First Light News—Tuesday 7 February
- Market News, Popular Posts, Trending Now
- February 7, 2023
Reading time: 8 minutes Graphs and charts have become the focal point of the modern trading community. Easy-to-use trading interfaces and heightened accessibility have bred a new era of traders glued to mobile charts from the stock market to the world of forex. We’ve all heard the saying ‘buy low, sell high’, but this is
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
READ MOREDespite a slow start to the week, as US banks closed their doors in observance of Martin Luther King Jr. Day, there is much to consider. In the US, producer prices (PPI) eased in December to -0.5%, following November’s downwardly revised 0.2% figure. Retail sales also shows that US consumers tightened their purse strings in
READ MORECharts: TradingView EUR/USD Thursday presented another sluggish trading day around Wednesday’s range lows. As aired in Thursday’s technical briefing, price action on the weekly scale touched gloves with the underside of major resistance from $1.0888: Quasimodo support-turned resistance. This, in a market still considered exhibiting a downside bias on the weekly timeframe, brands the aforementioned
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: EUR/USD Diamond Top? H4 Timeframe – Although one of the less frequent pattern formations, it is considered a high-probability structure when it forms. The chart shows a broadening pattern between $1.0867
READ MORECharts: TradingView EUR/USD Europe’s single currency finished Wednesday largely unchanged against its US counterpart. Despite refreshing nine-month tops, the currency pair shook hands with a notable Quasimodo support-turned resistance on the weekly timeframe at $1.0888. This level is also visible on the monthly scale. What’s technically interesting here is that this could be a location
READ MORECharts: TradingView It was a quiet session for the financial markets on Monday with price action range bound as US banks remained closed in observance of Martin Luther King Jr. Day. Given the lacklustre performance, here is a brief reminder of the technical position of the EUR/USD and the US Dollar Index. US Dollar Index
READ MOREIn his first public appearance of 2023, US Federal Reserve Chair Jerome Powell participated in a panel discussion (Central bank independence and the mandate – evolving views) on Tuesday and reiterated the central bank’s commitment to contain inflation. Powell added that ‘restoring price stability when inflation is high can require measures that are not popular
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: Anyone for a Death Cross? Daily Timeframe – The US Dollar Index recently chalked up what’s referred to as a Death Cross in technical circles. The 50-day simple moving average (105.69
READ MOREIn his first public appearance of 2023, US Federal Reserve Chair Jerome Powell participated in a panel discussion (Central bank independence and the mandate – evolving views) on Tuesday and reiterated the Fed’s commitment to contain inflation. Powell added that ‘restoring price stability when inflation is high can require measures that are not popular in
READ MORECharts: TradingView US Dollar Index at Support The research team covered the US Dollar Index in detail in the recent Weekly Market Briefing. Key observations were a possible bullish response from either daily support at 103.42 or at daily Quasimodo support from 102.36 (joined by a 61.8% Fibonacci retracement ratio at 102.34 and a 50.0%
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