EURJPY has been in a strong uptrend since the beginning of the year, posting consecutive multi-year peaks. In the near term, the pair is experiencing some weakness after getting rejected at the 15-year high near the 158.00 region, potentially forming a double top pattern. The momentum indicators currently suggest a cautiously bearish near-term bias. Specifically, the […]
It is probably the most important week yet this year as the ECB, the Fed and the BoJ are holding their last rate-setting meetings before the summer lull. The market is confident for another 25bps hike from the ECB but what about September? Also, could Thursday’s meeting act as a tailwind for the euro against […]
After a short break in June, the Fed is expected to announce its eleventh rate hike on Wednesday at 18:00 GMT. Most analysts think this will be the last rate increase of the tightening cycle that began in March 2022, but they will seek confirmation and look for signs of a possible rate cut next year. If […]
AUDUSD has been on the retreat again after its latest bullish breakout from the rectangle pattern encountered resistance at 0.6898, validating a double top pattern. In the near term, the pair’s decline has temporarily paused at the congested region that includes the 200-day SMA and the upper bound of the Ichimoku cloud. This latest pullback […]
Google parent Alphabet Inc is scheduled to report its earnings results for the second quarter on Tuesday after the market close. With all the rage about Artificial Intelligence (AI), Alphabet has a lot to live up to as it has to prove to investors that it can keep up with Microsoft, which at the moment, […]
EURCHF is trading at a new 2023 low as the breakout from the 10-month-old rectangle appears to be valid. This is the lowest EURCHF print since September 30, 2022 with the pair not being very far from the all-time low of 0.9403. Bearish pressure has been dominating the price action since mid-January 2023, with the […]
USDJPY experienced a steep slump in early July, tumbling to a fresh two-month low of 137.23. Although the pair managed to erase a significant part of its decline, the rebound has stalled near the 200-period simple moving average (SMA). This loss of positive momentum is also reflected in the short-term oscillators. Specifically, the MACD is […]
Following a relatively quiet week in terms of economic data and events, the spotlight now turns to three major central banks: The Federal Reserve, the European Central Bank, and the Bank of Japan, which are all deciding on monetary policy on Wednesday, Thursday, and Friday, respectively. Therefore, we will take a look at how EURUSD, […]
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EURUSD has been on a downward path since registering on July 18 a new 2023 high, which is also the highest print since February 25, 2022. Seven consecutive red candles reveal the euro bulls’ inability to hold onto the impressive gains recorded during the first half of July. In addition, the convergence of the 50- and 100-day […]
Yen slammed lower as bets of BoJ tightening this week get unwound Euro bruised by PMI surveys, gold undecided, Nasdaq awaits rebalancing Huge week lies ahead, featuring ‘big 3’ central banks and tech earnings Yen suffers in quiet trading Global markets were caught in a holding pattern on Monday, with most assets trading in a […]
Gold had been in recovery mode after posting a false bearish breakout from its recent rangebound pattern. Even though the price sliced through the descending trendline that connects a series of lower highs since early June and the 50-day simple moving average (SMA), it retraced lower after failing to claim the upper end of the rectangle. […]
EURUSD changed course to the downside after its latest rocket rally peaked at a 17-month high of 1.1275 and near the support-turned-resistance trendline from November 2022. The pair is currently trading around Thursday’s close price of 1.1128 and marginally above its previous high of 1.1094. The 23.6% Fibonacci retracement of the 1.0634-1.1275 upleg at 1.1123 […]
Following a relatively quiet week in terms of economic data and events, the spotlight now turns to three major central banks: the Federal Reserve, the European Central Bank, and the Bank of Japan. With investors anticipating only one more hike by the Fed, the focus will be on whether officials will signal the end of […]
GBPCAD is experiencing its fifth consecutive red candle today as the bears are trying to cancel out the strong upleg that pushed GBPCAD to the highest level since February 23, 2022. They appear to be in control of the market at this stage with the pair hovering a tad above the rectangle that has been […]
Strong jobless claims revive higher for longer bets for the Fed, buoying the dollar Upbeat data also come to pound’s aid, but yen slips as expectations for BoJ surprise fade Dow Jones and Nasdaq go their separate ways on mixed earnings amid tech selloff Markets suffer another reality check Investors pared back their expectations that […]
GBPJPY drifted back higher to retest its 20-day simple moving average (SMA), which capped last week’s recovery attempt around 182.00. The price gained positive momentum early on Friday after touching the lower boundary of the one-month-old range and the broken 2023 resistance line. The upside reversal in the RSI is currently endorsing the current bullish […]
USDCAD is moving sideways today, trading a tad above the 2023 low. The bearish trend that commenced since the March 10, 2023 peak remains dominant in this currency pair. In addition, a series of lower lows and lower highs is currently in place with the bears aiming for the next trough to take place below […]
Visa stock is hovering above the busy 235.75-237.30 area, after climbing to 245.14 on July 17, the highest level since August 2, 2021. It has been an impressive period for Visa bulls since the October 13, 2022 trough with a bullish pattern of higher highs and higher lows developing over this timeframe. The market, though, […]
The flash PMI readings for July are due on Monday for the major economies. The highlights as usual will be for the euro area (08:00 GMT), the United Kingdom (08:30 GMT) and the United States (13:45 GMT). Economic growth has been losing steam in most parts of the world amid surging interest rates, but the […]
USDJPY is hovering inside a very busy area as the bulls are trying to overcome the resistance set by the lower boundary of the recent upward trend channel. They want to regain market control, after a brutal correction, and take advantage of the continued convergence of the 100- and 200-day simple moving averages (SMAs) for […]
BTCUSD (Bitcoin) has been range bound between 31,450 and 29,550 for a month now. This is a familiar range territory, which the popular crypto used to visit occasionally during the previous two years. The Stochastic oscillator is looking to pivot northwards in the oversold region, flagging a potential upside reversal. That said, the RSI and […]
AUDUSD bulls are staging another breakout as they desperately try to move away from the recent rectangle. However, the February 2, 2023 downward sloping trendline is proving too strong for them, halting twice their advance. This is the bulls’ third attempt to overcome this resistance trendline in the past 35 days. Gradually, the market momentum is shifting […]
Dollar extends recovery, awaits Fed decision ECB’s Stournaras said July hike would be enough Pound, yen extend retreat, aussie gains on jobs report Tesla and Netflix earnings results disappoint Dollar’s fate lies in the hands of the Fed The dollar continued to trade higher against most of the other major currencies on Wednesday, perhaps as traders […]
The JP225 cash index is trading lower today as the bulls are finding it difficult to regain control of the market. A series of lower highs and lower lows is already in place with the bears aiming for the next trough to occur below the latest low of 31,767, which coincides with a key support […]
NZDUSD drifted higher on Thursday after four negative days, defending its summer uptrend above the 2022 resistance trendline and June’s high of 0.6246. The RSI and the MACD have lost strength within the positive area, though they are still fluctuating above their neutral levels, keeping the risk skewed to the upside. Some optimism is also rising […]
The next week will be packed with major US tech companies’ earnings releases, which are expected to garner significant attention as the buzz around Artificial Intelligence (AI) has been the main driver behind the 2023 equity market rally. Microsoft, alongside Alphabet, will be the first to unveil its Q2 financial performance on Tuesday after Wall […]
The US dollar index (futures) re-entered the downtrend from September 2022 after five months of consolidation, printing a new lower low of 99.19 on Tuesday. Despite the cautious mood in the market, the index has been refusing to close below the 99.40 constraining zone from March-April 2022, increasing the odds for an upside correction. The […]
The US 100 stock index (cash) revived its 2023 bullish outlook after a constructive week, marking a new higher high at 15,986 on Tuesday. The uptrend shows no signs of abating despite warnings of an overbought market from the RSI and the Stochastic oscillator. The upward-sloping moving averages (SMAs) are endorsing the positive trajectory in the market […]
The countdown for the next Bank of Japan meeting has started. Friday’s inflation report will play a key role in any possible announcement we get from the July 28 BoJ gathering. In the meantime, the yen has managed to record a correction against the euro lately, but a resumption of this pullback depends on inflating […]
