The incredible bull run just shows no sign of stopping. In fact in the past 24 hours the bulls have had renewed vigour and the rate is accelerating higher. The 161.8% Fibonacci projection target at 119.07, which is derived by the rally of 101.49 to 110.08 measured from 105.18, is now seemingly just a matter of time. The momentum indicators remain incredibly strong, albeit stretched. There is little that can be levied against the bulls at the moment with momentum so strong. At some stage there will be a time for profit-taking but in times like these, with such little resistance to hold it is difficult to do much other than back the run. Initial support in the run comes in at 117.53 and 117.00.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended Content


Recommended Content

Editors’ Picks

USD/JPY flat-lines below 151.50 after soft Japanese CPI data

USD/JPY flat-lines below 151.50 after soft Japanese CPI data

USD/JPY stays defensive below 151.50 after the release of a soft Japan's CPI report and mixed Industrial Production and Retail Sales data on Friday. Japanese verbal intervention also weighs on the pair amid the holiday-thinned conditions on Good Friday. US PCE inflation awaited. 

USD/JPY News

AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull

AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull

AUD/USD is trading listlessly above 0.6500 in the Asian session amid light trading on Good Friday. The Aussie pair shrugs off encouraging comments from China's FX regulator, as price action remains subdued ahead of the US PCE inflation data. 

AUD/USD News

Gold flirts with record highs above $2,230, all eyes on US PCE data

Gold flirts with record highs above $2,230, all eyes on US PCE data

Gold price flirts with record highs around $2,230 during the Asian session on Friday. The uptick of yellow metal is bolstered by the safe-haven flows amidst growing economic concerns and the prospect of interest rate cuts from the US Federal Reserve.

Gold News

Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets

Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets

Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.

Read more

Will they won’t they cut rates is the question of Q2?

Will they won’t they cut rates is the question of Q2?

There has been some significant push back from Fed and Bank of England members around the timing of rate cuts, and the Bank of Japan still haven’t physically intervened in the FX market to stem yen weakness although they are threatening to do so.

Read more

Majors

Cryptocurrencies

Signatures