GBP/USD Crossing Swords with Technical Confluence!
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- April 22, 2024
The FP Markets Research Team touched on the price of WTI oil in The Pattern Pulse release earlier today, highlighting the possibility of further downside materialising. The post noted the following (italics): Price action on the daily timeframe shows that the unit shook hands with support on the monthly timeframe at $75.39, a level complemented
READ MOREYear on year, US consumer price inflation cooled more than expected at 3.2% in the twelve months to October, comfortably south of the 3.7% print in September (and below the market’s median estimate of 3.3%). For the same period, the core measure—excludes energy and food components—also eased to 4.0%, below 4.1% in September (consensus: 4.1%).
READ MOREExtending the week-ahead piece for spot silver (XAG/USD), you will note that the precious metal recently tested sell-stops south of the $22.00 handle applied to the H1 chart, effectively opening the door to what is known as a ‘bear trap’. As noted in the previous release, the higher timeframes—the weekly and daily charts—exhibit scope to
READ MOREWorking from the weekly timeframe of BTC/USD, the major cryptocurrency finished another week in a strong position. Adding more than +5.0%, last week’s advance marks a fourth consecutive week in the green, a move that has overthrown two notable resistance levels on the weekly timeframe. While the advance has been impressive, some technical headwinds are
READ MOREThe S&P 500 has been an interesting market to watch over the past few weeks. Last week added +1.3%, extending the prior week’s +5.9% gain. The FP Markets Research Team noted the following in the last weekly update (italics): The monthly timeframe—entrenched within a longer-term uptrend—is now eyeing a run to the 4,607 top printed
READ MOREXAU/USD (Gold) The yellow metal had a tough time last week against its US counterpart. XAU/USD settled the week down -2.7% and crushed hopes of a rebound from weekly support from $1,969 (now marked resistance). The weekly timeframe offers little regarding trend direction and has been rangebound since forming its all-time high of $2,075 in
READ MOREHigher Timeframes Suggest Lower Levels Despite a sizeable advance the week prior, GBP/USD bulls were on the ropes last week (-1.2%). The currency pair confronted major resistance at $1.2400 on the weekly scale last week and consequently erased most of the recent upside. This throws light back on familiar weekly support at $1.2086 and another
READ MOREThe US dollar, according to the US Dollar Index, staged a U-turn last week. Adding +0.7% and reclaiming a portion of the prior week’s downside move (-1.4%) could lay the groundwork for further outperformance over the coming weeks. As evident from the monthly timeframe, the buck has sufficient room to navigate higher terrain until resistance
READ MOREFollowing on from today’s post in The Pattern Pulse, you will see the major cryptocurrency (BTC/USD) has nudged higher and touched gloves with channel resistance on the weekly timeframe, extended from the high of $31,050. What is vital about this channel resistance is its surrounding confluence. While bulls are indeed strong (and have been since
READ MOREYou may recall that the FP Markets Research Team highlighted daily support on WTI oil in this week’s Technical Market Insight. Although recent movement elbowed under its 200-day simple moving average at $78.12 in a rather dominant fashion, sellers were thin after price confronted noted support at $75.39, a level bolstered by the 61.8% Fibonacci
READ MOREYou may recall from one of the Chart of the Day posts earlier this week that the FP Markets Research Team shone the technical spotlight on the weekly chart of Tesla (TSLA). And for good reason. The Team noted the following (Italics): Price action on the weekly timeframe of Tesla (TSLA) ended last week forming
READ MORERBA Hikes by 25bps As expected, the Reserve Bank of Australia (RBA) lifted the Official Cash Rate (OCR) target by 25bps in overnight trading. Following four consecutive months on hold at 4.10% and only the second meeting for the new RBA Governor Michelle Bullock, this brings the OCR to 4.35% (a 12-year peak). This means
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