The USD/BRL has produced another round of head scratching trading results, as it finished yesterday near technical lows.

The USD/BRL traded near value last seen in the middle of June as it ended yesterday’s Forex session near the 5.0285 ratio. On the 25^th of August the USD/BRL currency pair found itself trading near the 5.1420 mark, but by Friday the USD/BRL actually started to decline in value. This came on the heels of the central bank policy speeches from the U.S in Jackson Hole which seemingly had little effect on the USD/BRL.

This weekend’s televised debate for President of Brazil also seemed to have little effect on the temperament of investment houses. The prospect of a left leaning political leader taking the realms of Brazil has not flustered the value of the USD/BRL as of yet. The election will be held on the first Sunday of October, and if a majority 50% plus winner is not produced the second round for President will be held the last Sunday of October. Technically the USD/BRL is hovering near very important support.

The 5.0000 Level is within Sight, but Support could prove to be lower

Speculatively the USD/BRL has produced a rather astonishing move lower while many other major currencies paired against the USD struggle to attain value.  The USD/BRL was trading near 5.5100 on the 21^st of July and has incrementally moved lower since then. However, it must be pointed out that on the 10^th of August the USD/BRL was trading near the 5.0400, but then moved higher and touched a ratio of nearly 5.2120 on the 19^th of August. However, the bearish trend is rather startling.

• Today’s opening in the USD/BRL should be monitored. If there is no gap upwards it could be a signal additional selling pressure could be demonstrated.
• If a gap higher is produced on the opening and the USD/BRL is suddenly testing the 5.0350 level, traders may believe it is an opportunity to look for quick hitting moves upwards.

The Strong Trajectory Lower in the USD/BRL Remains Suspicious but the Trend has been Durable

Speculators will have an opportunity to wager on the short term range of the USD/BRL, if it can remain within a calm range.  The opening should be watched for sudden potential gyrations. The USD/BRL continues to look like it has been overbought, but the trend which has been produced technically leaves little to argue, and if the 5.0000 were to prove vulnerable a move towards the 4.9700 level would not be a complete shock. Traders should look for quick hitting trades and have their risk management working today.

Brazilian Real Short Term Outlook:

Current Resistance:  5.0395

Current Support:  5.0157

High Target: 5.0796

Low Target:  4.9723

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The USD/CAD has produced a test of its higher range the past couple of days as promised, and short term traders who enjoy speculative conditions should be braced for more.

 

The USD/CAD is producing a rather steady diet of fast paced value changes as it traverses within its upper range. Intriguingly the USD/CAD is bouncing around short term technical resistance, which if it proves durable could ignite speculative selling. Short term traders need to understand Forex conditions for the USD/CAD currency pair are under large shadows of nervous behavioral sentiment.

Volatile Mix of Fundamentals and Technical Considerations for USD/CAD

As of this writing the USD/CAD is near the 1.29775 mark, but readers are urged to compare this to the market as they contemplate wagering. A violent mixture of fundamental and technical perspectives should be considered to gain insights; strong gut instinct may prove important too, along with carefully selected risk taking tactics.

• Energy prices via Natural Gas are near highs and this could help the value of the Canadian Dollar, besides the price of Crude Oil too which remains profitable for producers such as Canada.
• Economic policy speeches via the Jackson Hole conference with the top global central bankers taking place will affect sentiment near term over the next few days.

Canadian Economic Data Remains Sketchy and USD/CAD feels Weight of Central Banks

The Bank of Canada remains under pressure to likely stay hawkish and match U.S Fed policy. Economic conditions in Canada match other major economic spheres as inflation and recession threaten. The housing data in Canada has shown some signs of distress via prices. Technically the USD/CAD remains in what can be considered overbought territory by many. Intriguingly from a fundamental consideration, the high price of Natural Gas of which Canada is an exporter, may factor into some selling pressure of the USD/CAD.

Short term traders should be prepared for more turbulent conditions and choppy results near term. Behavioral sentiment is bound to remain nervous and reactionary. Resistance levels may prove to be interesting junctures to launch selling positions with well-chosen stop losses above which are not so close. If this method of using a wider stop loss compared to a closer take profit is used in the USD/CAD it is urged that a limited amount of leverage is selected.

The USD/CAD is bound to remain volatile, but near term wagers looking for downside with quick hitting targets below may find them to be worthwhile wagers.  Traders are urged not to be overly ambitious in the near term, because sudden reversals are likely to occur which tests the willpower of positions that are not protected with risk management. Potentially aiming for the 1.29725 mark in the short term and slightly below may be intriguing for short term bearish bets.

Canadian Dollar Short Term Outlook:

Current Resistance: 1.29840

Current Support: 1.29725

High Target: 1.30425

Low Target: 1.29500

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The USD/MXN ranks among the most intriguing major currency pairs for traders to wager on because of its rather contradictory results for nearly a year.

As of this writing the USD/MXN currency pair is near the 20.25000 vicinity after having demonstrated a solid day of selling last Friday before going into the weekend. Yesterday’s trading provided what can be term as a consolidated range near important support ratios which were last tested in late July.  The last time the USD/MXN traded below the 20.20000 with sustained results was in the month of June.

While short term traders may not want to think about results from June, when the USD/MXN was trading near lows of almost 19.85000 on the 24^th of June and even lower earlier in the month it could prove important. These prices are noted because it shows just how strong the Mexican Peso has been compared to many of the other major currencies against the USD. While the USD has powered to new highs against the likes of the EUR, JPY, GBP and others over the long term, the USD/MXN has actually produced a rather strong proving ground for sellers frequently.

Inflation Concerns will Spark the USD/MXN today via Consumer Price Data

The reason the USD/MXN currency pair has remained a rather bearish wager is because of energy prices. International demand for Crude Oil helps keep the Mexican Peso strong because Mexico is a large exporter of energy. Support levels near the 20.20000 level should be monitored closely today and will be affected by behavioral sentiment from financial houses because of U.S inflation data.

• If the U.S CPI data comes in stronger than expected today, this could spur on short term buying momentum in the USD/MXN.
• Traders should be prepared for rapid fire trading later today and have risk management in order; spikes should be expected depending on the outcome of the U.S inflation numbers.

Fast Conditions and Whipsaw Results will likely be Demonstrated Momentarily Today

Speculators who enjoy dynamic wagering and have steel stomachs may want to pursue the USD/MXN today.  Lightning quick results will likely be produced upon the publication of the Consumer Price Index numbers, if the results are stronger than expected the USD/MXN could see a bounce higher from current support levels. Traders certainly need to be ready for what are almost guaranteed to become rather fast conditions.

If the inflation data comes in higher than expected it could ignite buying of the USD/MXN for a while until a ‘new’ equilibrium is found. However, if the inflation numbers meet expectations, this could actually spur on additional selling of the USD/MXN which could test support levels near the 20.16000 to the 20.10000 vicinity with sudden bursts of power. Technical traders will have their short term skill sets tested today and risk management will be essential.

USD/MXN Short-Term Outlook

Current Resistance: 20.30900

Current Support: 20.20150

High Target: 20.49800

Low Target: 20.15300

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The USD/CAD has packed plenty of price action in the past few days of trading and volatility is likely to continue as ‘fair’ equilibrium is sought.

As of this writing the USD/CAD currency pair is near the 1.285750 mark.  On the 4^th of August the USD/CAD was trading near lows of 1.28200, coming within sight of support seen in the last week of July and but not coming anywhere near the low on the 1^st of August which touched 1.27675. On the 5^th of August the USD/CAD soared to nearly 1.29880, but then reversed lower before going into the weekend.

Monday’s move towards Lows may Raise Eyebrows of USD/CAD Speculators

Intriguingly yesterday’s trading in the USD/CAD also produced another selloff and the currency pair actually consolidated between 1.28480 and 1.28650 for a lot of the day. This morning’s trading has seen the USD/CAD essentially sustain these lower marks, which were last traded in a sincere way on the 4^th of August. The spike upwards on Friday via buying in the USD/CAD happened after the Average Hourly Earnings data showed an uptick in payroll spending, per my interpretation of Forex.

• Volatility continues to be a minefield in the USD/CAD for day traders, and risk management certainly is needed.
• The USD/CAD is testing lows seen on the 4^th of August, which may entice speculators who believe the currency pair is momentarily oversold.

The notion that the USD/CAD spiked higher on strong buying Friday, and then reversed lower may be seen as a pure technical move proving the Forex pair was overbought. However, some speculators may look at the current value of the USD/CAD as it traverses important support and suspect the currency pair may actually now be oversold. Choppy conditions are likely to be demonstrated in the coming days.  

If the USD/CAD starts to trade within a Narrow Range this may Prove Attractive

Traders who are cautious may want to see if current support levels can hold. If the USD/CAD can stay within the 1.28570 to 1.28600 zone for a time, this may prove to be a rather interesting ignition point to launch trades. However, day traders should probably look for quick hitting trades that are not overly ambitious.  The use of conservative leverage and a slightly wider stop loss, compared to a relatively close take profit target may prove to be worthwhile.

Consolidation may prove to be favorable in the near term as financial houses interpret the tea leafs from the U.S Federal Reserve. Traders looking to take advantage of support levels may want to place buying positions near support around the 1.28565 to 1.28550 vicinity to look for upside momentum.

Canadian Dollar Short-Term Outlook

Current Resistance: 1.28650

Current Support: 1.28555

High Target: 1.28970

Low Target: 1.28212

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The USD/MXN surged higher yesterday with a rapid movement that likely took many speculators by surprise and may have proven expensive.

Yesterday’s trading in the USD/MXN is a stark reminder for speculators that risk management is essential. Traders who were calmly seeking downside momentum on Tuesday on slight reversals higher after Monday’s lows traversing near 20.24000, may have suffered a death blow if they were not using stop losses yesterday and were over leveraged.

At one point yesterday the USD/MXN was tranquilly trading near the 20.51000 vicinity and may have looked like a good place to launch a short position. Short term day traders looking at technical charts may have viewed this juncture as a solid place to ignite a selling position. However, with a few lightning bolts, the USD/MXN was suddenly trading near a high of 20.83200. As of this writing the USD/MXN has come off of its highs and is traversing near 20.71000 with rather fast conditions still being demonstrated.

USD/MXN Express Train Upwards is a reason to be Suspicious and Extremely Careful

The move in the USD/MXN the past few days serves as a friendly reminder that Forex is not for the weak of heart. The vicious move higher can be explained by pundits by saying that growth forecasts in Mexico came in better than expected, but frankly it does not make sense – the Mexican peso should logically get stronger because of this result. Some may point to the lack of clarity regarding U.S Federal Reserve policy however that is suspicious thinking too, because clarity has been in short supply for a while.

• Traders should brace for the potential of further whipsaw results in the USD/MXN and use risk taking tactics with sincere care today.
• Yesterday’s massive buying spree will likely produce additional volatility as financial houses try to find equilibrium with the USD/MXN currency pair, which may cause further pain for day traders.

Support Levels need to be monitored and Speculators may Find Selling Tempting

Speculators who survived yesterday’s price action may be tempted to sell the USD/MXN if support levels start to look vulnerable.  Because of the elevator like ride upwards yesterday, support near the 20.69000 level should be watched carefully. This price which is very close to actual trading as of this writing could prove crucial. If it is broken lower and the 20.68000 to 20.65000 vicinities again are flirted with, it could mean selling pressure will reignite.

Yesterday’s buying surge after lows were tested on Friday and Monday which tested values not seen since early July, is a warning sign for traders that volatility is always possible in the USD/MXN. It could also mean there are speculative opportunities to sell and look for downside action, but risk management is crucial. Stay alert.

USD/MXN Short-Term Outlook

Current Resistance: 20.75800

Current Support: 20.68300

High Target: 20.82890

Low Target: 20.55900

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AVAX/USD has moved slightly higher in the last day of trading, but Avalanche remains near dangerous lows in a market that shows growing nervousness.

AVAX/USD is near the 60.25000000 ratio as of this writing having moved slightly higher in recent trading. However, the slight move upwards does not mask the slide downwards that AVAX/USD has produced the past month and its inability to establish a solid reversal higher. The lack of capability to sustain a move upwards mirrors the results from the broad cryptocurrency market and AVAX/USD is near important psychological support levels.

On the 2^nd of April AVAX/USD was trading slightly below the 103.00000000 mark, the loss of value the past month has been dramatic for Avalanche. The bearish trend has proven strong and traders who have been tempted to look for long lasting moves higher to develop have likely experienced rather costly results within their trading accounts. As Avalanche trades within the 60 to 61 USD price realms, traders need to consider long term technical charts to grasp the dangerous price vicinity AVAX/USD looms.

If the 60.00000000 mark is shown to be vulnerable, traders cannot be blamed for believing lows seen only a few days ago will be displayed again.  On the 30^th of April and 2^nd of May the 56 USD ratio was tested by AVAX/USD. The last time these current price realms of AVAX/USD were traded was in the last week of January.  This value vicinity was also seen in October of 2021.

Traders who believe AVAX/USD may move lower cannot be faulted. Certainly the price of Avalanche may feel as if it has been oversold. But lower depths have been seen before, and if current support levels fail to hold it is not outside the realm of possibility that the 55 to 54 USD mark for Avalanche could be experienced again. The broad cryptocurrency market is exhibiting widespread nervousness and many of the major digital assets are testing important lows.

The bearish trend in AVAX/USD has failed to produce a significant reversal higher which could change the sentiment of most day traders. While looking for upside may be a wager some speculators want to make, these bets may prove to be best served by quick hitting trades that use take profit orders to cash out lightning quick results, otherwise they could prove to be expensive losing bets.

Traders on the other hand who remain skeptical of a sudden turnaround in AVAX/USD developing near term, may want to continue pursuing downside momentum which has been rather strong. Selling AVAX/USD and looking for support levels to be tested and used as take profit junctures may be worthwhile wagers short term.

Avalanche Short-Term Outlook

Current Resistance: 61.10000000

Current Support: 59.42000000

High Target: 63.46000000

Low Target: 54.24000000

SOL/USD has managed a slight reversal higher in early trading this morning, but conditions remain choppy as the cryptocurrency remains near crucial lows.

SOL/USD is trading near the 88.0000 mark as of this writing, and in early trading today the cryptocurrency did manage to hit a high of nearly 88.7500. However this ratio was attained after SOL/USD also hit a low of 86.7000 yesterday. Technical traders who take an optimistic stance may try to view yesterday’s weakest price as a positive. This because Monday’s low was incrementally higher than the lows displayed on Sunday, this when Solana traversed close to the 85.0000 mark.

The broad cryptocurrency remains rather nervous, like nearly all global assets as investment houses gear their thoughts to Wednesday’s U.S Federal Reserve pronouncements. SOL/USD was trading at nearly 143.7500 on the 3^rd of April, meaning Solana has lost slightly less than 50% of its value in one month’s time. While SOL/USD was able to display a solid bullish trend from the middle of March until early April, the downward cycle which has redeveloped correlates to the broader trend among the other major digital assets.

Yesterday’s trading in SOL/USD remained rather nervous and choppy short term conditions are evident as important support levels are being tested.  If selling continues to apply pressure because of nervous behavioral sentiment, additional tests of lows could certainly be exhibited. Day traders should monitor the 87.0000 support level. SOL/USD has the ability to move fast, and though the 88.0000 juncture is now being traversed, if momentum takes Solana lower a move towards the 87.0000 depth could spark worries.

Early this morning’s push higher may be a reason for hope that SOL/USD will start to reverse higher. Optimists within the cryptocurrency world are certainly counting on a robust move upwards to develop and when it does happen, the momentum will be welcomed by buyers. If the 88.7500 resistance level is challenged soon this could be a solid indicator. However, if the price of SOL/USD is not able to establish a real move towards this nearby price up above, traders may grow impatient and skeptical again.

Volatile conditions in the broad cryptocurrency market are bound to be generated near term.  SOL/USD will not escape the choppy conditions which are likely to flourish. Speculators need to use all of their risk taking tactics wisely over the next couple of days. Sellers’ who continue to seek targeted prices below, should use take profit orders to make sure they cash out of winning positions before sudden reversals are seen. Short term goals and decisive price targets will be important for all day traders.

Solana Short-Term Outlook

Current Resistance: 88.8600

Current Support: 86.8900

High Target: 91.2900

Low Target: 83.9100

SHIB/USD has delivered a rather middle of the road trading experience for short term speculators the past week of trading, but the consolidation is likely to end.

SHIB/USD has taken on a rather cautious consolidated mode the past week as the value of Shiba Inu traverses the middle of its short term price range. The highly speculative cryptocurrency which is a favorite of traders who seek volatility, has been rather quiet with its results the past few days, and while this has allowed speculators to use targeted quick hitting price action, it may have some traders feeling rather suspicious.

The broad cryptocurrency market has mirrored the results in SHIB/USD the past week in some respects. SHIB/USD did see a low of nearly 0.00002362 on the 18th of April and then a reversal higher to about 0.00002590 only two days later. These results and the slight headwinds which have followed the past day of trading in SHIB/USD have also correlated to the broader crypto market.

Choppy trading has been seen in SHIB/USD, and traders are encouraged to consider momentum in order to take advantage of developing short term trends under the present conditions. Nervous sentiment is likely building among certain speculators who are monitoring key support levels in SHIB/USD and wonder if a ‘return’ to bearish price action will mount. However, the recent trading of SHIB/USD and the broad cryptocurrency marketplace may also spark the interest of bullish speculators who believe the recent downturn experienced the past week of trading has produced oversold results.

SHIB/USD is a purely speculative cryptocurrency and it is a rather intriguing barometer of market sentiment. The recent consolidation which has taken place the past few days of trading as Shiba Inu trades in a fractional manner is not likely to last. Volatility may be ready to be exhibited sooner rather than later within SHIB/USD. Traders are urged to use specific entry price orders to ignite their positions so their ‘fills’ meet their expectations.

Buyers cannot be blamed for the belief that if current support levels prove durable, that long positions may prove to be worthwhile if they are initiated on slight moves downward, which carry the expectation of higher reversals. If SHIB/USD is able to maintain a price above the 0.00002500 juncture it may be a signal additional upside will be demonstrated in the near term. Traders are reminded SHIB/USD can move fast and that leverage needs to be carefully considered because incremental changes in value of Shiba Inu can produce astonishing results – both bad and good – depending on the outcome of wagering on this volatile cryptocurrency.

Shiba Inu Coin Short Term Outlook:

Current Resistance: 0.00002548

Current Support: 0.00002460

High Target: 0.00002630

Low Target: 0.00002353