Mrsam36

Mrsam36

In the bigger picture, price actions from 0.8332 medium term bottom as tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Further rise would be seen as long as 0.8884 resistance turned support holds. But upside should be limited by 0.9243 resistance, at least on first attempt. However, decisive break of 0.9242 will...

Mrsam36

Japan FinMin Suzuki: Will Deal With Forex Appropriately But Declines To Say Whether Forex Moves Are Excessive USDJPY breaks higher as inflation came at 1.7% down from 2.5% expectations, and 2.6% prev reading. Thats very interesting reading. Who would think of this data considering how expensive

Mrsam36 Updated 

The NZD/USD declined towards 0.5871 on Tuesday reflecting a loss of 0.46%, despite. The pair's movements are largely influenced by the market’s adjustments of their expectations and the delay of a rate cut by the Federal Reserve (Fed) by year-end. Rising Treasury yields are also applying downward pressure on the pair. On the data front, in March, Building Permits...

Mrsam36 Updated 

Echoing this sentiment, the ECB's Cipollone observed a rapid decline in inflation, expressing expectations for a return to the 2% path next year and attainment of the target by mid-2025. Should data in June and July confirm growing confidence in achieving the target, consideration would be given to easing some of the restrictive measures imposed in 2023....

Mrsam36 Updated 

In the bigger picture, price actions from 0.8332 medium term bottom as tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Further rise would be seen as long as 0.8727 support holds. But upside should be limited by 0.9241 resistance, at least on first attempt. However, decisive break of 0.9242 will argue that the...

Mrsam36 Updated 

Bitcoin halving is here, an event expected to raise the curtain on the next market cycle. There has been a lot of turbulence in the market of late. Events such as flows from exchange-traded funds (ETFs) and tensions in the Middle East between Iran and Israel have sent traders into their shells. However, there could be some relief in the market after Iranian...

Mrsam36 Updated 

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Current fall from 1.1138 is seen as the third leg. While deeper decline is would be seen to 1.0447 and possibly below, Strong support should emerge from 61.8% retracement of 0.9534 to 1.1274 at 1.0199 to complete th

Mrsam36 Updated 

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 developing its moving averages above all  Simple Moving Average (SMA) maintains its firmly bullish slope...

Mrsam36

The GBP/JPY pushed into fresh multi-year highs on Thursday as the pair grinds towards the 195.00 handle. The Japanese Yen (JPY) continues to weaken across the broader FX market, prompting increasing rhetoric from the Bank of Japan (BoJ) regarding direct intervention in currency markets to shore up the beleaguered JPY. The BoJ is expected to discuss intervention...

Mrsam36

Regarding the Greenback, sellers appeared back in the market after US Q1 GDP figures came in short of expectations and quarterly inflation prints ticked higher, reigniting speculation that the Federal Reserve (Fed) might keep its restrictive stance for longer. Meanwhile, the daily advance in the Australian dollar was accompanied by further improvement in the risk...

Mrsam36 Updated 

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...

Mrsam36

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 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1416 to complete the correction

Mrsam36

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...

Mrsam36 Updated 

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...

Mrsam36

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...

Mrsam36

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...

Mrsam36

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...

Mrsam36

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...