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Weekly Recap – The GBPUSD is nearing the triangle resistance

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With the broad based negative USD reaction following the FOMC meeting and press conference, the risk is that the Cable may break higher towards the 1.4062 127% Fibonacci extension if we can penetrate the symmetrical triangle resistance at 1.3970. RSI is mid range but should follow price higher on a breakout.

USDJPY bounced back to the 38% Fibonacci retracement

The USDJPY has bounced alongside the 10yr yield today, which (on the surface) looks bullish as the pair came out of a descending channel which has kept the pair under pressure since the beginning of the month. However, one of the things that may have been overlooked in today’s rally is the long term trend line that was broken in march of this year. It was a 6yr trend line from mid 2015, and we broke back below it this month. We are back testing this trend line again, which means between the 108.80-109.21 level could offer some strong resistance on rallies, especially a day ahead of the FOMC decision.

Crude is building a triangle

Crude oil is building a symmetrical candle near term with support at the $59.75 level and resistance at the 61.8% Fibonacci retracement at the $64.03 level. A breach of either level should set the pace for the coming weeks. RSI is mid range awaiting a breakout. In the event that we break lower below the $59.75 level, dips back to the $55 level, or 38% retracement would support. Resistance would be at the $68.00 level on a bullish breakout.

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