Forecast for AUD/USD on May 4, 2023

AUD/USD The Australian dollar settled at the technical level of 0.6670. The Marlin oscillator has also taken a neutral position. If yesterday the aussie did not react strongly to the Federal Reserve’s rate hike, then it is likely to maintain a neutral position today regarding the European Central Bank’s rate hike. The AUD/USD pair is […]

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US stock market closes with a decline, Dow Jones drops by 0.80%

The US Services ISM (Institute for Supply Management) Business Activity Index rose to 51.9% in April from 51.2% in March, with a forecast of 51.8%. Meanwhile, the number of private sector jobs in the US increased more than expected in April, with a rise of 296,000 positions, while experts had anticipated an increase of 148,000. […]

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Technical analysis of GBP/USD for May 03, 2023

Overview : The trend sets above the levels of 1.2390, 1.2425 and 1.2450 since 48-hours. The GBP/USD pair continues to move upwards from the level of 1.2390. According to the previous events, the GBP/USD pair is still moving between the levels of 1.2390 and 1.2427; for that we expect a range of 202 pips (1.2588 […]

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NZD/USD: further growth signaled

The NZD/USD pair rallied in the short term and now is trading at 0.6237 at the time of writing. After its amazing growth, the price dropped a little but this was only temporary before jumping higher again. The rate turned to the upside ahead of the FOMC, even though the ADP Non-Farm Employment Change came […]

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May 3, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

After ascending towards the 1.1500 price zone, the EUR/USD pair encountered significant selling pressure, resulting in declines to levels of 1.0850, 1.0400, 1.0000, and most recently, 0.9600. The market experienced buying pressure until it reached a plateau around 1.0800-1.0850, followed by notable selling pressure that led to a recent decline in prices. The price level […]

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May 3, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair has recently returned to levels around 0.9600, which were last reached in 2002, leading to a significant bullish recovery, especially around this critical support level. Although the nearest resistance level at 1.0100 did not apply enough bearish pressure, there was strong bullish price action around the lower edge of the depicted movement […]

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May 3, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The market displayed a positive trend between 1.0400 and 1.0600, which prevented further losses. Bulls kept supporting the increasing lows at 1.1150 and 1.1750, indicating a probable continuation of the positive trend above 1.1750. At 1.2340, bears initially resisted the price, but bulls recovered. However, the GBPUSD bulls could not create a new high and […]

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NZD/USD: upside continuation confirmed

NZD/USD Strong Buyers! The NZD/USD pair resumed its growth and now is trading at 0.6234. You knew from my previous analysis that the currency pair signaled a larger growth after jumping above 0.6153 and above the downtrend line. Technically, the former high of 0.6219 was seen as an upside obstacle. I told you yesterday that […]

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Ripple to exit its range soon?

The price of Ripple extended its downside movement and now is trading at 0.4520 at the time of writing. In the short term, the price action developed a range formation, so only escaping from this pattern should bring new opportunities. In the last 24 hours, Ripple is down by 2.28% and by 5.20% in the […]

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Gold accelerating its growth

The price of gold edged higher and now is trading at 2,022 at the time of writing. It has climbed as much as 2,026 today, registering a new high. You knew from yesterday’s analysis that the XAU/USD is strongly bullish and it could resume its growth. Surprisingly or not, the yellow metal jumped higher, even […]

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Analysis of GBP/USD on May 3rd. The US labor market is not as bad as it seems

The wave markup for the pound/dollar pair looks complicated because it does not resemble a classical corrective or impulse trend segment. Since the current upward wave has exceeded the peak of the last wave b, the entire downward segment of the trend, consisting of waves a-b-c, can be considered complete. Although it resembles the trend […]

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Technical Analysis – AUDJPY tests downward sloping trendline

AUDJPY is edging lower today as it tests the support set by the September 13, 2022 downward sloping trendline. This pair has been enjoying a medium-term bearish trend since the 98.50 high, but it has not been a one-way street. Actually, the bulls have managed to stage a decent rally since the March 24, 2023 […]

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Technical Analysis – EURUSD makes another attempt to meet the 13-month high

EURUSD is making another attempt to hold above the 1.1000 psychological mark and meet the 13-month peak of 1.1095 again. The bullish picture in the medium term is further supported by the RSI, which is rising and holding above its neutral threshold of 50. Also, the stochastic oscillator posted a bullish crossover within its %K […]

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Wedge pattern in GBPUSD for May 3rd, 2023.

Black lines- wedge pattern GBPUSD is trading around 1.25. Trend remains bullish as price continues making higher highs and higher lows. However price has formed an upward sloping wedge pattern and as we approach the top end of the pattern the chances for a reversal increase. Apart from the wedge pattern we also have a […]

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Technical analysis on Bitcoin for May 3rd, 2023.

Blue lines- bearish RSI divergence Bitcoin is under pressure again. Price recently formed a lower high and is turning lower once again. Support is found at $27,670 area and a break below it will open the way for a deeper correction at least towards $25,000. Is Bitcoin starting a new sequence of lower lows and […]

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Technical analysis on EURUSD for May 3rd, 2023.

Blue lines- bullish channel Red lines- bearish RSI divergence EURUSD is trading again above 1.1030. Despite the selling pressures yesterday, EURUSD bulls managed to hold above 1.0950 support and close the day at 1.10. Today price is even higher showing that bulls remain in control of the trend. Price remains inside the medium-term bullish channel. […]

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Technical analysis on Gold for May 3rd, 2023.

Black lines- triangle pattern (broken) Gold price is trading above $2,000. Price broke out and above the triangle pattern it was in and reached as high as $2,018. Gold price provided a bullish signal with the break of the resistance at $2,004. Gold yesterday posted the highest daily close in two weeks. Previous resistance is […]

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ECB set to raise rates, but by how much? – Forex News Preview

All eyes will be on the European Central Bank rate decision on Thursday at 12:15 GMT. A rate increase is all but certain, yet its size is still up for debate. Market pricing is leaning towards 25bps, but some traders are still betting on a bigger 50bps move. The compromise might be the smaller rate […]

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Could Canadian employment data change loonie’s direction? – Forex News Preview

The Canadian employment report for the month of April is scheduled to be released at 12:30 GMT; however, it is possible that the report will not receive much attention as the Bank of Canada’s decision in April kept the target for its overnight rate steady at 4.5%. On Tuesday, the Canadian Dollar was one of the major currencies that […]

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High Praise for Our Davao Seminar

On April 22, we held a trading seminar in Davao on mixing and matching indicators to unlock new trading opportunities. Participants learned the best ways to generate strong trading signals, and promptly take advantage of every price movement, from Tradepedia instructor Jonathan Lou Reyes. Attendees also had the chance to grab the Avramis Analyzer indicator, […]

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EUR/USD. ECB May Meeting Preview

The intrigue surrounding the possible outcomes of the meeting will persist until the last minute: there is no consensus in the market on how much the Central Bank will raise interest rates. The fact of the increase is not up for debate, but the scale of monetary policy tightening and its further prospects are open […]

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GBP/USD: trading plan for the American session on May 3 (analysis of morning trades)

In my morning forecast, I drew attention to the level of 1.2508 and recommended making decisions about entering the market from there. Let’s look at the 5-minute chart and figure out what happened there. The breakout and retest of 1.2508 allowed for a signal to buy the pound. When writing the article, this turned into […]

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Technical analysis – NZDUSD slices through 50-day SMA as rebound extends

NZDUSD had been steadily gaining ground after its latest retreat came to a halt at 0.6154 in late April. Moreover, the pair has already claimed crucial levels, jumping above both its 50- and 200-day simple moving averages (SMAs), while also entering within the Ichimoku cloud. The momentum indicators are reflecting a cautiously positive tone. Specifically, the MACD histogram has […]

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Technical Analysis – GBPAUD just below the 15-month high, correction likely

GBPAUD is edging higher today but it remains a tad below the April 28, 2023 high of 1.9034. This is the highest print for almost 15 months, with the pair also recording an impressive 18% increase since the September 26, 2022 low of 1.5937. The recent upleg since mid-February has been very aggressive, which means […]

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Ramadan Everybody Wins Promotion Winners

We’re pleased to announce the winners of our Ramadan Everybody Wins Promotion that ended on April 21, 2023. One lucky trader walked away with a trip for two to Mecca and hundreds of others across Central Asia and Azerbaijan won amazing cash prizes! Due to the high number of participants, we’ve only listed the top […]

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Fed monetary policy decision may bring back risk appetite

The Federal Reserve is expected to raise interest rates by 25 basis points today, and then signal a pause in its aggressive rate hike campaign amid ongoing turmoil in the financial market. However, it should not be a surprise if the bank announces that its fight against inflation is not over, and that markets will […]

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Video market update for May 03, 2023

Continuation movement in the play… The material has been provided by InstaForex Company – www.instaforex.com Related Posts:EU inflation data confused market expectations May 3, 2023 Euro rose on Tuesday afternoon as recent data indicated that…Daily Market Comment – Dollar on the back foot ahead of Fed… May 3, 2023 US debt default and banking sector […]

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Gold plays on the side of the Fed

Which will save you from recession faster: gold or the U.S. dollar? Despite the fact that during all but one of the recessions over the past 40 years, the U.S. currency has strengthened, the next one may be an exception. It is not for nothing that central banks do not get tired of increasing their […]

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