Forex Analysis, Reviews, Signals and Forecasts ☀️

EURUSD moves down toward triple bottom in June and bounces. Sellers still in control.

Nov 6, 2024 | 09:41 am

The EURUSD moved higher before the results of the election started to trickle in. The price moved up to test the 100-day MA and the 38.2% of the move down from the September high. The price moved lower as results came in, first breaking below the 200-day MA at 1.08687 and then the 100-bar MA on the 4-hour chart at 1.08403. That opened the door for more selling with the lows from the last few weeks and swing area between 1.0760 to 1.07767. The selling continued with the price reaching a low of 1.0681 about 11-14 pips short of triple lows from back in June. The price rebounded to 1.0739. That is still short fot eh swing area above between 1.0760 and 1.07767. GOing forward, I would expect resistance against the aforementioned swing area with stops if the price can move above 1.07767. Absent that, and the sellers are more in control with support near the 1.0670 bottoms. . This article was written by Greg Michalowski at www.forexlive.com.

Is AMD stock a buy or sell?

Nov 6, 2024 | 08:51 am

Is AMD stock a buy or sell? key technical analysis and forecast supporting to sell it 🔍When it comes to deciding whether AMD stock is a buy or sell, recent price action and technical indicators offer valuable insights. Currently, AMD (Advanced Micro Devices) is showing signs of weakness as it fails to hold within a long-term upward channel on the daily chart. A bear flag pattern is forming, which is often a bearish indicator that may suggest further downside. Here’s what traders and investors need to know to make an informed decision about buying or selling AMD stock.Bear flag on AMD stock: a potential sell signal 📉A bear flag pattern has emerged on the daily chart, often seen as a warning sign for more bearish movement. The breakdown from the channel, highlighted with the note “AMD is not protecting the channel. Bear flag activated,” could signal bearish momentum for AMD. For those asking, "Is AMD stock a sell right now?", this bear flag pattern points toward potential downside, making a strong case for cautious trading.Key price level to watch: is AMD stock headed for $125? 🔍The current setup suggests a potential downside target of $125 for AMD stock. This target aligns with the VWAP (Volume Weighted Average Price) support level from AMD’s major low in November 2023. If AMD stock continues to weaken, the $125 level could serve as a significant support zone, offering a possible buy opportunity for long-term investors.buy or sell? trading strategy insights for AMD stock 🧠for sellers: If you’re considering whether AMD stock is a sell, the bear flag pattern may provide a shorting opportunity. With bearish momentum building, this setup could appeal to traders looking to short AMD stock or capitalize on downside moves. Remember, however, that broader market conditions and upcoming catalysts like earnings could impact AMD's direction.for buyers: Long-term investors may prefer to wait for AMD to find support around the $125 level or even lower before buying AMD stock. Observing the price action near VWAP and other key indicators can help assess AMD’s potential for a rebound.key indicators for AMD stock: RSI, MACD, and volume confirmation 📊Monitoring volume spikes can help confirm the bear flag pattern. If selling volume increases, it could strengthen the bearish outlook, reinforcing AMD stock as a potential sell in the short term. Additionally, technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) may offer further clues on whether AMD stock is a buy or sell. A declining RSI, for instance, would suggest growing bearish momentum, a potential signal for sellers.is AMD stock a buy or sell? the bottom line 💡Given the technical setup, caution is warranted. For now, a short-term bearish stance appears sensible, with opportunities for short sellers if AMD continues to show weakness. However, for those considering buying AMD stock, monitoring the $125 level as a potential support zone could be wise. BUT I would not go Long there, should it get there, straight away, as there might be even moer down for AMD.Remember that this is just my opinion and you can check out other perspectives at ForexLive.com. Always do your own research and sell AMD at your own risk.AMD Stock News: Quick Take for Investors! Last Updated: November 06, 2024Roth MKM: AMD Soars to $200 on AI Surge 🚀 AMD hits the $200 mark, solidifying its role in AI infrastructure! Thanks to a powerhouse partnership with Microsoft in cloud computing, AMD's making waves across Wall Street. Roth MKM analysts are keeping the faith, seeing more gains as AMD rides the AI boom.Light Street: AMD's AI Moves Pay Off Big AMD’s relentless push into AI and data centers is paying dividends, with its EPYC processors in high demand. The buzz is real—investors are drawn by revenue jumps, savvy acquisitions, and profitability. AMD’s success is even boosting the broader semiconductor industry, proving it's a tech player to watch.Taiwan's $103M Bet on AMD’s R&D Taiwan is betting big with a $103 million boost to AMD's R&D. This investment aims to push tech innovation, keeping AMD sharp in the semiconductor game. For investors eyeing R&D-driven growth, AMD could be the next big thing as it breaks new ground with Taiwan’s backing.AMD Stock Valuation: Just the EssentialsForward P/E vs. Trailing P/E: AMD’s Forward P/E sits at 27.29, much lower than its trailing P/E of 126.75, signaling strong earnings growth ahead. For investors focused on "AMD valuation," this points to market confidence in AMD's future profitability.PEG Ratio: With a PEG ratio of 3.43, AMD’s stock price might look high, but it’s balanced by solid growth. This metric is essential for those assessing "Advanced Micro Devices valuation," as it offers a fuller view by pairing P/E with growth rates.Price-to-Book (P/B) Ratio: At 4.03, AMD trades at over four times its book value—a fair level for a tech company with growth potential. For those comparing AMD to industry standards, this P/B ratio sheds light on whether AMD’s assets are priced in line with market expectations.Each of these metrics offers insight into AMD's growth story and valuation in today’s market.Stay Updated on AMD Stock Analyst Recommendations:Consistency and Confidence from TD Cowen: TD Cowen has repeatedly reiterated its "Buy" recommendation on AMD in 2024, with only minor price target adjustments. This ongoing bullish stance highlights confidence in AMD’s long-term growth, offering investors a reliable anchor amid varied opinions.Cautious Optimism with Target Adjustments: While some firms, like Morgan Stanley, downgraded AMD from "Overweight" to "Equal-Weight" with a reduced target of $176, others have shown cautious optimism. TD Cowen, for example, reaffirmed its "Buy" but slightly lowered its target from $210 to $185, signaling a tempered but positive outlook.Mixed Signals but Predominant Upgrades: In 2024, AMD has seen both downgrades and upgrades, reflecting a range of analyst views. Notably, firms like HSBC Securities and DZ Bank upgraded AMD from "Hold" to "Buy," showing an overall positive shift in sentiment toward AMD, even amidst some cautious notes.AMD Stock Insider Trading: Key InsightsLisa Su’s Insider Sales: AMD's Chair, President & CEO, Lisa[…]

NZDUSD bounces off swing level support at 0.5912. The 100/200 hour MA at 0.5975 eyed above

Nov 6, 2024 | 08:49 am

The NZDUSD moved higher into the Election Day, but found willing sellers near the 100 bar MA on the 4-hour chart. As the election results started to come in, the buyers turned to sellers. ON the way lower, the price fell below the 100/200 hour MAs near 0.5975 and fell below the low from last week's trading at 0.5938.The low extended to 0.5912 which happened to be a swing level low back on August 6, just before reversing to the upside - a run higher that did not stop until 0.6377 at the end of September All that move higher has been erased with today's bounce. What next?The 100/200 hour MAs at 0.5975 are now close resistance. It will take a move above that level to give the buyers a win. Absent that, and the buyers are not winning. The sellers would still be in firm control This article was written by Greg Michalowski at www.forexlive.com.

AUDUSD falls to lowest level since early August but bounces higher

Nov 6, 2024 | 07:39 am

The AUDUSD fell ahead of the election results and in the process moved to the lowest level since August 8 at 0.6506 and bounced. The subsequent move higher taken the price toward the midpoint of the day's trading range. The price has also moved back toward the converged 100 and 200-hour MAs near 0.6586. Those moving averages were broken briefly in the European session today but the momentum faded and the price moved back down. If the price can get back above those MAs watch for more upside momentum. Absent that, and the sellers are still in full control. This article was written by Greg Michalowski at www.forexlive.com.

USDCAD moved up to test the highs for the year

Nov 6, 2024 | 07:07 am

The USDCAD has erased the declines from this week after the break to new 2024 highs on Friday failed. The low price yesterday and into today stalled just ahead of a support target at 1.3813 (the low reached 1.3817). The election results started the run back to the upside and that momentum has moved up to test the high from last week at the 1.3958.Getting above that level will have the price trading at the highest level since October 2022. Get above that level and the price is trading a the highest level since May 2020. What would derail the bullish move?If the price can stall RIGHT here, there is a chance to start a correction lower. If the price moves back below the 100/200 hour MAs that would give the sellers more confidence. Those MAs come in at 1.36808 and 1.36459 respectively.Move below those levels and you can see more downside probing on the failures to the highs and above the 100/200 hour MAs.What would hurt sellers especially since the buyers ARE in control? A move above the 2022 high at 1.3977. Getting above that level opens the door even more to the upside.So although there is resistance right here, it has a limit as the buyers are still more in control. Be careful. Be aware and be prepared.This post and video will help do that for you. This article was written by Greg Michalowski at www.forexlive.com.

Technical levels following the Trump victory/the GOP run

Nov 6, 2024 | 05:37 am

Pres. Trump blazed through the Presidential election and a new era begins. With control of the Senate and the House still up but leaning to the GOP too, the door is wide open for the administration for deregulation, smaller government, lower taxes. The theme is to grow the economy through the private sector with fingers crossed that the deficits are reduced in the process. There will be a reallocation of jobs. There will be people leaving the country. There will be tarriffs. How that and more works itself out as the spaghetti gets shuffled around the plate is unknown, but the mandate is there.. My wish is "go at it" but stop the rhetoric and vitriol. I am too old. I am tired. Unite. Meanwhile, buckle up for change. It's coming.Yields are higher with the 10-year up 16.3 basis points. Stocks are sharply higher with the S&P up 2.32%, and the Nasdaq up 1.73%. The good news is the prices moved, the pictures (charts) show the reaction and traders focused on risk, can find risk-defining levels to get through the uncertainty. The process remains the same... technically.EURUSD: The EURUSD moved higher before the results started to trickle in. The price moved up to test the 100-day MA and the 38.2% of the move down from the September high. The price moved lower, first breaking below the 200 day MA at 1.08687 and then the 100-bar MA on the 4-hour chart at 1.08403. That opened the door for more selling with the lows from the last few weeks and swing area between 1.0760 to 1.07767. The selling continued with the price rebounding back to the high of the swing area in the process, but selling resumed. The price moved lower again and trades near the lows. Those lows are near the triple bottom from mid to late June between 1.0665 to 1.0670. USDJPY: The USDJPY is moving higher with the USD. Looking at the price action,the price moved above the 618.% of the move down from the July high at 153.397 and the 153.88 highs from last week and going back to the end of July. The price has stretched toward the next swing area between 154.54 up to 154.878 (see red numbered circles), but remains below that level (with a high at 154.45). The buyers are in control. Close support is now down to the 61.8% at 153.397. Stay above keeps the buyers in firm control. More aggressive support would now be at 153.88 for traders. The current 4-hour bar has been able to stay above that level (the low over the last 4-hourly bars is at 153.87 as proof). GBPUSD: The GBPUSD moved higher pre-election results (end of yesterday) and in the process. With the dollar buying, the price move below the 100-day MA, the 100 bar MA on the 4-hour chart, and then the swing level at 1.2938.The price moved to low that stalled just below the low from last week at 1.28449. The low reached just below that level at 1.28405 so far. The current price is at 1.2857. That puts the price in the middle of a swing area between 1.28449 up to 1.28719. That is close risk (up to 1.28719). A move conservative risk level is up to 1.29064. That was the low from a few weeks ago. That can be a risk defining level as could the 1.2938 level. Staying below all, you can argue keeps the sellers more in control. USDCHF: The USDCHF based yesterday and early today within a swing area between 0.86078 to 0.8619. When the price started to move higher, the pair moved above the 100-day MA at 0.8671 and stayed above. The price moved above the 50% at 0.8711 and the high from 0.87482. There was a low going back to July 25 at 0.8775. The high today has reached 0.8773. The 61.8% of the move down from the July high comes in at 0.87915. If I took the retracement to the high in April, the 50% midpoint is at 0.87986. Let's say the 0.8800 area is a key target followed by the 200-day MA at 0.8816. This article was written by Greg Michalowski at www.forexlive.com.

EUR/USD Analysis: Rallies Amid Election Volatility - 06 November 2024

Nov 6, 2024 | 05:36 am

With Trump securing the U.S. presidential win and Pennsylvania confirming his victory, forex market volatility remains heightened.

USD/JPY Analysis: Attempts to Break the Uptrend - 06 November 2024

Nov 6, 2024 | 05:27 am

Amid performance fluctuations and selling pressure, the USD/JPY pair is trading around 151.35 at the time of analysis. Overall, the pair is expected to take cues from the U.S. presidential election outcome.

GBP/USD Analysis: Strong Price Volatility Expected - 06 November 2024

Nov 6, 2024 | 05:15 am

The British pound has declined against both the U.S. dollar and the euro amid uncertainty surrounding the U.S. presidential election results.

Gold Price Analysis Today: US Elections Raises Upside Risks - 06 November 2024

Nov 6, 2024 | 04:57 am

As the US election approaches, precious metals prices are witnessing upward momentum, driven by investor uncertainty and anticipation of market volatility.

EUR/USD Mid-Day Outlook

Nov 6, 2024 | 04:33 am

Daily Pivots: (S1) 1.0890; (P) 1.0913; (R1) 1.0954; More… EUR/USD’s fall from 1.1213 accelerates further and intraday bias remains on the downside. Next target is 61.8% projection of 1.1213 to 1.0760 from 1.0936 at 1.0656. Firm break there will pave the way to 100% projection at 1.0483.For now, near term outlook will stay bearish as […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

GBP/USD Mid-Day Outlook

Nov 6, 2024 | 04:31 am

Daily Pivots: (S1) 1.2979; (P) 1.3011; (R1) 1.3074; More… GBP/USD is still holding above 1.2842 support and intraday bias remains neutral. Further decline is expected as long as 1.3047 resistance holds. Below 1.2842 will resume the fall from 1.3433 to 61.8% retracement of 1.2298 to 1.3433 at 1.2732. However, considering bullish convergence condition in 4H […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

USD/CHF Mid-Day Outlook

Nov 6, 2024 | 04:29 am

Daily Pivots: (S1) 0.8616; (P) 0.8632; (R1) 0.8649; More… Intraday bias in USD/CHF stays on the upside at this point. Fall from 0.9223 should have completed at 0.8374, after defending 0.8332 low. Further rise should be seen to 61.8% retracement of 0.9223 to 0.8374 at 0.8899 next. For now, near term outlook will stay bullish […] The post USD/CHF Mid-Day Outlook appeared first on Action Forex.

USD/JPY Mid-Day Outlook

Nov 6, 2024 | 04:25 am

Daily Pivots: (S1) 151.12; (P) 151.83; (R1) 152.32; More… Intraday bias in USD/JPY remains on the upside for the moment. Current rally from 139.57 should target 61.8% projection of 141.63 to 153.87 from 151.27 at 158.83. For now, outlook will remain bullish as long as 151.27 support holds, in case of retreat. In the bigger […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

EUR/AUD Daily Outlook

Nov 6, 2024 | 04:21 am

Daily Pivots: (S1) 1.6419; (P) 1.6475; (R1) 1.6520; More… EUR/AUD’s break of 1.6351 resistance turned support suggests that rebound from 1.6002 has completed as a three-wave correction at 1.6598. Intraday bias is back on the downside for 1.6132 support first. Break there will bring deeper fall to 1.5996 key support level again. For now, risk […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

USD/RUB Forex Signal: Falls Only to Bounce - 06 November 2024

Nov 6, 2024 | 04:20 am

The US dollar fell pretty significantly during the trading session on Tuesday to plunge below the 95 ruble level only to turn around and show signs of support.

USD/CAD Forecast: Eases Amid Profit-Taking - 06 November 2024

Nov 6, 2024 | 02:57 am

The US dollar has fallen a bit against the Canadian dollar during the trading session on Tuesday, as the world paid close attention to the US election.

NZD/USD Forecast: Looking for a Floor - 06 November 2024

Nov 6, 2024 | 02:47 am

The New Zealand dollar has rallied significantly during the trading session on Tuesday to break above the 0.60 level, a large round psychologically significant figure that will attract a few headlines.

USD/ILS Analysis: Behavioral Sentiment Complexity and Tranquil Range - 06 November 2024

Nov 6, 2024 | 02:40 am

The USD/ILS jumped higher early this morning as global Forex became volatile as it became clear Donald Trump was about to become President-elect, then a reversal lower took place.

Gold Technical Analysis – Is this the beginning of a bigger pullback?

Nov 6, 2024 | 02:37 am

Fundamental OverviewGold is trading lower today as Trump got elected President of the US. The Republicans won the Senate, and they just need the House now to get a red sweep. That is the most bearish scenario for gold in the short-term as it would make the tax cuts easier to pass which should lead to higher growth and less rate cuts expectations. As of now, the probabilities are in favour of the Republicans. Given the above and the strong US data we keep on getting, the Fed might start to change its stance, and we could see a much earlier than expected pause in 2025. Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that gold bounced near the major trendline as the buyers stepped in to position for a rally into a new all-time high. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into new lows.Gold Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we now have a minor downward trendline defining the current bearish momentum on this timeframe. The sellers will likely lean on the trendline to position for the break below the major trendline. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs.Gold Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price bounced from the lower bound of the average daily range for today. We can also see that we have a pretty strong resistance zone around the 2730 level now. The sellers will likely pile in around the resistance and the trendline to keep pushing into new lows, while the buyers will look for a breakout to the upside to invalidate the bearish setup and increase the bullish bets into a new all-time high.Upcoming CatalystsTomorrow we have the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the University of Michigan Consumer Sentiment report. See the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.

AUD/JPY Forecast: Holds Steady Amid Rate Relief Rally - 06 November 2024

Nov 6, 2024 | 02:28 am

The Aussie dollar rallied in the early hours on Tuesday as we continue to see consolidation between the 99.50 yen level below and the 101.50 yen level above.

USD/INR Analysis: Violent Jump Higher and All-Time Record Highs Today - 06 November 2024

Nov 6, 2024 | 01:46 am

The USD/INR has responded to the election of Donald Trump as the President-elect with a strong jump higher early today, and the currency pair is traversing near the 84.2200 mark with fast conditions and a large price spread.

USDJPY Technical Analysis – Trump is the 47th President of the US

Nov 6, 2024 | 00:31 am

Fundamental OverviewThe US Dollar is higher across the board today as Trump got elected President of the US. The Republicans won the Senate, and they just need the House now to get a red sweep. That is the most bullish scenario for the greenback as it would make the tax cuts easier to pass which should lead to higher growth and less rate cuts expectations. As of now, the probabilities are in favour of the Republicans. Given the above and the strong US data we keep on getting, the Fed might start to change its stance and we could see a much earlier than expected pause in 2025. USDJPY Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDJPY bounces from the key support around the 152.00 handle. The buyers will now start targeting the 160.00 handle, while the sellers will need to see the price falling below the 152.00 handle to invalidate the bullish setup and position for new lows.USDJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price is consolidating around the highs. This is where we can expect the sellers to step in to position for a drop back into the 152.00 handle, while the buyers will keep on piling in around these levels to extend the rally into new highs.USDJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price is trading above its average daily range for today. Generally, we can see some consolidation or a bit of a pullback in such instances, but since the election is a big catalyst, we could even see the market extend much above it. Upcoming CatalystsTomorrow we have the Japanese wage growth data, the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at www.forexlive.com.

EUR/USD Forex Signal: Trump Victory Sends Dollar Soaring - 06 November 2024

Nov 6, 2024 | 00:09 am

The Republican clean sweep of the US Presidency and Senate boosts the US Dollar strongly, sending this currency pair plummeting to a new multi-month low, although the price may be finding a bottom near $1.0700.

Silver Forecast: Silver Continues to See Support at the Same Level - 06 November 2024

Nov 6, 2024 | 00:01 am

During my daily analysis of commodity markets, the silver market has caught my attention as we continue to see it bounce around the same area, especially near the $32.50 level.

Gold Forecast: Gold Continues to Consolidate Ahead of Election - 06 November 2024

Nov 5, 2024 | 23:50 pm

During my daily analysis of the commodity markets, the first thing that comes to my attention is the fact that gold markets are consolidating a bit in order to show signs of hesitation.

GBP/JPY Daily Outlook

Nov 5, 2024 | 23:41 pm

Daily Pivots: (S1) 197.18; (P) 197.53; (R1) 198.07; More… GBP/JPY is extending consolidation from 199.79 and intraday bias stays neutral. Further rally is expected as long as 55 D EMA (now at 194.61) holds. Above 199.79 will resume the rebound from 180.00 to retest 208.09 high. However, sustained break of 55 D EMA will argue […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

EUR/JPY Daily Outlook

Nov 5, 2024 | 23:38 pm

Daily Pivots: (S1) 165.39; (P) 165.72; (R1) 166.04; More…. Intraday bias in EUR/JPY remains neutral as consolidations continue below 166.67. Further rally is expected as long as 164.25 minor support holds. Sustained break of 61.8% retracement of 175.41 to 154.40 at 167.38 will pave the way to retest 175.41 high. However, considering bearish divergence condition […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

EUR/GBP Daily Outlook

Nov 5, 2024 | 23:36 pm

Daily Pivots: (S1) 0.8372; (P) 0.8387; (R1) 0.8395; More… Intraday bias in EUR/GBP remains neutral first, and outlook stays bearish with 0.8446 resistance intact. On the downside, break of 0.8294 low will resume larger down trend to 0.8201 key support next. On the upside, break of 0.8446 will resume the rebound from 0.8294 short term […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

EUR/AUD Daily Outlook

Nov 5, 2024 | 23:33 pm

Daily Pivots: (S1) 1.6419; (P) 1.6475; (R1) 1.6520; More… Intraday bias in EUR/AUD remains neutral for the moment. As long as 1.6351 resistance turned support holds, further rally is still expected. On the upside, above 1.6598 will resume the rise from 1.6002 short term bottom to 61.8% retracement of 1.7180 to 1.6002 at 1.6730 next. […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

Natural Gas Forecast: Natural Gas Pulls Back on Tuesday - 06 November 2024

Nov 5, 2024 | 23:26 pm

During my daily analysis of the commodity markets, the natural gas market has stood out, due to the fact that we had seen such a massive move to the upside on Monday.

EUR/CHF Daily Outlook

Nov 5, 2024 | 23:25 pm

Daily Pivots: (S1) 0.9402; (P) 0.9419; (R1) 0.9452; More…. In spite of all the volatility, EUR/CHF is still bounded in converging triangle and intraday bias stays neutral at this point. On the downside, break of 0.9331 will resume the fall from 0.9579 towards 0.9209 low. On the upside, break of 0.9444 will turn intraday bias […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

ASX 200 Forecast: ASX 200 Continues to See Support - 06 November 2024

Nov 5, 2024 | 23:12 pm

During my daily analysis of global indices, the ASX 200 has shown itself to be important as we initially pulled back to reach the AU$8100 level, only to turn around and show signs of life.

DAX Forecast: DAX Continues to See Bullish Momentum - 06 November 2024

Nov 5, 2024 | 23:02 pm

Dear my daily analysis of the global indices, the DAX 40 has caught my attention, due to the fact that we have seen a lot of bullish pressure.

USD/CAD Daily Outlook

Nov 5, 2024 | 22:57 pm

Daily Pivots: (S1) 1.3796; (P) 1.3851; (R1) 1.3880; More… USD/CAD rebounded stronger after dipping to 1.3822, but stays below 1.3958. Intraday bias remains neutral first. In case of another fall as consolidation from 1.3958 extends, downside should be contained by 55 D EMA (now at 1.3723). On the upside, decisive break of 1.3976 will resume […] The post USD/CAD Daily Outlook appeared first on Action Forex.

GBP/USD Forex Signal: Pressured as Trump Odds Rise, Fed Decision Ahead - 06 November 2024

Nov 5, 2024 | 22:54 pm

The GBP/USD exchange rate continued plunging as the American presidential results streamed in and showed a strong performance by Donald Trump.

AUD/USD Daily Report

Nov 5, 2024 | 22:51 pm

Daily Pivots: (S1) 0.6597; (P) 0.6620; (R1) 0.6660; More... Intraday in AUD/USD is back on the downside with breach of 0.6536 support. Fall from 0.6941 is resuming and sustained trading below 61.8% retracement of 0.6269 to 0.6941 at 0.6526 will target 0.6348 support next. For now, outlook will stay bearish as long as 0.6644 resistance […] The post AUD/USD Daily Report appeared first on Action Forex.

BTC/USD Forex Signal: Forecast as Bitcoin Hits All-Time High - 06 November 2024

Nov 5, 2024 | 22:47 pm

Bitcoin price bounced back and soared to a record high as investors reflected on the US election results.

AUD/USD Forex Signal: Expect Huge Swings Ahead of Fed Decision - 06 November 2024

Nov 5, 2024 | 22:37 pm

The AUD/USD exchange rate suffered a harsh reversal on Wednesday morning as the market reflected on the incoming presidential results in the United States.

USD/JPY Daily Outlook

Nov 5, 2024 | 21:51 pm

Daily Pivots: (S1) 151.12; (P) 151.83; (R1) 152.32; More… USD/JPY’s rally from 139.57 resumed by breaking 153.87 resistance and intraday bias is back on the upside. Sustained trading above of 61.8% retracement of 161.94 to 139.57 at 153.39 will pave the way to retest 161.94 high. For now, outlook will stay bullish as long as […] The post USD/JPY Daily Outlook appeared first on Action Forex.

USD/CHF Daily Outlook

Nov 5, 2024 | 21:47 pm

Daily Pivots: (S1) 0.8616; (P) 0.8632; (R1) 0.8649; More… USD/CHF’s rise from 0.8374 resumed by breaking through 0.8710 and intraday bias is back on the upside. Sustained trading above 0.8710 will argue that fall from 0.9223 has completed after defending 0.8332 low. Further rally should then be seen to 61.8% retracement at 0.8899 next. For […] The post USD/CHF Daily Outlook appeared first on Action Forex.

GBP/USD Daily Outlook

Nov 5, 2024 | 21:44 pm

Daily Pivots: (S1) 1.2979; (P) 1.3011; (R1) 1.3074; More… GBP/USD falls notably today but stays above 1.2842 temporary low. Intraday bias remains neutral at this point. Further decline is expected as long as 1.3047 resistance holds. Below 1.2842 will resume the fall from 1.3433 to 61.8% retracement of 1.2298 to 1.3433 at 1.2732. However, considering […] The post GBP/USD Daily Outlook appeared first on Action Forex.

EUR/USD Daily Outlook

Nov 5, 2024 | 21:33 pm

Daily Pivots: (S1) 1.0890; (P) 1.0913; (R1) 1.0954; More… EUR/USD’s breach of 1.0760 indicates that corrective recovery from there has completed after rejection by 55 D EMA (now at 1.0939), and fall from 1.1213 is resuming. Intraday bias is back on the downside for 61.8% projection of 1.1213 to 1.0760 from 1.0936 at 1.0656. Firm […] The post EUR/USD Daily Outlook appeared first on Action Forex.

GBPUSD moves down to test 50% and swing area down to 1.28449

Nov 5, 2024 | 20:04 pm

The GBPUSD has moved down to test the 50% and a swing area between 1.2844 and 1.28719. The midpoint level is at 1.2866. The low price reached 1.2864 and is bouncing modestly. The bounce will target the low from two weeks ago at 1.29064. Staying below keeps the seller in controlOn the downside, the 200-day MA comes in at 1.28124. The last time the price traded below the 200 day MA was back in mid-May. This article was written by Greg Michalowski at www.forexlive.com.

EURUSD moves down to test the lows from the last two weeks

Nov 5, 2024 | 18:41 pm

The EURUSD has moved to new lows and is testing the lows from the last two weeks. That area comes between 1.07605 and 1.07767. A move below that level is needed to give more momentum to the sellers. A move below that level opens the door for more downside control. Conversely, bounce and traders are watching 1.08103 for the buyers to feel more comfortable. Absent that and the sellers are in control. This article was written by Greg Michalowski at www.forexlive.com.

USDCAD moves up to hourly MAs

Nov 5, 2024 | 18:25 pm

The USDCAD moved down to test the target support at the end of the trading day yesterday at 1.3813. The low price reached 1.3817 and the price decline slowed. The pair has moved back higher on the back of the early success of the Trump team. The price has now moved up to the 200-hour MA/100-hour MA area. The 200-hour MA is at 1.38975. The 100 hour MA is at 1.3905. A move above those levels would open the door for more upside momentum technically. --------------------------------------------------The Georgia vote has Trump at 52.9% vs 46.4% Harris. That is big. However, there are still a lot of votes in the cities which should bring it closer but it is a climb. There are a lot of votes left in Pennsylvania with Harris leading (57.5% vs 41.5% with 24%). Harris is leading MIchigan as well 53.7% VS 44.3% BUT very early 14%NC is close with 50.4% Trump vs 48.5% of the vote with 50% of the vote counted (now being called for Trump despite the numbers). Trump spent all of yesterday in NC. Virginia is even but lots of votes left in blue areas of the state. Biden won by 10% though. Not good for Harris.The 2 year yield has moved to 2.289% which is the 3 month high. The markets still have Trump the favorite right now. This article was written by Greg Michalowski at www.forexlive.com.

USD moves higher as bias tips to Trump early

Nov 5, 2024 | 16:29 pm

The independent voters which account for 31% of the Georgia votes are leaning 54% to 43% for Trump. That was reverse from 2020 with Biden gaining from the independent voters.. Florida numbers are higher for Trump vs 2020 with 50% in and Trump leading 53.2% vs 45.9% in 2020. That was 51.2% to 47.9% in 2020. .That has the USD moving higher.EURUSD:The EURUS has moved down to test the 100-hour MA at 1.08787. The key 200-day MA and swing area is near 1.0870 area. Break below both would be shift more to the downside. Earlier, the high was up near the 38.2% at 1.09345 and the 100 day MA at 1.09418. The high price today reached 1.09365.USDJPY: The USDJPY has moved back above the broken 100-day MA and looks toward the 100-hour MA at 152.307. Yesterday, the high price stalled the rally at the 100-hour MA. That increases the levels importance on the topside. The 200-hour MA comes in at 152.574. Break back above each shift the bias. It would also be a new high for the week. GBPUSD: The GBPUSD is moving lower and tests the 100-day MA and the 100-bar MA on the 4-hour chart at 1.29876.. The price is back below the 1.3000 level There is the 200 hour MA at 1.2968 and the 100-hour MA at 1.29538 as downside targets.PS yields are moving higher with the 30 year up 5.8 bps. The 2 year is up 4.0 basis points This article was written by Greg Michalowski at www.forexlive.com.

EURUSD buyers take the price to new highs and approaches a cluster of resistance

Nov 5, 2024 | 12:16 pm

The EURUSD is continuing its move to the upside despite stronger services ISM nonmanufacturing data today. Employment moved higher as well. New orders were lower and prices paid was lower as well. Of course the election voting is ongoing with the results still hours aways starting with Georgia, one of the epicenters from 2020 election one of the 1st states to close the polls. GeorgiaIndiana (Polls close at 6 p.m. ET in the 80 counties in Eastern time zone)Kentucky (Polls close at 6 p.m. ET for the 79 counties in the eastern part of the state)South CarolinaVermontVirginiaNorth Carolina and Ohio, key swing states will close polling stations at 7 PM ET (still over 3 hours from now). Trump spent yesterday in the state of North Carolina - a state that he won 49.9% to 48.6% in 2020.North CarolinaOhioWest VirginiaAt 8 PM, with Florida and Pennsylvania the focus. AlabamaConnecticutDelawareDistrict of ColumbiaFlorida (Polls in Eastern time zone close at 7 p.m. ET; part of Panhandle are in Central time zone)IllinoisMaineMarylandMassachusettsMississippiMissouriNew HampshireNew JerseyOklahomaPennsylvaniaRhode IslandTennesseeAt 9 PM, Arizona, Michigan and Wisconsin are the key swing states to close. ArizonaColoradoIowaKansas (Polling locations close at 8 p.m. ET in all except four counties in the west)LouisianaMichigan (Polling locations close at 8 p.m. ET in all except four counties)MinnesotaNebraskaNew MexicoNew YorkNorth Dakota (Polls close at 8 p.m. ET in all but eight counties)South Dakota (Polls close at 8 p.m. ET in the east)Texas (Polls close at 8 p.m. ET for most of the state except three counties in the west)WisconsinWyomingTechnically, the price is moving closer to a cluster of resistance defined by the 38.2% retracement of the move down from the end of September high at 1.09345, the 100-day moving average at 1.09404, and above the 200 bar moving average of the 4-hour chart at 1.09555. Getting above that area would have traders looking toward the 50% midpoint of the same move lower and 1.0988 followed by a swing area between 1.1001 and 1.10145.Holding resistance against the cluster of resistance would give sellers the go-ahead to push back to the downside. Ultimately, a move below the 200-day moving average of 1.0869 would need to be broken to increase the bearish bias. This article was written by Greg Michalowski at www.forexlive.com.

Crude oil futures settle at $71.99

Nov 5, 2024 | 11:47 am

Crude oil futures are settling at $71.99, that is up $0.52 or 0.73%.Some influences:OPEC+ delayed 180,000 barrels per day of monthly production increases to January.US election uncertainty: Vice-President Kamala Harris and former president Donald Trump are neck and neck.China's improving economy supports oil prices.Technically, the price spent most of the day between a swing area between $71.44 and $72.43. The low price today reached $71.32 just below the low of the swing area, while the high reached $72.64 some $0.20 above the high of the swing area. The price is closing near the middle of the range. Traders will be looking for a break in either direction followed by momentum. This article was written by Greg Michalowski at www.forexlive.com.

USDCHF falls below 100 bar MA on 4-hour and stays below, but support holds at swing area.

Nov 5, 2024 | 10:20 am

The USDCHF is trading up and down in trading today as the pair buys time ahead of the election results. The low for the price action has found support buyers in a key swing area between 0.86078 and 0.8619. That area also held support on Monday. On the upside, the 100 bar moving average on the 4-hour chart comes in at 0.86524 and represents a close resistance target.On a move below the swing area at 0.86078, the rising 200 bar moving average on the 4-hour chart comes in at 0.85804. A move below that level would open the door for further selling toward 0.85368.Conversely on the top side, a break above 0.86524, the key 100 day moving average at 0.86718 would be targeted. The price last week did move above that moving average on four separate occasions but could not sustain momentumon each break. The 50% midpoint of the move down from the July high to the September low comes and 0.87116 and that would be another key target that if broken would give the buyers much more control.------------------------------------------------------------------------USDCHF Technical SummaryCurrent SituationTrading range-bound ahead of election results.Support found in key swing area between 0.86078 and 0.8619.Key LevelsSupport0.86078-0.8619: Key swing area.0.85804: Rising 200-bar MA on 4-hour chart.0.85368: Further selling target.Resistance0.86524: 100-bar MA on 4-hour chart.0.86718: 100-day MA.0.87116: 50% midpoint of July high to September low.Market ContextRange-bound trading ahead of election results.Buyers seeking control above 0.86524.Sellers targeting breaks below 0.86078.Key TakeawaysBreak above 0.86524 targets 0.86718 and 0.87116.Break below 0.86078 targets 0.85804 and 0.85368. This article was written by Greg Michalowski at www.forexlive.com.

USDCAD moves lower as the election day continues. Tests 100 bar MA and swing area.

Nov 5, 2024 | 10:00 am

The USDCAD is moving lower in sympathy with the overall US dollar weakness ahead of the election vote and results (at least some of them) later today. The move lower was also helped by the failure to keep the upside momentum going after breaking to a new high for the year (and going back to 2022) on Friday. THe price gapped lower on Monday and momentum has continued today. The move to the downside has reached the rising 100 bar MA on the 4-hour chart at 1.38506. Below that, the price is testing a swing area between 1.3833 and 1.38475. If that level is broken, the swing lows from two weeks ago at 1.3813 will be the next target followed by a swing area between 1.3786 and 1.37919. Finally the 38.2% retracement of the move up from the September low comes in at 1.37526.All those levels are within reach given the volatility potential from the US auction.On the topside, the target levels of the topside include 1.3864, 1.3888, and the high from August at 1.3945. The high price from Friday extended up to 1.3958 which was the highest level going back to 2022. The high price in 2022 reached 1.3977.What the price is trading around a swing area down to 1.38337 and just below the 100 bar moving average on the 4-hour chart and 1.3506, the pair is adding more neutral level after the sharp trend move in October (and into early November) saw the price move up from about 1.3472 to the high price at 1.3958. That was a pretty strong move a short period of time. Correcting modest lower makes sense ahead of the risk event.USDCAD Technical SummaryCurrent SituationMoving lower due to US dollar weakness ahead of the election.Failed to maintain upside momentum after breaking 2022 highs on Friday.Gapped lower on Monday, with ongoing downward momentum.Key LevelsSupport1.38506: Rising 100-bar MA on the 4-hour chart.1.3833-1.38475: Swing area.1.3813: Swing lows from two weeks ago.1.3786-1.37919: Swing area.1.37526: 38.2% retracement of the move up from September low.Resistance1.38641.38881.3945: August high.1.3958: Friday's high, highest level since 2022.1.3977: 2022 high.Market ContextTrading around swing area (1.38337) and below 100-bar moving average (1.3506).Neutralizing after sharp trend move in October and early November.Correcting lower ahead of risk event. This article was written by Greg Michalowski at www.forexlive.com.

What key levels are in play for the EURUSD, USDJPY and GBPUSD through the US elections

Nov 5, 2024 | 08:52 am

The US election day will keep the markets on edge, but technically, the process should be followed. The price action and the tools will help to define the the bias, define the risk and define the targets.. In this video, I take a look at the EURUSD, USDJPY and GBPUSD and outline the key levels in play, so you can be aware and prepared through the potential market volatility.EURUSD: THe key for the EURUSD is that the 200 day MA held support at the end of day yesterday and into the Asian session today. The subsequent move to the upside saw the price move to a higher swing area betwene 1.0899 and 1.09125. The 50% of the move up from the April 2024 low is also in that area. Going forward, a move above would open the door for more upside momentum with the 100 day MA at 1.09401. Above that and the falling 200 bar MA at 1.09564 would be targets. On the downside, a move back below the 200-day MA at 1.0692 is needed to tilt the bias more to the downside. Move below that level takes the price back into the Red Box, with the 100 bar MA on the 4-hour chart at 1.08460 followed by the swing area (and low of Red Box) down between 1.07609 and 1.07767. USDJPY: The USDJPY found support buyers at the 200 day MA yesterday . Recall not last week, but the week before, support buyers also stalled the fall at the 200 day MA. That MA is being approached by the rising 100 bar MA on the 4-hour chart. Going foward if the 200 day MA can hold support, the buyers remain in play with more work to do. What is the "work to do?". On the topsde, the 61.8% of the move down from the July high comes in at 153.387. Above that is the highs from last week at 153.88 and the high going back in time to end of July at the same level (the last three highs has stalled at the same level). That sets that level as a key resistance target. Conversely, on a break of the 200 day MA (and staying below) would have the price targeting the 50% of the range since the July high at 150.757 to the 100 day MA at 150.298. Break below those levels and the sellers can prove further. GBPUSD....The GBPUSD has moved back above the 1.3000 level in the US morning session after stalling at support yesterday at support at 1.2938 (lows and highs going back to mid-July. The move back above the 1.3000 level gives the buyers more control with a swing area at 1.3043 to 1.3058 as the next targes followed by the 200 bar MA on the 4-hour chart at 1.31125. This article was written by Greg Michalowski at www.forexlive.com.

EUR/USD Mid-Day Outlook

Nov 5, 2024 | 06:18 am

Daily Pivots: (S1) 1.0860; (P) 1.0887; (R1) 1.0905; More… Intraday bias in EUR/USD remains mildly on the upside as rebound from 1.0760 short term bottom continues. But strong resistance should be seen from 55 D EMA (now at 1.0937) to limit upside. On the downside, below 1.0831 minor support will bring retest of 1.0760 first, […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

GBP/USD Mid-Day Outlook

Nov 5, 2024 | 06:16 am

Daily Pivots: (S1) 1.2928; (P) 1.2964; (R1) 1.2992; More… Range trading continues in GBP/USD and intraday bias remains neutral for the moment. Further decline is expected as long as 1.3042 resistance holds. Below 1.2842 will resume the fall from 1.3433 to 61.8% retracement of 1.2298 to 1.3433 at 1.2732. However, considering bullish convergence condition in […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

USD/CHF Mid-Day Outlook

Nov 5, 2024 | 06:14 am

Daily Pivots: (S1) 0.8610; (P) 0.8646; (R1) 0.8676; More… USD/CHF’s fall from 0.8710 short term top is in progress and deeper decline would be seen to 55 D EMA (now at 0.8614). Sustained break there will argue that the rebound from 0.8374 has completed, and bring deeper fall back to this low. On the upside, […] The post USD/CHF Mid-Day Outlook appeared first on Action Forex.

USD/JPY Mid-Day Outlook

Nov 5, 2024 | 06:06 am

Daily Pivots: (S1) 151.59; (P) 152.08; (R1) 152.62; More… USD/JPY is still bounded in consolidation below 153.87 and intraday bias stays neutral. Further rally is in favor with 151.44 support intact. Sustained trading above of 61.8% retracement of 161.94 to 139.57 at 153.39 will pave the way to retest 161.94 high. However, considering bearish divergence […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

USD/JPY Analysis: Resistance Turned into Corrective Support

Nov 5, 2024 | 04:43 am

Amid a neutral stance with a bullish bias, the USD/JPY currency pair may be influenced by signals from the US elections and the FOMC decision this week.

Gold Price Analysis: Potential Reversal Before U.S. Election and Fed Decision

Nov 5, 2024 | 04:30 am

Gold has surged by around 33% since the start of the year, hitting multiple record highs in recent months.

GBP/USD Analysis: Bigger Gains Expected

Nov 5, 2024 | 04:09 am

At the start of trading this week, the GBP/USD exchange rate rose to 1.2998 before settling around 1.2950 at the time of writing this analysis.

AUDUSD Technical Analysis – The market awaits the US election result

Nov 5, 2024 | 03:42 am

Fundamental OverviewThe US Dollar started the week on the backfoot as the odds of a Harris victory jumped higher leading to a pullback in the Trump’s trades. Everything hinges on the US election now with a red sweep seen as the most bullish scenario for the greenback, while a blue sweep as the most bearish. The price action will likely be choppy until we start to get a better sense of who’s going to win, so the best strategy would be to wait for the results, because the trend that will be set will likely last for months anyway. On the AUD side, the RBA kept the cash rate unchanged today as expected but lowered growth and inflation forecasts slightly. This is just another subtle change towards a more dovish stance, although the market’s focus is now elsewhere.AUDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that AUDUSD pulled back to the key 0.6622 level amid a weaker US Dollar. This is where we can expect the sellers to step in with a defined risk above the level to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 0.68 handle.AUDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price broke above the downward trendline that was defining the bearish momentum on this timeframe. This might be a signal of a deeper pullback to follow. There’s not much else we can add here as the sellers will lean on the 0.6722 level to position for new lows, while the buyers will look for a break higher to target new highs. AUDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we now have a minor upward trendline defining the current bullish momentum on this timeframe. The buyers will likely lean on it to position for the break of the 0.6722 level, while the sellers will look for a break lower to increase the bearish bets into new lows. The red lines define the average daily range for today. Upcoming CatalystsToday is the US Presidential Election Day but we will also get the US ISM Services PMI report. On Thursday, we have the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the US University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at www.forexlive.com.

EUR/USD Analysis: Expectations of Significant Losses if Trump Wins

Nov 5, 2024 | 03:11 am

The EUR/USD exchange rate has settled just below 1.09 ahead of the all-important US presidential vote, but a Donald Trump victory would spark major selling pressure on the currency pair once again.

USD/SGD Analysis: Lower Range Develops Before the Wave of Risk Events

Nov 5, 2024 | 02:43 am

The USD/SGD has accomplished a lower value range the past day and a half, interestingly this has occurred before the U.S election results tomorrow and the Federal Reserve on Thursday.

USDCAD Technical Analysis – The pair retreats on higher Harris winning odds

Nov 5, 2024 | 02:36 am

Fundamental OverviewThe US Dollar started the week on the backfoot as the odds of a Harris victory jumped higher leading to a pullback in the Trump’s trades. Everything hinges on the US election now with a red sweep seen as the most bullish scenario for the greenback, while a blue sweep as the most bearish. The price action will likely be choppy until we start to get a better sense of who’s going to win, so the best strategy would be to wait for the results, because the trend that will be set will likely last for months anyway. USDCAD Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCAD pulled back from the 2-year highs amid some greenback weakness. The buyers will want to see the price breaking above the high to increase the bullish bets into new highs, while the sellers will look for a break below the 1.3860 level to start looking for more downside.USDCAD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price broke below the minor upward trendline that was defining the bullish momentum on this timeframe. These are generally signals of weakening momentum, so we might see a deeper pullback. The buyers will likely step in around the 1.3860 level, while the sellers will look for a break lower to increase the bearish bets into the 1.3785 level next. USDCAD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more clearly the rangebound price action of the last few days as the market awaits the US election result. There’s not much else we can add here as the election noise will likely lead to a choppy price action until we get the results. The red lines define the average daily range for today.Upcoming CatalystsToday is the US Presidential Election Day but we will also get the US ISM Services PMI report. On Thursday, we have the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the Canadian Labour Market report and the US University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at www.forexlive.com.

USD/BRL Analysis: Slight Selloff Can’t Mask Institutional Nervousness

Nov 5, 2024 | 02:32 am

The USD/BRL sold off quickly upon opening yesterday, falling from a high of nearly 5.8750 to important support ratios near the 5.7600 realms, but before traders believe a sustained downturn is about to occur they should think twice.

GBP/USD Forecast: Pound Awaits Big Moves Amid Uncertainty

Nov 5, 2024 | 02:31 am

The British pound experienced considerable noise during Monday's trading session, which isn’t surprising given the potential disruptions and uncertainties this week.

GBP/USD Forex Signal: Sits at Key Support But Huge Swings are Coming

Nov 5, 2024 | 02:23 am

The GBP/USD pair continued its downward trend after peaking at 1.3431 in September to a low of 1.2845, its lowest point since August 15.

EUR/USD Forex Signal: More Volatility Ahead of US Election and Fed

Nov 5, 2024 | 02:16 am

The EUR/USD tilted upwards ahead of the upcoming US election and the Federal Reserve interest rate decision.

CAD/JPY Forecast: Finding Support Against Yen

Nov 5, 2024 | 02:11 am

The Canadian dollar has gone back and forth during the course of the early hours on Monday as we continue to test the crucial 109 yen level.

BTC/USD Forex Signal: Retests Key Support, Rebound Likely

Nov 5, 2024 | 02:10 am

Bitcoin price retreated sharply as the recent bullish momentum faded as the highly consequential US election nears.

EURUSD Technical Analysis – The greenback loses ground heading into the election

Nov 5, 2024 | 01:45 am

Fundamental OverviewThe US Dollar started the week on the backfoot as the odds of a Harris victory jumped higher leading to a pullback in the Trump’s trades. Everything hinges on the US election now with a red sweep seen as the most bullish scenario for the greenback, while a blue sweep as the most bearish. The price action will likely be choppy until we start to get a better sense of who’s going to win, so the best strategy would be to wait for the results, because the trend that will be set will likely last for months anyway. EURUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that EURUSD bounced off of the key swing level at 1.0777 as the buyers stepped in with a defined risk below the level to position for a pullback into the 1.10 handle. The sellers will want to see the price breaking below the swing level to increase the bearish bets into the 1.06 handle next.EURUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have a minor upward trendline defining the current bullish momentum on this timeframe. The buyers will likely lean on the trendline to keep targeting new highs, while the sellers will look for a break lower to position for the break below the key 1.0777 level.EURUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more clearly the recent price action with higher highs and higher lows indicating a bullish trend. There’s not much else we can add here as the election noise will likely lead to a choppy price action until we get the results. The red lines define the average daily range for today. Upcoming CatalystsToday is the US Presidential Election Day but we will also get the US ISM Services PMI report. On Thursday, we have the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at www.forexlive.com.

USDCHF Technical Analysis – Higher Harris odds weigh on the US Dollar

Nov 5, 2024 | 01:01 am

Fundamental OverviewThe US Dollar started the week on the backfoot as the odds of a Harris victory jumped higher leading to a pullback in the Trump’s trades. Everything hinges on the US election now with a red sweep seen as the most bullish scenario for the greenback, while a blue sweep as the most bearish. The price action will likely be choppy until we start to get a better sense of who’s going to win, so the best strategy would be to wait for the results, because the trend that will be set will likely last for months anyway. USDCHF Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCHF rejected the key resistance zone around the 0.87 handle where we had also the trendline for confluence. The sellers stepped in with a defined risk above the trendline to position for a drop into the 0.8333 level. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs. USDCHF Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that that the price is approaching the support zone around the 0.86 handle. That’s where we can expect the buyers to step in with a defined risk below the level to position for the break above the key trendline. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 0.8333 level.USDCHF Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more clearly the rangebound price action as the market awaits the US election result. There’s not much to add here as the buyers will look for a bounce, while the sellers will look for a break. The red lines define the average daily range for today.Upcoming CatalystsToday is the US Presidential Election Day but we will also get the US ISM Services PMI report. On Thursday, we have the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at www.forexlive.com.

USDJPY Technical Analysis – It’s the US Election Day

Nov 5, 2024 | 00:27 am

Fundamental OverviewThe US Dollar started the week on the backfoot as the odds of a Harris victory jumped higher leading to a pullback in the Trump’s trades. Everything hinges on the US election now with a red sweep seen as the most bullish scenario for the greenback, while a blue sweep as the most bearish. The price action will likely be choppy until we start to get a better sense of who’s going to win, so the best strategy would be to wait for the results, because the trend that will be set will likely last for months anyway. USDJPY Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDJPY is consolidating around the key 152.00 handle. The buyers will likely keep on stepping in around this level with a defined risk below it to position for the continuation of the uptrend. The sellers, on the other hand, will want to see the price breaking lower to extend the pullback into the 149.40 level next. USDJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more clearly the rangebound price action around the 152.00 handle as the market awaits the US Election result to pick a direction. There’s not much else we can add here as the buyers will likely pile in to position for a rally into new highs, while the sellers will look for a break lower to target the 149.40 level.USDJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor downward trendline defining the current bearish momentum on this timeframe. If we get a bounce here, the sellers will likely lean on the trendline to position for the break of the 152.00 support zone. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs. The red lines define the average daily range for today.Upcoming CatalystsToday is the US Presidential Election Day but we will also get the US ISM Services PMI report. On Thursday, we have the Japanese wage growth data, the US Jobless Claims and the FOMC Policy Decision. On Friday, we conclude the week with the University of Michigan Consumer Sentiment report. See the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.

AUDUSD is back lower after run higher stalls near key topside target resistance.What next?

Nov 4, 2024 | 12:43 pm

The RBA will be announcing its rate decision later tonight/tomorrow in Australia. The expectation is for no change in policy. Focus will be on what is ahead for the central bankTechnically, the price high reached 0.66184 in the early Asian session. That took the price to the low of a swing area between 0.66189 to 0.66277. The 200-day MA is at the high of that swing area at 0.66277. Holding resistance against that area increases the areas importance going forward. A move above that level will target the 50% of the range since the August low. That level is also joined by the 100 bar MA on the 4-hour chart. Move above that level and traders will be looking toward the key 100-day MA at 0.6692.The price did move lower after peaking and has moved back down toward the 61.8% of the same trading range (from the August low). Admittedly, last week the price traded above and below that retracement level without much respect from a technical perspective. Nevertheless if the price were to move below, it would add to the negative bias. Move below that level,, and swing low from August 15 at 0.6562, followed by the low from last week at 0.6537 targeted. A swing area between 0.6471 and 0.6486 would be other targets.---------------------------------------------------------AUDUSD Technical AnalysisRate Decision PreviewRBA rate decision tonight/tomorrow; no policy change expected.Current Market SituationPrice reached 0.66184 in early Asian session, testing swing area resistance (0.66189-0.66277).Key LevelsResistance:0.66277 (200-day MA, swing area high)0.6692 (100-day MA, key resistance)Support:0.6562 (August 15 swing low)0.6537 (last week's low)0.6471-0.6486 (swing area)Near-Term OutlookHolding resistance at 0.66277 increases its importance.Breakout TargetsUpside:50% retracement of August low range100-bar MA on 4-hour chartDownside:61.8% retracement of August low rangeNegative bias below 0.6537A move above 0.66277 targets 0.6692, while a break below 0.6537 opens up downside targets. This article was written by Greg Michalowski at www.forexlive.com.

USDCAD falls below the 100 and 200 hour MAs. First break below 200 hour MA since October 2

Nov 4, 2024 | 07:37 am

The USDCAD broke higher at the end of last week and in the process extended above high from August at 1.39458. The high price reached 1.3958 and closed the week at 1.39484.However, after the weekend election poll news, yields moved lower, the USD moved lower and the USDCAD gapped down as well. That took the price back below the old 2024 high and also took the price below the 100-hour MA at 1.39168 and more recently the 200 hour MA at 1.38896. The break below the 200-hour MA is the first break since October 2 (over a month ago). So sellers are making a play. The 200-hour MA is now close resistance/risk for sellers looking for more downside momentum. On the downside there is some support at 1.3864 area and below that a swing area between 1.38337 and 1.38475. The rising 100-bar MA on the 4-hour chart is at 1.3843. Move below that area opens the door for more downside corrective probiing after the trend move higher in October. A move back above the 200 hour MA at 1.38895 would have traders looking back toward 1.39168. Of course lots of volatility is expected this week as a result of the US elections followed by the US interest-rate decision on Thursday. The Federal Reserve is expected to cut rates by 25 basis points. What they do in December and going forward would be the focus from the meeting. With volatility expected, it is important to understand the technical levels in play as they give traders the risk defining levels, and targets going forward. ------------------------------------------------USDCAD Technical AnalysisThe USDCAD broke higher late last week, surpassing August's high (1.39458) and reaching 1.3958, but subsequently gapped down due to weekend election poll news.Current Market SituationThe price fell below the old 2024 high, 100-hour MA (1.39168), and 200-hour MA (1.38896), indicating sellers' momentum.Key LevelsResistance:1.38896 (200-hour MA, close resistance/risk for sellers)1.39168 (100-hour MA)Support:1.3864 (support area)1.38337-1.38475 (swing area)1.3843 (rising 100-bar MA on 4-hour chart)Market OutlookA break below 1.3843 may lead to further downside correction, while a move above 1.38896 could shift focus back to 1.39168.Key EventsUS elections (this week)US interest-rate decision (Thursday, expected 25 basis point cut)Understanding these technical levels is crucial amid expected volatility, providing risk-defining levels and targets for traders. This article was written by Greg Michalowski at www.forexlive.com.

Kickstart the FX trading day for Nov 4 w/a technical look at EURUSD, USDJPY and GBPUSD

Nov 4, 2024 | 06:14 am

The USD is lower to start the trading week (helped by the Pres. Polls over the weekend). The moves in the 3 major currency pairs did move to corresponding technical targets and stalled.EURUSD: For the EURUSD, it move up to test the 50% midpoint of the move up from April 2024 low and the swing area at 1.09069 and 1.09126. Sellers leaned near the high of that area and stalled. It will take a move above that level to increase the bullish bias. On the downside, the 100-day MA and high of swing area (around 1.0869) will need to be broken to increase the bearish bias today and going forward. USDJPY: The USDJPY moved down to test the 200-day MA at 151.556 in the early Asian and early US session and found buyer. It will take a move below that MA (and stay below) to tilt the bias a little lower (at least in the short term) with work to do. The rising 100 bar MA at 151.527, the 50% midpoint of the range since July high at 150.757 and the 100 day MA at 150.355 are targets on the downside that would need to be broken to increase the bearish bias. GBPUSD:The technical story in the GBPUSD is focused on 1.30000. The broken 38.2% is at that level (since April low). The 100 bar MA on 4-hour chart is at 1.2992. The 100-day MA is at 1.29807. The price is back below those levels. It would take a move above all - and stay above - to increase the bullish bias. On the downside, the 1.2938 needs to be broken to increase the bearish bias. This article was written by Greg Michalowski at www.forexlive.com.

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