Technical Market Outlook and Review—9 February
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- February 8, 2023
Charts: TradingView EUR/USD Subdued trading conditions were evident for the EUR/USD on Wednesday as buyers and sellers squared off around the upper portion of Tuesday’s range. Through the lens of a technical analyst, charts studies continue to imply sellers will likely remain in the driving seat until around the $1.06ish region. My rationale out of
READ MORECharts: TradingView US hours, thanks to the US Fed Chair Powell’s responses at the Economic Club of Washington DC, witnessed risk assets initially catch a bid. Procyclical currencies such as the Australian dollar, the New Zealand dollar and the Canadian dollar were underpinned against their US counterpart. Technically speaking, though, this changes little in terms
READ MORECharts: TradingView EUR/USD It was a poor start to the week for the common currency, down 0.7% at the close of European trading on Monday. On the back of a buoyant dollar, and a technical bearish landscape, downside risks for the EUR/USD remain elevated. The weekly timeframe, as noted in my Weekly Market Insight, recently
READ MOREIt was an exciting week for the financial markets. Marching into the month of February witnessed three major central banks increase their benchmark rates, in line with expectations: the Federal Open Market Committee (FOMC) increased the Fed Funds rate by 25 basis points, and the Bank of England (BoE) and the European Central Bank (ECB)
READ MORECharts: TradingView EUR/USD Having recent price action puncture weekly Quasimodo support-turned resistance at $1.0888, as well as neighbouring prime resistance on the daily chart at $1.0954-1.0864, additional buying is on the table towards daily Quasimodo resistance at $1.1138 and weekly resistance coming in from $1.1174. Largely confirmed on the daily scale through the series of
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar Index Rebounding from Channel Support Daily Timeframe – Since late September 2022, price action on the US Dollar Index has forged a series of lower lows and lower highs: a
READ MOREGood morning. The FP Markets research team produce First Light News around the European open, ensuring traders and investors have the news needed to begin their day. Overnight Highlights Major US equity indices concluded Tuesday on strong footing; the Dow Jones Industrial Average added 1.09%, the S&P 500 added 1.46% and the Nasdaq 100 climbed
READ MORECharts: TradingView EUR/USD Ahead of what is considered a bumper week of events, Monday delivered a largely calm tone across the FX space. Limited tier-1 data and mild risk aversion witnessed a modest dollar bid unfold, consequently weighing on any upside in Europe’s shared currency. The technical framework, particularly the bigger picture, remains unchanged. As
READ MOREIt is all about the central banks this week; the blockbuster week welcomes the US Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of England (BoE), all of which are anticipated to increase rates. The Fed steals the spotlight on Wednesday with markets more or less pricing in a 25 basis-point hike,
READ MORECharts: TradingView EUR/USD The US Dollar Index staged a spirited rebound on Thursday, shaping a daily bullish engulfing formation off daily Quasimodo support at 101.65 on the back of stronger-than-anticipated US growth data. Europe’s single currency consequently fell victim to the dollar upside, down 0.5% at the close of European trading. Where does this leave
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: USD/JPY Descending Channel Breach? Daily Timeframe – Since late November, the daily timeframe’s descending channel on the USD/JPY, drawn from ¥142.24 and ¥133.62, has been in play. Interestingly, we can see
READ MORECharts: TradingView EUR/USD Early London on Monday observed price whipsaw above the $1.09 handle, reaching a peak of $1.0927 before erasing earlier gains and touching gloves with the upper edge of the H1 consolidation between $1.0780 and $1.0868 (active since 12 January). The run of orders above $1.09 is interesting, due to the location that
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