Currencies Archives - FaithMight

December 11, 2024December 11, 2024

Aussie Expected To Rally

In June 2011, Aussie had a resistance level of 1.10521 – the highest price since November 1981. The United States Dollar has been gaining against the Australian dollar ever since 2011. The fall reached 0.55193 in March 2020. This was due to the pandemic.

Price since the pandemic has bounced and has been able to reach 0.80216. The highest price since February 2021. On the monthly chart, it looks more like a range since September 2022 till now. As of 11th of December, 2024, the Aussie has reached a year low with price at 0.63370, as price has been falling from the 2024 high at 0.69470. We might see price rally to 0.65393 in the coming weeks from the current price at 0.63558. There are multiple oversold positions on the 4-HR RSI chart.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get currencies in your portfolio? Schedule a meeting with us here

September 17, 2024September 17, 2024

USDJPY Reaches 2024 Low, Set To Rally

The Ninja popularly known as the USDJPY has been on a downward trend for the past 5 decades. Since the new millennium started, the Japanese Yen has gained more than the US Dollar. In the third quarter of the year 2011, the price of Ninja reached an all-time low at 75.784. From that all-time low in the third quarter of 2011, the US Dollar has been gaining against the yen. This rally has been sustained up until the 2024 high, which is a 112% gain in value, with the 2024 high at 161.923.

A 9-year resistance level of 126.435 was broken to the upside in April 2022 as a result of the above-mentioned rally. Also, a 34-year resistance level at 160.827 was broken to the upside as a result of this same powerful rally.

On the monthly chart, RSI has indicated that price has been overbought at two different times, namely the 2015 and 2022 resistance levels at 126.435 and 152.383 price-points respectively. The last two-month candlesticks closed bearish, but there are possibilities of price rallying to 146.784 in few weeks from the current price at 140.423 as at the time of this writing.

May 30, 2023May 30, 2023

The Pound to Gain Against the US Dollar

The GBPUSD pair has been in a bearish movement since the beginning of 2021. The support level of GBPUSD stands at 1.03696, which was reached in September 2022. This point also stands as the all-time low of the pair. After this low, price rallied through the rest of the year, that is, in October, November, and December of 2022. The bullish momentum continued in 2023 as the bulls began to push price to new highs.

As it stands, the dollar has continued to lose its strength against the pounds. The GBPUSD bulls could push price higher in the coming weeks. The price could reach 1.25000. The current price as of the time of publishing this article is at 1.24210. On the monthly chart using the RSI, the price has been oversold. The candlesticks are in the upper region of the Bollinger Bands. There are higher lows and higher highs already being formed on the daily chart. If in the short-term, price is able to hit 1.25000 as mentioned above, then we forecast that the bulls might be able to push price to 1.26000 later in the year.

November 15, 2022November 15, 2022

EURUSD Bounces From 19-Year Low

In the year 2000, EURUSD had its major support level at 0.82258. In July 2001, a rally began that lasted for years and this rally took EURUSD to an all-time high of 1.60932. This mark was reached in April 2008. Since this high, it’s been lower lows and lower highs for the EURUSD pair.

In September 2022, EURUSD reached 0.94990 which stands as a 19-year low for the currency pair. After this low, the pair saw a rally that bounced the price upwards to 1.04067 where it currently stands.

However, despite the current bull run, our analysts think that the bears are still in control and the US Dollar will still gain against the Euro. Our analysts forecast EURUSD falling below the 19-year low of 0.94990 in the coming weeks. Though we have RSI indicating that price has been oversold twice, in 2015 & in 2022, on the monthly chart, it is not certain that this indication will lead to a rally for the EURUSD.

October 17, 2022October 17, 2022

USDJPY Reaches New High Since 1990

Analysing the monthly chart of USDJPY between the years 1999 and 2016, an inverted head and shoulders was formed which could have been the determinant for the rally of the pair that began in January 2011. The all-time low of the USDJPY was reached in October 2011 at 75.513. Only six candlesticks on the monthly chart have closed bearish since the rally began in January 2021.

The candlesticks in the last two months on the monthly charts have closed bullish. USDJPY’s opening price in October 2022 was 141.672. The bullish momentum that has gathered in the last two month has been able to push the pair to a high in this month at 148.887 which was last hit in August 1990.

We might be seeing a price correction to 145 as RSI shows price has been overbought on the weekly chart.

October 14, 2022October 14, 2022

EURGBP To Lose Bull Pressure

The first half resistance for the year was at 0.87265, which was in June 2022. There was a break-out to the upside in September has price rallied to 0.92758 in September 2022, which is this year’s high. After the rally to 0.92758 on the 26th of September 2022, the next trading day closed bearish which has led to more bearish close. The bulls tried to push price high to 0.88188 in October after a price fall to 0.86495.

The last 2 trading days have closed with a doji. The price might also close with a doji today, which could be an indication of price reversal to the downside. If the price falls, the support level at 0.86495 might be broken to the downside. The Daily Chart shows the RSI has been overbought, which the daily candlesticks indicate a possible price reversal in the coming days.

September 6, 2022September 6, 2022

USDJPY rises above 140.00 for the first time since 1998

Looking at the monthly charts, the USDJPY pair shows an inverted head and shoulder pattern which could have led to its recent rally in favor of the US dollar. Generally, the USDJPY bulls have been on steroids post-lockdown.

Since the beginning of 2022, the US dollar has seen significant gains when compared to other currencies. Most of the monthly closes for USDJPY this year have been bullish. Earlier in the month of July 2022, USDJPY reached 139.00 for the first time since 1998. This rally has been sustained for the past two months. And yesterday, on the 1st of September 2022, the pair reached a new psychological level of 140.00.

RSI currently indicates that USDJPY is overbought on the monthly and weekly charts. This could lead to a massive loss in the value of the US dollar in the coming months. From our analysis, this means that USDJPY might fall to 130.00.

July 14, 2022July 14, 2022

1 Euro Equals 1 Dollar, First Time in 20years.

The appreciation of the dollar against other currencies continues as a two decades record has been broken. From the time EURUSD has been listed on trading-view in May 1993, the lowest price of EURUSD stands at 0.82623. in November 2000. That is to say, the US dollar gained more than the EUR since its listing on trading-view. For another 8 years, the EURUSD appreciated to an all-time high at 1.6000 specifically in April 2008.

Since the appreciation of the EURUSD to the all-time high at 1.60000, on the monthly chart, there have been lower highs and lower lows. This movement signifies a downtrend. For the first time in 20 years, the EURSD reached a par as 1 EUR equals 1 Dollar on the 12th July, 2022. in the next few months, Euro might bounce from the current support at 0.99960 to a new resistance at 1.07657. Currently, the dollar looks strong.

June 28, 2022June 28, 2022

USDJPY Reaches 136.00, First Time Since September 1998

On the USDJPY monthly chart, it took it 12 years for a head-and-shoulder pattern to be formed. The first shoulder was formed in 2004, followed by the head in 2011, and the second shoulder was formed in 2016. After the second shoulder was formed, price ranged for 6 years before a major rally started. Despite the lockdown across the world in 2020, the YEN only gained the USD with few pips.

For the past 12 years, the USD has shown to be a stronger currency. The lowest price of $USDJPY was $5.956 in February 2012. The current price is at 135.508. The highest value of USDJPY since 2002 has been 135.126. Price was able to surpass the 2022 high few days ago after price reached $136.822, the highest price since September 1998. A consolidation in price might occur has the USD dollar has been massively gaining against the Japanese yen since the beginning of 2021.

This expected price consolidation might make price fall, which could in favour of the YEN in the next few weeks. The price could be at 130.00

June 14, 2022June 14, 2022

Tides To Turn In Favor Of The New Zealand Dollar

On May 31 2022, we published an article that the NZDUSD bears will stay dominant. This turned out to be the case and furthermore, the forecast we made was hit a few days ago. Across the board, the USD has gained against all major currencies.

The support level of the year for NZDUSD is around 0.62205 and price fell this month to 0.62370 which is only a few pips above the support level. On the 4-Hour time frame, price is currently oversold. Also on the 4-Hour time frame, there are 5 dojis already formed which could be an indication of a possible reversal.

For the past two weeks, all candlesticks on the daily chart have closed bearish. We hope that in the next few days, as consolidation comes up, price could rally and a trend could begin in favor of the NZD. We look forward to NZDUSD appreciating to 0.64613 from its current price of 0.62493.