USDJPY extended its 2023 uptrend above June’s ceiling to chart a new higher high at 145.85 on Tuesday. The pair is currently printing another green candlestick ahead of the FOMC meeting minutes due at 18:00 GMT but it keeps hovering within Tuesday’s trading range, reflecting some easing in buying appetite. Technically, some consolidation or a […]
The Japanese yen has resumed its meltdown, falling victim to widening rate differentials and rising energy costs. Despite the currency trading at levels that prompted FX intervention last year, Japanese authorities don’t appear so concerned this time, which suggests that another round of intervention is some distance away. For this dynamic to change, USD/JPY would […]
Nvidia’s stock has experienced an exponential surge since the beginning of the year, gaining around 250% before experiencing a minor pullback. Despite falling below its 50-day simple moving average (SMA) for the first time in eight months, the stock price rebounded strongly and appears to be on track to revisit its recent all-time high. The momentum […]
EURGBP could not find enough buyers to print a new higher high above July’s peak of 0.8700 last week, pausing its latest upleg lower at 0.8668. Unfortunately, the bears are currently trying to push the price below the short-term bullish channel and the 50-day SMA, which previously prevented a drop below 0.8585. The downward trajectory in […]
Markets in volatile mood as China, yields, and liquidity combine Dollar bounces back after stellar US retail sales, gold drifts lower British pound gains after hot inflation report, FOMC minutes eyed Stocks slide as China concerns strike back A tense atmosphere has engulfed global markets as a combination of concerns around the Chinese economy, soaring […]
Gold stayed buoyant above the 1,900 psychological mark despite experiencing a flash drop to a seven-week low of 1,896 on Tuesday. The precious metal is currently trying to regain some ground as the RSI and the Stochastic oscillators are deviating above their oversold levels. A major resistance area, however, is still overhead. The price could still get […]
NZDUSD is finally edging higher today following four consecutive red candles and after registering a new 2023 low. It appears to be the bulls’ first serious attempt to put a stop to the bearish breakout from the rectangle that has been in place since February 2023. They could potentially threaten the aggressive July 14, 2023 […]
USDJPY has been storming higher in the short term, posting a fresh 9-month high of 145.85 on Tuesday before paring some gains. Undoubtedly, the pair has approached a critical technical region around where the first round of intervention by the Japanese authorities took place, thus traders should be cautious as the probability of an impending correction has increased. The […]
EURJPY has been grinding higher, hitting its best levels in 15 years earlier today. The series of higher highs and higher lows remains in place, keeping the pair in a clear uptrend. As a testament to how powerful the rally has been, the pair is trading near its upper Bollinger band and well above its […]
China unexpectedly cuts key lending rate as weak data keeps pouring in, yuan skids Japanese growth surges in Q2 but yen hits fresh low, sparking intervention fears US retail sales eyed as tech stocks rally despite soaring yields Yuan slumps after rate cut as China concerns mount China’s central bank announced a surprise rate cut […]
GBPUSD has been on the retreat for one month now, trading below a short-term downtrend line and its 50-day moving average (MA). But in the bigger picture, the pair is still in an uptrend that started back in September. This misalignment puts extra emphasis on the 1.2610 region. If sellers pierce below this area, it […]
USDJPY has been storming higher in the short term, posting a fresh 9-month high of 145.57 in today’s session. Undoubtedly, the pair has reached a critical technical region around where the first round of intervention by the Japanese authorities took place. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the MACD is […]
With investors significantly lowering their implied Bank of England rate path following the slowdown in June’s inflation numbers and the 25bps hike at the Bank’s latest meeting, the spotlight will now turn to the UK inflation data for July, due out on Wednesday at 06:00 GMT. Traders will be eager to find out whether their […]
The US 100 index is edging higher but the bearish pressure following the July 19, 2023 peak of 15,931 remains potent. It looks like the bears are determined to register the first sizeable pullback since the March 2023 events, in a desperate attempt to recoup part of their significant recent losses. Obviously, the momentum indicators […]
Gold had been experiencing a pullback following its recent peak at 1,987, with the price slicing through both its 50-day simple moving average (SMA) and the Ichimoku cloud. What’s more interesting though is that the price is closing the gap with the upward sloping 200-day SMA, which is a crucial technical zone for bullion. The short-term […]
Japanese data releases continue unabated by the summer lull as this week’s calendar includes the preliminary GDP print for the second quarter of 2023 and the July national inflation report. Barring a plethora of upside data surprises, only the resurfacing of the intervention rumours could provide a helping hand to the yen, especially against the […]
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More bad news about China’s economy unsettles markets Stocks extend slide, aussie slumps but dollar climbs to one-month high Yen breaches 145 per dollar level ahead of Japanese GDP data China hit by fresh property woes There seems to be no let-up in the streak of negative economic headlines out of China lately as hopes […]
EURUSD has been trading sideways for the past two weeks after experiencing a downside correction from its 17-month high of 1.1275. However, the technical picture is slowly tilting towards the bearish side as the price has fallen beneath both the 50-day simple moving average (SMA) and the ascending trendline that connects its higher lows since September […]
While the month of August is not usually associated with rate-setting meetings, the Reserve Bank of New Zealand holds its 5th gathering for 2023 on Wednesday. No fireworks are expected but there is a very small chance of the Committee adopting a slightly more hawkish tone to support the ailing kiwi, especially against the US dollar. […]
GBPUSD is edging high today but it remains under bearish pressure since the July 14 peak of 1.3141. It is currently battling its way through the busy 1.2750-1.2762 area. This is actually the first attempt by the bears to trade decisively below the March 8, 2023 upward sloping trendline. The current short-term bearish trend is clearly depicted […]
With the US inflation report out of the way, dollar traders will turn their focus on the next edition of retail sales on Tuesday and the minutes of the latest FOMC meeting on Wednesday. Overall, it is becoming clear that the US economy is superior to its competitors at this stage, something that might be […]
The US 100 stock index (cash) is marking its second negative week, edging slightly below its 50-day simple moving average (SMA), which switched from support to a resistance area at 15,180. The bearish evening star candlestick pattern at the top of the uptrend makes the short-term picture look ugly, warning that the bearish wave might have […]
The dollar pulled back after the miss in the US inflation data, but traders may have another opportunity to adjust their dollar positions as next week’s agenda includes the minutes from the latest Fed meeting and the retail sales for July. The pound will also enter the limelight as the UK CPIs could confirm whether […]
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US CPI comes in colder than expected, and yet yields rise Dollar recovers, yen slides but no intervention threats this time Stocks and gold reverse lower, feeling the bond market heat CPI miss does not intimidate US dollar It was a wild trading session for global markets on Thursday, in the aftermath of the US […]
USDCAD has been fighting for a close above the 200-day simple moving average (SMA) at 1.3450 and the five-month-old bearish channel without success over the past few days despite the recent spike to 1.3500. The pair is exhibiting its best monthly performance since February, and this week’s bounce off 1.3370 helped the pair to stay in the green […]
GBPJPY is trading higher again today, registering its fifth consecutive green candle. The bears tried to take advantage of the July 28 events, but the bulls quickly took control of the market and never looked back. They are currently trying to make a new 8-year high despite the mixed momentum indicators’ picture. In more detail, […]
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EURUSD advanced above a tough short-term resistance trendline in the four-hour chart and as high as 1.1064 after the US CPI figures showed a slightly weaker inflation than analysts expected. The bounce in the price made a bullish inverse head and shoulders (H&S) pattern more clear in the chart, and the fact that the bullish structure is […]
