Three great setups with Gold and Yen [Video]

Tomasz Wisniewski Axiory Global Ltd.

Risk ON mode is back on the market. Prices of riskier assets are climbing up and safe heavens are drowning. This can especially be seen on gold, when Friday was one of the worst days in the past few weeks. In the long-term, gold is still on the positive side of the market though. The price is locked inside of the wedge formation, which is promoting the breakout to the upside. Especially as long as we stay above the major support on the 1380 USD/oz. In the shorter term, situation here is negative. The price bounced from the 1480 USD/oz resistance and went lower. We are also inside of the smaller flag formation, which is promoting the breakout to the downside. We can conclude it this way: as long as we are inside of the wedge pattern, the sentiment is negative but the breakout to the upside, will bring us a long-term buy signal.

Second instrument is GBPJPY, where the price broke the upper line of the rectangle, giving us a nice buy signal. This sentiment is additionally strengthened by the bullish wedge formation, from the first days of December. Recently, GBPJPY is very respectful towards the technical patterns, we had this wedge and the rectangle but also a beautiful flag in September and October, which resulted with a new bullish wave.

Now USDJPY, which starts this week on the back foot. The attack on the 109 resistance was unsuccessful and the price reversed creating a triple top formation. We can consider it also as a false breakout and both patterns are promoting a further slide. Chances for a bigger drop here are currently very high.

Author

Tomasz Wisniewski

Axiory Global Ltd.

Tomasz was born in Warsaw, Poland on 25th October, 1985.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.