ForexInflux
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Understanding and Utilizing the Relative Strength Index (RSI) in Forex Trading
The Relative Strength Index (RSI) is a popular momentum oscillator used in technical analysis to measure the speed and change of price movements. It helps traders identify overbought or oversold conditions in the market, which can be crucial for making informed trading decisions. This article will delve into the basics of RSI, how it is…
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GBPUSD Surges Higher, Targets 1.2800 and 1.2870
The British pound has been on a tear against the US dollar, with the GBPUSD currency pair breaking through a key resistance level at 1.2761. The pair has extended its upside move, which began from the 1.2299 level, all the way to a high of 1.2780. Bullish Momentum Likely to Continue Based on the current…
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EURUSD Breakout: Is the Uptrend Back in Play?
The forex market has been abuzz with the recent price action in the EURUSD currency pair. After a pullback from the 1.0894 level to 1.0804, the pair has staged a remarkable breakout, surging above the resistance of a falling price channel on the 4-hour chart. This pivotal move suggests that the pullback from 1.0894 may…
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Another Bank Failure: How to Tell if Your Bank is At Risk
By Elliott Wave International Another bank failure, another underperforming share price. Philadelphia-based Republic First Bank was closed down on Friday, April 26, and the assets were sold to Fulton Bank. Republic First becomes the first bank failure of 2024. Given our outlook for the stock market and the economy, it will probably not be the…
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AUDUSD: Is the Uptrend Over? Key Levels to Watch
The AUDUSD currency pair has been on a rollercoaster ride lately, and traders are closely monitoring its price action to decipher the next potential move. After rallying from 0.6361 to 0.6713, the pair has experienced a significant pullback, plunging as low as 0.6607. Notably, this pullback has broken through the support of a rising price…
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EURUSD Consolidation or Reversal? Key Levels to Watch
The EURUSD currency pair has been capturing the attention of traders with its recent price action. After a surge from 1.0600 to 1.0894, the pair has been experiencing a pullback, currently trading as low as 1.0817. This pullback has brought the pair face-to-face with the support of a rising price channel on the 4-hour chart.…
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Crude Oil (WTI) Navigates Downtrend, Support and Resistance Levels in Focus
The West Texas Intermediate (WTI) crude oil futures contract remains entrenched in a downtrend that commenced from the 87.07 level. The price action has been confined within a falling price channel on the 4-hour chart, suggesting that the recent bounce from the 76.34 low could be viewed as a consolidation phase within the broader downtrend.…
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USDCHF Breaks Resistance, Eyes Further Upside Potential
The USD/CHF currency pair has recently witnessed a bullish breakout, surpassing the 0.9101 resistance level. This development suggests that further upside momentum could be on the cards for the pair after a potential minor consolidation phase. The next target for the bulls in the USD/CHF is the 0.9150 area, which could act as a significant…
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New video: ‘Crisis Or Opportunity? Markets in 2024, Elliott Wave View.’
As we approach the year’s midpoint, you’re hearing lots of conflicting opinions about the stock market. Wall Street bulls are hoping for interest rate cuts. The bears are worried about growing U.S. debt. Throw in the worries about the economy, inflation, politics, geopolitics… But Elliott waves operate in the world of objective patterns, price charts…
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AUDUSD Tests Rising Channel Support, Upside Potential Remains
The AUD/USD currency pair is currently facing a crucial test of the support provided by the rising price channel on the 4-hour chart. This channel has been a significant guiding force for the broader uptrend that commenced from the 0.6361 level. As long as the price respects the support of this rising channel, the recent…
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USDJPY Rebounds from 153.59 and Eyes Further Upside
After a recent corrective pullback from 156.79, the USD/JPY currency pair has shown resilience by rebounding from 153.59. This bounce has propelled the pair to as high as 155.97, indicating potential for further upward movement. Looking ahead, it is likely that the pair will continue to rally in the coming days, with the next target…
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USDCHF Rebounds from Support, Eyes Resistance at 0.9101
The USD/CHF currency pair has recently witnessed a notable rebound after testing the crucial support level at 0.8997. The pair touched a low of 0.8987 before staging a recovery, and it is now facing resistance at the 0.9101 level. If the USD/CHF manages to break out above the 0.9101 resistance, it could potentially trigger further…