In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...
CAD/JPY: a pattern has emerged
2019-11-11 • Updated
SELL 82.20; TP1 81.40; TP2 80.50; SL 82.50
It looks like CAD/JPY formed a “Head and shoulders” pattern. The pattern may not look very pretty but it has all the required elements. The pair broke below the neckline in the 82.40 area on Friday. On Monday, the price attempted to get higher but the neckline provided resistance.
CAD/JPY is also trading below the 38.2% Fibonacci retracement of the January-March advance. As a result, the levels to target on the downside lie at 81.35 (50% Fibo) and 80.45 (61.8% Fibo).
What causes the yen to fall, and how does it behave against the USD, EUR, and AUD
Traders are closely monitoring Fed speeches, particularly Fed's Mester speech scheduled for Tuesday, for further insights into monetary policy directions. Additionally, market participants await key economic releases later in the week, including New Zealand's Unemployment Rate for Q4 and ...
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...