Slobodan Drvenica
Windsor Brokers
Repeated rejections at daily Ichimoku cloud top at $1343, shaped in triple long-legged Dojis, resulted in sharp acceleration lower. Long red candle was left yesterday, marking the biggest daily fall in nearly one month. Weakness extended today to fresh one-week low at $1322 that marks between 50% and 61.8% retracement of $1306/$1343 rally and increases downside pressure.
Daily MA’s are establishing in bearish setup, Slow Stochastic reversed from overbought zone and showing room for further bearish extension.
Broken Kijun-sen line at 1327 is now reverted to initial resistance, ahead of Monday’s low at $1332.
The price still hesitates to clearly break cracked Tenkan-sen line at 1324, with close below here, needed to signal bearish extension towards $1320 (Fibo 61.8% of $1306/$1343 rally), loss of which will confirm bearish stance and open $1315 (Fibo 76.4%) and $1312 (base of thick daily cloud).
Res: 1327; 1332; 1339; 1341
Sup: 1322; 1320; 1315; 1312
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 during the early Monday. The softer US Dollar provides some support to the major pair. Traders await the HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone, along with the Eurozone PPI.
GBP/USD rises to near 1.2550 due to dovish sentiment surrounding Fed
GBP/USD continues its winning streak for the fourth consecutive day, trading around 1.2550 during the Asian trading hours on Monday. The appreciation of the pair could be attributed to the recalibrated expectations for the Fed's interest rate cuts in 2024 following the release of lower-than-expected US jobs data.
Gold price rebounds on downbeat NFP data, softer US Dollar
Gold price snaps the two-day losing streak during the Asian session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Federal Reserve. This, in turn, has dragged the US Dollar lower and lifted the USD-denominated gold.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.