USDJPY is ranked at a +5 buy on the EdgeFinder going into this week. Despite recent price consolidation, the pair is maintaining the same buy score. Retail remains mixed on UJ, however smart money is still largely bullish USD. If retail switches from mixed to Yen-leaning, we could see a strong buy score from the EdgeFinder.
The pair is up +0.21% on the day as stocks and the dollar index dipped. Yen weakness persists across the board as a trend to JPY bearishness continues. April is historically the most bullish month for UJ in the first half of the year on the 10-year average.
The pair is up +0.21% on the day as stocks and the dollar index dipped. Yen weakness persists across the board as a trend to JPY bearishness continues. April is historically the most bullish month for UJ in the first half of the year on the 10-year average.
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Eivindfx shares his recent #EURNZD trade live! 😎👊
EURJPY is also one of the EdgeFinder's strongest buys currently. At a +5, the pair has seen a steep run to the upside within the past month of trading. Price came up to retest the highs around 148.430s before pulling back. Upward momentum does look strong enough to continue the trend, so any pullback opportunity looks promising for this pair.
Support lies around 147.800 and the rising trend line in the low 147s. EUR business climate rose this morning slightly higher than expected. German and Spanish CPI comes out this Friday which is expected to come in hotter than the previous number. If we see actual come in higher than the forecasts, it may spark some bearishness on the pair. However, if expectations are met, the trend may likely continue.
Support lies around 147.800 and the rising trend line in the low 147s. EUR business climate rose this morning slightly higher than expected. German and Spanish CPI comes out this Friday which is expected to come in hotter than the previous number. If we see actual come in higher than the forecasts, it may spark some bearishness on the pair. However, if expectations are met, the trend may likely continue.
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The Kiwi remains bearish on the EdgeFinder readings. This pair is now a -5 sell as we wrap up this trading month. We are expected to see a serious decline in performance in some of the most bearish months of the year. On the 10 and 5-year averages, seasonality points to a lower move.
Smart Money is getting increasingly bullish on the Swiss Franc while retail is 98% long this pair. COT is one of the only metrics that read in NZD's favor. Should institutional sentiment flip on Swiss, we'd be looking at a strong sell.
Smart Money is getting increasingly bullish on the Swiss Franc while retail is 98% long this pair. COT is one of the only metrics that read in NZD's favor. Should institutional sentiment flip on Swiss, we'd be looking at a strong sell.
$Gold / #XAUUSD update -
Price continues to range between $1975 & $2010.
I'm interested in a retest buy if we're able to take out the highs, especially if Thursday's advanced GDP numbers show further signs of a slowing economy.
Price continues to range between $1975 & $2010.
I'm interested in a retest buy if we're able to take out the highs, especially if Thursday's advanced GDP numbers show further signs of a slowing economy.
EUR/JPY Analysis
Euro-Yen sells off today after the German business climate came in higher than expected. The pair has fallen to a significant level of support on the 4H on a steep trend line. Price is still in an uptrend, but is under selling pressure with the US stock market. If price cannot catch a bounce on the trend line, it can also find support a little lower around 146.4s.
Euro-Yen sells off today after the German business climate came in higher than expected. The pair has fallen to a significant level of support on the 4H on a steep trend line. Price is still in an uptrend, but is under selling pressure with the US stock market. If price cannot catch a bounce on the trend line, it can also find support a little lower around 146.4s.
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Gold Analysis
Recent market behavior suggests that the metal is running out of steam in the short run. Lower highs and lows on the day form on the 1D timeframe suggest a move lower towards support near $1960s. In the longer term however, price could come down to the $1890-1900s level where there is a rising trend line which price has respected.
Recent market behavior suggests that the metal is running out of steam in the short run. Lower highs and lows on the day form on the 1D timeframe suggest a move lower towards support near $1960s. In the longer term however, price could come down to the $1890-1900s level where there is a rising trend line which price has respected.
SPX500 Analysis
A shoulder and head have formed on the 1D timeframe on the S&P. Today, big tech earnings is coming out which has investors shaky. US consumer confidence came out lower than expected this morning, but the number of home sales rose. Price is still ranging, and recent behavior shows a channel within a channel. Price hasn’t completed its move to the top of the channel, but it might not be able to
A shoulder and head have formed on the 1D timeframe on the S&P. Today, big tech earnings is coming out which has investors shaky. US consumer confidence came out lower than expected this morning, but the number of home sales rose. Price is still ranging, and recent behavior shows a channel within a channel. Price hasn’t completed its move to the top of the channel, but it might not be able to
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Nick and Frank on Gold, Stocks, & Bonds "oh my!" 😱💰📈
Trading results this year from head trader, TraderNick! 🤩
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Now, USDCAD is a +6 strong buy rating on the EdgeFinder. The pair is coming out of one of its worst months of the year on a ten year average. May is historically not a positive month either, but price has been able to pair losses from this month, up 1.40% in April. The crowd is largely short this pair, who are trying to trade against the trend. However, price continues to push higher.
UC is near its mid term target of 1.36459 and appears to want to complete its move to the falling trend line. Although USD showed recent weakness, Canada’s loonie is under tremendous pressure as we near lower-than-expected GDP news this Friday. The trend projection shows a steady growth for the next seven days, and COT remains bullish in USD’s favor.
UC is near its mid term target of 1.36459 and appears to want to complete its move to the falling trend line. Although USD showed recent weakness, Canada’s loonie is under tremendous pressure as we near lower-than-expected GDP news this Friday. The trend projection shows a steady growth for the next seven days, and COT remains bullish in USD’s favor.