Axis Tactics 19th February, 2025 - Technical Analysis for Major Currencies : GBP/USD ; EUR/USD ; USD/JPY ; USD/CAD ; Gold ; Bitcoin

GBP/USD ; EUR/USD ; USD/JPY ; USD/CAD ; Gold ; Bitcoin

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Some Charts & Data from Both Internal and Street Sources on Major FX Crosses, Gold & Bitcoin

GBP/USD — Pair sets a new YTD high on Wednesday and session high at 1.2640 comes within a whisker of 100-DMA at 1.2659; need a break and close above 100-DMA to confirm further upside ahead. But Bollinger and this 100-DMA are tough obstacles to overcome at the first attempt.

• Intraday resistance: 1.2640, session high; weekly resistance: 1.2659, 100-DMA

• Spot: 1.2574

• Intraday support: 1.2575, weekly support: 1.2333, Feb. 11 low

EUR/USD — Looking more evenly balanced as pair drops for a third day, keeps setting lower lows while managing to hold above its 55-day moving average at 1.0387; YTD high of 1.0533, last seen in January, continues to cap short-term euro gains

• Intraday resistance: 1.0461, session high; weekly resistance: 1.0533, Jan. 27 high

• Spot: 1.0438

• Intraday support: 1.0419, session low; weekly support: 1.0280, Feb. 10 low

USD/JPY — Neutral; pair consolidates below 200-DMA at 152.66 while 55-DMA at 155.35 still acts as near-term resistance; need a daily close above 55-DMA to confirm more upside

• Intraday resistance: 152.31, session high; weekly resistance: 154.80, Feb. 12 high

• Spot: 151.39

• Intraday support: 151.25, session low; weekly support: 150 key level, last breached on Dec. 9

USD/CAD — The pair stays within a broad range defined by 55-DMA at 1.4330 and 100-DMA at 1.4131; also near the bottom of Bollinger band

• Intraday resistance: 1.4230, session high; weekly resistance: 1.4330, 55-day moving average

• Spot: 1.4229

• Intraday support: 1.4176, session low; weekly support: 1.4131, 100-day moving average

Bitcoin vs Gold

This graphic illustrates how any fall in Bitcoin might be accompanied by fresh highs in Gold. That being said, if we find ourselves in extreme margin call territory within major stock indices, correlations often collapse. Bitcoin backing down from $100,000 may be a reason for gold to visit the $3,000 an ounce resistance level. Our graphic shows the ounces of the metal equal to the crypto slipping below last year's high and potentially forming an enduring peak. A Peak in the Bitcoin/gold ratio may have similar implications for the S&P 500 vs Gold ratio.

Trade Recommendations, Entry & Exit Levels and Risk Management Guidance is within the Section below:-