James Stanley

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.

The Euro continued it’s Q4 descent against the US Dollar but it’s the recent build of bearish price action in EUR/JPY that’s of interest going into next week.

USD/CAD tested above a major level last week of 1.4000, which hadn’t traded in more than four years. So far this week sellers have sunk price back below that level, but can they hold it into week and month-end?

EUR/USD has taken a beating so far in Q4 but for the past week and the pair is testing the 1.0500 handle for a second time. For both Euro bears and Yen bulls, EUR/JPY could make for a more attractive argument for directional plays.

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.

USD/CNH has mirrored DXY trends quite well of late, and the Trump-fueled rally faces its next major test with US CPI data set for release tomorrow.

The USD rally has continued and DXY is nearing some key points of range resistance. EUR/USD is tanking and 1.0500 is the next logical spot of support potential. But it’s USD/CAD with the 1.4000 level that’s of interest for USD pullback scenarios.

Gold has now put in two consecutive red bars on the weekly and that’s been rare as there’s only been two other occurrences of such in the past seven months. But it’s still too early to say that the metal has topped.