Baxia Markets Discussion - Official

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'USOIL!'



USOIL Price Action

USOIL has embarked on a noteworthy journey, showcasing a robust appreciation of over 10% since hitting the low on December 12, 2023, at $67.79. The recent bullish rally encountered a formidable hurdle at $74.92, marked by an orange rectangle, coupled with a discernible sloping resistance delineated by a blue descending trendline. This juncture witnessed a sharp rejection, instigating curiosity about the potential trajectory ahead.

Despite the vigorous rejection, a pivotal factor prevents an outright reversal—the resilience of key support levels. The spotlight falls on the significance of the EMA 200 and a critical level at $70.46, embodied within a distinctive purple rectangle. The proximity of prices to these key support levels introduces an intriguing dynamic, as a breach below them could signal the initiation of a robust bearish reversal.

A vigilant eye must be cast upon the potential convergence of ominous signals in the form of a death cross on the EMA 50 & 200. Such an occurrence, combined with a breach of the mentioned support levels, would serve as a compelling confirmation of a formidable bearish trend. The technical landscape further unfolds as we examine the MACD indicator. Positioned on the precipice of a bearish signal, the signal line teeters on the verge of crossing the 0 line, complemented by a preceding crossover in the histogram. Simultaneously, the RSI lends its voice to the bearish symphony, having recently breached below the 40% level.

In summary, USOil stands perched at the zenith of a short-term bullish trend, enthralling traders with its oscillating fortunes. The cautious tones sounded by oscillator indicators warrant attention, yet the conclusive proof lies in the realm of price action. A decisive breach of the key support level at $70.46 will serve as the beacon, guiding traders through the peaks and valleys of this dynamic market landscape. As traders navigate these critical junctures, the importance of vigilant observation and strategic decision-making cannot be overstated.

Key Economic Releases to Watch Today

EUR, GDP (QoQ) (Q3)
Forecast 5.2% vs Previous 2.1%

USD, Initial Jobless Claims
Forecast 214k vs Previous 202k

USD, Philadelphia Fed Manufacturing Index (Dec)
Forecast -3.0 vs Previous -5.9

Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'GBPUSD!'



GBPUSD Price Action

The GBPUSD pairing finds itself at a pivotal juncture, buffeted by the gusts of economic data and charting a course amidst unfolding dynamics. The stage was set yesterday with the revelation of US GDP figures, which fell below expectations at 4.9% versus the forecasted 5.2%. Today's spotlight remains on the US, as the market eagerly awaits the release of Core Durable Goods Orders, with economists anticipating a positive trajectory at 0.2% compared to the previous 0.0%. Simultaneously, the Core PCE Price Index is forecasted to exhibit a slowdown at 3.4%, a marginal dip from the prior 3.5%.

The technical tapestry for GBPUSD reveals the emergence of a falling wedge chart pattern, following a robust bullish impulsive move that stretched from the low of December 13, 2023, at $1.2500 to the high of December 14, 2023, at 1.27657. This pattern is visually represented by two descending blue trendlines. A noteworthy development unfolded during the European trading session, as the price boldly breached the upper echelons of these descending blue trendlines—a pivotal breakout that signals a nascent bullish trend.

The formation of the falling wedge prompted the convergence of EMA 50 and EMA 200, underscoring a brief period of consolidation. However, a glance beyond the wedge breakout reveals a divergence between these moving averages, with EMA 50 reasserting its dominance above EMA 200. This divergence signifies an uptick in bullish momentum, hinting at the strengthening resolve of the bulls.

The oscillator indicators resonate with this bullish narrative. The MACD, with its signal line and histogram soaring above the 0 line, paints a compelling picture of bullish momentum. Simultaneously, the RSI has breached the 60% threshold, further substantiating the prevailing bullish sentiment.

In summation, GBPUSD stands on the cusp of an upward trajectory, the falling wedge acting as a catalyst for a potential surge. As the market eagerly awaits the US economic releases, the pound seems poised to extend its gains, breaking recent highs. However, the caveat lies in the economic crosswinds, and traders would be wise to monitor the unfolding data releases for a nuanced understanding of the terrain ahead.

Key Economic Releases to Watch Today

USD, Building Permits
Forecast 1.460M vs Previous 1.498M

USD, Core Durable Goods Orders (MoM) (Nov)
Forecast 0.2% vs Previous 0.0%

USD, Core PCE Price Index (YoY) (Nov)
Forecast 3.4% vs Previous 3.5%

USD, Core PCE Price Index (MoM) (Nov)
Forecast 0.2% vs Previous 0.2%


Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'XAUUSD!'


XAUUSD Price Action

In the bustling Asian trading session, XAUUSD showcased its resilience with a robust start, featuring a bullish Marubozu candlestick. This candlestick suggests that the precious metal is maintaining its bullish trajectory, attracting the attention of traders worldwide.

A critical focal point lies at the key support level of 2015. This level holds the key to the recent bullish rally's validation. A breach beneath this support could signal a shift in sentiment, confirming a potential bearish reversal. Traders keen on XAUUSD should keep a watchful eye on this level to gauge the market's pulse.

The technical landscape is illuminated by the EMA 50 and EMA 200 dynamics. Currently, the bullish trend prevails as the EMA 50 gracefully maintains its supremacy over the EMA 200. The strength of this momentum is underscored by the divergence between the two EMA lines, signifying robust bullish energy. The absence of convergence, often indicative of a weakening trend, further solidifies the current bullish stance.

Adding a nuanced layer to our analysis is the presence of a bullish ascending trendline. A break below this trendline could act as an early warning sign of a potential softening in the bullish trend. Traders should integrate this technical tool into their repertoire for a comprehensive assessment of market dynamics.
Oscillator indicators, including RSI and MACD, align with the bullish narrative. RSI has not only breached the 60% level but has also demonstrated resilience, preventing a dip below the critical 40% level. This signals a robust and sustained bullish sentiment. Meanwhile, the MACD histogram and signal line continue to hover above the 0 line, reinforcing the overarching bullish trend.

In conclusion, XAUUSD's current trajectory is firmly rooted in a bullish narrative, as highlighted by the Marubozu candlestick, EMA dynamics, and oscillator signals. However, vigilant monitoring of the key support level at 2015 and the ascending trendline is imperative to navigate potential shifts in market sentiment. Traders are advised to leverage these insights for informed decision-making in the ever-evolving realm of XAUUSD trading

Key Economic Releases to Watch Today
JPY, Core CPI (YoY) (Nov)
Actual 3.20% vs Forecast 3.20% vs Previous 3.30%

Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'MATICUSD!'



In the dynamic landscape of cryptocurrency, Polygon's MATIC has recently seized attention with an impressive surge, soaring over 18% within the last 24 hours and breaching the significant $1 threshold. This notable ascent, from $0.88 to its current valuation of $1.05, represents a substantial gain of nearly 20% in a single day, captivating the interest of traders and enthusiasts.

What adds an intriguing layer to this surge is its independence from any major announcements by the Polygon team. Instead, the spotlight is on a notable development within the MATIC ecosystem, particularly involving a wallet associated with the prominent entrepreneur and investor, Mark Cuban.

In a significant transaction, Mark Cuban 3 unstaked and deposited 2.826 million MATIC on Coinbase, with an average token price of $0.91. According to Spot On Chain data, Mark Cuban received a total of 2.5 million MATIC from the Polygon Ecosystem Growth as of May 24, 2021. The billionaire strategically staked these tokens to enhance profits. The withdrawal of 2.826 million MATIC proved to be profitable, considering the tokens' initial value of $1.7.

However, the current market dynamics introduce a compelling twist. Should Mark Cuban opt to liquidate his holdings at the anticipated rate, the investment might incur a loss compared to its initial valuation. At the present market price, the investment is valued at $2,460,598.2, underscoring the inherent volatility and unpredictability of the cryptocurrency market.

Shifting focus to technical analysis, an examination of the 1-hour chart timeframe reveals a bullish trajectory for MATICUSD. TheEMA 50 positioned above the EMA 200 and diverging signifies a robust bullish momentum. An attention-grabbing 45-degree trendline, highlighted in red, emphasizes the strength of the uptrend, particularly notable when the price reacts assertively after multiple touches on the ascending trendline.

Adding depth to the technical perspective is the observation that MATIC comfortably resides above the value area of the volume profile, delineated by pink horizontal lines. This alignment serves as a potent signal of a sustained bullish trend, reinforcing the positive sentiment surrounding MATICUSD.

In the realm of oscillators, both MACD and RSI align with the overarching bullish narrative. The MACD histogram and signal line maintain their position above the 0 line, echoing the strength of the bullish trend. Simultaneously, the RSI, having breached the 60% level, exhibits resilience by avoiding a dip below 40%, underscoring its commitment to the bullish momentum.

In conclusion, MATICUSD's recent surge, influenced by Mark Cuban's strategic moves, unfolds against a backdrop of technical indicators pointing towards a bullish trajectory. As the cryptocurrency market continues to evolve, traders are urged to tread carefully, considering the volatile nature of digital assets and the intricate interplay of market dynamics.

Key Economic Releases to Watch Today
USD, Richmond Manufacturing Index (Dec)
Forecast -7 vs Previous -5

Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'USDCAD!'

USDCAD Price Action


In the recent ebb and flow of the forex market, USDCAD has taken center stage with intriguing developments. Over the last two trading days, the pair transitioned from a sideways stance to a bullish trajectory. During today's European trading session, USDCAD boldly broke above the confines of the descending trendline (highlighted in red), embarking on a 40-pip ascent from 1.3188 to 1.3232. This breakout signals a potential resurgence in USD strength against the Canadian dollar.

Adding depth to the narrative is the emergence of a double bottom pattern, a bullish reversal chart pattern that often signifies a shift in market sentiment. The recent 40-pip rally breaks above the neckline (red horizontal line) at 1.3219 leaves behind this bullish breadcrumb, inviting traders to speculate on the potential continuation of the upward momentum.

Amid this market drama, four key US economic news releases take the spotlight, with two holding high impact across various instruments. Initial Jobless Claims forecast a rise to 210K compared to the previous 205K, while Pending Home Sales (MoM) anticipate a positive shift of 1.0% following the previous -1.5%. The mixed outcome of these pivotal economic data points may pave the way for a robust bearish or bullish price move.

Zooming into the 1-hour timeframe chart, the interplay of the EMA 50 and EMA 200 reveals the underlying trends. Both indicators currently lean towards a bearish trend, yet the convergence of EMA 50 to EMA 200 suggests a potential weakening in bearish momentum. Traders should keep a keen eye on potential resistance zones near EMA levels.

The volume profile indicator adds depth to the narrative, showcasing a breakthrough above the value area's pink horizontal lines. This upward breach signals a robust bullish momentum, providing traders with critical insights into potential buying opportunities.
Delving into oscillator indicators, the RSI and MACD present a mixed yet intriguing picture. While both indicators point to a bullish trend, the RSI floating above 40% may face challenges. A break below this threshold could trigger a panic sell-off. Meanwhile, the MACD histogram and signal line's recent surge above the 0 line indicates a bullish shift.

In the grand scheme, the short-term trend for USDCAD appears bullish. However, the impending economic outcomes may reshape this into a longer-term bullish trend reversal, ushering in new opportunities and challenges in the ever-evolving forex landscape. Traders are advised to tread cautiously and stay vigilant as market dynamics unfold.


Key Economic Releases to Watch Today
USD, Continuing Jobless Claims
Forecast 1,875K vs Previous 1,865K

USD, Goods Trade Balance (Nov)
Forecast -88.40B vs Previous -89.56B

USD, Initial Jobless Claims
Forecast 210K vs Previous 205K

USD, Pending Home Sales (MoM)
Forecast 1.0% vs Previous -1.5%

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'GBPUSD!'


In the dynamic world of forex, GBPUSD finds itself at a crossroads, with the 4-hour timeframe chart reflecting the struggle to sustain its bullish momentum. A closer look reveals a bearish divergence, a warning sign at the culmination of a recent bearish rally where two successive peaks achieved new highs, but oscillator indicators failed to follow suit, hinting at a potential bearish reversal on the horizon.

The recent price action saw a brief ascent to touch the EMA 50, only to be met with a setback marked by a bearish engulfing candlestick. This setback illustrates the challenges in securing a sustained bounce from the EMA 50.

The current state of GBPUSD sees prices oscillating within the value area of the volume profile, demarcated by a distinctive pink rectangle. As prices navigate within this zone, crossing the midline of the value area becomes a crucial indicator of momentum. Notably, the midline, represented by a yellow horizontal line, remains unbreached, underscoring the resilience of bullish forces amid prevailing bearish pressures.

A nuanced analysis of EMA 50 & 200 dynamics paints a mixed picture. While the overarching trend remains bullish, with EMA 50 positioned above EMA 200, a closer inspection reveals a subtle shift. EMA 50's curvature and convergence towards EMA 200 suggest a potential loss in bullish momentum, demanding careful observation as events unfold.

Delving into the intricacies of MACD, the histogram and signal line inch closer to the pivotal 0 line. Although the trend remains bullish until both indicators decisively cross under 0, the proximity to this threshold introduces an element of caution.

RSI, a key oscillator, paints a critical picture as it hovers beneath the 50% mark and approaches the 40% level. A breach below 40% may trigger a sell-off, challenging the prevailing bullish trend. As long as prices stay above 40%, the bullish narrative maintains its grip.

In summary, GBPUSD faces a delicate balancing act as it grapples with short-term bearish pressures amid the backdrop of a resilient major bullish trend. Traders are advised to tread cautiously, considering the evolving dynamics and potential shifts in market sentiment.

Key Economic Releases to Watch Today
USD, Chicago PMI (Dec)
Forecast 51.0 vs Previous 55.8

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'XAUUSD!'


In the dynamic world of forex trading, XAUUSD, the popular gold trading pair, is currently exhibiting intriguing dynamics that demand a closer look. Despite its major bullish trend, the asset is currently treading water in a sideways trajectory, hinting at a potential descending triangle formation. Let's delve into the key aspects shaping XAUUSD's current landscape and explore insights from various technical indicators.

XAUUSD's major trend remains decidedly bullish, underlined by its historical performance. However, the present scenario introduces a sideway trend, hinting at the formation of a descending triangle. This pattern often signifies a potential bearish reversal, and identifying crucial support levels becomes imperative for traders.

Two significant support levels demand attention in the current XAUUSD landscape. The first lies at the floor of the potential descending triangle, around $2058. A break below this level could signal a bearish reversal, challenging the prevailing bullish trend. Another critical support level rests at $2015.30, historically significant for indicating major trend reversals.

Examining the Exponential Moving Averages (EMA) provides valuable insights into the momentum of XAUUSD. Currently, the EMA 50 is positioned above the EMA 200, signaling a bullish trend. However, a noteworthy observation is the convergence of EMA 50 towards EMA 200, suggesting a potential waning of bullish momentum.

The Moving Average Convergence Divergence (MACD) indicator contributes to the analysis by signaling a bullish trend. Both the MACD histogram and signal line are comfortably above the 0 line, reinforcing the prevailing bullish sentiment in the XAUUSD market. The Relative Strength Index (RSI) adds another layer to our analysis. Breaking above the 60% level around seven hours ago, RSI exhibits bullish momentum. Sustaining this position above 60% is crucial for reinforcing the ongoing bullish trend.

In summary, XAUUSD's major trend remains convincingly bullish, even as it navigates a temporary sideways phase. The potential descending triangle introduces an element of caution, emphasizing the importance of key support levels. Insights from EMA trends, MACD signals, and RSI momentum collectively paint a picture of resilience in the face of a consolidating market. Traders are advised to stay vigilant, closely monitoring developments for strategic decision-making in the ever-evolving landscape of gold trading

Key Economic Releases to Watch Today
USD, S&P Global US Manufacturing PMI (Dec)
Forecast 48.2 vs Previous 49.4

Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'AUDUSD!'



AUDUSD Price Action Analysis

In the ever-evolving landscape of forex, AUDUSD braces for a consequential day driven by key economic indicators, with a spotlight on the Job Openings and Labor Turnover Survey (JOLTS) released by the US Bureau of Labor Statistics (BLS). This publication is set to illuminate the shifts in job openings, layoffs, and quits throughout November, painting a detailed picture of the labor market's supply-demand dynamics.

The JOLTS data holds immense significance for market participants and Federal Reserve (Fed) policymakers, providing valuable insights into the ebb and flow of the labor market. This, in turn, influences salary trends and plays a crucial role in shaping inflation dynamics. While the trend in job openings has been on a downward trajectory throughout 2023, signaling a cooling demand for labor, the numbers still maintain a resilient stance well above pre-pandemic levels.

In today's economic calendar, JOLTS is a focal point, with economists anticipating an increase in job openings to 8.850M compared to the previous figure of 8.733M. Concurrently, the market awaits the release of the ISM Manufacturing PMI, with expectations of a rise to 47.1 from the prior 46.7, and ISM Manufacturing Prices projecting a dip to 47.5 from the previous 49.9. These mixed forecasts create a sense of uncertainty, keeping traders on their toes amidst the economic data deluge.

A glance at the 1-hour timeframe chart reveals a significant development – the emergence of a death cross between the EMA 50 and EMA 200. This pivotal crossover signals a major trend change from bullish to bearish, accentuated by the conclusive nature of three large bearish engulfing candlestick patterns.
The volume profile indicator, delineated by pink lines, witnesses price sinking below the low of the value area at 0.6792. This adds another layer of confirmation to the bearish trend, instilling confidence in a sustained downward trajectory.
The MACD indicator mirrors this bearish sentiment as both the histogram and signal line reside below the 0 line, reinforcing the prevailing bearish momentum in the AUDUSD market.
In addition, the RSI indicator breached the 40% level since December 29, 2023, nearing the pinnacle of the previous bullish rally. This downturn in RSI adds another layer of confirmation to the emerging bearish trend.

To conclude, AUDUSD currently grapples with a major bearish trend as it navigates through crucial economic data releases. The mixed forecasts for today's key economic indicators introduce an element of uncertainty, offering a potential breather for the bearish pressure. However, a scenario where all outcomes meet or fall below forecasts could prompt a further descent for AUDUSD. Traders are advised to exercise caution and adapt strategies to navigate the intricate landscape of economic indicators.

Key Economic Releases to Watch Today
USD, ISM Manufacturing PMI (Dec)
Forecast 47.1 vs Previous 46.7

USD, ISM Manufacturing Prices (Dec)
Forecast 47.5 vs Previous 49.9

USD, ISM Manufacturing Prices (Dec)
Forecast 8.850M vs Previous 8.733M

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'USDJPY!'



The US Dollar (USD) has discovered a foothold near the 140.25 zone against the Japanese Yen (JPY), marking the commencement of a recovery wave surpassing key resistance levels. Examining the 4-hour chart, the pair has breached significant hurdles near 142.00, including a major bearish trend line at 142.60 and the 50% Fib retracement level. This bullish surge positioned USD/JPY above 143.50 and the 100 simple moving average (SMA), opening doors for further upsides.

Key Technical Levels:

1. Immediate Resistance: The pair faces immediate resistance near the 145.50 level and the 200 SMA. The pivotal hurdle lies at 146.20, and a breakthrough could propel the bulls towards the 148.00 mark.
2. Potential Decline: In case of a fresh decline, USD/JPY might test the 143.80 support, followed by the crucial 142.85 or the 100 SMA. A downside break beneath 142.85 could trigger a sustained decline, with the next major support at 141.20 and the possibility of testing 140.00.

EMA Analysis:

1. Major Trend: The EMA indicators suggest a bearish major trend, as EMA 50 is situated below EMA 200. While the price has breached above EMA 200, the convergence of EMA 50 towards EMA 200 signifies a potential correction or profit-taking by bears. A major reversal would only be confirmed with a golden cross between EMA 50 and 200.

Bollinger Band Indicator:

1. Trend Indication: Analyzing the Bollinger band indicator reveals that prices have consistently hovered at the upper side of the band for the last 13 bars. Occasional penetration of the upper band emphasizes the bullish trend.

Oscillator Indicators (MACD and RSI):

1. MACD Analysis: Both the MACD histogram and signal line exhibit a steep incline, positioned above the 0 line. This aligns with the bullish trend in USD/JPY.
2. RSI Observation: The RSI has surged above the 60% level and currently resides above 70%, signifying an overbought condition. While both indicators affirm a bullish trend, the overbought RSI suggests potential resistance ahead.

Conclusion:
In summary, USDJPY continues to grapple with its major bearish trend, although recent bullish momentum has challenged this narrative. Key technical levels and oscillator indicators indicate a bullish short-term trend. Traders are keenly awaiting potential developments, especially whether USD/JPY can sustain its climb towards 146.50, increasing the likelihood of a golden cross and a potential trend reversal. The overbought RSI underscores the need for caution, as a resistance level may prompt profit-taking and lead to a corrective pullback in prices.

Key Economic Releases to Watch Today
USD, US nonfarm payrolls
Forecast 170K vs Previous 199K

USD, Unemployment Rate
Forecast 3.8% vs Previous 3.7%

USD, ISM Services Index
Forecast 52.6% vs Previous 52.7%

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'USDCHF!'



In the dynamic world of forex, USDCHF has recently witnessed a show of strength from the bulls, marking a two-day bullish impulse move that unfolded on January 2nd and 3rd, 2024.

The bears attempted to counteract this bullish momentum by forming a bearish channel. However, their efforts seemed feeble as the bearish channel corrected only 38.2% of the recent bullish impulse move, suggesting a lack of substantial bearish pressure.
A glance at the EMA 50 & 200 reveals an ongoing bearish trend, with EMA 50 positioned below EMA 200. Despite the bullish rally, EMA 50 is converging towards EMA 200, narrowing the gap between the two lines. The appearance of the bearish channel has caused both EMA lines to diverge, indicating a potential increase in bearish pressure.

Traders keen on potential trend shifts are eyeing key levels. If prices break above the upper channel line, it may signify another bullish impulse move and could lead to a golden cross on the EMA lines. On the flip side, a break below the lower channel line could indicate a resurgence of bearish strength, directing prices southward.
A closer look at the Bollinger Bands shows recent expansion over the last 24 trading hours, with prices breaking below the lower band. However, the current contraction of the bands suggests a waning bearish momentum, with prices returning to the middle band.

The MACD and RSI further contribute to the analysis. Both indicators currently signal a bearish trend, with the MACD histogram and signal line residing below the 0 line. Meanwhile, the RSI is ascending, having broken above the 50% line. Traders are keeping a close watch, as a break above the 60% line on the RSI could provide confirmation for a potential bullish reversal.

In conclusion, USDCHF is navigating a complex landscape with conflicting signals. The recent bullish impulse move, coupled with the bearish channel correction, has left traders assessing the balance between bullish and bearish forces. Key breakout points and trend indicators will guide traders in deciphering the next moves in the USDCHF forex arena.

Key Economic Releases to Watch Today
CHF, Unemployment Rate s.a. (Dec)
Forecast 2.2% vs Previous 2.1%

EUR, German Industrial Production (MoM) (Nov)
Forecast 0.2% vs Previous -0.4%

USD, Trade Balance (Nov)
Forecast -65.00B vs Previous -64.3B

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'USDCHF!'


AUDUSD has undergone an extended bearish phase, spanning the last 8 trading days. The current market sentiment is characterized by a consolidation phase, as the currency pair coils within a symmetrical triangle chart pattern. Traders are closely monitoring this pattern for potential signals of a trend reversal.

Breaking above the upper boundary of the symmetrical triangle chart pattern could serve as an initial indication of a bullish reversal. However, for a more robust signal, market participants are keenly observing the potential occurrence of a golden cross, providing additional confirmation for a bullish scenario.
On the flip side, a breach below the lower boundary of the symmetrical triangle chart pattern would signify a continuation of the existing bearish trend. Key levels to watch in this context include the recent swing high at 0.6754, acting as a crucial resistance, and the recent swing low at 0.6675, serving as a significant support level.

It's important to note the challenges posed by the symmetrical triangle chart pattern, particularly in terms of oscillator indicators. The MACD, for instance, has exhibited instances of false signals where both the signal line and histogram remained above the 0 line, despite prices moving in a bearish direction, and vice versa. Currently, the MACD histogram has crossed above the 0 line, with the signal line soon to follow. While this may signal an early bullish indication, it necessitates a secondary confirmation through the break of a recent swing low or, at the very least, the symmetrical triangle chart pattern.

The RSI, reflecting the bearish sentiment, has yet to breach the 60% level. A penetration of this level, coupled with a bullish breakout of the chart pattern, could provide a dependable signal for a bullish reversal. Traders are advised to exercise caution and await multiple confirmations, given the historical challenges associated with oscillator indicators during symmetrical triangle formations.

Key Economic Releases to Watch Today
USD, Crude Oil Inventories
Forecast -0.675M vs Previous -5.503

Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'USDJPY!'



The Japanese Yen (JPY) extended its two-day winning streak against the US dollar (USD) on Friday, but lacked follow-through as mixed macro signals kept the pair rangebound. While escalating Middle East tensions and China's economic woes bolstered the JPY's safe-haven allure, dovish Bank of Japan (BoJ) expectations and subdued US dollar price action capped gains.

Safe-Haven JPY Draws Power: Geopolitical risks took center stage with US and UK forces targeting Houthi positions in Yemen, adding fuel to the JPY's safe-haven appeal. Additionally, China's ongoing economic struggles further strengthened the JPY's relative safe-haven status.

BoJ Dovishness Casts a Shadow: However, hopes for a pivot away from the BoJ's ultra-dovish stance weakened following a devastating New Year's Day earthquake in Japan, falling inflation in Tokyo, and weak wage growth data. These factors suggest the BoJ might delay its policy normalization, limiting JPY gains.

Subdued USD Offers Temporary Relief: A subdued US dollar, despite slightly hotter-than-expected US consumer inflation and hawkish Fed chatter, also played a role in USDJPY's retreat. Market expectations for a Fed rate cut in March remain, albeit slightly reduced, keeping pressure on the Greenback.

Technical Tug-of-War: On the 1-hour chart, the USDJPY bulls initially breached the ascending red trendline, suggesting potential upside. However, bearish divergence on the RSI and MACD oscillators, coupled with converging EMAs, hints at a possible reversal. A bearish death cross – EMA 50 crossing below EMA 200 – could confirm the downtrend.

Data Takes Center Stage: The US Producer Price Index (PPI) and Minneapolis Fed President Neel Kashkari's speech are the key events to watch this week. A hotter-than-expected PPI and hawkish commentary from Kashkari could reignite USD strength, while a cooler PPI and dovish signals could bolster the JPY.

Week Ahead Outlook: Despite ending in the green for the second consecutive week, the USDJPY pair remains directionless. The interplay between geopolitical tensions, BoJ's policy stance, and US economic data will likely determine the pair's trajectory in the coming days.

Key Takeaways:

1. JPY strengthened on safe-haven flows due to Middle East tensions and China's woes.
2. BoJ's dovish outlook capped JPY gains.
3. Subdued USD offered temporary relief to USDJPY.
4. USDJPY faces technical resistance and bearish divergence signals.
5. US PPI and Fed speak could dictate the pair's near-term direction.

Key Economic Releases to Watch Today

USD, PPI (MoM) (Dec)
Forecast 0.1% vs Previous 0.0%

Market Analyst
Baxia Markets
_________________________________________
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'BNBUSD!'


In the realm of BNBUSD trading, the 4-hour chart has unfolded a compelling narrative. Here, two significant patterns have taken shape, painting a nuanced picture for traders. First on the canvas is the downside channel, a bullish correction or flag, coexisting harmoniously with a triple bottom chart pattern that emerged at the bottom of this bullish flag.

During the most recent trading session, market dynamics shifted as prices decisively breached the upper channel of the bullish flag. This breakthrough serves as a potential indicator of a bullish trend continuation, injecting optimism into the market sentiment.

The interplay of Exponential Moving Averages (EMA) further fuels this optimistic outlook. The EMA 50 and EMA 200 are diverging, with the former pulling away from the latter. This divergence signals a resurgence in bullish momentum, setting the stage for potential upward movements.

The Bollinger band, a reliable indicator of volatility, has not remained silent amid these developments. Since the break above the upper channel of the bullish flag, prices have soared beyond the upper boundary of the Bollinger band. This breach serves as an additional affirmation of the rekindled bullish trend.
However, caution is always prudent in the unpredictable landscape of the financial markets. A key support level to keep a watchful eye on is the triple bottom at $288.252. A breach beneath this level could signify a bearish reversal, turning the previously bullish flag into a bearish one.

Turning our attention to oscillator indicators, both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) corroborate the prevailing bullish sentiment. The MACD and RSI currently exhibit characteristics indicative of a bullish trend. Traders should remain vigilant, observing potential signs of a bearish reversal, such as the MACD signal line and histogram crossing below the 0 level, or the RSI descending below the 40% threshold.

In this intricate dance of chart patterns and technical indicators, traders find themselves at a crossroads of potential opportunities and risks. As the BNBUSD story continues to unfold, market participants must navigate these signals to make informed decisions in the ever-evolving world of forex trading.

Key Economic Releases to Watch Today

EUR, German CPI (MoM) (Dec)
Forecast 0.1% vs Previous -0.4%

CAD, CPI (MoM) (Dec)
Forecast -0.3% vs Previous 0.1%

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit

Hello traders! Baxia offers the latest release of analytics on top traded assets to better understand the current market conditions for more efficient trading. Let's dive in and discuss today's market outlook on: 'XRPUSD!'



Amidst recent market activity, XRPUSD has found itself navigating a sideways trajectory over the past couple of weeks. This comes in the wake of a potent breakout to the downside witnessed on the 1st of January, setting the tone for a bearish trend that has since dominated the scene.

As the charts paint a picture of bearish sentiment, the EMA 50 trails beneath the EMA 200, confirming the prevailing downtrend. Both exponential moving averages find themselves situated below a critical resistance level at 0.60845, encapsulated within an orange rectangle on the charts. Notably, attempts by prices to breach this key level resistance have been met with swift rejection, acting as a formidable barrier. The repercussions of these attempts resulted in the establishment of new lows, reinforcing the bearish momentum.

The significance of this bearish tone is further underscored by the continuous struggle beneath the key level resistance. With EMA 50 and 200 positioned below, the hurdle at 0.60845 remains a formidable challenge for XRPUSD. The rejection from this level has not only sustained the bearish outlook but also triggered a new low in prices.

Looking ahead, the path of least resistance appears to be downwards, especially if supported by the confluence of indicators. A bearish RSI that ventures below the 40% threshold could serve as a precursor to intensified selling pressure. Additionally, a convincing close below the value area, marked by the pink horizontal line on the volume profile indicator, would add further credence to the potential for new lows.

The coming weeks will be crucial for XRPUSD as it grapples with the overarching bearish sentiment. The interplay between key resistance levels, moving averages, and volume profiles will guide traders in navigating potential entry and exit points. Keep a watchful eye on the evolving technical landscape, as any breach of established levels may herald significant shifts in market dynamics. The downside seems to be the prevailing narrative, but vigilant traders will be ready to adapt to any twists and turns in this intriguing XRPUSD saga.

Key Economic Releases to Watch Today

USD, Core Retail Sales (MoM) (Dec)
Forecast 0.2% vs Previous 0.2%

USD, Retail Sales (MoM) (Dec)
Forecast 0.4% vs Previous 0.3%

Market Analyst
Baxia Markets
_________________________________________
Twitter | Facebook | Linkedin | Instagram | YouTube

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit