Following a profitable week for us, the US Oil prices rose for a fourth consecutive week, riding on global energy agency IEA’s upgraded demand prospects for 2023 to break out of the $82.00 level for the first time in 5 months, but a resurgent of the US dollar on Friday following Fed Governor Waller’s remarks favoring more rate hikes; shook up some of the gains as...
Economists see a roughly two in three chance that the BoE will raise its interest rate next month to 4.5% from 4.25%, which would be its 12th consecutive rate rise since December 2021. With a week laced week series of high-impact macroeconomic events, the consumer price index will be the centre of focus as expect data on Wednesday to show a fall in consumer price...
Economic data coming out of the US economy has pointed to slowing economic growth, as the increased sentiment that the Fed may pause its tightening policy lingered across the market. The market sentiment is clearly attaching more recessionary risks to the dollar, but when we look at the charts from a technical standpoint, price action is currently sitting in a...
Oil prices did not advance beyond the surge to the $81.20 level, which came on the back of the announcement that the world’s largest oil producers will collude to cut a further 1.7 million barrels from the daily output. The inability of prices to go any higher could not be unconnected to some of the larger economic worries in the market. Hence, throughout the...
Price action traded within a range last week as it makes quite a bit of sense that we would see this market become very choppy ahead of the Federal Reserve interest rate decision coming up next week. The Shockwaves from the health of the banking sector following the rescue of Silicon Valley Bank and Signature Bank by the Federal Deposit Insurance Corp last week...
Despite negative GDP data last week (negative variance of 1.71), the dollar closed its fourth consecutive week in positive territory, trading 1.80% higher to culminate at the 136.500 zone. The economic data released so far this year has painted a stronger picture of the U.S. economy. It is also worth noting that the incoming BoJ governor Kazuo Ueda indicated that...
The US Dollar negated the bullish attempt at the beginning of the week and moved over 300pips its favor after positive consumer price index data on Tuesday. Though it edged lower during the latter part of last week's trading session hereby handing back some of the previous session’s gains after better-than-expected U.S. retail sales pointed to more interest rate...
After scooping a 7,000 pips profit from our previous analysis (see link below for reference purposes); the yellow metal posted its third weekly loss as price action drops into the $1,800 zone (where it started the year) clinging to a "strong support" where buying pressure was observed on Friday. With price action stuck at the mid-$1,800 level, Participants will be...
At 64.9, the Michigan consumer sentiment index for February hits its highest level in eight months as falling energy prices eased fears about inflation. This is a positive signal as it is a widely-known gauge of personal consumer confidence in the US economic activity. From a technical standpoint, the significant breakout of the supply zone at the 131.000 area...
The $1,860 level held price strongly "supported" while participants in this market await next week's U.S. inflation data that could influence the Fed's rates policy. Last week's trading session was characterized by a consolidation phase as price action was caught within the $1,880 and $1,860 range to pronounce the indecision at this juncture in the market. This...
The GBPUSD traded in a relatively tight range during the course of last week's trading session as participants digest economic data and try to parse speeches from a series of Fed policymakers for clues of the likely future pace of the Federal Reserve's rate hikes. In this video, we looked at the current market structure from a technical standpoint and identified...
Last week's trading session saw Oil prices jump as Russia respond to the G7’s price caps by announcing production cuts by 500,000 bpd (accounting for 5% of its output in March) and its own minimum price structure. We were opportune to be part of the bullish momentum (see link below for reference purposes) which later capped at the key level at the $80.00 mark at...
The U.S. labor market report remained surprisingly strong despite ongoing efforts by the Federal Reserve to tamp down demand. The US Dollar rallied about 2% on Friday following higher-than-expected non-farm payroll data which came in at a whopping 517,000 through the middle of January. This video illustrates a technical perspective on the current market structure...
The Greenback's biggest gains in the last week have been against the Pound sterling after the BoE's dovish hint that it may have finished raising interest rates after a 50 basis points hike last Thursday. However, the higher-than-expected non-farm payroll data of 517,000 jobs in January did not help matters as the Pound slumped further to close the week below the...
Following a massively profitable week for us (see the link below for reference purposes); The Gold tumbled almost 3% on Friday after a blockbuster U.S. jobs report for January which came in with whopping 517,000 jobs hereby triggering profit-taking activities on the yellow metal’s long-running rally since the beginning of the year. Price is currently trading at a...
The dollar tested a new nine-month low as economic data from the U.K. strengthened the case for more interest rate hikes. Despite a rosy year for the Pound sterling, Last week's trading session was so choppy that price action remains sandwiched between the 1.24500 and 1.22500 zone to indicate an indecisive grip in this market as sellers continue to reject the...
This is video is a follow-up to the previous analysis on the XAUUSD where we close to the week with over 4,000 pips profit from multiple entries (see link below for reference purposes). Gold prices maintained their bullish traction for a fifth straight week in a row as bullish investors continue to push higher highs since the beginning of the year hereby closing...
A follow-up video to the previous analysis on the GBPUSD where we scooped over 400 pips profit (see link below for reference purposes). The US dollar continues to plunge since the beginning of the year as fear of recession mounts. To further mount pressure on the Greenback is the data from the U.S. retail sales which fell by the most in a year in December and...