains as risk currencies riseEuro Rises To A Three-Month High The euro currency finally broke past the resistance area of 1.2177 – 1.2144. The breakout pushed the common currency to a three-month high on an intraday basis.The gains come as the US dollar failed to maintain its reversal on Wednesday.If the current momentum continues then we might get to see the Euro once again attempting to test the 6 January highs of 1.2349.However, ahead of these gains, a pullback to establish support near 1.2177 would be ideal.For the moment, the EURUSD is still not out of the woods unless we see a higher low forming above the resistance area.The British pound sterling is giving back the gains from Wednesday. The declines come as the cable rose to a new three and half year high earlier this week.The current declines come as investors head into the weekend with the drop likely coming as a result of profit-taking.The GBP currency has enjoyed a strong rally and got an additional boost as the UK is already preparing plans for re-opening its economy.For the moment the pullback is likely to be met with skepticism. A continuation below Wednesday’s low of 1.4080 could, however, see the currency pair making a short-term correction.The downside could be supported near the round number 1.4000 level.Crude Oil Holds Steady At A 13-Month High Oil prices are steady after rising to a new 13-month high. The gains come as the latest report shows a drop in US Crude oil output.The weaker dollar is also helping the commodity to maintain its hold. For the moment, prices are supported near the trendline.Still, even a close below the trendline could keep the upside bias intact.The support area near 60.87 will hold the prices from posting further declines.But a close below 60.87 could potentially open the way for oil prices to fall further. This could see the 57.35 level coming under scrutiny next.Gold Prices Slip As Treasury Yields Rise The precious metal continues to trade weak with price action extending declines for a third consecutive day.The declines come as Treasury yields are rising higher. Investors are betting that the global economy will re-open quicker than anticipated with appetite for further stimulus falling.Gold prices have been trading within the 1817 and 1764 levels since the middle of February.We expect this sideways range to continue.To the downside, gold prices will likely retest the previously formed support at 1764.22.
GBPUSD Gets Rejected After Testing A Three-And-A-Half-Year High

GBPUSD Gets Rejected After Testing A Three-And-A-Half-Year High

John Benjamin John Benjamin 25.02.2021 08:26
USD fights back from a five-week lowEuro Trades Subdued But Supported By The Trend-Line The euro currency is trading rather mixed, a day after prices almost closed flat on Tuesday.Overall, the long-term trendline on the daily chart is supportive of prices. Therefore, we could see price action attempt to push higher.The 50-day moving average is also close and could come in as dynamic support. For the near term though, the EURUSD currency pair will need to close convincingly above the resistance area of 1.2177 and 1.2144.This resistance area is proving hard to break out in the near term. Therefore, there is a very good chance that the EURUSD might remain in a sideways range for now.To the downside, the 1.2050 level will hold the currency pair from posting further declines.The British pound sterling rose to a fresh three-year high at 1.4140. But prices were rejected intraday with the currency pair likely to close bearish or flat.Given that this pattern comes near the top end of the rally, it could potentially signal the start of a correction in the GBPUSD.The cable has not made any decent pullbacks so far. Therefore, a close below Tuesday’s low of 1.4055 could spell trouble.For the moment, prices might test the support area near 1.3950. This would mark a short-term correction in price action.The Stochastics has also moved out from the overbought levels but could signal a reversal once again.Crude Oil Rises Over 3%, Inching Closer To A Two-Year High Oil prices managed to shrug off the uncertainty of the past few days with price action once again surging.On an intraday basis, spot crude oil prices rose over 3% in what is likely to be a strong recovery. The gains come after oil prices closed bearish last week.However, at the time of writing, crude oil has managed to pare last week losses to rise higher.On the intraday charts, oil prices are yet to close fully above the previous highs of 62.97. But given the bullish momentum, we could expect to see further gains.The only downside scenario here is to see oil prices pulling back. This would mark a failure near the short-term trendline and could open the way to the downside.The support near 60.87 remains critical under such circumstances.Gold Prices Likely To Close Bearish For A Second Day The precious metal is failing to capitalize on the support level it established near the 1764 handle. Prices are falling for the second day, albeit the pace of declines is limited in comparison.To the upside, the reversal comes just a few points below the 1817.80 level. Given that this level was already established as resistance, we expect prices to hold between the two levels for the moment.On the weekly chart, we have the double bottom pattern that has formed around the 1764 handle.Therefore, a breakout above 1817.80 is needed to keep the bullish bias alive.A close above 1817.80 will open the way for gold prices to challenge the 1850 handle next.
GBPUSD Steadies On Lockdown Lifting Optimism

GBPUSD Steadies On Lockdown Lifting Optimism

John Benjamin John Benjamin 24.02.2021 07:26
USD turns volatile as Powell testifies to CongressEURUSD Perched In Resistance Area The euro currency is strongly consolidating within the resistance levels of 1.2177 and 1.2144.Price action managed to rise to the upper level of the range before giving back the gains. The volatility in the tight range comes as the Federal Reserve Chairman Jerome Powell testifies to Congress.A breakout above 1.2177 could open the way for the common currency towards wider gains. This will potentially see price action rising to test the highs from January this year.Alternately, if prices fail near the resistance level then we expect a move back lower.To the downside, support at 1.2050 should hold the declines for the moment.The British pound sterling, which has already seen a strong bull run got another boost on Tuesday.The UK Government prepared a roadmap towards re-opening its economy. This puts further upside pressure on the currency pair which is already enjoying a strong rally.Price action is trading outside the rising price channel currently. With the Stochastics oscillator firmly in the overbought levels, the upside momentum could fail.Any downside corrections could stall near the 1.3951 level of support for the moment.Given that the currency pair has been pushing higher on a steady note, we could expect a brief pullback in the near term.WTI Crude Oil Pulls Back From A New 13-Month High Oil prices surged higher intraday on Tuesday. Prices tested a new 13-month high of 62.96 in the early Asian trading session.However, since then, oil prices gradually drifted back lower. The test of support near 60.87 confirms that prices are well supported at this level.However, for the short term, oil prices will need to breakout higher and continue further to maintain the bullish trend.The Stochastics oscillator on the four-hour chart is also likely to signal another push to the upside.For the moment, the line in the sand is the 60.87 technical support. If oil prices lose this support, then we expect a deeper correction down to 57.35 or toward the 19 Feb lows of 58.56.Gold Gains Slow As Price Approaches 1817.79 The precious metal pulled back just a few points away from the 1817.79 level of technical resistance.The Stochastics oscillator which is currently signaling a hidden bearish divergence could see a continuation in price to the downside.This is unless, of course, the precious metal manages to breakout above the 1817.79 price level. Such a move will potentially open the way toward the 1850 handle.Meanwhile, if prices drift lower then we could expect a move closer to the 1764 level of support. However, it is unlikely that this level of support will be tested once again.
USD falls for the third consecutive day

USD falls for the third consecutive day

John Benjamin John Benjamin 23.02.2021 07:15
EURUSD On Track For A Three-Day GainThe euro currency is on track for a three-day back to back gain. Price action is recovering sharply following the declines during the middle of last week.For the moment, price action will be challenging last week’s highs of 1.2168. A convincing breakout above the resistance area of 1.2177 will put the bullish bias back on the table.Currently, the 4-hour chart is also shaping up to show an inverse head and shoulders pattern. Therefore, a successful breakout above 1.2177 will push the euro currency toward 1.231 level at the very least.This will mark a lower high comparing to the highs from January this year.GBPUSD Maintains Its Impressive RallyThe British pound sterling maintains a strong hold on the bullish momentum with six consecutive weekly gains so far.Price action is nearing the April 2008 highs of 1.4376. The strong uptrend could be further cemented if the cable breaks out sharply from the rising price channel.The immediate support to the downside is near the 1.3951 level at the moment. However, with the current pace of gains, we expect prices to continue rising above the 1.4000 level.On the daily chart as well, price action remains biased to the upside following the strong bullish reversal pattern on Thursday last week.Crude Oil Attempts To Pare LossesWTI crude oil prices are looking bullish with price action posting a strong recovery after the declines from Thursday and Friday last week.For the moment, price is yet to breakout above last Thursday’s highs of 62.22. But this is essential for the commodity to maintain its bullish position.Following the reversal in the direction on Monday, we expect the minor support near 58.85 to hold prices from declining further.To the upside, oil prices will be battling the confluence of the horizontal resistance level and the trendline around the 60.87 region.If price fails to close out above this level, we could see a correction down to the 57.35 level eventually.Gold Prices Rise To A Four-Day HighThe precious metal is posting strong gains on Monday, capitalizing on a weaker greenback. As a result, price action is up over 1.5% intraday and is trading near a four-day high.Despite the current gains, XAUUSD will need to breakout above the 1817.79 level of resistance. A breakout above this level will also push price action out from the falling price channel.This could potentially signal the end of the correction in gold prices as the upside resumes.However, ahead of further gains, a high low within the 1817.79 – 1764.22 levels could give it more upside bias. This will potentially confirm the end of the current declines.Above 1817.79, gold prices will challenge the 1850 levels next.
GBPUSD Steadies Over A Three-And-Half-Year High

GBPUSD Steadies Over A Three-And-Half-Year High

John Benjamin John Benjamin 22.02.2021 07:47
Risk on sentiment pushes dollar lowerEuro Closes The Week Almost FlatThe euro currency managed to pull back after hitting a two-week low during the week. Price action remains steady within the 1.2050 and 1.2144 levels for the moment.The overall trend remains flat with the key price level established. Only a strong break out from either of these levels will indicate further direction in the trend.The Stochastics oscillator on the daily chart could likely signal a move to the upside.However, for this to happen, the euro currency will need to break out above 1.2177 – 1.2144 levels.To the downside, support is firmly established at 1.2050 which has held up on the previous retest.The British pound sterling has closed with gains for six consecutive weekly sessions so far.The gains put the GBPUSD over a three and half year high, closing on Friday at 1.4018. This puts the currency pair near a multi-year support/resistance level.A continuation to the upside could see further gains coming.In the short term, price action is able to make consistent higher lows in maintaining the bullish trend. Therefore, further gains are likely as long as the current moment holds.The daily Stochastics oscillator is in the overbought levels since 9th February. This could, however, change if the momentum shifts to the downside.For the moment, the initial level near 1.3851 will be key ahead of any short term corrections.Oil Prices Pullback From A 13-Month HighOn Friday, WTI Crude oil prices closed with back to back losses. This led to the weekly price action closing in the red after prices briefly rose above 61.35 earlier in the week.The declines come after oil prices have been moving in a sharp and steady trend.On the 4-hour charts, we see the trendline breached. This has led to a modest pullback with prices rejected ahead of moving lower.If oil prices continue to move lower, then we could see the 57.35 level of support being tested. Establishing support here could potentially boost the upside.The Stochastics oscillator is currently near the oversold levels and could see some recovery in prices.To the upside, the price level of 60.87 needs to be breached in order for oil prices continue pushing higher.Gold Pulls Back From A Seven-Month LowThe precious metal fell to a seven-month low over the week before managing to recovery with bullish gains on Friday.Price action closed with gains after Thursday’s doji pattern. This also comes near the support level of 1764.With the Stochastics oscillator also turning higher, the current rebound could see gold prices likely to test the 1817.79 level of to establish resistance once again.Overall, price action could remain trading within these levels for the near term. Further downside is likely if gold loses the support near 1764.For the moment, there is a possibility that the precious metal could move to the upside.This is especially true with the Stochastics oscillator on the daily chart moving deeper into the oversold levels.
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GBPUSD Advances Higher Again, But Can It Hold The Gains?

John Benjamin John Benjamin 19.02.2021 08:00
USD weaker after a two-day gainEuro Attempts To Pare LossesThe euro currency is making a solid recovery, in a bid to recoup the losses from Wednesday.Price action is posting a reversal after it broke out from the long term daily trendline for the second time.However, the current pace of gains coincides with likely resistance from the trendline and the 50-day moving average.If the euro fails to close above Wednesday’s highs of 1.2107, then we might expect to see a continuation lower.For the moment, the support level near 1.2050 might help to stall further declines in the currency pair.But a daily close once again below this level will confirm further downside.The British pound sterling posted a strong reversal snapping a two-day losing streak. Price action was bullish as it broke past the previous highs near 1.3950.On an intraday basis, the GBPUSD rose to highs of 1.3985 before giving back some of the gains.Further upside is likely to continue as the GBPUSD approaches the key 1.4000 round number level.But given the current set up of the Stochastics oscillator, the bullish momentum might be losing steam.For the moment, the line in the sand is the Tuesday high of 1.3950. A daily close below this level could keep either prices moving sideways or a drop to Wednesday’s lows of 1.3829.Crude Oil Down Over One PercentOil prices are down over one percent on Thursday. The declines come after the commodity rose to intraday highs of 62.22 before giving back the gains.The overall bias in crude oil remains to the upside. Therefore, unless there is strong evidence of a correction, price action is likely to remain bullish.For the moment, the immediate trendline will be key to watch. A break down below this trendline could potentially accelerate short term declines.The main support level is near the 57.35 level. A close below 60.87 could potentially see the short term correction taking place.However, if oil prices manage to reverse the current gains, we could expect to see further upside in the near term.Gold Prices Steady Above 1764The precious metal is trading flat on Thursday following the sharp declines from the day before. Price action has not yet tested the 30 November lows of 1764.22.For the moment, we expect gold prices to consolidate between 1817.80 and 1764.22 levels. A breakout below 1764.22 could however extend declines down to the next key level near 1750.On a weekly basis, prices are consistently posting lower lows.However, the support level around the 1764 region is holding up. A weekly close below this level could open the way for further downside in the precious metal.
GBPUSD Signalling A Bearish Correction

GBPUSD Signalling A Bearish Correction

John Benjamin John Benjamin 18.02.2021 07:28
Dollar gains afer retail sales surprises to the upsideEuro Weakens To A Seven-Day LowThe euro currency is accelerating the pace of declines comparing to the previous few days. On an intraday basis, the euro slipped to a seven session low before recovering slightly.The declines come as the EURUSD has now breached the rising long term trendline once again.Still, given the recent rebound after the trendline breach on 5th February, we could see a recovery once again.Therefore, to the downside, only a confirmed close below 5th February lows of 1.1951 will see further declines coming.Meanwhile, to the upside, a reversal could see the trendline coming in as resistance or the euro could possibly breakout above the trendline once again.The long term correction could see the 200-day moving average being tested which currently sites around the 1.1800 region.The British pound sterling is extending declines following a flat close on Tuesday. Still, price needs to close below Tuesday’s low of 1.3901 to confirm further downside.The next immediate downside target is seen near 1.3733 where price established strong resistance previously. This price level forms the ideal target to the downside with support likely to come in.But in the event that the GBPUSD loses this handle, we might get to see further declines. This will push the cable down to the 1.3500 level which is pending a retest anyways.To the upside, price action will need to post a reversal and possibly rise above the Tuesday highs of 1.3950 in order to maintain the uptrend.WTI Crude Oil Inches Higher But Likely To Close FlatWTI crude oil is showing signs of losing its bullish momentum. Price action is seen struggling to get a foothold above 60.00.This has led to price action being rejected over the past three trading sessions. For the moment, the overall bias remains firmly to the upside.But this could change if oil prices close below Tuesday’s low of 59.31. This will potentially confirm the downside for the short term. The long term trendline will act as support in case of such a move.To the upside, oil prices are nearing the 61.35 level which marks the highs from 8th January. Given the current momentum it is unlikely to see oil prices rising further unless there is a strong breakout above 61.35.Gold Prices Fall To A Two-Month LowThe precious metal resumes its declines with price action currently trading near the 1777.50 level.The decline marks a new two-month low in the commodity. A break down below this level could further accelerate declines.Still, considering that this support level has held up previously around early December last year, the precious metal could post a rebound.The daily Stochastics oscillator is also nearing the oversold levels. This could coincide with the support level holding up.However, if the precious metal loses this support, we could see prices potentially falling to the next key support level near 1650.
Gold & the USDX: Correlations

USD trades mixed on comments from Fed officials

John Benjamin John Benjamin 17.02.2021 07:49
Euro Gives Back Intraday GainsThe euro currency rose to a four-week high after GDP numbers came out better than forecast.But price action soon gave back the gains as the resistance level proved too hard to breach.Price action briefly rose past 1.2144 before retreating from the resistance level between 1.2177 and 1.2144. For the moment, the EURUSD remains well above the 12th February lows.However, a close below this level could see further short term declines. The main support level at 1.2050 remains the downside target for the moment.GBPUSD Slips But Upside Remains IntactThe British pound sterling continues to post steady gains. Price action was seen trading a bit weaker after testing highs of 1.3951 on Tuesday.But a quick recovery from the intraday lows is keeping the upside bias intact.Further gains could likely see the cable testing the 1.4000 round number level in the near term.To the downside, the current intraday lows near 1.3869 and the highs from 10th February at 1.3866 form the initial support.Only a strong close below this level will open the downside toward the 12th Feb lows at 1.3775.Crude Oil Retreats From 60.92WTI crude oil prices are giving back the gains after prices touched a new 13-month high earlier this week.The declines come after prices fell to fill the gap from last Friday at 59.55. With most of the intraday declines already pulling back, the upside could resume.The fundamentals remain bullish for oil markets especially with the cold winter in the US. This could see oil prices likely to test the 61.00 level next to the upside.Any corrections could likely stall near the 57.35 level for the moment. Establishing support here could also further strengthen the potential for more gains.Gold Slips Below 1817 Technical SupportThe precious metal lost the 1817.79 technical support on Tuesday.However, after prices fell to intraday lows of 1789.37, there was a quick recovery.The current pullback could see gold prices retesting the 1817.79 level once again. The bias remains mixed as we could see some consolidation taking place near this level.Only a strong close below 4th Feb lows of 1784 will see further downside.The next key target for gold is near the 1764.22 level of support. To the upside, gains could be limited to the 1850 handle once again.
USD Trades Weaker Amid Bank Holiday

USD Trades Weaker Amid Bank Holiday

John Benjamin John Benjamin 16.02.2021 08:31
EURUSD Subdued Amid Thin TradingThe euro was trading subdued, with price action once again attempting to retest the resistance level near 1.2144.Price action in the EURUSD is somewhat flat with the US markets closed on account of the president’s day holiday today.The short term trend appears to be flat for the moment unless the common currency is able to break out above the resistance area between 1.2144 and 1.2177.Meanwhile, the stochastics oscillator is posting a lower high. This could suggest a short-term correction to the downside.The support level near 1.2050 is likely to remain the downside target for the moment.GBPUSD Surges Past 1.3900The British pound Sterling continues to surge ahead with price action rising above 1.3900.So far, GBPUSD has been posting gains for nearly five consecutive weeks.A continuation to the upside could see price action rising towards the 1.4400 level. This would mark the highest level since mid-2016.But the current pace of gains has seen no meaningful pullback just as yet. Therefore, the lack of any support to the downside is likely to open the downside risk.The recent swing high near 1.3867 is likely to act as support. But if the GBPUSD loses this handle, we expect a correction down to 1.3759 next.Oil Prices Rally On Cold WeatherOil prices opened on a bullish note in the Asian trading session rising to a new 13 month high.The gains came as the cold winter has fueled demand for the fossil fuel.Price rallied to a new high of 60.75 before giving back some of the intraday gains. However, towards the late European trading session, oil prices were seen giving back some of these gains.If oil prices continue to pull back, then we might get to see prices covering the gap from Monday’s open. To the upside, the next main resistance level is near 61.35.The current rally in the oil prices also comes as the US dollar has been trading weaker over the past few weeks.Gold Price Confined To Friday’s RangeThe precious metal is trading subdued with price action firmly stuck within Friday’s range.With both the Asian and US markets closed, trading in the precious metal is slow. Price action is back near the support level of 1817 region.For the moment, the support level seems to be holding up which could provide a short-term boost to the upside. The resistance level near 1850.00 will likely once again act as resistance keeping a lid on any further gains.However, watch the stochastics oscillator which is likely to signal a shift in the momentum.In the event that gold prices lose the 1817 support, we could expect price action toward the 4th February lows at 1784.79.
Gold & the USDX: Correlations

GBPUSD Rebounds, Brushing Aside Weak GDP Numbers

John Benjamin John Benjamin 15.02.2021 07:23
Slow start to the week with China and US markets closedEURUSD Recovers From A Three-Day Low The euro currency touched a three-day low on Friday at 1.2080 before recovering. Price action is subdued for the past three sessions with a lower high currently forming.This comes after price slipped to a three-month low at 1.1951 on February 5th. The downside bias is starting to build up.The common currency will need to rise above the recent swing high of 1.2187 in order for the upside bias to hold.Failure to do so could potentially open the way for further declines, especially if the swing low of 1.1951 gives way.For the moment, the support area near 1.2050 will be critical to the downside. The Stochastics oscillator is moving up and could signal another test to the resistance area near 1.2144 – 1.2177.The British pound sterling made a sharp recovery with price action on Friday posting a strong rebound.The gains put the GBPUSD back near the previous highs at 1.3866. But with the Stochastics oscillator signaling a lower high, we could see a pullback.The support level near 1.3759 remains in scope to the downside. As long as the cable holds gains above this level, there is room for further gains.But a close below this level could potentially see a larger correction taking place.For the moment, the uptrend remains intact with price making consistently higher lows.Oil Advances To A New Eleven-Month High WTI Crude oil prices resumed the bullish momentum following three days of subdued trading. Prices settled at 59.55 on Friday, marking a new 11-month high.The rebound comes after oil prices briefly fell to the support area near 57.35. This potentially cements the 57.35 level as a strong support area in case of any downside.Despite the gains, oil prices are now nearing a multi-year resistance area between the 65.5 and 61.5 levels.Price action has on previous occasions failed to break past this level.Therefore, unless there is a strong momentum led breakout, we could see price action consolidating in this resistance area.Gold Prices Find Support Near 1817.89 The declines in the precious metal stalled after prices once again tested the 1817.89 level of support. A retest of this level, alongside the Stochastics oscillator attempting to move out from the oversold levels, could keep prices to the upside for the moment.This will mean that gold prices will continue to maintain a sideways range between 1850 and 1817.89 levels in the near term.On the daily charts, gold prices closed flat following the losses from the previous day.Therefore, if price action turns bearish today, we could expect to see the previous lows at 1784.81 from 4th February coming under test once again.To the upside, price action needs to post a strong close above the 10th of February highs of 1855.30 for any signs of further gains.
Dollar steadies after a four-day decline

Dollar steadies after a four-day decline

John Benjamin John Benjamin 12.02.2021 08:39
EURUSD Reverses Near 1.2144 Resistance Level The euro currency is giving back the gains made from Wednesday as price action failed to rise above the technical resistance level near 1.2144.As a result, price action is quite bearish, amid the hidden bearish divergence as well. However, given the fact that price action has broken out from the falling price channel, this decline could merely be a retracement to the breakout level.We could see EURUSD retest the breakout level near 1.2080 to the downside. Below this level, the lower support area near 1.2050 is also likely to hold the declines.In the near term, we could expect the EURUSD to move in a sideways range between 1.2144 and 1.2080 levels.GBPUSD On Track To Retest 1.3590 The GBPUSD currency pair is giving back the gains made from the previous day with prices turning lower.On the intraday charts, we see prices trading currently below the 1.3821 swing low. A confirmed daily close below this level could potentially see price action testing the previous untested support level near 1.3790.As long as this support level holds, we could expect to see further upside. But for price action to continue higher, we would need to see the GBPUSD rising past the current highs above 1.3850.However, if the GBPUSD loses the 1.3759 level of support, then we could expect further declines in the near term.This would also potentially open the way for the currency pair to slide towards the 1.3500 level of support.WTI Crude Oil Rally Takes A Pause The recent pace of strong gains in the WTI crude oil market is seen to be slowing with prices likely to close flat for a second consecutive day. This could potentially see the onset of a short term correction in the markets.The initial support level near 57.35 is likely to be tested in the short term. As long as this support level holds, we could expect crude oil prices to maintain the upside bias.However, in the event that oil prices lose the 57.35 support, then we might expect to see a steeper correction. Below this level, the next main support comes in near 53.77.Given the recent bullish momentum in the oil markets, there is also strong evidence of a bearish divergence building up.Therefore, this could see a short-term correction which can only be confirmed upon a daily close below the 57.35 support level.Gold Prices Slip To A Three-Day Low The precious metal is down nearly 1% intraday as the short term bearish momentum is strong. Price action is likely to retest the support area near 1817.80.The stochastics oscillator on the intraday charts are also signaling further room to the downside. However, the declines might stabilize after testing the 1817.80 level.In the event that gold prices breakdown below this level, then we might expect to see further declines.The initial price level to watch will be the 1785.25 level which marks the lows from the 4th of February.A close below the swing low could potentially open the way for gold prices to test 1764.22 next.
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Soft inflation data keeps USD pressured

John Benjamin John Benjamin 11.02.2021 08:41
EURUSD Rises To A Two-Week High The euro currency continues to push higher, rising for the third consecutive day, to a two-week high.The gains, however, are slowing as price moves closer to the 1.2144 – 1.2177 level of resistance. We also continue to see the hidden bearish divergence on the chart, which could suggest a pullback.To the downside, price is likely to stall near the 1.2050 level of support for the moment. However, a close below this level could see the Feb 5 lows of 1.1952 come into the picture.If the current bullish moment continues, then the euro currency will need to break out above 1.2177 to confirm further upside.GBPUSD Pushes Higher But Gives Back Gains The British pound sterling continues to rise higher, marking a new high of 1.3866 intraday. But price action is pulling back after testing this level.The Stochastics oscillator is firmly in the overbought levels supporting the upside bias. For the moment, the downside remains limited until we see a lower high forming.Given the current pace of gains, the GBPUSD is seen testing the support area of 1.3790.A strong close on a weekly basis above this level is needed to confirm further upside.For the moment, the untested support level near 1.3759 will be the likely downside target in case of a correction.Oil Price Grinds Higher To A New 13-Month High WTI crude oil prices continue to maintain a strong bullish moment.Price action rose to fresh highs of 58.73. This makes price action likely to test the unfilled gap from January 20 last year at 59.47However, with price now trading below the trend line, this could act as a potential resistance for price action.To the downside, the support level at 57.35 is already tested albeit only slightly.Therefore, any declines could see this level coming under a firm re-test. Only a strong close below 57.35 will confirm a move down to the 53.77 level of support.Gold Prices Rejected Near 1850 The precious metal is struggling to breakout above 1850 as price action was firmly rejected near this level intraday.Overall, gold prices remain trading subdued compared to the gains made in the previous sessions.We expect the precious metal to maintain a sideways range between the 1850 resistance and 1817.80 level of support in the near term.The Stochastics oscillator is also starting to move a bit down from the overbought levels currently. This will likely mark an end to a three-day winning streak in gold.
USD extends decline for three-days

USD extends decline for three-days

John Benjamin John Benjamin 10.02.2021 08:59
EURUSD Gains But Watch The Hidden Bearish Divergence The euro currency snapped strongly above the 1.2050 level, but price action formed a lower high.The hidden bearish divergence on the chart could, however, see prices pushing lower.To the downside, the euro currency is forecast to push down lower to the 1.2050 level of support.If price breaks down below this level, then we expect further downside.The previous low near 1.1953 will however need to crash lower to continue the downtrend.But the support level near 1.2050 level will act as the line in the sand.GBPUSD Rises To A New Three-And-Half Year High The British pound sterling continues to push higher with price action rising to a new three and a half year high. The gains come as the GBPUSD moves closer to the 1.3777 level.Given that this level has served as support in the past, we could expect GBPUSD to form resistance at this level.If price reverses near this level, then we might expect price action to slip back to the 1.3500 level of support. But in the near term, GBPUSD will need to break down below the 1.3758 level of support to confirm the downside.In the event that the currency pair rises above 1.3777 level, then we expect a further upside that could see the next level near 1.4368.WTI Crude Oil Breaks From A 6-Day Winning Streak WTI crude oil prices are pushing lower following a six-day winning streak. Price action rose to a 13-month high prior to the pullback.But for the moment, the declines are likely supported near the 57.35 level of support. If price action loses this support, then we expect to see further declines.The next main support level near 53.77 will be the level to watch. For the moment, watch how the daily price action will unfold near the current highs.We would need to see a bearish follow through to the downside to confirm the correction.In the event that the support level near 57.35 holds, we could expect to see further gains.Price action will need to break out above the current highs of 58.59 in order to confirm further continuation to the upside.Gold Prices Rise For Three-Consecutive Days The precious metal is posting strong gains, rising for three consecutive days. Despite the gains, prices are below the 1850 level of resistance.In the near term, we might expect prices to move sideways within the 1850 and 1817.80 level. If price breaks out above 1850 level, we could expect to see further gains.The next key level will be near the 1874.00 resistance level. To the downside, the support level near 1817.80 will likely keep prices supported from any further declines.Meanwhile, we continue to see the hidden bearish divergence forming on the 4-hour chart.Therefore, it is quite likely that the 1817.80 level could be tested in the near term.
Stimulus bets rise as labor market continues to remain weak

Stimulus bets rise as labor market continues to remain weak

John Benjamin John Benjamin 08.02.2021 07:45
EURUSD Snaps A Four Day Losing Streak The euro currency posted gains on Friday, marking an end to four consecutive daily declines. The rebound comes after price reversed near a three-month low of 1.1951.As a result, prices pared losses to close on Friday near 1.2050. This level initially served as support.If price action forms resistance here, then we expect to see the EURUSD trading within the price band of 1.2050 and 1.1951.A breakout from this range will further set the direction.To the downside, the next support level is at 1.1900. To the upside, a strong close above 1.2050 could open the way for price to test the 1.2144 level next.GBPUSD Price Action Invalidates Ascending Wedge Pattern The British pound sterling continues to hold a strong bullish momentum. The strong reversal after price fell to a two-week low has now invalidated the ascending wedge pattern.This keeps price action biased to the upside. After Friday’s close, the GBPUSD is trading back close to the three and half year high.The currency pair has also now closed with bullish gains for four consecutive weeks.Still, the momentum is slowing and unless the GBPUSD closes strongly above 1.3755, we expect price action to remain flat near the current highs.Oil Prices Settle Near A 13-Month High WTI Crude oil prices continued to advance with price action closing near a 13-month high. Prices briefly traded close to the next key resistance level of 57.35.We could expect a push higher for the commodity to test this level firmly. Further gains can be expected only on a strong breakout above this level.This means that a reversal near 57.35 will potentially see a possible retracement coming.The previously held resistance level near 53.77 remains the initial downside target for the moment.The price level near 40.55 however marks the 61.8 Fibonacci retracement level for the decline from 65.62 in January 2020 through the zero level on 20th April.Therefore, the correction, if applicable could see a stronger pullback.Gold Prices Pull Back From A Three-Month Low The precious metal managed to recover some of the losses on Friday. Price action closed with over one percent gains on the day, after falling to a three-month low previously.The retracement puts gold prices close to the 1817.80 level where resistance could form.Unless we see a strong close above 1817.80, gold prices could hold a sideways range between 1817.80 and the recent lows near 1784.81.Despite the current pullback, gold price closed on a bearish note for the week. Therefore, a continuation to the downside cannot be ruled out.
Value Fund Increases Stake in LSI Software; Dividend Recommended by Supervisory Board

USD strengthens on the back of strong economic data

John Benjamin John Benjamin 05.02.2021 07:29
EURUSD Falls To A Two-Month Low The euro currency continues its descent, now for the fourth consecutive session. The declines accelerated following two days of subdued price action earlier this week.The current pace of decline opens the downside target to the 1.1900 level of support. But in the near term, the common currency could reverse losses.A retest of the 1.2050 level to establish resistance will be ideal.This will also potentially confirm the downside as the Stochastics oscillator is very oversold under current market conditions.GBPUSD Rebounds On BoE Meeting The British pound sterling reversed losses in one single session, intraday. Price action posted strong gains following the BoE coming out slightly hawkish than expected on negative rates.As a result, the GBPUSD was back near the ascending wedge breakout level of 1.3678.While this coincides with the Stochastics oscillator recovering from just off the oversold conditions, prices are struggling to breakout higher.Therefore, if the GBPUSD fails to move above 1.3678 then we could expect prices to continue to drift lower.But with the recent swing low forming near 1.3585, we could expect this level to hold in the near term.Oil Rally Takes A Pause WTI Crude oil prices are trading weaker following the previous strong bullish sessions.Price action is reversing gains after testing the 56.00 level. The declines could, however, see near term gains once again.For the moment, the bullish bias remains in place. If the declines continue, then oil prices could be testing the 53.77 level of support in the near term.Establishing support here could potentially confirm the long term bias to the upside.For the moment, above 56.00, oil prices could be testing the 57.35 level of resistance next.Gold Prices Fall To A Two-Month Low The precious metal is down over two percent on an intraday basis.The declines accelerated after the precious metal lost the footing near 1817.89 support.The sharp declines could see the precious metal touching down to 1764.22 where the next key support level resides. This will put gold prices down to a three-month low.The formation of a lower low will no doubt change the bias in gold prices to the downside.However, we expect the declines to hold near the 1764.22 level in the medium term.
USD Struggles to Breakout from a Two-Month High

USD Struggles to Breakout from a Two-Month High

John Benjamin John Benjamin 04.02.2021 08:18
Euro Posts Declines For Three Consecutive Days The euro currency is posting declines for three consecutive days. Price action is now trading below the 1.2050 level.This comes even as the Stochastics oscillator is firmly below the oversold level. Price action posted a modest rebound back to the 1.2050 level where resistance has been established.Given the current pace of declines, we could expect the common currency to fall to the 1.1900 level. The downside bias will only change if price rises above the 1.2050 level.GBPUSD Turns Flat But Downside Bias Rises The British pound sterling pushed below the rising wedge pattern and price action is likely to fall further.The short term resistance level near 1.3678 is likely to keep a lid from price posting further gains. To the downside, we expect the declines to continue toward the 1.3500 level.On the daily chart, price action is trading flat for the second daily session. However, a strong bearish candlestick is required to confirm further downside.The daily Stochastics oscillator is also moving lower from the overbought levels for the moment.WTI Crude Oil Rises For Third Daily Session Crude oil prices are posting solid gains for the third consecutive session.The gains come on the back of declining crude oil inventories. It’s further due to news that the Democrats took first steps toward advancing President Biden’s proposal of $1.9 trillion coronavirus aid.Price action is now inching closer to the next main resistance level of 57.35. The Stochastics oscillator is also showing further room to the upside.In the near term, any declines could see the price retesting the 53.77 level. However, it is unlikely that we will see any short term pullbacks currently.Gold Prices Subdued Below 1850 The precious metal is posting modest declines a day after the precious metal fell over 1.2%. However, price action remains well supported above the 1817.80 level.In the near term, we expect price action to remain trading flat within the 1850 and 1817.80 levels.The Stochastics oscillator is currently slipping into the oversold level. This could indicate further near-term downside.Stronger price action is, however, expected on the back of fundamentals. This is especially regarding the Coronavirus stimulus bill.
Dollar Rises to a Two-Month High

Dollar Rises to a Two-Month High

John Benjamin John Benjamin 03.02.2021 08:06
EURUSD Touches Down To 1.2050 Level Of Support The euro currency finally fell to the support level of 1.2050, testing the level more firmly. While price action is trading below this level, we could expect to see some consolidating taking place.The Stochastics oscillator is also firmly in the oversold level, it supports the possibility of price action consolidation near this level.However, if the bearish momentum continues, then the euro currency is likely to extend declines further.The next main support level is near 1.1900. However, if resistance forms near the 1.2050 level, the declines can be confirmed.GBPUSD Breaks Down From Ascending Wedge The British pound sterling is extending declines after losing the support from the trendline of the ascending wedge pattern.With price action now clearing the ascending wedge pattern, further downside is likely.As the Stochastics oscillator is now near the oversold level, we could expect to see a rebound in the near term. This could see a short term retracement back to the breakout level once again.To the downside, price action is likely to find support near the Jan 26 swing lows of 1.3610. A break down below this level will confirm further declines to the 1.3500 level of support.WTI Crude Oil Rises To A One-Year High Crude oil price finally broke out from the range it has been in for nearly three weeks. The strong upside breakout pushed the commodity toward a new one-year high.A pullback is likely to occur in the near term toward the upper range near 53.77. Price action will need to break out strongly above the 55.00 level in order to maintain the upside.Given the current momentum, the downside looks a bit limited for the moment.However, this could change if oil prices lose the 53.77 support level. It would once again put price action back within the sideways range.Gold Prices Slip Below 1850 Technical Support The precious metal broke past the 1850 level of support on Tuesday.The declines come as price action was consolidating between the 1850 and 1874 levels. If the current pace of decline continues, then we expect to see a move to the 1817.80 level of support once again.The Stochastics oscillator is moving closer to the oversold levels. Therefore, the support area near 1874 is likely to find support once again.This will keep prices supported above this level for the near term.Given the current momentum, the precious metal is unlikely to breakout above the 1874 level of resistance.
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USD rises to a two-week high

John Benjamin John Benjamin 02.02.2021 08:39
Euro Resumes Slide, After A Two-Day GainThe euro currency is trading weaker on Monday following two daily sessions of gains previously. Price action remains confined below the 1.2144 level of resistance.Given the current pace of declines, the EURUSD currency pair is likely to test the 1.2050 level of support more firmly.We expect the support level near 1.2050 to hold up for the moment. As a result, the EURUSD could maintain a sideways range within 1.2144 and 1.2050 levels.The stochastics oscillator is currently moving closer to the oversold levels. Therefore, we could expect to see prices rebounding off the 1.2050 handle.In the unlikely event that the EURUSD loses the 1.2050 support, we could expect to see a larger correction down to 1.1900.GBPUSD Testing The Lower Trend-LineThe British pound sterling is also on track to post declines following a period of consolidation since last week.Price action is currently testing the lower trendline of the ascending wedge pattern. A continuation to the downside could potentially open the way for the GBPUSD to test the 1.3500 level of support.However, for this to materialize, the GBPUSD will need to post a convincing breakdown lower.Given that price action closed rather flat on a weekly basis, a bearish close this week could potentially strengthen the downside bias.This could mean that the cable could be looking to post further declines in the medium-term outlook.Crude Oil Bounces Off Lower End Of The RangeWTI crude oil prices are posting modest gains rising over 1% on Monday. This comes as prices briefly slipped below the lower end of the range near 51.87.Despite the current pace of gains, oil prices remain stuck within the range between 53.77 and 51.87. Only a strong breakout from this level will potentially confirm further direction in the commodity.For the moment, the continuation to the upside could see the 53.77 level being tested.On a weekly basis, we see that oil prices are trading flat for three consecutive weeks so far.The stochastics oscillator is currently moving out from the oversold levels and gives support to the upside bounce.Gold Prices Struggle To Breakout Above 1874The precious metal continues to trade flat amid the US dollar strengthening. While prices have managed to stay afloat above the 1850 level of support, the upper resistance level near 1874 is proving hard to break.As a result, gold prices remain caught within the 1874 and 1850 levels for the moment. The stochastics oscillator also signals the rather choppy movement within the said levels.Price action on the higher chart timeframes also continues to remain mixed. As a result, we could expect to see gold prices staying below the 1874 level for becoming few sessions.The bias still remains to the downside, however, a swing low is being formed near the 1835 level.A close below this level will potentially open the way for gold prices to retest the lower support near 1817.79.
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Risk off sentiment caps off a volatile week

John Benjamin John Benjamin 01.02.2021 07:32
EURUSD Back Near 1.2144 Resistance AreaThe euro currency has now posted back-to-back gains for two consecutive sessions. As a result, price action is trading back near the technical resistance area of 1.2144.However, price action remained somewhat mixed as the buyer still remains to the upside. A strong reversal of the resistance area near 1.2144 could potentially confirm the downside.For the moment, we expect the EURUSD to consolidate between the 1.2144 and 1.2050 levels. Further gains can only be expected if the common currency can close strongly above the 1.2177 level.The stochastics oscillator continues to remain rather subdued and points to a possible drop towards the 1.2050 technical support.GBPUSD Consolidates Within The Ascending Wedge PatternThe British pound Sterling continues to trade rather mixed albeit near the recent highs. The consolidation has formed the ascending wedge pattern which could potentially signal a correction lower upon a bearish breakout.On Friday, the currency pair managed to pull back from the recent loss only to give back the gains towards the end of the week.The stochastics oscillator remains trading flat. This suggests the sideways price action in the GBPUSD currency pair.As long as no new highs are forming, the GBPUSD currency pair is likely to eventually post a correction towards the 1.3500 level.Crude Oil Closes Almost Flat For The Third Consecutive WeekConsolidation in the crude oil markets continues to stretch into the third week. Price action continues to trade nearly flat for three weekly sessions so far.As a result, price action is firmly entrenched within the sideways range between 53.77 and 51.87.The flat trading comes amid concerns of the vaccine rollout which could potentially delay the global economic recovery. Price action has been repeatedly testing the 51.87 level of support which has held up so far.However, a breakdown below this level could potentially see a short-term correction on the horizon.We continue to maintain that the downside target remains near the 49.00 handle for the moment.Gold Gives Back Gains After Testing 1874 ResistanceThe precious metal attempted to post modest gains on Friday as price action tested the 1874 level of resistance.However, prices gave back the gains rather quickly intraday to settle back near the 1850 handle. Failure to break out above the 1874 level of resistance could signal a possible move lower.However, price action remains flat within 1874 and 1818 levels for the moment. Given the current positioning of the stochastics oscillator, we might expect to see prices pulling over and possibly testing the 1818 level of support.But, on a weekly basis, we see price action trading within the range from the previous week. As a result, a breakout is likely to occur in the medium term.
Dollar gives back gains after Fed meeting

Dollar gives back gains after Fed meeting

John Benjamin John Benjamin 29.01.2021 07:29
Euro Trades Mixed As Trend-Line Being Tested From BelowThe euro currency is attempting to pare losses from Wednesday. However, price action remains biased to the downside.The short term intraday bounce led the common currency to briefly rise to the 1.2144 level of resistance.A confluence of both the trendline and the horizontal resistance level is keeping prices capped below this level.We expect the EURUSD to probably consolidate within 1.2144 and 1.2050 levels for the near term.Given the fact that the support level near 1.2050 has not been tested yet, we expect prices eventually sliding to test this support level.GBPUSD Rebounds Amid A Mixed BiasThe British pound sterling is posting gains after a rebound from the trendline.Prices remain confined within the ascending wedge pattern. A breakout above the previous highs could confirm further upside.For the moment, price action is likely to range within the ascending wedge pattern.The trend line is currently being tested and a close above this level could signal further gains.However, if price retreats near the trend line, then this will open the risk to the downside.A break down from the ascending wedge pattern will open the way for the GBPUSD to test the 1.3500 level next.Oil Prices Drift Between 53.77 And 51.87WTI crude oil prices continue to maintain a sideways range within the said levels. Prices attempted to make some modest gains, but at the time of writing, oil prices are giving back those gains.The current slide could see the lower end of the range being tested once again. With the previous uptrend now coming to a halt, the current consolidation could see a breakout.The overall bias remains mixed, but a breakout below the 51.87 level could see a possible correction down to the 49.00 level of support.To the upside, above the 53.77 level, we could expect price to test the 55.00 level next.Gold Prices Manage To Recover LossesThe precious metal is seen recovering from the losses from Wednesday. After losing the 1850 handle, gold prices are back above this level once again.However, the pace of the rebound remains weak and we could see price losing the 1850 handle once again.In the medium term, gold prices are firmly above the 1817.79 level of support. As long as this support holds, we expect the precious metal to possibly rise toward the 1874 handle.But in the near term, we could see price action consolidating around the 1850 level for a while.
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GBPUSD Trades Mixed As It Fails To Post New Highs

John Benjamin John Benjamin 28.01.2021 08:15
Markets trade mixed on FOMC dayEuro Briefly Slips To 1.2050 Technical SupportThe euro currency, along with many of its peers was trading mixed on Wednesday. This comes as the dollar briefly strengthened into the run-up to the Fed meeting.Price action lost the support off the minor trend line and briefly fell close to the 1.2050 technical support.However, price action was quickly rejected just above the 1.2050 level. The euro managed to recover the losses rather quickly.The downside bias is likely to rise as the currency pair has failed to make any moves above the resistance area of 1.2177 – 1.2144 level.However, considering that the Stochastics oscillator is likely to trigger a bullish signal, we could see another attempt to the upside.The British pound sterling gave back some of the gains from Tuesday on an intraday basis on Wednesday.Price action once again attempted to post new highs but failed to build up the momentum.The consolidation near the 1.3700 level has resulted in a possible ascending wedge pattern.If price action breaks lower, we could see a retest back to the 1.3050 level in the near term.To the upside, GBPUSD will need to post strong gains to close firmly above the 1.3700 level of resistance.WTI Crude Oil Bounces Off Lower Support Of RangeOil prices remain flat for yet another day. Price action briefly fell to the floor near 51.87 from the sideways range.But prices quickly recovered off this level intraday. For the moment, the sideways range remains intact and oil prices could settle in this range for a while longer.The upside level near 53.77 remains untested yet in the recent few sessions.The Stochastics oscillator has also turned flat currently underlining the sideways movement in the oil markets.Gold Loses The 1850 Support LevelThe precious metal was trading below the 1850 level just ahead of the Fed meeting. However, the declines coincide with the Stochastics oscillator also moving close to the oversold levels.As a result, we could see price attempting to breakout above the 1850 level once again.Above this level, gold prices will challenge the 21 Jan highs near 1874.05.Only a strong close above this level could trigger further gains.To the downside, the support level near 1817.79 remains in play and could put a lid on further declines.
GBPUSD Edges Higher But Remains Range-Bound

GBPUSD Edges Higher But Remains Range-Bound

John Benjamin John Benjamin 27.01.2021 08:17
Dollar trades mixed ahead of FOMC meetingEuro Recoups Losses The euro currency pared losses from Monday as the US dollar weakened on Tuesday.Price action continues to remain to consolidate near the key resistance area of 1.2177 – 1.2144.Since Friday, the euro currency has been stuck in this resistance area. Meanwhile, the ascending triangle pattern continues to remain in play.For price to continue to push higher, a breakout above the 1.2177 level is needed.To the downside, a breakdown of the trend line could open the way for the euro to retest the 1.2050 level a bit more firmly.The British pound sterling followed suit with many of its peers by paring losses from Tuesday.Price action posted a strong rebound, which coincides with the medium-term trend line. This rebound saw prices breaking past the 1.3700 handle once again.Further gains are needed to confirm the continuation of the upside.For the moment, the Stochastics oscillator shows that there could be further room to the upside.However, if prices reverse, then watch for the trend line to break. This will open the way to the 1.3500 level for the GBPUSD.Crude Oil Maintains A Hold On The Sideways Range WTI crude oil prices continue to remain trading flat within the larger horizon. Price action gave back the short term gains made.For the moment, oil prices remain firmly entrenched within the 53.70 and 51.87 levels.With prices failing to push higher, we could see an eventual breakdown.A strong close below 51.87 will no doubt see the 49.00 level coming into play.But for the moment, the sideways range could continue, unless the breakout is driven by some strong fundamentals.Gold Prices Subdued On Stimulus Worries The precious metal was seen trading subdued albeit, trading flat. Price action managed to post intraday gains before giving them back.As a result, gold prices are back trading strongly near the 1850 handle. A close below this level could open the way toward the 1817.80 level of support once again.However, the direction is likely to be determined by some fundamental catalyst for the moment.To the upside, the 1911.50 level is within reach if gold prices can close out above the 1874.00 level.
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GBPUSD Testing The Medium-Term Trend Line

John Benjamin John Benjamin 26.01.2021 09:52
Dollar Index likely to push higherEURUSD Stuck Near Technical ResistanceThe euro currency is looking to break out from the technical resistance range of 1.2177 and 1.2144.However, price action remains weaker as it struggles to break out from this range. Meanwhile, the ascending triangle pattern continues to remain in play for the moment.In the event that prices break out above 1.2177, then we would see a rise toward 1.2300 at the very least.The stochastics oscillator currently is moving down from the overbought levels and therefore signals that price action could potentially push lower.However, this is subject to price is breaking the minor trend line that we see for the moment.Or breakdown below this trendline will see the euro currency once again attempting to slide towards the technical support near 1.2050.Price action in the British pound sterling is on track to close with muted gains on Monday. This comes as the GBPUSD attempted to push higher intraday above the 1.3700 level.However, prices pulled back lower to briefly test the medium-term trendline. From a daily chart perspective, a break of this trendline could possibly see prices once again sliding towards the 1.3500 level of support.The stochastics oscillator on the four-hour chart is currently pushing lower suggesting that the momentum might be heading to the downside.As a result, we expect the cable to continue trading somewhat mixed over the coming few sessions.The test of 1.3611 will be crucial as a breakdown below this level will no doubt open the way for the GBPUSD to test the 1.3500 level.Oil Prices Remain MixedWTI crude oil prices continue to maintain a mixed bias with prices giving back the intraday gains made.As a result, oil prices are once again trading near the lower end of the sideways range at 51.87.Given that this consolidation comes after the recent rise in prices, we could expect to see prices snapping lower.The recent rebound of this lower end of the range so the stochastics oscillator rising from the oversold levels.However, at the time of writing, the stochastics oscillator is once again likely to signal or move to the townsite.If oil prices lose the 51.87 technical support, then we expect a decline towards the 49.00 handle eventually. This will also see a confluence with the longer term trend line.Gold Prices Confined To Friday’s RangeThe precious metal is trading subdued with much of price action staying within the range from last Friday.As a result, price action is seen consolidating near the 1850 level of support multiple times. This consolidation could potentially give way for the markets to break out in the near term.To the downside, the 1817.79 level of technical support remains within scope. Given the multiple rejections near this level recently, we expect the support level to hold.Meanwhile, to the upside or close above the recent highs near 1873 to 1874 level could see prices eventually rising toward the 1911.50 technical resistance.
GBPUSD Remains Steady Within The Bullish Channel

GBPUSD Remains Steady Within The Bullish Channel

John Benjamin John Benjamin 25.01.2021 09:16
Dollar likely to push higher after FOMC and GDPEURUSD Closes With A DojiThe euro currency continued its attempts to break out from the resistance area near 1.2177 and 1.2144.However, price action closed somewhat flat, resulting in a Doji close on Friday. The Doji pattern in the resistance area could see a possible reversal.However, the sentiment remains mixed for the moment. A strong bullish close could see the euro currency rising above 1.2177.This will open the way forward for the EURUSD to retest the 6th January highs of 1.2349. Alternately, a bearish close following the Doji could signal a possible move back toward the 1.2050 level of support.There is also an ascending triangle pattern emerging near the resistance area. A successful upside breakout puts the near term target toward the 6th January highs, if not closer.The British pound sterling closed on Friday with losses, although price action remains firmly within the ascending price channel.The support level near 1.3500, clearly remains the major line in the sand. Further upside is likely to continue upon establishing firm support near this level on a daily and weekly basis.To the upside, a possible continuation may see the GBPUSD attempting to test the 16th April 2018 highs near 1.4376.Watch the minor rising trendline, which if breached could see the correction back to the 1.3500 handle.But the Stochastics oscillator is likely to signal another short term momentum to the upside.If the GBPUSD fails to break past the 21st January highs of 1.3745, then we might see a possible pullback.WTI Crude Oil Closes Flat On A Weekly BasisThe recent bull run in the oil markets is slowing down with the commodity posting a flat close for two consecutive weeks now.On Friday, oil prices were testing the lower end of the sideways range between 53.77 and 51.87. This comes after the second minor rising trendline was breached.While there was a small pullback into the weekly close, the overall bias remains mixed. This sideways range could continue especially if the current rebound off the floor could see prices attempting to rise back.But in the event that oil prices break down below the 51.87 level, then we expect a correction toward the 49 – 50 region in the short term.The confluence of the major rising trendline alongside the horizontal support could put a lid on the declines.Gold Prices Steady In A Sideways RangePrice action in gold remains stuck within a sideways range with the 1818 level of support holding up for the moment. The overall trend remains flat after gold price touched a new all-time high on 7th August 2020.This sideways shift could either see the trend beginning to change or a possible pause before the bullish run picking up pace.The overall bias remains mixed within this sideways range of the 1950 and 1818 levels.For the moment, price action has formed a lower high and is currently pushing lower. Therefore, a retest of the 1818 level is quite likely.A break down below this support area could see a possible shift in the trend.To the upside, unless the 1950 level gives way, prices might remain stuck in the range.
New administration spurs risk on sentiment

New administration spurs risk on sentiment

John Benjamin John Benjamin 22.01.2021 09:17
EURUSD Gains On A Weaker Dollar And ECB Meeting The euro currency made a rebound, led by a weaker greenback and the ECB meeting on Thursday.The central bank did not make any changes which saw the euro rising as a result. However, the gains were capped near the familiar resistance area between 1.2177 and 1.2144 levels.This has led to another bearish signal from the intraday Stochastics oscillator. As a result, if the euro fails to close above 1.2177, then a drop is likely.This opens the way for the common currency to test the lower support at 1.2050. However, the daily price action looks somewhat bullish at this point. Therefore, only a close above 1.2177 will confirm further gains.This potentially puts the 1.2050 level into the picture at the moment.GBPUSD On Track To Settle Above 1.3700 The British pound sterling continues to keep a bullish hold. After failing to break out above 1.3700 level, prices managed to do so on Thursday.With intraday gains pushing the GBPUSD somewhat higher, we expect the 1.3700 level to hold for the moment.This will potentially open the way for the currency pair to post further gains. The next key target will of course be the 1.3950 level which was briefly tested as support back in April 2018.However, the gains will continue only on a strong continuation to the upside.At the current levels near 1.3700, price action is testing the support from 2018 March. Therefore, with this level now likely to act as resistance, we could see a decline.WTI Crude Oil Settles Into A Sideways Range Crude oil prices trade mixed as the developments on the ground unfold. With the new President Biden being quick to rejoin the Paris climate accord, speculators expect further changes on fossil fuel.President Biden was quick to announce new curbs on the US oil industry. The current sideways range in the oil markets reflect this sentiment. Speculators remain on the sidelines for now in order to ascertain more data.As a result, WTI crude oil prices are likely to maintain a sideways range within 53.77 and 51.87 levels for the near term. Only a strong breakout from this range will set the next direction.The intraday Stochastics oscillator is also currently turning flat. To the downside, a close below 51.87 will open the way toward the 49.03 level of support.While to the upside, a close above 53.77 could see oil prices building up the bullish momentum.Gold Prices Trade Flat As Investors Weight Stimulus Prospects The precious metal is giving back some of the gains made on Wednesday, after rising to a nine-day high on an intraday basis, prices are pulling back.This comes as investors wait on further announcements from the new Biden administration. Speculation is high that the new Democrats government, which also now holds a thin majority in Senate could announce new stimulus measures.For the moment, price action in gold remains flat in anticipation of the news. The current pullback could see gold prices retesting the 1850 level.If strong support is established here, then we expect further gains. The 1911.50 level of resistance becomes the next upside target.If the 1850 handle is lost, then gold prices are likely to head lower. The 1817.80 level comes in as support.
Dollar muted as Joe Biden sworn in as president

Dollar muted as Joe Biden sworn in as president

John Benjamin John Benjamin 21.01.2021 08:10
EURUSD Reverses Near 1.2144, Will It Push Lower? The euro currency is trading with some modest losses on Wednesday. The declines come after price action made a rebound just a few pips above the 1.2050 technical support.This rebound pushed prices to test their technical resistance level near 1.2144. Following this small rally, price action reversed gains.At the moment, prices remain stuck within the 1.2144 resistance and 1.2050 support. With the stochastics oscillator moving out from the overbought levels, we expect to see a retest back to the 1.2050 level, a bit more firmly.If the euro currency loses the support near 1.2050, then we expect a gradual decline towards the 1.1900 level next.To the upside, a close above the 1.2177 – 1.2144 level, will open the way to further gains.GBPUSD Briefly Rises Above 1.3700 But Fails To Hold The British pound sterling continued its bullish rally with prices briefly rising above the 1.3700 handle once again.However, the intraday gains were quickly scaled back as prices pulled back later in the day. As a result, the GBPUSD is currently trading within the sideways range of 1.3700 and 1.3611.The stochastics oscillator is currently overbought but is likely to head lower. This would mean that if the cable loses the support near 1.3611, then we expect to see price action falling back to the previous lows.This would open up the way towards 1.3506 level of technical support.In the medium-term outlook, we expect the GBPUSD to maintain a sideways range between 1.3700 and 1.3500.WTI Crude Oil Gains Lose Steam Near 53.77 WTI crude oil prices continue to hold a bullish front with price once again testing the 13th January and 15th January highs near 53.77.However, the strong pace of gains is showing signs of weakening. Price action has failed to make any significant highs beyond this level.The failure to close above 53.77 could potentially open the way for a move back lower. This would mean that the previous swing low formed near 51.85 is likely to be the short term support for the moment.If price action breaks down below this level of support, then we could expect to see further continuation lower.For the moment, given the bullish momentum in oil markets, we might see another attempt being made to the upside.In the event that crude oil prices close above 53.77, then it would open the way to further gains.Gold Prices Rise To An Eight-Day High The precious metal has managed to rise to an 8-day high following a close above the 1850 handle on an intraday basis.The Stochastics oscillator currently looks somewhat bullish with the possibility that the overbought conditions may persist.If price closes above 1850 on a daily basis, then we expect to see further gains. The next key technical resistance for gold is the 1911.50 level.In the near term, gold prices will need to establish support once again near the 1850 handle. Given that there has been a strong consolidation taking place near this technical support, there is a good chance that price action might continue to push higher.To the downside, a close below the 1850 handle will open up to the 1817.80 level of technical support.
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GBPUSD Back Above 1.3611, The Double Top Low

John Benjamin John Benjamin 20.01.2021 08:35
USD turns weaker after rising to a one-month highEURUSD Retraces To the 1.2144 Price Level The euro currency is posting a strong retracement following the decline close to the 1.2050 level of technical support.The current rebound has pushed price action to test a minor support level near 1.2144. With the stochastics oscillator currently showing a hidden bearish divergence, price action will either have to break out above 1.2177 resistance or it is likely that we could see a continuation to the downside.This could mean that the technical support near 1.2050 will once again come under pressure. If prices break below this level, then the EURUSD could be looking towards posting their correction down to 1.1900 level.To the upside, price action will need to post or strong gain about 1.2177 in order to keep the upside bias intact.The British pound sterling continues its strong reversal price action as prices our trading currently above the 1.3611 level.This was the low from the double top pattern that had formed previously. If we see a strong close above 1.3611, then it would potentially keep the GBPUSD within a sideways range.This would mean that the cable will be trading back within the 1.3701 and 1.3611 levels.For the moment, however, the stochastics oscillator still remains somewhat weak as far as the bullish bias is concerned.As a result, a reversal near 1.3611 could potentially reiterate the downside buyers. This would then open the way for the cable to test the 1.3506 level of support.WTI Crude Oil Rebounds. But Can It Post Further Gains? WTI crude oil prices are posting a strong recovery with price action attempting to retest the previously formed highs.However, the reversal looks to be a bit fragile at the moment. As a result, if prices fail to break out above the trend line once again and above the previous highs near 53.80, then we could expect to see some downside correction taking place.For the moment, the oil prices remain somewhat mixed in their bias.Price action on the daily chart shows a bullish reversal following the Doji pattern which comes after the strong declines from Monday.However, from here on, oil prices will need to close above the previous highs in order to continue to post further gains.Gold Stays Muted Despite A Weaker USDThe precious metal is trading subdued, unmoved by the weaker US dollar. As a result, prices remain rangebound within the 1850 and 1818 levels for the moment.The stochastics oscillator also remains rather flat suggesting the sideways movement is likely to continue on for a bit further.Only a strong breakout within this range could result in a potential direction being established in the near term.The bias also remains mixed at this moment. On the daily chart, following the strong rejection below 1817.79, prices have managed to close bullish.However, the resistance level near 1850 will prove to be critical at this point.The stochastics on the daily chart timeframe remains near the oversold level, therefore giving support to the upside buyers if there is a breakout above 1850.
GBPUSD Trades Flat Above The 1.3050 Technical Support

GBPUSD Trades Flat Above The 1.3050 Technical Support

John Benjamin John Benjamin 19.01.2021 09:12
USD rises to a one-month high as Yellen TestifiesEURUSD Reversing Just Off 1.2050 Technical Support The euro currency posted a steady decline as price action reversed just a few pips of the 1.2050 level of support. The declines come on the back of a strengthening US dollar.Speculation that the new Treasury Secretary, Janet Yellen will not be pursuing a weaker dollar policy has pushed the greenback higher. This has led to the euro posting a steady decline over the week.Despite the rebound just above the 1.2050 level, the bias remains to the upside. Any gains are likely to stall near the 1.2177 level at best. A reversal near this level will confirm a further continuation lower.On the other hand, we could expect the EURUSD to firmly test the current support near 1.2050.The British pound sterling extended declines but managed to post a reversal above the 1.3050 level of technical support. The rebound comes as prices fell through the 1.3611 level of support late last week.The declines open the way for the cable to retest the support level near the 1.3506 region. However, at the current reversal, we could expect the cable to retest the 1.3611 level once again.Establishing resistance at this level will likely confirm further downside. But this could change if the GBPUSD manages to close back above the 1.3611 level.To the downside, the declines could stall near the 1.3506 level of support keeping prices to move in a sideways range.Oil Prices Attempt A Modest Rebound WTI crude oil prices posted a rebound following the declines from last week. Prices got a boost early on Monday following stronger GDP numbers out of China.However, the current retracement remains somewhat subdued. Unless we see a breakout above the previous highs of 53.74, we could expect a continuation lower.This will mark a correction in crude oil prices which has been in a steady trend for a while.The immediate downside target for oil prices is the 49.00 area. Establishing support there could potentially mark a correction into the longer-term uptrend that oil prices are in currently.Gold Rebounds Off 1817 Support Level The precious metal touched down below 1817 intraday to a one-month low. However, prices quickly reversed losses to rise above this technical support.For the moment, prices remain above the 1817 level and could see some upside. But only a close above the 1850 level can confirm this.In such an event, gold prices are likely to extend gains further. This will open the way for the precious metal to test the next key resistance level near 1911.50.To the downside, only a strong close below the 1817 level will confirm further downside in prices.
USD rises to a three-week high despite weak retail sales

USD rises to a three-week high despite weak retail sales

John Benjamin John Benjamin 18.01.2021 08:46
Euro Inches Closer To 1.2050 The euro currency resumes the declines with prices now inching closer to the 1.2050 level of support.The declines come as the euro currency remains in a short term downtrend for the moment. This is evident from the lower highs that have been forming since prices retested the trendline from below on the 6th of January.The current declines to the 1.2050 could see a possible rebound taking place. This will most likely keep the EURUSD within a sideways range of 1.2177 and 1.2050.A break out from this range could possibly set the direction for the next leg.The stochastics oscillator is oversold and therefore coincides with the support level near 1.2050 likely to hold up in the short term.GBPUSD Double Top Pattern In Play The British pound Sterling has formed a double top pattern on the four-hour chart and prices broke down below this level on Friday.As a result, this bearish pattern could possibly see the cable likely to continue to push lower. The previous support level near 1.3506 will likely come in as the downside target.However, considering that the stochastics oscillator is also oversold but a possible rebound is likely to occur. This would see the GBPUSD pushing back to retest the 1.3611 level.Establishing resistance at this level could further validate the downside by his.However, if the cable manages to close above the 1.3611 level, then it would invalidate the double top pattern and as a result, we could possibly see either a consolidation or a possible move higher.Oil Prices Give Back Gains Crude oil prices were down close to 3% on Friday. This comes even as prices attempted to make a rebound earlier in the week on Thursday.However, this rebound led to a lower high emerging. Following this, prices gave back the gains on Friday and lost the support from the trend line as well.For the moment, the bias still remains to the upside. We need to wait for evidence to see a lower high forming in order to confirm the downside.For the moment, the lower target remains the support area near 49.00.In the short term, any rebound in prices could see the previous swing low near 52.30 playing a key role. If there is any rebound, then prices are likely to stall near this level.A strong close above 52.30 could potentially see another short term game in prices.Alternately, if we see a reversal near 52.30 or a continuation from the current levels, then we could expect the retracement towards 49.00.Gold Prices Hold Steady In A Sideways Range The precious metal was also trading weaker on Friday with prices down over 1%.However, price action remains subdued for the moment with the sideways range between 1850 and 1818 levels holding up for the moment.The lack of further bearish momentum is likely to see this possible consolidation resulting in either a strong retracement back to the upside. Alternatively, failure of support near 1818 could accelerate the decline.The stochastics oscillator currently remains well above the oversold levels thus indicating further room to the downside.However, the support level near 1818 is likely to hold up for the moment. As a result, gold prices are likely to continue trading in a sideways range for a while.To the upside, only a strong breakout above the 1850 level is likely to accelerate any gains that might come its way. The next key target will be the 1911.50 level of resistance.
B2Core Updates Its CRM Solution with Event Notifications, Telegram Integration and Detailed cTrader Data

Sterling Rebounds As BoE Negative Rate Talk Fades

John Benjamin John Benjamin 15.01.2021 09:12
USD steadies on prospects of new stimulus talksEURUSD Rebounds From A 4-Week LowThe euro currency is posting a modest rebound intraday after falling to a four week low earlier on Thursday.The rebound comes as the recent dollar gains take a pause, awaiting more news on the new stimulus talks.Price action in the euro remains currently below the 1.2177 level. Therefore, a continuation to the upside could see this level coming in as resistance.Only a strong breakout above this level could rekindle the upside bias. The Stochastics oscillator is currently signaling a bullish divergence in this aspect.Therefore, the price action near 1.2177 will be critical. To the downside, a continuation below current lows could see the 1.2050 level coming into the picture next.The British pound sterling is posting strong gains, recovering from the declines on Wednesday. The rebound comes following speculation that the Bank of England will not be considering negative interest rates.This has proven to be bullish for the cable which has made a strong rebound. Price action will now be testing Wednesday’s highs of 1.3701.A breakout above this level could post further price gains in the currency pair.To the downside, support is firmly established near 1.3624 which could hold against any pullbacks for the moment. The Stochastics oscillator is also likely to turn higher, adding to the bullish bias.Oil Prices Consolidate Near Highs As Bullish Momentum Slows WTI crude oil prices are trading flat having risen to highs of 53.90 intraday on Wednesday.The declines push the price action back below the rising trend line. This could potentially see the trend line being retested from below.The Stochastics oscillator is nearing the oversold levels and therefore could see a possible move higher once again.However, oil prices will need to break out above the recent highs to continue higher. The next key target will be the 55.00 level.To the downside, if the trendline acts as resistance, then a close below 52.20 is required.Only a strong daily close below this level will open the way for a correction toward the 49.00 handle.Gold Prices Continue To Remain Muted The precious metal is trading subdued, in anticipation of further news on the stimulus proposal from the new Biden administration.Price action is strongly consolidating near the 1850 handle for the moment. This could continue for a while before leading to a strong breakout.The bias also remains mixed at the moment. To the upside, gold prices need to post a strong breakout above the 1850 handle, which will open the way to the 1911 – 1900 resistance level next.To the downside, the 1817.80 level of support once again comes into the picture.
USD recovers from Tuesday's declines

USD recovers from Tuesday's declines

John Benjamin John Benjamin 14.01.2021 08:55
Euro Pares Gains As USD Bounces BackThe euro currency is resuming its decline as the USD is making a rebound following the one-day slump on Tuesday. As a result, the euro currency formed a lower high above the 1.2200 level.With the Stochastics oscillator also signaling a bearish move, further declines are likely.Following the break down below Monday’s lows near 1.2138, the euro currency could post steeper declines. The next main target is seen near the 1.2050 level of support.To the upside, any rebound is likely to stall near the 1.2179 level. The downside bias changes only if the euro currency can rise above Wednesday’s highs of 1.2220.GBPUSD Pulls Back After Strong GainsThe British pound sterling is posting losses following the solid gains made from earlier in the week.After briefly rising close to 4th Jan highs near 1.3702, the cable gave back the gains intraday. This has led to a bearish close.For the moment, the bias still remains to the upside. Price action could potentially form a reversal near the trendline around the 1.3600 level.If price crashes through this level then we could see a move back to the 1.3500 handle.With the Stochastics oscillator also moving out from the overbought levels, the downside is likely to prevail in the near term.WTI Crude Oil Pulls Back From An Eleven-Month HighCrude oil prices are likely to signal a correction if the price action closes with a Doji.This comes after a steady patch of gains that pushed the commodity to an 11-month high. Given the strong pace of gains, prices are likely to make a short term correction.For the moment, the long term trend line continues to offer support. But if price loses this handle, then we expect to see a move lower.The support level near 49.00 remains within reach. The Stochastics oscillator is also moving out from the overbought levels at the moment, adding to the downside bias.Gold Prices Continue To Consolidate Into A Bearish PatternPrice action in the precious metal remains mixed. In the medium-term outlook, the current consolidation near the 1850 level is likely to signal a bearish flag pattern.But price action needs to post a strong close below the 1850 level to validate this pattern.The Stochastics oscillator remains currently in the overbought level, keeping the bias somewhat mixed.To the upside, a move from the 1850 level could see prices attempting to retest the 1911.50 level where resistance could once again form.But if prices break down lower, then we could see a strong correction taking place.
Sterling Snaps Back Higher On BoE Official Comments

Sterling Snaps Back Higher On BoE Official Comments

John Benjamin John Benjamin 13.01.2021 09:17
USD gains ease following a three-day winning streakEURUSD Consolidates Below 1.218The euro currency is catching a bid following the dollar weakness on Tuesday.The dollar’s gain came to a halt after three consecutive days of gains. This has pushed the euro to test the 21 December lows of 1.2133.Price action has been broadly flat after pulling back off the lows intraday. However, the euro will need to break out strongly above the 1.2180 level.Only a strong close above this level will see further gains coming up. To the downside, a continuation could see the 1.2050 level of support coming under the test of support next.The British pound sterling is posting strong gains on Tuesday. This comes following comments from a BoE official who was speaking out against negative rates.The gains saw the GBPUSD breaking past the 1.3500 level. This invalidates the descending triangle pattern. Prices continue to rise past the trend line as well.This has pushed the GBPUSD to test a two day high following the recent declines over the last week.Despite the short term gains, the bias still remains to the downside. But this could change if the GBPUSD can rise above the January 4 highs of 1.3700.WTI Crude Oil Inches HigherOil prices continue to post modest gains with price action managing to rise above the trend line. As a result, WTI crude oil prices are now close to the next round number level of 53.00.On the intraday charts, we see the bearish divergence on the Stochastics which is suggesting a lower high.Therefore, there is a risk of prices posting a correction in the near term unless oil prices can continue higher.To the downside, the recent swing lows near 51.53 remain the key level to watch.A break down below this level could potentially set the stage for a correction down to the 49.00 handle.Gold Prices Set To Close Flat Yet AgainThe precious metal is likely to close flat once again, marking a flat print for the second consecutive day.Although prices rose higher intraday, the gains quickly disappeared. There is a possibility of prices forming a bearish flag pattern currently.Therefore, if gold prices break down below the 1817.80 level of support, this view will be validated.The bearish flat pattern potentially signals a stronger correction to the downside. This could push prices down to the November 30th lows near 1770.00.
USD extends gains, rising to a three-week high

USD extends gains, rising to a three-week high

John Benjamin John Benjamin 12.01.2021 08:56
Euro Extends Declines For Third Consecutive SessionThe euro currency is posting declines for the third consecutive day. As a result, the common currency fell to a four-week low intraday before recuperating some of the losses.The broadly stronger greenback has pushed the EURUSD lower, which has been pending a correction for quite a while. For the moment, the euro is seen consolidating near the 1.2177 level.With the Stochastics oscillator currently oversold, there is scope for prices to post a rebound. The longer-term hidden bullish divergence could however see price making an attempt to push higher.As long as the previous highs of 1.2343 holds, we expect the overall trend to remain flat.GBPUSD Breaks Down Lower From Descending TriangleThe British pound sterling finally gave way as price broke down from the descending triangle pattern. This comes even as prices broke down past the key support/resistance level near 1.3500.However, following the initial decline to a two week low, the cable is recovering from the intraday lows. We could now expect prices to potentially retest the lower support area near 1.3542 – 1.3500.As long as this level stalls from price posting gains, we could expect to see further downside. The Stochastics oscillator is currently oversold and coincides with the rebound.However, if prices rise above the 1.3542 level, then it would invalidate the descending triangle pattern. We could expect to see the price either consolidating or renewing its bullish momentum.Oil Price Gains Pause After A 4-Day GainWTI crude oil prices are taking a breather following the strong winning stretch from last week. Price action is largely muted, even failing to post any new highs.As a result, oil prices are confined within last Friday’s range. Since the overall bias remains to the upside, there is scope for the commodity to continue to edge higher.However, on the short term charts, we see the trendline coming under a retest once again from below.If the trendline begins to act as resistance, then we could see some downside correction. The immediate lower support level near 49.00 comes into the picture.This should ideally support prices in the near term. But given that the Stochastics oscillator is likely to signal further upside, oil prices are likely to break the trendline to the upside.Gold Trades Flat Following Last Week’s DeclinesThe precious metal is on track to close flat on Monday. Price briefly slipped to test the 1817.80 level before pulling back.Overall, gold prices are currently confined to trade within the 1850 and 1817.80 levels. Only a strong breakout from this range will confirm the next direction.The bias remains to the downside for the moment, but that could change if gold prices manage to rise above the 1850 handle.This will then potentially set the stage for gold to test the 1911.50 level. The Stochastics oscillator remains near the oversold levels and somewhat mixed.
USD grinds higher despite poor payrolls report

USD grinds higher despite poor payrolls report

John Benjamin John Benjamin 11.01.2021 09:16
Euro Falls For A Second Consecutive SessionThe euro currency was down over 0.41% into Friday’s close, marking the second session of consecutive declines. The drop comes after the euro touched highs of 1.2284 on Wednesday last week.While it is too early to call for a correction, the current drop remains consistent with the overall view. The EURUSD has been in a strong uptrend with little to no major corrections.For the moment, the line in the sand comes in at the 1.2177 level of support. If the euro loses this handle, then we expect to see a move to the 1.2050 level of support next.While this could weaken the upside bias, there is still scope for a rebound. But a close below 1.2050 will no doubt accelerate the declines to 1.1900 next.GBPUSD Closes Flat As Consolidation ContinuesThe British pound sterling is seen trading flat as the consolidation near the top end of the rally continues.The cable has been in a strong volatile ride since late last year due to the Brexit trade talks. This has pushed the currency to test highs above 1.3650.However, following the gains, price has been trading rather flat. On the short term charts, we see the consistent lower highs forming.This could result in the descending triangle pattern likely to emerge. If the GBPUSD closes below the 1.3500 level of support, then we expect to see further declines lower.The cable will most likely move back within the sideways range of 1.3500 and 1.3150 levels.Crude Oil Rises To A Nine-Month HighOil prices continue to push higher with prices settling near 52.60 last Friday. It marks the highest levels since February.The gains also come with nine weekly consecutive gains so far. With price action cutting past the trendline from below, we expect to see a continuation higher.But if price action retraces the gains, then a correction back to the 49.00 level is quite possible. Establishing support at this level will continue to see the bullish bias intact.The next key level to the upside will come near the 55.00 level which marks a major support/resistance level back in late 2019/early 2020.Gold Prices Push Past 1850The precious metal continues to post strong declines. On Friday, the commodity lost over 3% into the close to settle at 1847.Prices are now trading near a three-week low. The weekly bearish price action candlestick is also likely to signal a continuation lower.The next key level of support comes near the 1817 level. If gold prices lose this handle, then we might get to see a stronger decline.The next main support level will be found near the 1671 level and would potentially mark a strong retracement after testing new all-time highs just a few months ago.
GBPUSD Gives Back Gains From Previous Day

GBPUSD Gives Back Gains From Previous Day

John Benjamin John Benjamin 07.01.2021 09:47
Dollar recovers from a fresh two and half year lowEURUSD Pares Gains Near Trend-LineThe euro currency is down about 0.20% intraday. The declines come right after the common currency rose to a new two and a half year high.However, the test of the trendline from below indicates strong resistance here. For the moment, the current continuation remains questionable.The euro currency will need to post a strong decline and a lower high to confirm the start of a correction.For now, the initial support is near the 1.2215 level. As long as this level holds, the upside bias in the euro remains intact.The Stochastics oscillator is also quite overbought and gives scope for further declines in the common currency.The British pound sterling is seen giving back the gains made on Tuesday. This puts price action to trade rather flat but increases the downside bias.On the short term charts, the formation of a lower high indicates that the pound sterling could push lower.However, prices will contend with the initial support level near 1.3506. As long as this level holds, there is scope for the GBPUSD to make gains.However, if prices close below this level convincingly, then there is scope for a continuation to the downside.This will bring the sideways range of 1.3500 and 1.3100 back into focus.Oil Gains As Saudi Cuts OutputWTI crude oil touched $50.00 a barrel on Wednesday in the early Asian session. The gains came after the OPEC+ meeting saw Saudi Arabia cutting oil output by one million barrels per day.The rise to $50.00 marks the first time testing this level since February 25, 2020. For the moment, price action is seen retesting the rising trendline from below.If the trendline holds, then we expect to see a possible reversal off the $50.00 handle.A breakout above the trendline could see further gains likely. However, for the moment, oil prices could consolidate between the 50.00 and 47.00 price levels.Gold Price Retreats Off 1950 ResistanceThe precious metal once again failed to breakout above the key 1950 level of resistance.Following the failure, gold prices lost close to 2.30% intraday. The declines push gold prices back to the key support level near the 1900 – 1911 price area.As long as this support level holds, gold is likely to post a rebound.However, if price closes convincingly below the 1900 level then that could potentially put an end to the current rally.For the moment, the bias in gold prices remains mixed.
GBPUSD Attempts To Pare Losses

GBPUSD Attempts To Pare Losses

John Benjamin John Benjamin 06.01.2021 08:35
Dollar slips, brushing off ISM dataEuro Trades SubduedThe euro currency is trading subdued following the volatile price action on Monday which closed almost flat.Price continues to remain bullish but a breakout off the current levels is needed.Price action is likely to close with an inside bar on Tuesday. This could mean that a breakout from this range could set the short term momentum in the markets.The bias remains mixed, albeit to the upside. The common currency will need to post higher highs to confirm the continuation of the uptrend.The British pound sterling is posting modest gains on Tuesday following the strong sell-off on Monday. But price action remains subdued in comparison to Monday’s prices.The Stochastics oscillator remains near the oversold levels. However, this bias remains mixed.To the downside, the support area near 1.3500 is likely to come in as support.To the upside, for the uptrend to continue, GBPUSD will need to rise above the previous highs near 1.37.Crude Oil Gains Over 5%Oil prices are bullish on Tuesday, rising over 5% intraday.The gains come on the second day of the OPEC+ meeting. Saudi Arabia, alongside other countries, opposed Russia’s proposal of raising production. The current gains in oil prices will likely push it to the psychologically important level of $50.00 and barrel.Following this, we could expect some profit-taking to push prices back lower. The support level near 49.15 is likely to come in initially.As long as prices hold above this level, we could expect to see a continuation higher.If the 49.15 handle is lost, then a deeper correction could be expected toward the 47.17 level of support.Gold Tests 1950 Once AgainThe gains in the precious metal saw price rising to the 1950 level. This marks the second retest of this level since November 2020.Previously, prices fell back right after testing this level. At the moment, the Stochastics oscillator is in the overbought levels.This could potentially signal another correction lower. The immediate support level is near the 1911 – 1950 level for the moment.In the event that gold prices continue to edge higher, then a higher low needs to form above 1950. Above this level, the next clear challenge will be the psychological level of $2000.
Value Fund Increases Stake in LSI Software; Dividend Recommended by Supervisory Board

USD extends losing streak into 2021

John Benjamin John Benjamin 05.01.2021 09:19
Euro Gaps Higher Testing December HighsThe euro currency gapped higher on the open on Monday as traders returned from the year-end holiday.The US dollar resumed its declines from 2020 pushing currencies such as the euro higher. The common currency briefly rose to test the Dec 30, 31 highs before pulling back.If price action continues on the pullback, we could see a near term decline. This would potentially make way for a triple top pattern as well.A break down below January 1 lows of 1.2121 could validate the bearish pattern. For the moment, the EURUSD is likely to trade within the highs and lows of 1.2312 and 1.2121 respectively.Sterling Falls On Risk Of Lockdown MeasuresThe British pound sterling is posting steep losses on Monday.The declines come amid threats of new tougher lockdown measures in the United Kingdom. The one day implied volatility is once again pushing higher.After trading near the highs, Monday’s bearish close could confirm the downside. This would potentially open the way for the GBPUSD to test the 1.3500 level of support.As long as this support holds, it remains within the long term uptrend. However, the GBPUSD will need to post higher highs to confirm this.Failure near the 1.3500 could open the way for the GBPUSD to extend declines lower to the 1.300 level.WTI Crude Oil Pulls Back From Multi-Month HighsOil prices rose to multi-month highs on Monday in anticipation of the OPEC+ meeting. Furthermore, tensions in the Middle East also added to the bullish fundamentals.Prices rose to highs of 48.97 before giving back the gains. For the moment, oil prices remain consolidated near the current levels between 46 and 49.The uptrend since early November remains intact for the moment. Only a strong close and a lower high around the 46.00 level will confirm otherwise.For the moment, oil prices will need to establish support near the 48.00 level to continue pushing higher.Gold Rises To An Eight-Week HighGold prices popped higher as the US dollar continued to extend declines. The pace of gains in the precious metal was however bigger, rising almost 2% intraday.The gains come amid a mixed set of narratives, including the Georgia senate runoff election.Price action has finally emerged from the consolidation from which there has been an ascending triangle pattern.The current gains put gold prices within reach of the 1950 level next. A strong close above this level is required to confirm further upside.To the downside, we expect prices to retest the 1900 – 1911 level in the short term to establish support.
GBPUSD Settles Comfortably Higher. Dollar strengthens slightly on year end flows

GBPUSD Settles Comfortably Higher. Dollar strengthens slightly on year end flows

John Benjamin John Benjamin 04.01.2021 08:22
EURUSD Drops Into The Year-End The euro currency was down over 0.63% into the yearly close. The declines come amid thin trading and the US dollar posting a modest rebound. The euro currency has been consolidating near the rising trend line over the past few days. While price action was making modestly higher highs, the pace of gains was gradual. The slowing momentum has led to a decline off the trendline consolidation. If the current declines continue, the euro could be looking to test the 1.2177 level of support. However, with the Stochastics oscillator somewhat oversold we may expect to see a modest rebound in prices. The British pound sterling is maintaining a bullish hold with prices posting a gradual rally since 29 December. The pace of gains, however, is likely to stall given the Doji candlestick patterns near the current levels. A bearish follow-through is required in order to confirm the downside. This could potentially see the GBPUSD falling to the 1.3500 level of support. As long as this support holds, the GBPUSD could be looking to make a rebound once again. With the threat of a hard Brexit now out of the way, the GBPUSD is likely to focus back on the fundamentals. The Stochastics oscillator remains overbought at the moment, indicating a possible correction in the near term. WTI Crude Oil Consolidates Near Current Highs Oil prices are trading flat ever since prices touched intraday highs of 49.29 on 21 December. Since then, oil prices pulled back and are trading in a sideways range. For the moment, this sideways range is likely to continue. However, the OPEC+ meeting today could offer something for oil investors. Depending on the outcome, oil prices could see a possible move in either direction. To the downside, support at 47.17 remains. As long as this support holds, oil prices are likely to maintain the upside bias. To the upside, a close above the 21 December highs of 49.29 is required in order to confirm further gains. Will Gold Breakout Higher? The precious metal was seen consolidating near the 1900 level. Price action previously tested this level before pulling back recently. In the process, we have a potential ascending triangle pattern emerging. If the 1900 level of resistance breaks, then we expect to see further gains coming. A breakout above 1900 will validate the bullish ascending triangle. It puts the next minimum target in price action toward 1922 at the very least. But this would also put gold prices above the 1900 level which has proven hard to break as both a resistance and support level previously.
Dollar rises as Trump signs Stimulus bill

Dollar rises as Trump signs Stimulus bill

John Benjamin John Benjamin 29.12.2020 08:56
EURUSD Heading LowerThe euro currency attempted to rise higher but gave back the intraday gains. The rebound off the 1.2177 level of support was met with resistance from the trendline.With prices heading lower, the previous support level near 1.2177 comes under pressure.The Stochastics oscillator is also signaling a hidden bearish divergence. This could mean that price action will drift lower if the support breaks.Below 1.2177, the next key area of support will be the 1.2050 level.Given that this support area was not firmly tested before, we expect to see a possible test of this level.GBPUSD Gives Back Gains As Brexit Euphoria FadesThe British pound sterling is down over 0.6% on Monday. The declines come following last week’s rebound above the 1.3506 level of support.But as the trade deal euphoria fades, prices are drifting lower. As a result, the cable is likely to continue pushing lower.The next key level of support comes in at 1.3210. There is a possibility that the GBPUSD could establish minor support ahead of the decline to 1.3210.To the upside, a rebound could see the 1.3506 level being tested once again.If resistance forms here, then we expect to see a possible confirmation of prices heading lower.WTI Crude Oil Could Likely Form A TopOil prices maintained their bullish continuation with prices rising in early Monday trading. However, after rising to intraday highs of 48.94, the commodity gave back the gains, forming a lower high.If prices break down below the pivot lows of 47.76, then this will confirm that a top is in place. The next support level of interest comes near the 47.17 level.Below this minor support, oil prices could be on track to post further declines.The support area near 45.26 will come into the picture.The Stochastics oscillator is overbought at the moment, validating the short term move lower.Gold Prices Trade Flat Near Previous Swing HighsThe precious metal is on track to close flat on the day for Monday. This comes as prices attempted to rise intraday.However, as the momentum fizzled out, gold prices form a lower high. This could potentially trigger a short term decline.For the moment, the initial support level near 1859.50 comes into the picture. As long as this swing low from December 22 holds, there is scope for a rebound.But a failure at this level will open the way for further declines. The 1850 level of support comes into the picture.Despite the short term declines, gold prices are likely to remain supported at or near the 1850 level for the moment.
Gold & the USDX: Correlations

US dollar unmoved as euro brushes aside ECB stimulus

John Benjamin John Benjamin 11.12.2020 09:03
Euro Firms Up After ECB MeetingThe euro currency regains its bullish momentum on the day. The gains came after the common currency posted declines for four consecutive days.This led prices to fall and test the trend line which offered dynamic support. Following this, the euro made a quick rebound and is attempting to rise higher.For the moment, price action will need to challenge the previous lows near 1.2150.If the euro can break past this level, then we expect to see new highs forming.However, if the common currency reverses near this level we expect a possible correction down to the 1.1900 level.GBPUSD To Remain Volatile Into Sunday Brexit MeetingThe GBPUSD currency pair continues to trade volatile, in reaction to the Brexit trade talks.Both the EU and the UK have until Sunday to finalize the deals. We expect the GBPUSD will therefore continue trading mixed into the weekend.For the moment, consolidation is taking place near the 1.3300 level of support.If price action closes firmly below this level, then further downside is possible. The bias remains completely mixed at this point.To the upside, GBPUSD will need to retest the 1.348 – 1-3500 level. Only a strong close above this level could confirm further gains.WTI Crude Oil Attempts To Log New HighsOil prices are trading bullish following days of consolidation near the 45.00 level.The gains are driven by news about two oilfields in Iraq under attack.For the moment, with the support level at 45.00 being establishing oil prices have room to rise.Furthermore, the next key challenge will be the psychologically important 50.00 level. However, the rise to this level is likely to be gradual.Oil prices will need to establish support near the upper levels to continue maintaining the bullish momentum.Gold Prices Continue To Remain Trading FlatThe precious metal did not react much to the news of the ECB’s stimulus expansion. As a result, gold prices remain fairly settled above the 1850 levels for the moment.As long as this support holds, we can expect price action to trade flat.To the upside, gains will be very likely capped near the 1900 -1911 levels.To the downside, if the support level gives way, then gold prices could be looking at steeper declines.Prices will likely fall back to the next key support area near 1817.80.
USD rebounds on vaccine and stimulus hopes

USD rebounds on vaccine and stimulus hopes

John Benjamin John Benjamin 10.12.2020 09:40
Euro Drops As ECB Meeting LoomsThe euro currency’s declines accelerated on Wednesday. The common currency is trading below the 1.2100 level which it held over the past few days.The declines come as the ECB will be holding its monetary policy meeting. Speculation is high that the central bank will increase its bond purchases.The current declines could stall near the dynamic support off the rising trend line. This could see a confluence of the 1.2000 level holding up for the moment.However, if the 1.2000 level breaks, then the next key support to look for will be the 1.1900 level.To the upside, price action could stall near 1.2100.GBPUSD Volatile Within A Flat RangeThe British pound sterling is giving back the gains made earlier. The volatility stems as Brexit negotiations drag on with no clear plan yet.The GBPUSD is currently settled within 1.3483 and 1.3300 levels. While the lower end of the range was briefly tested earlier this week, it has held up.The current pace of declines could see the 1.3300 support level coming under pressure once again.If the cable loses this support, then we could expect to see further declines.The next key support level is near 1.3122.Crude Oil Falls Back To 45.50 SupportOil prices continue to trade weak above the 45.50 level. Prices fell once again on Wednesday, testing the 45.50 level of support.So far, no new highs have formed. This consolidation could lead to a potential correction if support gives way.Below the 45.50, the next key support area is seen at the 43.50 level. We could expect this support level to hold in the near term.It would also mean that oil prices could continue trading flat within the newly established range below the 45.50 level.The Stochastics oscillator is also signalling a move lower. This could possibly confirm the downside bias for the moment.Gold Edges Down To 1850 SupportThe precious metal is seen retesting the support level of 1850 once again.This comes as prices barely rose close to the 1880 level before giving back the gains. The market sentiment remains mixed leading to the rather flat price action for the moment.However, the 1850 level will be critical. If gold prices lose this handle, then we could expect further declines to the 1800 level once again.This would come as gold prices will likely test the 1817.80 level to the downside.
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USD remains soft as US stimulus talks drag on

John Benjamin John Benjamin 08.12.2020 09:09
EURUSD Pulls Back Off Recent HighsThe euro currency was trading soft on Monday with price action closing nearly flat.This comes as the euro continues to post a modest descent after briefly testing above 1.2170 last Friday.For the moment, a local swing low has formed near 1.2080. As long as this low holds, we could see price action resuming the uptrend.However, a close below this low and a potential retracement back to this level could confirm the downside.The key support area is likely to come from the dynamic support of the trend line. This is likely to coincide near the 1.2000 level in the near term.GBPUSD Drops As Brexit Trade Concerns MountThe British pound sterling was trading rocky on Monday as prices were in a steady decline since morning.This comes as the UK and the EU continue with the post-Brexit trade talks which have failed. The GBPUSD fell, as a result, briefly slipping below the 1.3300 level of support.However, price recovered off the lows before managing to close above this level once again.For the moment, it seems like the 1.3300 level will hold out as support. But if price breaches this level, then we could expect further declines.The Stochastics oscillator is currently nearing the oversold levels, which could suggest a possible retracement in the near term.WTI Crude Oil Gives Back GainsOil prices are trading weaker, down about 0.18% on the day. The declines come after oil price posted steady gains into last Friday’s close.However, price action is pulling back after testing new highs of above 46.50. The declines could see price stalling near the 45.26 level of support.As long as this support holds, we could expect the upside to resume. Oil prices will need to break past the previous highs to confirm the continuation to the upside.However, failure to post new highs could signal a move lower.A close below 45.26 could potentially expose oil prices to test the support level of 43.50 next.Gold Prices Rise 1%, Breaking Past 1850The precious metal is posting a strong recovery as price action zoomed past the 1850 handle.The gains come after gold prices managed to settle comfortably above the key price level of 1818.80.With the 1850 level giving way to further gains, gold prices could continue higher.The next key level of interest is the 1911.50. But prices could likely test this level if there is some support forming near the current levels.This could mean that gold prices might retrace back to the 1817.80 or the 1850 levels.
USD continues to weaken on hopes of further stimulus

USD continues to weaken on hopes of further stimulus

John Benjamin John Benjamin 02.12.2020 10:36
Euro Rises To The Highest Levels Since 2018The euro currency is posting strong gains, rising over one percent on the day. The gains largely on the back of a weakening US dollar.Earlier on Monday, the euro gave back the gains after testing the 1.2000 level. However, this decline saw prices retesting the trend line for support.A rebound from this trend line saw price action breaking past this previous resistance level.At the time of writing, the EURUSD currency pair is trading above the 1.2000 level.The Stochastics oscillator is however posting a lower high. This could signal a possible correction in the near term.The lower price level of 1.1900 is likely to act as support during this retracement.GBPUSD Attempts To Break The Trend LineThe British pound sterling is posting strong gains on the back of a weaker dollar. After price action consolidated above the 1.3300 level, the cable is attempting to push higher.For the moment, prices are stuck near the trend line. As long as the trend line holds as resistance, we could see the sideways consolidation to continue.However, in the event of a breakout off the trend line, then the GBPUSD will be aiming for the 1.3500 level next.For the moment, with the support level firmly established at 1.3300, the GBPUSD will be looking to make further gains to the upside.WTI Crude Oil Losing The 45.00 HandleOil prices are trading weaker on Tuesday. The declines come despite the US dollar taking a strong hit.The move to the downside comes after oil prices failed to make any big moves to the upside.As a result, WTI crude oil was consolidating around the 45.00 level for a considerable period of time.After losing this handle, oil prices are likely to push lower. The next key support is near the 43.50 level.However, we expect the pullback to see prices retracing the 45.00 handle.If resistance is firmly established here, then we could expect to see further declines down to the 43.50 level.Gold Prices Get A Boost From Weaker USDThe precious metal has been posting strong gains on the back of the US dollar. Gold prices are up nearly 2% intraday on Tuesday.The rebound also coincides with the impending correction in gold, as mentioned a day before. For the moment, we expect prices to retrace to the 1817.80 level.If this level holds, then gold prices could establish resistance. This will in turn renew the downside bias in the precious metal.The 1800 level once again comes into the picture, with the potential for gold to post further losses.

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