AbdallaAmgad

AbdallaAmgad

Chinese factory gate inflation printed negatively for the first time since 2020 while headline inflation missed estimates both YoY and MoM. These figures suggest that China’s ‘zero tolerance’ COVID-19 policies have been curtailing inflationary pressures via restrained consumer demand. Commodity prices have also declined allowing for lower producer prices which...

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EUR/CHF’s rebound from 1.0186 continues today and intraday bias stays on the upside for 1.0369/0400 resistance zone. Firm break there will resume the rebound from 0.9970 to 1.0610 structural resistance. On the downside, below 1.0186 will turn bias back to the downside for 1.0086 support, to extend the corrective pattern from 1.0400. In the bigger picture, as long...

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EUR/GBP’s rise from 0.8248 resumes after brief retreat and intraday bias is back on the upside. Current rally should target 0.8511 resistance first. Further break of 0.8511 will reaffirm that 0.8201 is a medium term bottom, and target 0.8697 medium term fibonacci level next. On the downside, below 0.8391 minor support will mix up the outlook and turn bias neutral...

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GBP/JPY’s fall from 168.40 is still in progress and could extend to 61.8% retracement of 150.95 to 168.40 at 157.61. Strong support is expected there to contain downside to bring rebound. On the upside, break of 163.57 minor resistance will turn bias back to the upside for retesting 168.40 high. However, firm break of 157.61 will bring deeper fall to 150.96...

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USD/CHF continues to lose upside momentum as seen in 4 hour MACD and intraday bias is turned neutral first. Some consolidations could be seen. But downside should be contained above 0.9372 resistance turned support to bring another rally. On the upside, sustained break of 0.9591 medium term projection level will pave the way to next at 0.9864. On the H4, price is...

AbdallaAmgad Updated 

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise to our 1st resistance of 1.29908 in line with the 61.8% Fibonacci retracement and horizontal pullback resistance from our 1st support of 1.27951 in line with the 78.6% Fibonacci projection. Alternatively, price may break 1st support and head for 2nd...

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GBP/JPY’s retreat from 168.40 extends lower today but stays above 159.02 support. Intraday bias remains neutral first and outlook stays bullish. On the upside, break of 168.40 will resume larger up trend. However, firm break of 159.02 will dampen this bullish case and bring deeper pull back. In the bigger picture, up trend from 123.94 (2020 low) is still in...

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Intraday bias in EUR/USD remains neutral for the moment, and further decline is expected with 1.0922 resistance intact. On the downside, firm break of 61.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0758 will pave the way to 100% projection at 1.0495. However, break of 1.0922 will turn bias back to the upside for stronger rebound towards 1.1184 resistance...

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Intraday bias in EUR/CHF remains neutral for some consolidations above 1.0129 temporary low. But further decline is expected as long as 1.0242 minor resistance holds. Rebound from 0.9970 could have completed at 1.0400 already. Below 1.0129 will turn bias to the downside for retesting 0.9970. On the upside, however, break of 1.0242 will turn bias back to the upside...

AbdallaAmgad Updated 

The euro depreciated to below the $1.08 level for the first time since May 2020 on uncertainty about the timing of interest rate hikes in the Euro Area. The ECB said that any adjustments to interest rates will take place some time after the end of the Governing Council’s net purchases under the APP and will be gradual and reinforced its expectation that net asset...

AbdallaAmgad Updated 

The UK central bank recently pushed back against these market expectations, fearing that a series of hikes may stall growth in the months ahead. UK growth is now back above pre-covid levels and looks robust, despite fears that the Ukraine crisis, and Russian sanctions, will cause further supply chain disruptions. The latest BoE monetary policy report noted that...

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USD/JPY trading at best levels since 2002 Market is very bullish, could see the rug get pulled How the week closes may set up a near-term decline Overnight, USD/JPY shot above the 2015 high at 12585, up to a high so far of 12631. This put it at its best levels since early 2002. It is currently flirting with losing that level, and on that if we do see a reversal...

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Euro updated technical trade levels & sentiment – Weekly Chart EUR/USD plunges into downtrend support – range breakout pending Weekly support 1.0875, 1.0831(key), 1.0656/97; resistance 1.1103, 1.1170, 1.1222(critical) Euro is trading just above the yearly-lows against the US Dollar this week with EUR/USD coiling within a broader range at trend support. While the...

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Bitcoin sold off hard during Q4, but then during the first frame of 2022 it underwent a period of relatively directionless trading. Contracting price action over the last three months could continue to make things even choppier in the near-term, but given the nature of volatility (expanding/contracting) and the fact that this is BTC, volatility is likely to ramp...

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The Canadian Dollar has benefited immensely from sustained higher energy prices as well as a rebound in risk appetite over the past two weeks. After trading in a symmetrical triangle that had formed since September 2021, CAD/JPY rates have burst higher over the past three weeks, rising to their highest level since June 2015. These gains have been in-line with...

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US DOLLAR TALKING POINTS: We’re nearing quarter-end of a Q1 that saw an explosive move develop in the US Dollar. As we near the close tomorrow, prices in USD have moved right back to range support. The range in the USD has now held through much of March, even as the FOMC began lift-off with their first rate hike since 2018. Next quarter is expected to bring the...

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CAD/CHF TECHNICAL ANALYSIS CAD/CHF has mirrored recent weakness seen in the spot price of WTI, which has seen the pair fall to support around 0.7385. Price appreciation across commodities buoyed the pair to within touching distance of yearly highs. The pair briefly reached overbought status on October 12 with an RSI reading of 70.37, with price and momentum...

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The British Pound has steadied today after a sell-off on Monday in the wake of comments by Bank of England Governor Andrew Bailey that indicated rate hikes may not be as aggressive as previously anticipated. Currencies were quiet through the Asian session, with the Yen reclaiming some of the lost ground from Monday, but still near 6-year lows against the US...