James Stanley

The US Dollar finally pulled back from its aggressive Q4 breakout move, and this was fueled by the strongest weekly outing in EUR/USD in two years with last week’s bounce.

Both USD/JPY and EUR/JPY have sold off over the past week and with the BoJ policy review expected in a couple of weeks, Yen-strength scenarios seem to be gaining steam.

Gold just finished its worst month in more than a year, and Bitcoin was a big beneficiary as anti-fiat flows drove into crypto-currencies following the Presidential election win of Donald Trump.

USD/JPY bears have gone to work over the past two weeks, holding a lower-high even as USD spiked last Friday. And then forcing a breakdown from the descending triangle formation to test below the 151.95 level.

Last week was the strongest weekly outing for gold since the regional banking crisis in 2023; but gold’s nine-month streak of gains is at risk as the metal finally pulled back in November.

It’s been a fast-evolving market since the Presidential election three weeks ago. But stocks remain higher, Bitcoin has put in a major move and gold is on its back foot.

USD/JPY set a lower-high last week even as DXY spiked up to a fresh two-year-high. And there’s now a short-term descending triangle formation setting up in the pair.

SPX has a sizable gap sitting below current price action and the top of that zone came into play for four consecutive days, while remaining well defended by bulls ahead of this week’s test of 6k.

Silver prices sold off quickly after a failed breakout at 35. But last week’s test at the psychological level of 30 has so far helped bulls to get back into the matter and silver prices now have bullish short-term price action.

Gold has been heavily sold so far this month, but Friday showed both a doji and an inside bar after the Thursday low printed at a really big level.

It was a brutal week for the British Pound, with fresh four-month lows in Cable as GBP/JPY put in a late-week breakdown.

It’s been a fast first-half of Q4 for both the US Dollar and EUR/USD and both are now showing a case of RSI divergence from the daily chart.

USD/JPY has continued to rally up to fresh three-month-highs, but EUR/JPY has started to build bearish structure. Meanwhile a bull pennant has formed in GBP/JPY.

Silver was all the rage a month ago as the metal pushed up to a fresh 12-year high. But it couldn’t break above the 35-level in silver futures and since then it’s been drawdown and pullback. Now the 30-level is back in-play.

The US Dollar has continued its rally after Trump’s win and last week’s FOMC rate decision, and DXY is now testing some unfilled gap from last November’s FOMC meeting.

Bitcoin is the big winner from the election of US President Donald Trump and with a crypto-friendly administration set to take over, FOMO has driven a massive breakout in BTC/USD.

Despite a reversal from two-year highs last week, bulls have continued to push in USD/MXN although the pair is notably lagging EUR/USD and USD/JPY for pricing in USD-strength over the past week.