Forex Analysis, Reviews, Signals and Forecasts ☀️

The USDCHF buyers are in control.What is needed in the ST to give the sellers some control

Dec 18, 2024 | 06:28 am

The USD/CHF reached its highest level since July this week but fell short of the key resistance zone on the daily chart, located between 0.8986 and 0.90178. This area remains a critical topside target, and a break above it would open the door for further upside momentum. Buyers will be eyeing this level closely in the coming sessions.On the downside, sellers face immediate challenges, with two nearby support levels that must be breached to shift the narrative. The first is a swing zone between 0.8914 and 0.8923. If the price falls below this area, the next critical level is the 61.8% retracement of the 2024 trading range at 0.88989. However, as long as the price remains above these supports, buyers retain full control of the market.If sellers manage to push the price below the 61.8% retracement level, attention will turn to the 200-day moving average at 0.88254 and the 50% retracement level at 0.87986. For now, buyers hold the upper hand, but sellers must prove they can overcome these significant support levels to regain control.Technical Analysis: USD/CHFResistance Levels:Primary Resistance Zone: 0.8986 - 0.90178 (Daily chart).A break above this zone would signal further upside momentum.Sustained movement above opens the door for continued bullish control.Support Levels:Swing Zone: 0.8914 - 0.8923.First downside target for sellers; a break below weakens short-term bullish momentum.Key Fibonacci Level: 61.8% retracement of 2024 range at 0.88989.Critical support; failure to break below confirms buyers’ dominance.Additional Targets Below:200-Day Moving Average (MA): 0.88254.50% Retracement Level: 0.87986.These levels become relevant if sellers break lower support.Current Market Bias:Buyers remain in full control as long as the price stays above the 61.8% retracement level.Sellers need a sustained move below 0.88989 to signal a shift in momentum and target deeper levels.Key Focus:Watch for a breakout above the 0.8986 - 0.90178 zone for bullish confirmation.Monitor support levels for signs of seller strength or a continued bullish hold. This article was written by Greg Michalowski at www.forexlive.com.

EUR/USD Analysis: Bearish Outlook Ahead of US Interest Rate Cut - 18 December 2024

Dec 18, 2024 | 03:56 am

EUR/USD stabilizes below 1.05, reflecting bearish momentum driven by Eurozone economic uncertainty and anticipation of the Fed's policy decision.

Copper Technical Analysis – The first attempt at the resistance failed

Dec 18, 2024 | 03:41 am

Fundamental OverviewCopper recently got a boost from the Chinese Politburo announcement that it will adopt a “moderately loose” strategy for monetary policy for 2025 and will seek a “more proactive” fiscal policy. These were key changes in the language that triggered a rally in Chinese stocks and commodity linked markets. Unfortunately, as it’s been the case for quite some time, the moves were reversed, and we got back to square one pretty quickly. Nevertheless, this was a strong shift, and the market might just be waiting for the Chinese to walk the talk this time around. On Friday, we have the PBoC LPR decision and big rate cuts might trigger another rally in copper. Copper Technical Analysis – Daily TimeframeOn the daily chart, we can see that copper couldn’t break above the key resistance around the 4.31 level where we had also the trendline for confluence. The sellers stepped in with a defined risk above the resistance to position for a drop into the major trendline around the 3.90 level. The buyers will now look for buying opportunities on the lower timeframes but a break above the key resistance should open up for a rally into the 4.70 level next. Copper Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we had also an upward trendline defining the bullish momentum that once got broken, opened the way for new lows as the sellers piled in more aggressively and the buyers folded. We are now bouncing from another upward trendline and if we get a pullback into it again, we can expect the buyers to try once again for a rally into the 4.31 resistance. The sellers, on the other hand, will want to see the price breaking below the major upward trendline to increase the bearish bets into new lows.Copper Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a downward trendline defining the current bearish momentum on this timeframe. The sellers will likely lean on it to position for a break below the major trendline, while the buyers will look for a break higher to increase the bullish bets into the key resistance. The red lines define the average daily range for today.Upcoming CatalystsToday, we have the FOMC Policy Decision. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the PBoC LPR decision and the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Gold Analysis: Selling Pressures Remain Cautious - 18 December 2024

Dec 18, 2024 | 03:32 am

Gold stabilizes around $2645 after recent selling pressures, with traders eyeing Fed policy announcements and China's renewed gold demand for future price movements.

BTC/USD Forecast: Bitcoin Surges Ahead of FOMC - 18 December 2024

Dec 18, 2024 | 03:20 am

Bitcoin climbs 1.25% amid a strong uptrend, with potential pullbacks seen as buying opportunities as traders await the FOMC's interest rate decision.

Crude Oil Technical Analysis – We remain stuck in a range

Dec 18, 2024 | 02:55 am

Fundamental OverviewThe fundamentals in the crude oil market haven’t changed much. The price action remains confined in a range between the 72.00 resistance and the 67.00 support as the market continues to weigh the future scenarios. On one hand, we have the Trump’s victory which might be seen as bearish for fear of the tariffs and a slowdown in global growth as other countries could retaliate. You can throw there also a potential increase in supply and the geopolitical risk premium easing with the Trump’s administration. On the other hand, we might have an increase in global growth expectations due to the global central bank easing, the Trump’s pro-growth policies and more recently the Chinese officials promising much more on the monetary and fiscal policy side. Crude Oil Technical Analysis – Daily TimeframeOn the daily chart, we can see that crude oil continues to trade in a range between the resistance around the 72.00 handle and the support around the 67.00 handle. The buyers will want to see the price breaking higher to increase the bullish bets into the 78.00 handle next, while the sellers will look for a break lower to extend the drop into the 63.00 price area.Crude Oil Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that price action inside the range has been a nightmare. It’s been all over the place not giving any clear technical level where to lean on. The best strategy here is to just sit on one’s hands and wait for a breakout or a strong catalyst. Crude Oil Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor support zone around the 69.20 level where the price got rejected from several times in the past weeks. This might add as kind of a barometer for the short-term sentiment with the price staying above the zone being more bullish and below being more bearish. The red lines define the average daily range for today.Upcoming CatalystsToday, we have the FOMC Policy Decision. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

TSLA stock price prediction by AI

Dec 18, 2024 | 02:55 am

Tesla (TSLA) Stock Analysis: Key Levels and AI-Assisted Price Prediction 🚀Current OverviewTesla (TSLA) stock is showing retracement strength in pre-market after initial sell-side pressure, with price approaching today’s VWAP at $468.74. While price is attempting to recover, the overall bias remains cautious as sellers dominated early sessions. Traders must closely watch Tesla’s reaction to key resistance and support levels to determine the next move.🔑 Key Price Levels to WatchSupport Zones:464.18: Immediate support where buyers have stepped in.459.64: Next lower support, where price may test bullish resolve.446.82: A major naked level and a potential target for shorts.Intraday Resistance:468.74: Today’s VWAP—a critical level to watch for bullish continuation.474.00: Today’s Point of Control (POC)—a key area where price may stabilize or face resistance.Extended Resistance Levels:479.86: Yesterday’s POC—a likely magnet if buyers regain control.481.50: Yesterday’s VAH—another major upside target for bulls.484.50: A second VWAP deviation from yesterday, a prime fakeout zone for liquidity hunts.Volumetric Stats Summary 📊Early volumetric stats reveal strong sell-side activity in the first sessions, but recent bars show buyer absorption and temporary bullish momentum near support levels. Traders should watch for:Sustained buying strength above VWAP at $468.74 to confirm the bullish case.Rejection at resistance zones like 474.00 or 479.86, which could trigger another leg down.These stats matter because they reveal where buyers and sellers are active, helping traders identify potential reversals, continuations, and liquidity traps.AI Directional Bias Score: -1 (Neutral to Slightly Bearish)Why?Sellers controlled earlier price action, but buyers have shown signs of stepping in near support.For the bearish bias to hold, price must reject VWAP and stall near 474.00 or 479.86.Trading Scenarios for TSLABullish Scenario:Price sustains above 468.74 VWAP and clears resistance at 474.00.Targets: 479.86 and 481.50 for bullish continuation.Bearish Scenario:Price rejects 468.74 or fails at 474.00, signaling renewed seller strength.Targets: 464.18, followed by 459.64 and 446.82 for a deeper test.Fakeout Alert:A rally toward 484.50 could attract liquidity and reverse quickly, creating a short-term selling opportunity.Key Takeaways for Tesla Traders 🚦VWAP at $468.74 is the immediate level to watch for bullish or bearish confirmation.Resistance at 474.00 and 479.86 offers opportunities for both short and long positions.If sellers regain control, watch for downside targets near 446.82 as a key area for long setups.⚠️ Disclaimer: This analysis is for informational purposes only. Trade responsibly and manage your risk effectively. 📊Will Tesla sustain this retracement or reverse back down? Visit ForexLive.com, keep an eye on these key levels and stay ahead of the market! 🚀 This article was written by Itai Levitan at www.forexlive.com.

USD/ILS Analysis: Near-Term Support Being Challenged Early This Week - 18 December 2024

Dec 18, 2024 | 02:28 am

Trading in the USD/ILS seems to have found a target via sellers early this week which seem to fixated on the 3.58000 vicinity, this as financial institutions have grown more tranquil and optimistic.

USD/CAD Analysis: Bullish Trend Highlights Concerns of Vulnerability - 18 December 2024

Dec 18, 2024 | 02:24 am

The USD/CAD is within sight of highs from the climatic days of coronavirus in March and April of 2020, this time around it is because financial institutions are nervous about economic ramifications via the incoming Trump White House.

Bitcoin Technical Analysis – Watch these risks for further upside

Dec 18, 2024 | 01:49 am

Fundamental OverviewBitcoin is now up more than 50% since the election day as the bullish momentum in the cryptocurrency exploded following Trump’s victory. This shouldn’t be surprising given that Trump vowed to make the US the crypto capital of the planet. Another bullish driver has been the US economy which not only has been doing well but started to re-accelerate amid the Fed’s easing and the expectations of expansionary fiscal policies like tax cuts and deregulation.For now, there’s no real top in sight as we would likely need a contractionary monetary policy or a notable slowdown in the economy, so buying the dips remains the favourite strategy. The risk in 2025 will be inflation and the Fed. If the central bank even slightly mentions the need for some tightening, then we could see some big corrections in all risk assets. The Fed today is expected to cut by 25 bps bringing the FFR to 4.25-4.50%. We will also get the updated Summary of Economic Projections (SEP) where growth and inflation should be revised upwards, and the Dot Plot will likely show two rate cuts in 2025. Fed Chair Powell should acknowledge the strength in the US data and announce a slowdown in the pace of easing. This is already priced in as the market expects just two rate cuts in 2025, with the first one coming in March at the earliest. Therefore, the market reaction will be driven by deviations from the expectations. Bitcoin Technical Analysis – Daily TimeframeOn the daily chart, we can see that Bitcoin is trading above the key 100K level. From a risk management perspective, the buyers will have a better risk to reward setup around the trendline where they will also have the 100K support for confluence. The sellers, on the other hand, will want to see the price breaking lower to extend the pullback into the 90K price area.Bitcoin Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more clearly the setup around the trendline and the 100K support zone. There’s been a pretty choppy price action in the last couple of weeks as the bullish momentum waned a bit. The catalysts to watch now are the FOMC decision today and the inflation data in the next months. We could see a knee-jerk reaction lower on a hawkish cut today even though it’s already priced in. The dip-buyers might take advantage of that to position for a rally into new highs. Bitcoin Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor support around the higher low at 103300 level. The sellers will look for a break lower to extend the pullback into the 100K support, while the buyers will want to see the price breaking above the counter-trendline to target new highs. The red lines define the average daily range for today.Upcoming CatalystsToday, we have the FOMC Policy Decision. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

GBP/JPY Daily Outlook

Dec 18, 2024 | 01:33 am

Daily Pivots: (S1) 194.57; (P) 195.23; (R1) 195.81; More… Intraday bias in GBP/JPY remains on the upside for the moment. Rise from 188.07 is seen as another rising leg in the corrective pattern from 180.00. Further rally would be seen to 199.79 resistance. On the downside, break of 192.84 support will turn intraday bias back […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

EUR/JPY Daily Outlook

Dec 18, 2024 | 01:29 am

Daily Pivots: (S1) 160.39; (P) 161.43; (R1) 162.09; More… Intraday bias in EUR/JPY stays neutral for consolidations below 162.46 temporary top. Another rise is in favor as long as 159.09 support holds. Sideway pattern from 154.40 might still be in progress with another rising leg. Break of 162.46 will target 166.67 resistance. Nevertheless, break of […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

EUR/GBP Daily Outlook

Dec 18, 2024 | 01:27 am

Daily Pivots: (S1) 0.8237; (P) 0.8266; (R1) 0.8283; More… Intraday bias in EUR/GBP stays on the downside for retesting 0.8224 support. Firm break there will resume larger down trend to 0.8201 key support. On the upside, break of 0.8326 resistance will resume the rebound to 38.2% retracement of 0.8624 to 0.8224 at 0.8377. In the […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

EUR/AUD Daily Outlook

Dec 18, 2024 | 01:24 am

Daily Pivots: (S1) 1.6504; (P) 1.6542; (R1) 1.6597; More… EUR/AUD’s rally resumed and the break of 1.6598 resistance confirms that fall from 1.7180 has completed with three waves down to 1.5963. Intraday bias is back on the upside. Further rally should be seen to retest 1.7180 high. On the downside, below 1.6485 minor support will […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

EUR/CHF Daily Outlook

Dec 18, 2024 | 01:18 am

Daily Pivots: (S1) 0.9342; (P) 0.9380; (R1) 0.9404; More…. Intraday bias in EUR/CHF is turned neutral with current retreat and some consolidations would be seen below 0.9417 temporary top. Further rally is expected as long as 0.9343 resistance turned support holds. Above 0.9417 should resume the rise from 0.9204 through 0.9444 resistance to 0.9841 fibonacci […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

EUR/USD Daily Outlook

Dec 18, 2024 | 01:13 am

Daily Pivots: (S1) 1.0469; (P) 1.0501; (R1) 1.0524; More… Intraday bias in EUR/USD remains neutral as range trading continues. Corrective pattern from 1.0330 might extend further. But outlook will stay bearish as long as 55 D EMA (now at 1.0668) holds. On the downside, below 1.0452 will bring retest of 1.0330 low. In the bigger […] The post EUR/USD Daily Outlook appeared first on Action Forex.

GBP/USD Daily Outlook

Dec 18, 2024 | 01:11 am

Daily Pivots: (S1) 1.2676; (P) 1.2703; (R1) 1.2739; More… No change in GBP/USD’s outlook and intraday bias remains neutral. On the downside, break of 1.2615 minor support will indicate that corrective recovery from 1.2486 has completed. Retest of this low should be seen next, and break will target 1.2298 cluster support zone. Nevertheless, break of […] The post GBP/USD Daily Outlook appeared first on Action Forex.

NZDUSD Technical Analysis – Awaiting the FOMC decision

Dec 18, 2024 | 01:11 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it extended into new highs. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields have continued to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. The Fed today is expected to cut by 25 bps bringing the FFR to 4.25-4.50%. We will also get the updated Summary of Economic Projections (SEP) where growth and inflation should be revised upwards, and the Dot Plot will likely show two rate cuts in 2025. Fed Chair Powell should acknowledge the strength in the US data and announce a slowdown in the pace of easing. This is already priced in as the market expects just two rate cuts in 2025, with the first one coming in March at the earliest. Therefore, the market reaction will be driven by deviations from the expectations. On the NZD side, the RBNZ cut interest rates by 50 bps as expected recently. We haven’t got any fresh New Zealand data in the meantime, but the market increased the chances for a 50 bps cut in February to 87% with a total of 108 bps of easing by the end of next year. NZDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that NZDUSD broke through the 2023 low around the 0.5773 level. There isn’t any notable support now until the 2022 low around the 0.55 handle. From a risk management perspective, the sellers will have a better risk to reward setup around the trendline to position for new lows, while the buyers will look for a break higher to start targeting the 0.6050 resistance next.NZDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have another minor downward trendline defining the current bearish momentum. The sellers will likely lean on the trendline to keep pushing into new lows, while the buyers will look for a break higher to target a bigger pullback into the major trendline. NZDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, there’s not much else we can add here as the sellers will look for a rejection from the trendline, while the buyers will look for a break to the upside. The red lines define the average daily range for today. Upcoming CatalystsToday, we have the FOMC Policy Decision. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

USD/CHF Daily Outlook

Dec 18, 2024 | 01:09 am

Daily Pivots: (S1) 0.8903; (P) 0.8939; (R1) 0.8963; More… Intraday bias in USD/CHF is turned neutral with current retreat and some consolidations would be seen below 0.8974 temporary top. Outlook will stay bullish as long as 0.8735 support holds. Break of 0.8974 will resume larger rise from 0.8374 to 61.8% projection of 0.8374 to 0.8956 […] The post USD/CHF Daily Outlook appeared first on Action Forex.

USD/JPY Daily Outlook

Dec 18, 2024 | 01:05 am

Daily Pivots: (S1) 152.99; (P) 153.66; (R1) 154.17; More… Intraday bias in USD/JPY stays neutral and more consolidations could be seen. Further rally is expected as long as 151.79 minor support holds. Above 154.47 temporary top will target a retest on 156.74 high first. Firm break there will resume whole rally from 139.57, and target […] The post USD/JPY Daily Outlook appeared first on Action Forex.

USD/CAD Daily Outlook

Dec 18, 2024 | 01:02 am

Daily Pivots: (S1) 1.4217; (P) 1.4244; (R1) 1.4272; More… Intraday bias in USD/CAD stays on the upside for the moment. Current up trend is in progress for 1.4391 projection level. On the downside, break of 1.4242 minor support will turn intraday bias neutral again first, and bring deeper pull back to channel support (now at […] The post USD/CAD Daily Outlook appeared first on Action Forex.

AUD/USD Forecast: Continues to Look Damaged – Can it Bounce? - 18 December 2024

Dec 18, 2024 | 00:51 am

The Australian dollar continues to decline, pressured by China’s slowdown and strong USD, with a potential breakdown below 0.63 signaling further losses.

ETH/USD Forecast: Ethereum Faces $4K Resistance - 18 December 2024

Dec 18, 2024 | 00:44 am

Ethereum holds near $4,000 resistance, with potential pullbacks to $3,600 seen as value plays, driven by Bitcoin’s influence and ecosystem demand.

USD/CAD Forecast: Canadian Dollar Continues to Fall Apart - 18 December 2024

Dec 18, 2024 | 00:40 am

In my daily analysis of major currency pairs, the USD/CAD continues to capture my attention as the political issues in Canada take front and center stage.

AUD/USD Daily Report

Dec 18, 2024 | 00:39 am

Daily Pivots: (S1) 0.6319; (P) 0.6349; (R1) 0.6365; More... AUD/USD’s decline resumed by breaking through 0.6336 temporary low and intraday bias is back on the downside. Current fall from 0.6941 should target 0.6269 support next. On the upside, above 0.6382 minor resistance will turn intraday bias neutral and bring consolidations again, before staging another fall. […] The post AUD/USD Daily Report appeared first on Action Forex.

EUR/GBP Forex Signal: Weakens Further - 18 December 2024

Dec 18, 2024 | 00:36 am

The euro weakens against the pound as EU economic challenges mount, with a break below 0.82 signaling a deeper decline toward 0.80.

GBP/USD Forecast: British Pound Rallies Ahead of Two Busy Days - 18 December 2024

Dec 18, 2024 | 00:35 am

During my daily analysis of major currency pairs, the GBP/USD pair has captured my attention, because the British pound has rallied to reach the 1.20 level.

USD/JPY Forecast: USD/JPY Pulls Back Before FOMC - 18 December 2024

Dec 18, 2024 | 00:30 am

USD/JPY pulls back ahead of FOMC and BoJ decisions, with traders eyeing support near 152 yen for potential bullish continuation in a volatile market.

Silver Forecast: Silver Attempting to Find a Foothold - 18 December 2024

Dec 18, 2024 | 00:29 am

During my daily analysis of the silver market, I’ve noticed that the market has reached a trend line that has been very important since the month of February.

USDJPY Technical Analysis – All eyes on the FOMC decision

Dec 18, 2024 | 00:28 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it extended into new highs. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields have continued to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. The Fed today is expected to cut by 25 bps bringing the FFR to 4.25-4.50%. We will also get the updated Summary of Economic Projections (SEP) where growth and inflation should be revised upwards, and the Dot Plot will likely show two rate cuts in 2025. Fed Chair Powell should acknowledge the strength in the US data and announce a slowdown in the pace of easing. This is already priced in as the market expects just two rate cuts in 2025, with the first one coming in March at the earliest. Therefore, the market reaction will be driven by deviations from the expectations. On the JPY side, nothing has changed fundamentally, and the market firmed up the expectations for no change at this week’s BoJ decision. Most of the USDJPY gains though have been driven by the rise in Treasury yields, so the focus now is on the FOMC decision as it will impact Treasury yields and therefore the USDJPY pair. USDJPY Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDJPY pulled back a bit from the recent high as we head into the FOMC. From a risk management perspective, the buyers will have a better risk to reward setup around the 151.90 support to position for a rally into the 160.00 handle next. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 149.40 level.USDJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price broke below the upward trendline that was defining the bullish momentum on this timeframe. This might be a signal for a deeper pullback into the 151.90 support. The sellers will likely pile in around these levels to position for a drop into the support, while the buyers will look for a rally back above the trendline to position for new highs. USDJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a counter-trendline defining the current pullback. The sellers will likely lean on this trendline to keep targeting the support, while the buyers will look for a break higher to position for new highs. The red lines define the average daily range for today. Upcoming CatalystsToday, we have the FOMC Policy Decision. Tomorrow, we have the BoJ Rate Decision and the US Jobless Claims figures. On Friday, we conclude the week with the Japanese CPI and the US PCE data.See the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.

Gold Forecast: Gold Continues to Meander Around 50 Day EMA - 18 December 2024

Dec 18, 2024 | 00:25 am

In my daily analysis of the gold market, the first thing that comes to mind is that we continue to bounce around the 50 Day EMA.

EUR/USD Forecast: Euro Continues to Grind Sideways Against Greenback - 18 December 2024

Dec 18, 2024 | 00:21 am

In my daily analysis of the EUR/USD pair, I see the same thing that I have seen for several days: the EUR/USD simply grinding sideways.

AUD/USD Forex Signal: Falling Wedge Points to a Rebound - 18 December 2024

Dec 18, 2024 | 00:15 am

The AUD/USD exchange rate continued its strong downward trend, reaching a low of 0.6340, its lowest level since November 2023.

BTC/USD Forex Signal: Bitcoin Surges, But Bearish Divergence Forms - 18 December 2024

Dec 18, 2024 | 00:08 am

The BTC/USD pair continued its strong rally, reaching an all-time high, as demand for Bitcoin surged.

EUR/USD Forex Signal: On the Cusp of a Breakdown - 18 December 2024

Dec 17, 2024 | 23:57 pm

The EUR/USD exchange rate remained in a tight range after the mixed US retail sales data and ahead of the upcoming Federal Reserve decision.

EUR/USD Forex Signal: Bullish Consolidation Basing Off $1.0480 - 18 December 2024

Dec 17, 2024 | 23:53 pm

This currency pair is in a valid long-term bearish trend but is showing increasing signs of being strongly supported at $1.0480.

GBPUSD breaks above some key MAs but not the 200 bar MA on the 4-hour chart.

Dec 17, 2024 | 12:03 pm

InThe GBPUSD started the NY session on a positive note, trading above both the 100-hour moving average (MA) and the 100-bar MA on the 4-hour chart (blue lines outlined on the price above).US Morning Session: The price initially dipped but found support near the converging 100-bar MAs (hour and 4-hour chart) at 1.2686, where buyers leaned in and pushed the pair higher.Key Resistance Levels: The upward move reached a new daily high of 1.2728, breaking above the 200-hour MA at 1.2719 and briefly entering a swing area between 1.2712 and 1.2722. However, it fell short of the 200-bar MA on the 4-hour chart, currently at 1.27348.Notably, the 200-bar MA was breached in previous weeks but failed to sustain the break, making this level a key hurdle for further bullish momentum.Looking Ahead:Fed Decision (Wednesday): The Fed is expected to cut rates by 25 basis points, but the focus will be on the outlook for 2025, where policymakers are likely to signal less easing than previously anticipated.BOE Decision (Thursday): The Bank of England is expected to leave rates unchanged and signal a similar stance of reduced easing.Key Levels to Watch:Support: The 100-hour MA and the 100-bar MA on the 4-hour chart at 1.2686.Resistance: The 200-bar MA on the 4-hour chart at 1.27348.The pair may remain range-bound between these levels as markets await clarity from central bank decisions. A sustained break above 1.27348 is needed to increase the bullish bias. This article was written by Greg Michalowski at www.forexlive.com.

The AUDUSD and NZDUSD sellers remain in control. Test support targets

Dec 17, 2024 | 08:40 am

Both the AUDUSD and the NZDUSD are trading lower and in the process testing key support targets. The video above goes through the technicals driving the pairs. Below are the key technical points outlined in the video for each pair. AUDUSD Technical Analysis:The AUDUSD is retesting a key support swing area on the daily chart between 0.6334 and 0.6363, a zone that was also tested last week.Hourly Chart Insights:Today’s high briefly traded above the falling 100-hour moving average (MA) during the early Asian session but failed to maintain momentum, leading to a downside rotation. For buyers to regain control, the price must break and hold above the 100-hour MA at 0.6370 and then work its way back above the falling 200-hour MA at 0.6389.Absent that, and the sellers are still in firm control, and the price is likely to get below the 0.6364 level and probe lower. Conclusion and Key Levels to Watch:The 200-hour MA acted as strong resistance last Thursday, capping gains and triggering a move lower.Failure to move above these levels will keep sellers firmly in control, reinforcing the bearish bias.NZDUSD Technical Analysis:The NZDUSD is testing key swing level lows on the daily chart:0.57397 (November 2022 support)0.5772 (October 27, 2023 support).The price has stalled between these levels over the past three days, with the current price sitting at 0.5757. A move below 0.57397 would open the door for further downside momentum.Hourly Chart Insights:During the Asian session, buyers attempted to regain control, pushing the price above the 100-hour moving average (MA) at 0.5779 and reaching a high of 0.5792. However, momentum faded just short of the next target at 0.5796, and the price reversed lower.Currently, the pair has fallen back below the 100-hour MA and is testing Friday’s low at 0.5752, signaling sellers are in control.Key Levels to Watch:To shift the bias higher: The price must move above and stay above the falling 100-hour MA at 0.5775. Beyond that, targets include:0.5796 (next resistance level)Falling 200-hour MA at 0.5806.To reinforce the bearish bias: A move below 0.57397 would open the door for further selling pressure.Conclusion:Sellers remain in control below the 100-hour MA, with 0.57397 as the next major downside target. Buyers need a sustained move above key resistance levels to shift momentum. This article was written by Greg Michalowski at www.forexlive.com.

Nvidia stock price prediction, AI supported

Dec 17, 2024 | 07:50 am

Updated Perspective for NVDA Stock Holders and Potential Buyers.Recent order flow data of NVDA stock suggests that the selling pressure has been more dominant than buying over the last sequence of bars. While there have been occasional positive deltas—indicating brief periods where buyers stepped in—the overall tone still skews slightly bearish. This environment may feel discouraging to current NVDA holders, as it implies that near-term price action could drift lower or remain under pressure until a stronger base of buyers confidently emerges.However, for longer-term holders or those looking to initiate a position, such periods of heightened selling can sometimes present attractive entry points—provided that one waits for signs that demand is stabilizing. In the data shown, we’ve seen that selling pressure, though persistent, has not been entirely relentless. In other words, some buyers have been active, possibly absorbing shares at lower levels and preventing a total breakdown. Still, that absorbtion seems to be temporary.NVDA stock dierctional scoring by our AI: From an orderflow perspective, heavy and persistent selling pressure tends to indicate an underlying bearish sentiment. Although there are hints of buyer interest at certain points, the larger narrative still tilts toward the sell side dominance.AI Prediction Scores (-10 to 10):-10 would mean overwhelmingly bearish with no sign of relief.0 would mean neutral, balanced buying and selling.+10 would mean overwhelmingly bullish with buyers clearly in control.Given the data, we do see that sellers have mostly controlled the flow, but there are some sporadic signs of buying support that prevent a full “crater” scenario. Therefore, the appropriate rating would lean negative, but not at the extreme end.NVDA stock score is now at: -4 This indicates a moderately bearish orderflow context. Sellers appear to hold the upper hand, but there is enough sporadic buying interest to suggest the possibility of stabilization or at least some attempts at a rebound—just not enough to shift the balance to neutral or positive.Where Might a Next Buy Zone Be (for the short term swing trader)?A logical approach would be to look for key support levels where trading volume historically clustered and where order flow patterns show reduced selling and steady or improving cumulative delta. Based on the displayed chart and given the recent environment, a potential buy zone could be near 127.00-126.50, or slightly below where recent selling pressure paused. If price trades into this region and we start to see fewer aggressive sellers hitting the bid and more stable or positive delta prints at these levels, it could mark a worthwhile spot to consider scaling into a position.Next Steps for the short term swing trader:Monitor the reaction around the 127.00-126.50 area.Look for smaller bursts of green (positive delta) that suggest buyers are stepping in more confidently.Confirm stability by watching if cumulative delta stops trending downward and begins to level off or turn positive.Remember, this is not a guarantee of a turnaround—merely an educated point of interest based on current order flow dynamics. If aggressive selling persists at these levels, remain cautious. But if signs of absorption and stability emerge, this zone could offer an improved risk/reward scenario for those seeking to build a position in NVDA.Detailed Breakdown of the Two-Attempt Strategy (Swapped Attempts):Attempt 1 of 2 for NVDA stock dip buying (The Smaller, Tighter Initial Position):Buy Orders:First buy order at approximately $127.27 (20 shares)Second buy order at approximately $122.42 (40 shares)If both orders fill, total position: 60 shares at a weighted average entry of about $124.04.Stop Loss: Around $120.69, risking roughly $3.35 per share if fully filled.Profit Target: Near $198.45Reward-to-Risk (RR): About 20:1—a high potential return versus risk.Attempt 2 of 2 of NVDA stock dip buying (The Graduated/Dollar-Cost Averaging “The Whale Method”):Buy Orders:First buy at approximately $109.85 (20 shares)Second buy at approximately $105.46 (40 shares)Third buy at approximately $101.65 (60 shares)If all three orders fill, total position: 120 shares with a weighted average entry of about $104.29.Stop Loss: Around $99.07, risking about $5.21 per share on the full position.Profit Target: About $198.14Reward-to-Risk (RR): Approximately 18:1, still highly attractive if the trade works out.Key Points:Now the initial attempt is a quicker, smaller position aimed at catching a bounce with a tighter stop and a huge RR. IT CAN ALSO BE FOR SWING TRADERS GOING FOR A SHORT TERM LONG. And if you are not one, and the trade of the 1st attempt goes your way, do consider taking partial profit along the way, since later NVDA stock can still visit lower prices.If the 1st attempt of buy zone fails, the second attempt uses the more patient DCA approach at lower prices, also with a strong RR profile.Both attempts rely on careful planning, predefined buy levels, and strict stop placements to manage risk.Adjust position sizes and risk parameters based on your own comfort and due diligence. Visit ForexLive.com for additional views. This article was written by Itai Levitan at www.forexlive.com.

EUR/USD Mid-Day Outlook

Dec 17, 2024 | 07:45 am

Daily Pivots: (S1) 1.0483; (P) 1.0504; (R1) 1.0533; More… Sideway trading continues in EUR/USD and intraday bias stays neutral. Corrective pattern from 1.0330 might extend further. But outlook will stay bearish as long as 55 D EMA (now at 1.0674) holds. On the downside, below 1.0452 will bring retest of 1.0330 low. In the bigger […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

GBP/USD Mid-Day Outlook

Dec 17, 2024 | 07:44 am

Daily Pivots: (S1) 1.2630; (P) 1.2664; (R1) 1.2719; More… Intraday bias in GBP/USD remains neutral for the moment, as range trading continues. On the downside, break of 1.2615 minor support will indicate that corrective recovery from 1.2486 has completed. Retest of this low should be seen next, and break will target 1.2298 cluster support zone. […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

USDCAD is racing higher as the sellers fail, and the buyers continue to trend higher

Dec 17, 2024 | 07:43 am

The USDCAD is breaking to new session highs, moving further away from the mid-April 2020 high at 1.4265 and approaching the early April 2020 peak at 1.4348. Buyers have maintained control since the pair bottomed at 1.3423 during the week of September 21, rallying nearly 900 pips since then.Hourly Chart Analysis:Sellers had an opportunity yesterday after testing a topside trendline connecting highs from December 9. Despite breaking below Friday’s double top at 1.4244, downside momentum stalled, and during today’s Asian session, the price rebounded above that level, signaling buyers to resume control.In North American trading, the pair has moved above a key topside trendline near 1.4285, which now acts as short-term support. Another important level is 1.4270, yesterday’s high and a corrective low during today’s early North American session.Key Takeaway:As long as the price holds above 1.4285 and 1.4270, sellers remain sidelined, and buyers are firmly in control, maintaining the bullish momentum. This article was written by Greg Michalowski at www.forexlive.com.

USD/CHF Mid-Day Outlook

Dec 17, 2024 | 07:42 am

Daily Pivots: (S1) 0.8913; (P) 0.8931; (R1) 0.8964; More… Intraday bias in USD/CHF remains on the upside at this point. Current rise from 0.8374 is in progress for 61.8% projection of 0.8374 to 0.8956 from 0.8735 at 0.9095. On the downside, below 0.8897 minor support will turn intraday bias neutral first. But near term outlook […] The post USD/CHF Mid-Day Outlook appeared first on Action Forex.

USD/JPY Mid-Day Outlook

Dec 17, 2024 | 07:40 am

Daily Pivots: (S1) 153.50; (P) 153.99; (R1) 154.65; More… Intraday bias in USD/JPY is turned neutral with current retreat and some consolidations would be seen below 154.47 temporary top. Further rally is expected as long as 151.79 minor support holds. Above 154.47 will target a retest on 156.74 high first. Firm break there will resume […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

USD/CAD Mid-Day Outlook

Dec 17, 2024 | 07:24 am

Daily Pivots: (S1) 1.4217; (P) 1.4244; (R1) 1.4272; More… Canadian Dollar edged up slightly in early US session and intraday bias remains on the upside. Current up trend should target 1.4391 projection level. On the downside, break of 1.4208 minor support will turn intraday bias neutral again first, and bring deeper pull back to channel […] The post USD/CAD Mid-Day Outlook appeared first on Action Forex.

Nvidia trades above and below 100 day MA. Key level at $128.06.

Dec 17, 2024 | 06:57 am

US major indices are lower with the Dow down for the 9th consecutive day. The Nasdaq closed at a record level yesterday but with no help from Nvidia which is now in correction mode after falling more than 10% from its all-time high reached on November 21 at $157.89. The Nvidia price gapped lower at the open, following yesterday's low of $130.42 and close at $132.00. Today, it opened at $129.09 and dropped to a low of $127.22, briefly falling below the 100-day moving average (MA) at $128.07.Currently, the price has rebounded to $128.66, with today's high reaching $129.61. Traders will be watching yesterday's low at $130.42 as a key resistance level. A move above this level could restore short-term buyer confidence. Conversely, a break back below the 100-day MA would signal further bearish pressure in the short term.On the hourly chart below, a key swing area lies between $131.26 and $132.30 (highlighted by the red numbered circles and yellow zone). A break above this range is crucial to easing short-term selling pressure and could signal a potential shift in momentum for the stock.If things start to unravel technically in the pair, the 200 day MA is currently at $115.73. THe price of Nvidia has not traded below the 200 day MA since January 2023 when the price was near $16.30. This article was written by Greg Michalowski at www.forexlive.com.

Kickstart the FX trading day with a technical look at the EURUSD, USDJPY and GBPUSD

Dec 17, 2024 | 05:19 am

The DZY index is trading up 0.9% in early US trading with mixed results. Versus the major currencies:EUR up 0.12%JPY down -0.21%GBP down -0.17%CHF up 0.29%CAD up 0.37%AUD up 0.46%NZD of 0.40%Below is a technical look to kickstart the trading day with a technical look at the EURUSD, USDJPY and GBPUSD.As the North American session begins, the stock futures for the major US stock markets are implying a lower open. For the Dow it is working on the 9th day in a row lower. The largest negative string in over 6 years. The Nasdaq index closed at a record yesterday after rising 247 points or 1.24%. The Nasdaq is down -40 points at the moment. The S&P is down -15.33 points currently after rising 22.99 points. The US debt market is showing rising yields with gains of 2 to 4 basis points across the curve. IN other markets, Crude oil is down -$1.25 or -1.77% at $69.46Gold is down -$8.17 or -0.31% at $2644.99Silver is down -$0.19 or -0.60% at $30.32Bitcoin is trading near $107,000 with a high today of $107, 809 and a low at $105,736Looking at the economic data in Europe today the data was mixed with German and EU ZEW data showing mixed results, the Ifo data in German also mixed. The UK employment data was stronger than expectations.Economic DataEU ZEW Survey Expectations (Dec): Actual 17 vs. Prev. 12.5 → BEAT expectations.German ZEW Current Conditions (Dec): Actual -93.1 vs. Est. -93.0 and Prev. -91.4 → MISSED expectations (slightly worse).German ZEW Economic Sentiment (Dec): Actual 15.7 vs. Est. 6.5 and Prev. 7.4 → BEAT expectations.German Ifo Current Conditions (Dec): Actual 85.1 vs. Est. 84.0 and Prev. 84.3 → BEAT expectations.German Ifo Expectations (Dec): Actual 84.4 vs. Est. 87.5 and Prev. 87.2 → MISSED expectations.German Ifo Business Climate (Dec): Actual 84.7 vs. Est. 85.6 and Prev. 85.7 → MISSED expectations.UK Employment Change (Oct): Actual 173k vs. Est. 2k and Prev. 219k → BEAT expectations.UK Avg Earnings (Ex-Bonus) (Oct): Actual 5.2% vs. Est. 5.0% and Prev. 4.8%, Rev. 4.9% → BEAT expectations.UK Avg Wk Earnings 3M YY (Oct): Actual 5.2% vs. Est. 4.6% and Prev. 4.3%, Rev. 4.4% → BEAT expectations.Summary:BEAT: EU ZEW Survey, German ZEW Economic Sentiment, German Ifo Current Conditions, UK Employment Change, UK Avg Earnings (Ex-Bonus), UK Avg Wk Earnings.MISSED: German ZEW Current Conditions, German Ifo Expectations, German Ifo Business Climate.Cerntral bank comments from the ECB were mixed as well. Central Bank Comments.ECB's Kazimir says inflation risks are well balancedECB's Rehn says monetary policy will cease to be restrictive in later winter/early spring 2025 (between January and June 2025).ECB's Rehn says rate cuts will depend on incoming data; inflation in the Euro area stabilizing at ECB's 2% target. Looking at the US calendar today:US retail sales is expected to rise by 0.5% versus 0.4% last month. Ex autos is expected 0.4% versus 0.1%, and the control group is expected 0.4% versus -0.1% last month. Canada CPI inflation is expected 0.1% versus 0.4%. YoY is expected at 2.0% versus 2.0% last month with the median 2.4% versus 2.5% last month and the Trim 2.5% vs 2.6% last month US industrial production is expected 0.3% versus -0.3% last month and capacity utilization expected 77.3% versus 77.1% last month. US business inventories are expected at 0.1% versus 0.1% last month. NAHB housing market index is expected of 47 versus 46 last monthThe US treasury will auction off 20 or bonds at 1 PM ET.Tomorrow the Federal Reserve will announce its interest-rate decision with expectations of a cut of 25 basis points This article was written by Greg Michalowski at www.forexlive.com.

AUDUSD Technical Analysis – The greenback remains supported into the FOMC

Dec 17, 2024 | 04:24 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it’s been having the upper hand. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields continue to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. On the AUD side, the RBA kept the cash rate unchanged at the last policy decision but toned down further its language as we slowly move towards the first rate cut in 2025. The Australian labour market report recently came out much better than expected which decreased the probabilities for the first cut in February to 64%. The first cut is fully priced in for April. AUDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that AUDUSD is challenging the 2024 lows around the 0.6340 level. The sellers will likely keep on piling in around these levels to extend the drop into the 0.6267 level next. The buyers, on the other hand, will need a break above the trendline to regain control and start targeting the 0.65 handle next.AUDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that from a risk management perspective, the sellers will have a better risk to reward setup around the major trendline. The buyers, on the other hand, will likely step in around the 2024 lows to position for a pullback into the trendline and target a break above it.AUDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor resistance zone around the 0.6380 level where the price got rejected from several times in the past days. The sellers will likely lean on that resistance to position for new lows, while the buyers will look for a break higher to increase the bullish bets into the major trendline. The red lines define the average daily range for today. Upcoming CatalystsToday, we get the US Retail Sales data. Tomorrow, we have the FOMC Policy Decision. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

USD/BRL Analysis: Return to Apex Levels as Buying Action Stays Strong

Dec 17, 2024 | 03:33 am

After attaining a low of nearly 5.8750 last Thursday, the USD/BRL has provided upwards momentum and yesterday’s highs broke new records as trading closed around the 6.1479 ratio by the end of the day.

Gold Analysis: Continued Upward Trend Possible

Dec 17, 2024 | 03:24 am

Gold prices remain steady near $2,651, with upward momentum targeting $2,700 as central banks ease policies and geopolitical tensions sustain demand for safe-haven assets.

EUR/USD Analysis: Stagnant Downward Trend Ahead of Key Events

Dec 17, 2024 | 03:19 am

EUR/USD continues its downward trend below 1.05, weighed by Eurozone economic struggles and ECB policy, with support targets at 1.0420 and 1.0300.

USD/ZAR Analysis: Early Morning Jump Upwards Sets Tone for Tomorrow

Dec 17, 2024 | 02:30 am

In early morning trading the USD/ZAR has jumped to within sight of important near-term resistance levels.

GBP/USD Forex Signal: Cable Roars Higher in Early Trading

Dec 17, 2024 | 02:15 am

The British pound has been very strong in the early hours of Thursday, as the market continues to see a lot of volatility.

USDCAD Technical Analysis – A look at the chart ahead of the Canadian CPI

Dec 17, 2024 | 02:14 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it’s been having the upper hand. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields continue to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. On the CAD side, the BoC recently dropped the line saying “if the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further", which suggests that we reached the peak in "dovishness" and the central bank will now switch to 25 bps cuts and will slow the pace of easing.The market now expects two 25 bps cuts by the end of 2025 with the first cut fully priced in for March. USDCAD Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCAD keeps making new highs amid a strong rise in Treasury yields. From a risk management perspective, the buyers will have a better risk to reward setup around the trendline to position for new highs. The sellers, on the other hand, will want to see the price breaking lower to regain control and start targeting new lows. USDCAD 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 keep on leaning on the trendline to position for new highs, while the sellers will look for a break lower to extend a potential pullback into the major trendline.USDCAD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, there’s not much else we can add here as the buyers will look for a bounce on the trendline, while the sellers will aim for a break lower. The red lines define the average daily range for today.Upcoming CatalystsToday, we get the Canadian CPI report and the US Retail Sales data. Tomorrow, we have the FOMC Policy Decision. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the Canadian Retail Sales and the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

ETH/USD Forecast: Breaks $4K Barrier

Dec 17, 2024 | 02:03 am

Ethereum rallies above $4,000, gaining momentum from Bitcoin’s breakout, with technical targets set toward the all-time high near $4,800.

GBP/JPY Daily Outlook

Dec 17, 2024 | 01:41 am

Daily Pivots: (S1) 194.18; (P) 195.03; (R1) 196.41; More… GBP/JPY’s rebound from 188.07 resumed by breaking through 194.98 and intraday bias is back on the upside. Corrective pattern from 180.00 could be extending with another rising level. Further rise should be seen to 199.79 resistance. On the downside, break of 192.84 minor support will turn […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

EUR/JPY Daily Outlook

Dec 17, 2024 | 01:39 am

Daily Pivots: (S1) 161.40; (P) 161.80; (R1) 162.47; More… Intraday bias in EUR/JPY is turned neutral first with current retreat. Another rise is in favor as long as 159.09 support holds. Sideway pattern from 154.40 might still be in progress with another rising leg. Break of 162.46 will target 166.67 resistance. Nevertheless, break of 159.09 […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

BTC/USD Forecast: Bitcoin Surges Toward New Highs

Dec 17, 2024 | 01:37 am

Bitcoin rallies toward $110,000, supported by institutional interest and ETF momentum, with $90,000 serving as a strong floor for buy-on-dip opportunities.

EUR/GBP Daily Outlook

Dec 17, 2024 | 01:34 am

Daily Pivots: (S1) 0.8265; (P) 0.8296; (R1) 0.8320; More… EUR/GBP’s deep decline today and break of 0.8290 minor support turned intraday bias back to the downside for retesting 0.8224. Firm break there will resume larger down trend to 0.8201 key support. On the upside, break of 0.8326 resistance will resume the rebound to 38.2% retracement […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

NASDAQ 100 Forecast: Continues to Power Higher

Dec 17, 2024 | 01:33 am

During my daily analysis of the US indices, the NASDAQ 100 of course continues to shine when it comes to the sector of assets.

GBPUSD Technical Analysis – FOMC and BoE in focus

Dec 17, 2024 | 01:32 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it’s been having the upper hand. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields continue to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. On the GBP side, the UK employment report today came in better than expected, especially on the wage growth side which strengthened the probabilities for the BoE to remain on hold this week and decreased the chances for three rate cuts in 2025. GBPUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that GBPUSD failed to extend the rally after breaking above the downward trendline and sold off all the way back to the major upward trendline. This is where the buyers are stepping in to position for a rally into new highs, while the sellers will look for a break below the major trendline to target a drop into the 1.23 handle next.GBPUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have a strong zone around the 1.2715 level where the price reacted from several times in the past weeks. The sellers will likely lean on it to position for a break below the major trendline, while the buyers will look for a break higher to target new highs.GBPUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor upward trendline defining the current bullish momentum on this timeframe. The buyers will likely keep on leaning on it to position for the break above the 1.2715 zone, while the sellers will look for a break lower to increase the bearish bets into the major trendline. The red lines define the average daily range for today.Upcoming CatalystsToday, we get the US Retail Sales data. Tomorrow, we have the UK CPI report and the FOMC Policy Decision. On Thursday, we have the BoE Policy Decision and the US Jobless Claims figures. On Friday, we conclude the week with the UK Retail Sales and the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

USD/JPY Forecast: Continues to Rally

Dec 17, 2024 | 01:31 am

USD/JPY extends gains above 154 yen, with traders eyeing central bank statements and further upside toward 156.75 amid continued dollar strength.

EUR/AUD Daily Outlook

Dec 17, 2024 | 01:31 am

Daily Pivots: (S1) 1.6476; (P) 1.6503; (R1) 1.6529; More… Range trading continues in EUR/AUD and intraday bias remains neutral. On the upside, decisive break of 1.6598 resistance should confirm that whole fall from 1.7180 has complete with three waves down to 1.5963. Further rise should then be seen to retest 1.7180 next. Nevertheless, sustained break […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

Silver Forecast: Silver Sits at a Significant Trendline

Dec 17, 2024 | 01:28 am

In my daily analysis of the commodity markets, the silver market has captured my attention as we are sitting just above a major trend line.

Gold Forecast: Gold Trying to Find its Footing

Dec 17, 2024 | 01:21 am

During the course of my daily analysis of commodities on Monday, it’s important to notice that the gold market continues to be supported in the same area.

USD/CHF Forecast: Theatens a Move Higher

Dec 17, 2024 | 01:20 am

The USD/CHF pair pushes toward 0.8950 resistance, with bullish momentum fueled by technical signals and rate differentials favoring further upside.

EURUSD Technical Analysis – Eyes on the FOMC decision

Dec 17, 2024 | 00:56 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it’s been having the upper hand. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields continue to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. On the EUR side, the ECB cut interest rates by 25 bps as expected. The central bank removed the line saying it will keep policy rates sufficiently restrictive for as long as necessary which the market took as a signal that they are not in restrictive zone anymore and can slow the pace of rate cuts as they approach the neutral rate. EURUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that EURUSD continues to consolidate between the 1.0610 resistance and the 1.0450 support. From a risk management perspective, the sellers will have a better risk to reward setup around the trendline to position for a drop into new lows. The buyers, on the other hand, will want to see a break above the trendline to increase the bullish bets into the 1.09 handle next. EURUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more clearly the rangebound price action that’s been going on for a month as the market reached the peak in the repricing of rate cuts for the Fed. We have an interesting zone around the 1.0550 level that’s been acting as kind of a barometer with the price above it being more bullish and below it being more bearish. Overall, we continue to trade in this 150-pips range and we will likely need a strong catalyst to get out of it. EURUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, there’s not much else we can add here and the buyers will want to see the price breaking above the 1.0550 zone to target a break above the trendline, while the sellers will look for a break below the 1.0450 support to pile in for new lows. The red lines define the average daily range for today. Upcoming CatalystsToday, we get the US Retail Sales data. Tomorrow, we have the FOMC Policy Decision. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Gold Technical Analysis – The rise in real yields is weighing on the market

Dec 17, 2024 | 00:08 am

Fundamental OverviewGold dropped back inside the previous range following some hotter than expected US inflation figures. In the bigger picture, the market’s pricing remains largely unchanged around three rate cuts by the end of 2025 but the rise in real yields is weighing on the market due to stronger growth and stickier inflation expectations. Moreover, tomorrow we have the FOMC decision and although the central bank will likely match the market’s pricing, we could have an overall hawkish event. The market participants might want to err on the defensive side going into the event which could limit the upside in gold.Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that gold dropped all the way back to the previous consolidation levels. We have now a bigger range between the 2721 resistance and the 2600 support. The market participants will likely continue to play the range until we get a breakout on either side. Gold Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price is now consolidating below the resistance of the previous range. This is where we can expect the sellers to step in with a defined risk above the resistance to position for a drop into the 2600 support. The buyers, on the other hand, will want to see the price breaking higher to position for a rally back into the 2721 resistance. Gold Technical Analysis – 1 hour TimeframeOn the 1 hour chart, there’s not much else we can add here as the sellers will look for a drop from these levels, while the buyers will look for a break to the upside to target the next resistance. The red lines define the average daily range for today. Upcoming CatalystsToday, we get the US Retail Sales data. Tomorrow, we have the FOMC Policy Decision. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data.See the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.

The USDCAD briefly trades above April 2020 high at 1.4264 but reverses

Dec 16, 2024 | 12:39 pm

The USDCAD has moved lower after failing to sustain a break higher earlier today. Technically, the pair briefly pushed above the April 19, 2020 high at 1.4264, reaching a session high of 1.4270, but momentum quickly faded. The price rotated back below last week’s high at 1.4244 (Friday) and extended to a corrective low of 1.4222 before bouncing back higher.The pair is now retesting Friday’s high at 1.4244—a critical level where sellers need to step in to cap the upside and attempt to regain control. The risk for sellers remains limited at this level, but the question is whether they can generate enough momentum to push the pair lower.If sellers succeed, the next key downside target comes in at the 1.4194 to 1.4200 zone. A break below this area would further strengthen seller confidence and signal a shift in control.Adam in his post, paints the political turmoil potentially leading to a RISE in the CAD (lower USDCAD). See his post here...Adam wrote:I tend to think it's all upside risks for the Canadian dollar here (downside for USD/CAD) because if an election is called, the outcome is a foregone conclusion and the market would like to see some change.Technically, the best case would be to hold here near the 1.4244 level. A more conservative technical ceiling woulld be to stay below 1.4264. This article was written by Greg Michalowski at www.forexlive.com.

NZDUSD buyers try to shift the short term bias higher. What next?

Dec 16, 2024 | 11:16 am

THe NZDUSD has seen up and down and up again price action today. The most recent move higher has seen the pair extend back above the high of a swing area floor on the daily chart at 0.5772 and also briefly above the 100-hour MA at 0.5780. Buyers are trying to make a play BUT they need to get and stay above the 100 bar MA to give the buyers more confidence. That is the bare minimum if the buyers are to take back some comfort.. ON a move higher the next target would be at 0.57964 and then the falling 200 hour MA at 0.5814. If the price cannot get above those levels, the sellers are still in play. This article was written by Greg Michalowski at www.forexlive.com.

GBPUSD and EURUSD move higher, but there is work to do to tilt the bias more to the upside

Dec 16, 2024 | 09:58 am

The GBP/USD and EUR/USD are both trading higher on the day, with GBP/USD outperforming. The GBP/USD is currently up by 0.52%, trading at 1.2618 after testing a low of 1.2615 earlier. Meanwhile, the EUR/USD is up by just 0.05%, recovering from its low of 1.0475 and currently trading at 1.0510.GBP/USD AnalysisThe GBP/USD has broken above key technical levels, including the swing area at 1.2659–1.2670 and the 100-bar moving average on the 4-hour chart, now at 1.2676. On the upside, the next hurdles include:The broken 38.2% retracement and the 100-hour moving average near 1.2700.The 200-hour moving average, which comes in at 1.2720.A sustained break above these levels would strengthen the bullish case and give buyers greater control moving forward.EUR/USD AnalysisFor EUR/USD, the pair has climbed above the 100-hour moving average at 1.0500 and the 100-bar moving average at 1.0518, but remains below the key 200-hour moving average at 1.0525. This level has been tested seven times since last Tuesday, with sellers defending it each time.A break above 1.0525 could open the door for further upside, targeting the 38.2% retracement of the November trading range at 1.0563.On the downside, failure to hold above the moving averages could see the pair retesting the lows near 1.0475.OutlookFor GBP/USD, buyers will look to maintain momentum above 1.2676, with a break above 1.2720 signaling further strength.For EUR/USD, the key battle remains at the 200-hour moving average. A decisive move above this level could bring buyers back into control, while failure to clear it may lead to renewed selling pressure.Traders should monitor these critical levels to gauge momentum and market bias for the remainder of the day. This article was written by Greg Michalowski at www.forexlive.com.

AUDUSD sellers remain in firm control.What would turn that sellers control around?

Dec 16, 2024 | 07:40 am

Summary📉 AUD/USD Support and Resistance Levels: The AUDUSD pair retested key support levels between 0.6334 and 0.6363 last week and bounced. Today, the price returned to that area on the daily chart. If the price can break below the low of that swing area, it opens the door for more selling with 0.62698 to 0.6294 the next target swing area (from the daily chart) . Failure to hold above these levels could open the door to 0.626, a major downside target. 🟦 Indicators to Watch: For buyers to regain control, breaking above the 100-hour moving average (0.63738) is essential, followed by a sustained move above the 200-hour moving average (at 0.63985).Failure to get above those levels are the miniumum for the buyers to take back control from the sellers🔑 Sellers Dominance: Current price trends and failure to hold above moving averages indicate sellers remain firmly in control.Insights Based on Numbers🔢 Critical Support: 0.6334 is a pivotal level; breaking below this could lead to further selling pressure toward the 2023 low.🔢 Key Moving Averages: Buyers must surpass the 100-hour MA (0.63738) and then the 200-hour MA to indicate bullish momentum. This article was written by Greg Michalowski at www.forexlive.com.

USDCAD stretches higher and is testing a swing high target from 2020

Dec 16, 2024 | 06:59 am

The USDCAD is pushing higher, testing levels not seen since April 2020 at 1.4264. A break above this key resistance would open the door to the next target near the March 8, 2020 high at 1.4348.Since late September, the USDCAD has been trending steadily upward, starting from around 1.3425—a significant move that reinforces the adage: "the trend is your friend." In strong trends like this, it’s critical to identify levels that need to be broken on the downside to signal that sellers are starting to regain control. Without those breaks, sellers are simply not winning, and the buyers remain firmly in control of the market.In this video, I analyze the key technical levels that sellers must breach—and hold—to gain even the slightest confidence. If these levels fail to break, the bullish trend remains intact, and buyers will continue to dominate the price action. This article was written by Greg Michalowski at www.forexlive.com.

A technical look at the major 3 indices to start the new trading week

Dec 16, 2024 | 05:33 am

As the North American session begins, the US futures for the US stock indices are trading higher after a mixed result last week. US yields are starting lower by about 2 to 3 basis points after 10 year yields moved up by 25 basis points last week. The USD is mixed to start the new week with the greenback higher by 0.27% vs the JPY, but down -0.22% vs the GBP. The DXY is trading above and below 0.0% on the day. In the European market, the Flash PMI manufacturing and services PMI came in mixed with Manufacturing indices missing expectations but Services indices beating expectations. French Flash Manufacturing PMI (EUR): Actual: 41.9 | Forecast: 43.2 | Previous: 43.1 | MISSEDFrench Flash Services PMI (EUR): Actual: 48.2 | Forecast: 46.9 | Previous: 46.9 | BEATGerman Flash Manufacturing PMI (EUR): Actual: 42.5 | Forecast: 43.1 | Previous: 43.0 | MISSEDGerman Flash Services PMI (EUR): Actual: 51.0 | Forecast: 49.5 | Previous: 49.3 | BEATFlash Manufacturing PMI (GBP): Actual: 47.3 | Forecast: 48.4 | Previous: 48.0 | MISSEDFlash Services PMI (GBP): Actual: 51.4 | Forecast: 50.9 | Previous: 50.8 | BEATOn the economic calendar US flash PMI will be releases along with Canada Housing starts and NY manufacturing data for the month of December. House Starts, Annualized (Canada, Nov): Estimate: 245.1k | Prior: 240.8kNY Fed Manufacturing (US, Dec): Estimate: 10.0 | Prior: 31.2S&P Global Manufacturing PMI Flash (US, Dec): Estimate: 49.8 | Prior: 49.7S&P Global Services PMI Flash (US, Dec): Estimate: 55.7 | Prior: 56.1S&P Global Composite PMI Flash (US, Dec): Estimate: - | Prior: 54.9This week, the Fed will announce their rate decision on Wednesday with the expectation for a 25 basis point cut (its third in a row). Over the weekend WSJ TImiraos said that although "investors expect a third in a row rate cut", that officials of the Fed are also ready to slow or even stop, lowering rates after that. The ECB cut rates last week by 25 bps. Today ECBs Lagarde said "The ECB is moving through the monetary policy cycle and the darkest days are not behind us. However, she also said that more rate cuts are to come and the direction of travel is clear. The EURUSD is trading little changed with the high today stalling near topside MA resistance holding once again at the 200 hour MA (green line on the chart below). The Bank of England will meet this week with no change expected on Thursday. The GBPUSD is higher today (GBP higher/USD lower). The Bank of Japan is also meeting and no change is expected. The run to the upside is continuing today for that currency pair (USD higher and JPY lower). Below is a video, outlining the technicals in play for the three major currency pairs - the EURUSD, GBPUSD and USDJPY. This article was written by Greg Michalowski at www.forexlive.com.

USDCHF Technical Analysis – SNB’s larger cut weighs on the CHF

Dec 16, 2024 | 02:23 am

Fundamental OverviewThe USD continues to consolidate around the highs except against the commodity currencies where it extended into new highs. The US inflation data last week was once again a disappointment although the data that feeds into the Core PCE was overall benign as forecasters expect a 0.13% M/M increase. Nonetheless, the Treasury yields continue to climb and are now back around the post-US election highs. There’s some understandable uneasiness in the bond market given the hot US data and the Fed continuing to cut into an accelerating economy. On the CHF side, the SNB cut interest rates by 50 bps bringing the policy rate to 0.50% and dropped the language signalling further cuts in the coming quarters. This suggests that the central bank will likely slow the pace of easing which is something that the market was already expecting with two 25 bps cuts priced in for next year. SNB’s Chairman Schlegel was a bit more cautious on the negative rates policy but didn’t exclude it from their strategy if it’s needed to stop the appreciation in the Swiss Franc. USDCHF Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCHF reversed the fall and rallied back above the major trendline leaving behind a fakeout. The buyers are back in control and will keep on targeting the 0.9050 level. The sellers, on the other hand, will want to see the price breaking below the trendline to start targeting new lows. USDCHF Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have another minor upward trendline defining the current bullish momentum on this timeframe. The buyers will likely keep on leaning on it with a defined risk below it to position for new highs, while the sellers will look for a break lower to pile in for a chance to break below the major trendline and extend into new lows. USDCHF Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor counter-trendline defining the current pullback. More aggressive buyers will likely pile in on a break to target new highs, while the sellers should lean on it to keep targeting the break below the major trendline. The red lines define the average daily range for today.Upcoming CatalystsToday, we have the US Flash PMIs. Tomorrow, we get the US Retail Sales data. On Wednesday, we have the FOMC Policy Decision. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.

TRADING RESOURCES

Forex Analysis, Reviews, Signals and Forecasts

The Latest Forex Analysis and Reviews: The Ultimate Resource for Technical and Fundamental Analysis, Forex Signals, and Forex Forecasts.

Comments