Technical Analysis – JP225 index retests 16-month high

The JP225 cash index is edging higher today, a tad below the May 1, 2023 print of 29,352, which is the highest traded level for 16 months. Despite the aggressive rally since the March 15 low, the bulls seem to be still hungry for higher highs even though the momentum indicators are sending mixed signals. While the […]

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Technical Analysis – AUDUSD pulls back near the upper band of the sideways channel

AUDUSD continues to trade within a sideways channel with upper boundary the 0.6790 resistance level and lower boundary the 0.6560 support level. Today, the price pulled back from 0.6790 with the RSI indicator turning lower too, confirming the recent negative direction in price. Though, the MACD oscillator is pointing marginally up above its trigger and zero lines. On the […]

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Announcing the Winners of Our 2023 Ramadan Promo

We’re pleased to announce the winners of our Ramadan Promotion that ended on April 30, 2023. 10 lucky traders are going on a 5-day trip to Mecca, while 100s of others across the MENAT region have won amazing cash prizes! Every participant who traded at least 1 round lot also received the Tradepedia River Indicator […]

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Technical Analysis – AUDUSD suggests bearish correction on cards

AUDUSD is plunging from the 0.6795-0.6805 restrictive region, giving the green light for a bearish correction in the short-term, especially if there is a drop beneath the 20-period  simple moving average (SMA). The RSI is dropping in the bullish area, while the MACD is extending its decline beneath its trigger line. Should the pair stretch […]

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Technical Analysis – EURJPY pauses bullish action; support at 20-SMA

EURJPY pivoted higher after its three-day downfall from the 15-year high of 151.60 paused near the 20-day simple moving average (SMA) at 147.78. The recovery mode, however, stalled immediately on Monday as the bulls could not preserve strength above the 23.6% Fibonacci retracement of the 138.81-151.60 upleg at 148.58 despite rising as high as 149.25. […]

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Daily Market Comment – Dollar receives mild support ahead of CPI data

Dollar rises as Fed survey eases recession fears Risk-linked currencies gain more on improving sentiment Spotlight turns to US CPI numbers Wall Street trades mixed ahead of the data Fed loan survey lends mild support to the US dollar The US dollar gained some ground versus the euro, the pound, and the yen yesterday, but […]

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Technical Analysis – GBPUSD storms to a fresh 11-month high

GBPUSD has been in a steady uptrend and recently managed to escape its rectangle pattern, which was in place since November 2022. In the previous daily session, the pair generated a fresh 11-month high of 1.2668 before paring some gains. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the RSI […]

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Technical Analysis – Brent adds almost 9% after rebound off 71.30

Brent crude oil (delivery in July) jumped almost 9% after the pullback off the 71.30 support level and is holding near the inside swing low of 77.35. Currently, the long-term outlook is neutral-to-bearish and the short-term simple moving averages (SMAs) posted a bearish crossover in the preceding sessions too. However, the technical oscillators are showing […]

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Can US inflation data turn the tide in the dollar? – Forex News Preview

With the Fed’s final rate increase now likely in the rear-view mirror and the markets pricing in decent chances for the central bank to cut rates by July, the spotlight will fall squarely on the next round of US inflation data out on Wednesday. Forecasts point to a slowdown in core CPI, although business surveys […]

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Technical Analysis – USDJPY pauses rebound at 50-SMA

USDJPY had been rebounding strongly from its March bottom, generating a clear structure of higher highs and higher lows. Although the pair experienced a moderate pullback after its advance came to a halt, it slowly regained ground in the last few four-hour sessions to meet resistance at the 50-period simple moving average (SMA). The short-term […]

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Technical Analysis – EURUSD keeps focus on 1.1100

EURUSD has not abandoned hopes for a bullish continuation yet as the pair stayed supported around the 1.1000 level despite last week’s pullback. Encouragingly, the constraining ascending line drawn from October 2022 has been cooling downside pressures over the past three weeks, navigating the market softly higher along with the 20-day exponential moving average (EMA). Yet, some […]

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Technical Analysis – US 500 index rises after another bounce off 50-day SMA

The US 500 (cash) index added more than 2% on Friday after another rebound off the 4,050 support level and the 50-day simple moving average (SMA). The index has been moving sideways since March 31 with the technical oscillator mirroring the latest price action. The RSI is flattening above the 50 level, while the MACD […]

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Weekly Technical Analysis – GBPUSD, EURUSD, AUDUSD

This week the focus of attention will be on the Bank of England’s policy decision, the US CPI data and the China CPI so the instruments to have in mind are GBPUSD, EURUSD and AUDUSD and how they may react. BoE decision → GBPUSD The Bank of England’s policy meeting will take place on Thursday at 11:00 GMT. A rate increase of 25bps […]

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Daily Market Comment – Dollar can’t catch a break despite solid NFP as CPI eyed

US dollar stays on the backfoot even as jobless rate unexpectedly dips in April Fed rate cut bets still elevated; will inflation data alter anything? US bank stocks rebound but worries persist, debt ceiling standoff adds to jitters Markets unfazed by strong US jobs report It was another allrounder strong payrolls report on Friday as […]

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Technical Analysis – EURUSD extends sideways move, failing to post higher high

EURUSD had been in a steady uptrend after finding its feet at the March low of 1.0515. Even though the pair posted a fresh 13-month peak of 1.1094 in late April, it has been rangebound since then, appearing unable to generate a fresh higher high and resume its uptrend. The short-term oscillators are endorsing a cautiously […]

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Technical Analysis – Gold struggles to make a return to record highs

Gold faced brutal selling on Friday after an exciting run towards a record high of 2,079, but it managed to end the week within the 2,000 territory. Although the precious metal is trying to heal its wounds at the moment, the technical picture cannot warrant a proper rebound to the uncharted zone. On the one […]

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Technical Analysis – EURCHF stuck inside a wide rectangle

EURCHF has once again bounced off the lower boundary of the wide 0.9741-1.0006 rectangle. This rectangle has been dominating the price action since October 13, 2022, revealing a very delicate balance between buyers and sellers. Last week’s events contributed to the upmove, but the 0.9825-0.9827 area acted again as strong resistance. This acute range-trading is evident […]

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Bitcoin gains after Fed decision amid banking sector turbulence – Cryptocurrency News

This was another volatile week for Bitcoin and most major altcoins as the US banking sector came under renewed stress, while investors digested the Fed’s latest interest rate decision. Even though cryptos initially lost some ground after First Republic Bank’s collapse, they quickly recouped their losses and added more gains on the back of some dovish […]

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Technical Analysis – GBPCAD at 14-month high but outlook mixed

GBPCAD stands a tad below the 14-month high of 1.7143, having broken the key 1.6862 level. The pair is testing the upper boundary of the Bollinger bands confirming the aggressiveness of the recent upleg. The bulls are naturally enjoying the current move and crave for another rally. Should they manage to push the pair again […]

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Technical analysis – GBPUSD works its way to long-term resistance

GBPUSD is set to finish the week mildly up, but it might see its latest bullish efforts stalling soon as the pair seems to be approaching a cautious area. The pair is currently aiming for a close above the 1.2600 round-level ahead of the US nonfarm payrolls report due at 12:30 GMT, while slightly higher […]

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Week Ahead – BoE takes the central bank torch, US CPI data also in focus

Following the FOMC and ECB decisions last week, the central bank torch will now be passed to the BoE, which will deliver its decision on Thursday. A 25bps hike is mostly priced in, so the spotlight will fall on clues and hints on how officials are planning to move forward. The US CPIs will also […]

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RBA hopes for stronger data to avoid “policy mistake” discussion – Forex News Preview

With the market still digesting the recent central banks’ announcements, the focus in Australia now shifts to incoming economic data. Next week will give us more information on the consumer sector, with the RBA hoping that these data releases justify its recent surprise rate hike. In the meantime, the aussie would clearly love another push, […]

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Daily Market Comment – Nonfarm payrolls set to unleash more volatility

US employment data in focus today, most signs point to a solid report ECB raises rates and strikes hawkish tone, but euro trades lower Cable hits one-year high, gold near new record, Apple beats earnings NFP seems solid, can USD capitalize?  A tempestuous week for global markets will come to a crescendo today with the […]

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Technical Analysis – EURGBP selling may continue

EURGBP erased Tuesday’s fast pickup, extending its two-day decline to a new one-month low of 0.8740 early on Friday. The bulls ran out of fuel near the 38.2% Fibonacci retracement of the 0.8201-0.9249 uptrend at 0.8850 and the upper boundary of the three-month-old bearish channel, increasing speculation that a new bearish wave might be now in […]

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What do Q1 earnings hold for Disney’s stock? – Stock Market News

Walt Disney will report its Q1 financial results on Wednesday, April 10, after Wall Street’s closing bell. The leading entertainment powerhouse is expected to post annual revenue growth, but earnings will probably suffer a moderate decline. Once more, investors will focus on Disney streaming service’s net subscriptions as well as the traffic figures from the firm’s on-site activities. Solid […]

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Technical Analysis – GBPJPY pulls back from fresh 7-year high

GBPJPY was stuck in an uptrend since the beginning of the year and generated a new seven-year high of 172.31 last Tuesday. Although the recent completion of a golden cross between the 50-day simple moving average (SMA) and the 200-day SMA induced bullish pressures, the pair experienced a downside correction. The short-term oscillators currently suggest […]

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Technical Analysis – USDCAD hovers near 1.3500 after the pullback from 1.3640

USDCAD is diving beneath the 1.3500 psychological mark and the 20-day simple moving average (SMA) after failing to jump above the 1.3640 resistance. The MACD is moving sideways near its trigger and zero lines, while the RSI is falling beneath the neutral threshold of 50. In the long-term view, the market has been still holding […]

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Will nonfarm payrolls hint at a Fed pause in June? – Forex News Preview

The Federal Reserve delivered its tenth consecutive rate hike on Wednesday, as expected, but reset its guidance to indicate increased emphasis on incoming data. Hence, Friday’s nonfarm payrolls will be the next test for the US dollar at 12:30 GMT, with forecasts pointing to a discouraging outcome. A dovish rate hike The Federal Open Market Committee (FOMC) decided to […]

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