XAU/USD: A Trend-Follower’s Market
- Daily Analysis, Daily Report, Recent Posts, Technical Analysis, Trending Now
- April 25, 2024
Charts: Trading View (Italics: Previous Analysis) EUR/USD: Major US equity indexes witnessed an enthusiastic open, following Monday’s closure in observance of Juneteenth National Independence Day. This weighed on safe-haven assets, including the US dollar, which underpinned a EUR/USD bid. In terms of economic data for the greenback, US existing home sales took the spotlight in
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: As US banks remain closed in observance of Juneteenth National Independence Day, Europe’s shared currency welcomed a modest bid against its US counterpart on Monday. European Central Bank President Christine Lagarde, however, was on the microphone restating that the European Central Bank (ECB) intends to increase rates by
READ MORECharts: Trading View (Italics: Previous Analysis) US Dollar Index (Daily Timeframe): The US dollar—measured by the US Dollar Index—extended recovery gains last week, adding 0.4 per cent and touching a high of 105.79, values not visited since 2002. Consequently, the decision point from 105.61-104.87 came under attack and had its upper boundary probed as a
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: European and U.S. equity indexes fell sharply on Thursday as central banks around the world hike rates in attempt to combat rising inflation. Less-than-stellar U.S. economic data and hawkish ECB commentary underpinned the EUR/USD in recent trading, rallying 1.2 per cent. From a technical perspective, although the currency
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Primary Trend: bearish since early 2021 Tuesday witnessed Europe’s shared currency finish off best levels against its U.S. counterpart, following three back-to-back daily bearish candles. As the U.S. Dollar Index refreshes multi-decade pinnacles, the longer-term outlook on EUR/USD remains unchanged: In conjunction with a clear primary bear trend,
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Primary Trend: bearish since early 2021 In conjunction with a clear primary bear trend, longer-term technical studies demonstrate scope to navigate deeper waters. Following weekly price rejecting Quasimodo support-turned resistance at $1.0778, and daily price engulfing $1.0638 support (now resistance), 2nd January low at $1.0340 (2017), along with
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Primary Trend: bearish since early 2021 Hopes of rebounding from support at $1.0638 are swiftly slipping away on the daily timeframe, leaving the ascending support-turned resistance unchallenged, drawn from the low $1.0340. In line with the primary bear trend, sellers are responding from weekly Quasimodo support-turned resistance at
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Primary Trend: bearish since early 2021 Although price action on the daily timeframe portends an extension to the recent recovery off support at $1.0638—targeting the ascending support-turned resistance, drawn from the low $1.0340—weekly price is shaking hands with the lower side of a heavy-duty weekly Quasimodo support-turned resistance
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Although finishing the session muted, EUR/USD displayed interesting price action on Tuesday. A meaningful ‘stop-run’ formed beneath $1.07 and shook hands with neighbouring H1 support between $1.0650 and $1.0671 (composed of 1.618% and 1.272% Fibonacci projections). Current movement is attempting to reclaim $1.07+ status, a move that could
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s shared currency remains rooted within a primary bear trend (weekly scale), in addition to price shaking hands with the lower side of a heavy-duty weekly Quasimodo support-turned resistance at $1.0778. 2nd January low at $1.0340 (2017) appears a reasonable downside objective should sellers take the wheel. While
READ MORECharts: Trading View (Italics: Previous Analysis) U.S. Dollar Index (Daily Timeframe): Snapping a decisive two-week decline, dollar bulls surfaced last week and added 0.5 per cent. The 50-day simple moving average—circling 101.65—served as dynamic support in recent trading, with resistance demanding attention at 102.95. Space south of the current SMA brings light to resistance-turned support
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s single currency staged an impressive rebound against its US counterpart on Thursday. US equities also rose, with the US Dollar Index (USDX) exploring lower territory, consequently underpinning the EUR/USD (0.9 per cent). Technically, we’re at an interesting juncture on the higher timeframes. In a market decisively trending
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