Chart Structure Symmetrical Triangle Previous Demand Zone Indicators RSI (14) Pivot Levels Level Description S1 $3,143 Key support/demand base Pivot $3,246 Inside triangle, base for breakout R1 $3,468 Initial resistance on breakout R2 $3,620 Primary measured target R3 $3,792 Stretch target if breakout is impulsive Market Context Trades Bullish Breakout Entry Failure Reversal Watch Bear/Bull Read More…
Currency futures recovered on Monday after dropping in the previous session, while the dollar strengthened. The greenback gained after data revealed a bigger-than-expected increase in employment in May. This week, market participants will pay attention to inflation figures for clues on the outlook for Fed rate cuts. US job data (Source: Bureau of Labor Statistics) Read More…
Technical overview Support & Resistance Zone/Level Description R1 ($64.89) Near-term resistance; price now testing. R2 ($68.98) Strong resistance; top of the supply zone. S1 ($56.00) Major support from mid-April low. Pivot ($60.09) Previous consolidation base. Highlighted Supply Zone Momentum & RSI The recent move marks a clear bullish structure of higher lows and higher highs. Read More…
Interest futures collapsed on Friday as Treasury yields soared after a better-than-expected US employment report. The upbeat nonfarm payrolls report led to a decline in Fed rate cut expectations as fears of a rapid US economic downturn eased. Initially, the week started badly for the dollar and Treasury yields. Meanwhile, interest futures were steady before Read More…
Oil prices paused their decline from the previous session as market participants shifted their focus to the upcoming US nonfarm payrolls report. At the same time, tensions between Russia and Ukraine renewed worries about supply, supporting prices. On Wednesday, oil prices dropped over 1% after inventory data showed a surprise build in US diesel and Read More…
Trend Structure Key Support Levels Level Comment 102,720 (Pivot) Immediate short-term support; being tested. 95,095 (S1) Stronger horizontal 85,060 (S2) Lower support level of the channel uptrend. Resistance Levels Level Comment 110,150 (ATH) Psychological and technical ceiling. 113,755 (R1) Short-term price rejection zone. 122,380 (R2) Upside breakout target post-ATH. Market Psychology Trade Setups Scenario A Read More…
