the daily chartist

Yen still inside the uptrend

published 1 year ago
USD/JPY Daily

 The Yen continues to go weaker against the USD as the Buck gathers more strength in the past few days. Overall the price is still in an uptrend, as there were several attempts for the price to break out the line of the trend near 110.761 handle, but it failed as it turned out to be more resistant than expected and higher demand emerged for the Buck. USD caught a big bid yesterday, making 88 pips movement. If momentum continues we may see another attempt to test 112 again and beyond. Currently, CCI is reversing to a Bullish territory again and STOCH is making a Bullish cross as well on the oversold territory. 

Bitcoin in corrective mode

published 1 year ago
BTC/USD Daily

 Bitcoin has successfully breached the big triangle formation after playing out a Head and Shoulders formation inside the triangle itself. The target of the HS has been reached and the now price is moving down as a corrective move to test the top line of the triangle so that market participants can find evidence and determination that everyone sees the same thing and are in harmony to pump the price higher. With the initial breach, the price has found a supply zone at 8543 which pressured the price. That and profit-taking from the HS asked the price lower. Now as it is under $8000 (again) it will put some psychological pressure on the market players as well and it will be crucial if the bulls can push again the price above the level and continue trading out the triangle in an upward direction. If price finds support this month a Bitcoin ETF is approved by the SEC, we are going TO GO TO THE MOON! I mean 10K level in less than 30 minutes. If not, well... It was too good to be true. 

Still no clear direction for the Euro

published 1 year ago
EUR/USD Daily

 The Triangle is becoming more interesting with each day. The price is yet to search for a breakout and yesterday we had a breakout of the triangle, but the price quickly returned to the boundaries of the formation as the euro was sold off from 1.17498. On the bottom side, the blue demand zone will play as a support, making it difficult for the bears to push the price down further to test the bottom line of the figure. Anyone who bought aggressively on the early (and fake) breakout, I hope you had appropriate stop losses. As the price also finished with the day with a shooting star candle, it indicates that bears are returning to the market to subdue the price lower. If technicals continue to pay out like this nevertheless the fundamentals and sentiment, we are going to see another test on the demand zone. But a possible breach? Time will tell. 

The Euro triangle dilemma

published 1 year ago
EUR/USD M30

The Euro has been playing along inside the triangle for quite some time now with being very close to the bottom line on 19.07. The pair is moving back and forth as the sentiment shifts from the one direction to the other with the USD making strong gains and the euro making ones as well. These are my two main scenarios for the breakout of the triangle formation, which is similar to the one that was formed between February and March with a break in April this year, which has led to the crumbling of the Euro from 1.23 to 1.15. Ping - pong fundamentals with strong and weaker macro data from Europe and US are a catalyst as well as different bouncing rhetoric from Trump, Xi Ping, and Merkel regarding the Trade war which is getting deeper and deeper with new and much more effective tariffs and restrictions. In the end, if strong USD prevails in regards to technicals, fundamentals, and sentiment, the triangle will play out as the previous one, pushing the price down towards 1.15096 and 1.13092 with a test back towards 1.5096, falling again towards 1.11179. The second way this can go is if the dice rolls in favour of the Euro and the price breaks the triangle from the top side, breaching 1.17498 towards 1.8518. Testing again 1.17498 and if successful the trend will reverse towards 1.21579. Before both of the cases manifest, there will be pre-signals, leading to the future direction of the pair. 

Crude still in an uptrend

published 1 year ago
WTI Daily

 Oil still plays in the uptrend as we have a local top of $75.26 and a bottom of $67.19. Nevertheless, there is a recent movement down, the price manages to recover and to make new higher highs. As long as $67.19 holds, Oil Bulls can sleep well at this point is close to the bottom line of the trend of eventual attacks and breaks to reverse the trend South. Today we have API data as well, so keep your eyes open.