EUR/USD is still bounded in range trading above 1.0601 and intraday bias remains neutral. Strong resistance should be seen from 1.0723 to complete the corrective rise from 1.0601. Break of 1.0601 will resume the fall from 1.1138 to 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0535 next. Nevertheless, firm break of 1.0723 will bring stronger rebound to 55 D...
XAU/USD trades near $2,371 and the daily chart shows that the slide may continue. Technical indicators retreat from extreme overbought levels, suggesting the decline may continue. Still, a steeper slide remains out of the picture, as XAU/USD refuses to give up while developing its moving averages above all Simple Moving Average (SMA) maintains its firmly bullish...
Looking at the 4-hour chart above, the price is now within a swing area that was a highlight going back to February and into March. That ceiling was ultimately broken in mid-March, and has traded above and below the swing since that time. Earlier this week, the price move back above the swing area, but has reversed lower. Technically, the price is looking to test...
Additionally, the rising tension between Israel and Iran heightens concerns of a wider conflict in the Middle East, providing some support to safe-haven currencies like the Japanese Yen (JPY) and creating a headwind for the GBP/JPY cross. The latest data from the Office for National Statistics showed on Friday that UK Retail Sales arrived at 0% MoM in March from...
The most recent leg down, which started on April 10, was driven by a sudden strengthening in the US Dollar (USD). A run of strong macroeconomic data from the US, a solid labor market and persistently high inflation means the US Federal Reserve (Fed) cannot go ahead and cut interest rates as soon as it had been planning. The expectation of interest rates...
On the 4 hour chart, we can see more clearly the bearish setups around the 1.24 and the 1.25 handles. If the price were to break above the 1.25 resistance zone, we can expect the buyers to increase the bullish bets into the trendline targeting a break above it. There’s not much else to glean from this chart, so we need to zoom in to see some more details Gbpusd...
USDJPY 1 day chart For the yen, the move is particularly notable as it pushes into technical blue skies Eyes are on Japan for signs of intervention but given that the recent move has largely been on broad USD buying following fundamentally stronger CPI numbers, it's a tough one to lean against. There have been signs of a managed decline but no real intervention....
EUR/USD’s fall from 1.1138 resumed by break through 1.0684 last week. Initial bias stays on the downside this week for 100% projection of 1.1134 to 1.0693 from 1.0980 at 1.0535 next. Firm break there will target 1.0446 support next. On the upside, above 1.0697 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Fall from 1.2882 is seen as the third leg. Deeper decline would be seen to 1.2034 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0361 to 1.2453 at 1.1411 to complete the correction
advanced this week, but ended the five-day period off its best levels established briefly on Friday during the New York session, when it touched $2,430, a fresh record. Considering recent performance, the precious metal has increased in seven of the last eight weeks, rallying more than 16% since mid-February and shrugging off extremely overbought conditions
Gold has been hitting all-time highs almost daily for the past two weeks, reaching $2364 in the spot market on Tuesday before the start of US trading. The ability to rise above $2071 per ounce, which gold found in late February, has signalled a break of resistance that has kept gold above since August 2021 Gold is now rising more actively than it did in the...
The drop earlier today came despite continuous geopolitical tensions and the potential for an Israeli response to the Iranian attack this weekend. There were reports from WSJ and Axios indicated that Israel may consider an attack that showcased the depth of their offensive capabilities. Over the weekend defensive capabilities were showcased
The fact we saw an intraday break above $2400 quickly reverse suggests traders are keen to book profits, which in turn suggests we may be about to experience some sort of shakeout at these highs.” Gold price (XAU/USD) oscillates in a narrow trading band heading into the European session on Tuesday and remains well within the striking distance of the all-time peak...
In the bigger picture, price actions from 0.8342 medium term bottom as tentatively seen as developing into a corrective pattern to the down trend from 1.0145 (2022 high). Further rise would be seen as long as 0.8727 support holds. But upside should be limited by 0.9242 resistance, at least on first attempt. However, decisive break of 0.9233 will argue that the...
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The Loonie asset would observe a fresh upside if it breaks above April 12 high at 1.3786. This will drive the asset towards November 4 high at 1.3843 followed by November high at 1.3901 On the contrary, a downside move below April 9 low at 1.3546 would expose the asset to the psychological support of 1.3500. A breakdown below the latter would extend downside...
Bitcoin bids have accelerated in the past hour as it nearly erases the week-end drop that was prompted by Iran's strikes on Israel. The catalyst for the latest leg of buying is the Hong Kong approval of spot BTC and ETH applications for ETFs. It's not yet clear when they will launch but there are a handful of applications. Bitcoin remains about 1.2% below...
GBP/USD’s fall from 1.2892 resumed accelerated to as low as 1.2425 last week. Initial bias stays on the downside this week for 100% projection of 1.2892to 1.2538 from 1.2708 at 1.2353 Firm break there will target 161.8% projection at 1.2203 next. On the upside, above 1.2511 minor resistance will turn bias neutral and bring consolidations first, before staging...