On the H4, with the price within a descending channel and below the ichimoku cloud, we continue to have a bearish bias. However, with the price bouncing off the 1st support of 3633, which is in line with the previous swing low of June 2022, we could see price testing the 3775 intermediate level before testing the 1st support again.
What happened in the US session? The DXY traded significantly lower as the major currencies gained against the US dollar. The equity markets close 1.97% higher overnight as the US dollar slid lower. What does it mean for the Asia Session? Look for the major currencies to reverse from the overnight retracement if the … Continue reading IC Markets Asia Fundamental Forecast | 29 September 2022
What happened across the Asia session? With no key news release, most currencies are retracing from the brief move lower early in the trading session. What does it mean for Europe and US Sessions? Look for the DXY to complete the retracement and to recover into strength, which could lead to further downside on … Continue reading IC Markets Asia Fundamental Forecast | 28 September 2022
Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. The U.S. dollar index also strengthened by 0.33%, trading at 114.47.
On the H4, with the price on a strong bearish trend and below the ichimoku cloud, we have a bearish bias that price may drop to the 2nd support of 3508, which is in line with the 27.2% fibonacci expansion and previous swing low from November 2020.