James Stanley

EUR/USD has gained more than 12% from the January lows, and a shooting star on the weekly combined with overbought RSI make for an interesting backdrop.

The ‘Black Monday’ calls were only a few weeks ago but bulls have since made a strong move off the April lows.

USD/CAD bears have come on quickly but for the past three weeks have largely stalled at support of 1.3846.

USD/JPY tested a major level earlier this week but, so far, it’s held as support. EUR/JPY and GBP/JPY present compelling backdrops on each side of the Japanese Yen.

EUR/USD stalled by the pair has held up better than both EUR/JPY and EUR/GBP. This article looks at the single currency in three pairs for the week ahead.

U.S. Dollar bulls failed to drive a pullback and USD/CAD remains heavy after the pair reverted into its long-term range.

EUR/USD is overbought on the weekly and sellers had an open door to drive a deeper pullback earlier this week. But, so far, they’ve failed to push through the first area of support at the 1.1275 Fibonacci level.

USD bears have been in control for the past couple months and the currency is currently showing oversold conditions on the weekly chart ahead of two large drivers.

It’s been a big week across markets and there are still several macro setups of interest as we approach the Thursday ECB meeting.

USD went oversold on the weekly for only the second time in the past six years, and last year’s instance led to a massive reversal a couple months later. But context is very important here.

Gold prices scaled up to another fresh ATH last week and the metal has shown no sign yet that the move is nearing over.