SmoothJB

SmoothJB

Phio Pharmaceuticals Corp (NASDAQ:PHIO) was one of the biggest winners on Friday as the stock closed up $1.44 on the day with huge volumes. I alerted it when it was trading at 75c as a potential big mover due to its huge cash position and catalyst and it did not disappoint us. Looking at the technical daily chart the near-term outlook is very positive, with...

SmoothJB

The New Zealand dollar initially tried to rally during the week but has run into a bit of resistance near the 0.70 level. By giving up those gains, we have formed a “two-week shooting star.” If we break down below the bottom of the candlesticks that make up the last two weeks, it is very possible we could drift towards the 0.76 handle, maybe even as low as the...

SmoothJB

The Australian dollar failed at the same region that it has previously, namely the 0.75 handle. This suggests that the market is ready to fall, and if we break down below the bottom of the candlestick it could send this market down to the 0.7350 level. Breaking down below that level could then open up the possibility of the Australian dollar dropping to the 0.70...

SmoothJB

The British pound spiked against the Japanese yen last week, stretching almost all the way to the ¥165 level. At that point, the market then turned around to fall rather significantly and formed a massive shooting star. The shooting star has pierced the top of the Bollinger Band indicator, and therefore it would not be a huge surprise to see this market pull back...

SmoothJB

The euro spent most of the week trying to rally but as you can see, we have given back quite a bit of the gains. The 1.12 level above is a major resistance barrier, so it is not a huge surprise to see that we have pulled back from that region. By doing so, we ended up forming a shooting star and I think it is more likely than not that we will go looking towards...

SmoothJB

The USD/JPY rose very strongly over the past few weeks, eventually peaking the week before last at its highest closing price seen in over 6 years above ¥125. The past week saw the price come off these highs and slowly begin to consolidate on diminishing volatility. There is a reason to keep looking to the bullish side after such a strong price movement, and...

SmoothJB

The world’s most important stock market index, the S&P 500, rose again last week, despite three weeks ago making the first “death cross” / “bear cross” (50 day moving average crosses below the 200-day moving average) seen since the coronavirus shock of March 2020. The price closed Friday very slightly higher on the week, just a little way back above the 200-day...

SmoothJB

The weekly price chart below shows the U.S. Dollar Index rose slightly last week, in line with the long-term bullish trend, printing a bullish doji candlestick, which can be a sign of indecision. However, the lower wick was supported by 12293, so if the price can break last week’s high over the coming week, it will be a bullish sign Dollar bulls will be encouraged...

SmoothJB

The gold markets have pulled back during the trading session on Thursday to reach the $1923 level. At that point, the buyers came back into the picture and started to push this market to the upside. The $1950 level attracts a certain amount of attention; therefore, I think breaking above there solidly will allow this market to go towards the $1970 level, an area...

SmoothJB

The British pound shot higher last week, but as you can see, has also given back quite a bit of the gain. This is not a good look, and it does suggest that we are probably going to drop towards the 1.30 level underneath. That is a large, round, psychologically significant figure, and if we break down below there it is likely that we could go towards the 1.28...

SmoothJB

The New Zealand dollar continues to rally rather significantly, especially against the Japanese yen. The Japanese yen has been crushed against almost everything on the planet, and it looks as if the New Zealand dollar is trying to clear the ¥85 level. Breaking above there would open up the possibility of a runaway market. That being said, I would not be surprised...

SmoothJB

The euro fell a bit last week as we continue to see the downtrend play out. Ultimately, this is a market that I think will drag down towards the 1.0850 level. It continues to be very choppy but more with a downward slant than anything else. I think it is not until we break above the 1.12 level that you can take any rally seriously. Until then, I will be fading...

SmoothJB

The Australian dollar rallied significantly last week to reach the 0.75 level. This is an area that has been very difficult for markets to overcome for quite some time, so it should not be a huge surprise that we have stopped right there. The question now is whether or not we can continue to go higher? If we do break the 0.76 handle, at that point the Australian...

SmoothJB

Over the past week and during the calendar month of March, the Australian Dollar has been the strongest currency while the Japanese Yen has been the weakest. This currency cross is at the heart of the Forex market now. The Yen is weak as the Bank of Japan wants to bring inflation up to 2%, while the Australian Dollar is strong on improved global risk sentiment and...

SmoothJB

The ZAR has been a very strong currency over recent weeks, consistently moving higher against the USD which has itself been in a long-term bullish trend. The USD also rose against a basket of currencies last week but fell quite strongly against the ZAR as can be seen in the price chart below. Last week’s price action saw a close near the low of the week’s range,...

SmoothJB

The USD/JPY made a third consecutive unusually strong weekly rise last week, closing near its high at its highest closing price seen in over 6 years. In fact, last week’s move was the strongest seen in several years. These are very bullish signs, with the Japanese Yen showing the greatest weakness of all major currencies putting this pair in focus right now. I...

SmoothJB

For the third day in a row, the market has pulled back just a bit, but it seems as if we are going to continue to see buyers in the region of the 1.0975 handle. This is an area where the market has bounced from three days in a row, so that is a relatively strong sign. If this is going to continue to be the case, we may make a push towards the 1.11 level above,...

SmoothJB

On D1, the market has almost reached the goals of the Double Top reversal pattern. The quotes are pushing off the resistance level that used to be a good support in December last year. That time, buyers managed to prevent a breakaway of 1.3170 downwards. Currently, we should expect a minor bullish correction to the broken border of the descending channel at...