Silver Bulls Resurface Ahead of Nonfarm Payrolls
Matt Simpson November 5, 2021 3:43 AM
Whilst silver’s correction was a little deeper than we’d liked, its solid rebound from $23.00 it has seen it return to our bullish watchlist.
In today’s video we update our silver analysis using the daily timeframe for the broader structure, then drill down to the intraday chart to finetune the bias over two-time horizons.
In yesterday's video, was openly asked if the correction on JPY pairs were complete. The answer was a resounding “no”. Out of the three markets covered, CAD/JPY did the best to try and not roll over and is just about managing to stay above the May high. It still shows potential to eventually break higher but, for now, we’re happy to step aside. EUR/JPY printed a bearish outside day and pulled back the monthly pivot and 50-day eMA, so that is removed. Whilst GBP/JPY literally rolled over and crashed through key support following the BOE’s decision to hold interest rates, thus firmly removing itself from the bullish watchlist.
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