USDJPY is seeking shelter within the 138.55-138.00 zone after a dramatic, almost vertical decline over the past week, which squeezed the price by 4.0% and put the 2023 uptrend at risk of a reversal. An upside correction could be on the cards following the close below the lower Bollinger band. The RSI and the stochastic oscillator are warning of oversold conditions, […]
Dollar gets decimated by ‘cold’ US inflation report Stock markets hit new highs, gold powers higher Coming up – US producer prices and ECB minutes US CPI slams dollar lower A ‘cold’ US inflation report sent shockwaves across global markets yesterday, as investors reassessed the path for interest rates. Annual inflation as measured by the […]
After the password-sharing crackdown, Netflix saw its daily US sign-ups jump in the first few days. With that in mind, on Wednesday, when the streaming giant announces its earnings results for the second quarter, investors may pay special attention to the number of subscribers gained. Will the results be enough to extend the uptrend in […]
Bitcoin has been consolidating as the June rally catches its breath, coinciding with a similar pause on Wall Street for US equities. Concerns about central banks’ unwavering higher for longer stance has dented risk appetite lately, as bond yields have spiked globally, eroding the appeal of not just risk assets, but also safe havens such […]
EURUSD skyrocketed to sixteen-month highs in the wake of the US CPI data on Wednesday, experiencing one of its best daily performances this year. The pair inched up to a new high of 1.1147 early on Thursday, raising speculation that the bullish wave might have more room for improvement. That said, some caution might be necessary as […]
AUDUSD bulls are staging their fifth breakout, hoping to be more successful this time around and to finally break the rectangle that has been dominating the price action since February 24, 2023. The overall technical picture is positive for the bulls. The RSI has jumped above its 50-midpoint, and it is now trying to make […]
AUDCAD is recording an impressive green candle today, the strongest 1-day move higher since the May 2, 2023 session. The pair is currently hovering just below the busy 0.8927-0.8970 area, quickly recovering from the 2023 low of 0.8739 recorded on June 30. The medium-term trend clearly remains bearish and the current upleg could be seen as […]
EURUSD is edging higher again today, the fifth consecutive green candle. This is the longest run of positive daily sessions since the March 9-14 period that acted as a basis for a 5% upleg towards the 1.1100 area. EURUSD is already trading inside the busy 1.1032-1.1095 area, and a repeat of the March 2023 move […]
Gold has been swinging higher in the four-hour chart since hitting a three-month low of 1,892 at the end of June, rising as high as 1,940 today. The precious metal is hovering around a familiar constraining zone and near the 200-period simple moving average, which caused a soft decline over the past few hours. The 23.6% Fibonacci retracement of […]
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USDJPY has been sold aggressively since the NFP release last Friday, falling by almost 2.0% to a one-month low of 139.30. The bears snapped the latest bullish wave from mid-June, which peaked at 145.00, currently aiming for a close below the 50-day exponential moving average (EMA) and the support trendline from the March low at […]
USDCAD’s recovery proved very short-lived as the pair has been dropping aggressively over the past four sessions. It is currently hovering inside the busy 1.3190-1.3225 area with the bears probably keen on continuing the recent series of lower highs and lower lows. The next trough has to occur below the 1.3116 low recorded on June […]
US dollar beaten up as US inflation report looms Narrowing yield differentials turbocharge the yen RBNZ takes the sidelines, BoC takes the central bank torch Wall Street and gold gain on sliding Treasury yields Dollar traders are positioning for a soft US CPI report The US dollar continued tumbling on Tuesday and during the Asian […]
Some of the largest financial institutions in the US will unofficially kickstart the second quarter earnings parade, with JP Morgan Chase, Wells Fargo and Citigroup reporting their financial results on Friday before Wall Street’s opening bell. The banking sector came under pressure in March following the collapse of four regional US banks, but recently regained investors’ trust after […]
NZDUSD has been on the sidelines over the past week, consolidating its latest upturn around the 0.6200 level ahead of the RBNZ policy meeting due on Wednesday at 02:00 GMT. Despite the weak momentum in the price, the RSI and the MACD are still hovering within the bullish area, preserving hopes for an upside correction. […]
USDCHF went downhill to print an eight-and-a-half year low of 0.8810 slightly below May’s trough on Tuesday after getting rejected near its 20-day simple moving average (SMA). Another leg down is possible as the RSI and the stochastic oscillator have yet to bottom out in the oversold area. Yet, with the price set to close below […]
It was a night of fun and fundraising, as XM employees showcased their musical talents to support the work of El Sistema Greece and Sistema Cyprus. Students from Sistema performed at the open mics too, proving how powerful music is in bringing people together. Sistema organisations provide free music instruments and music education to children […]
We’re honoured to renew our gold sponsorship to Pournara First Reception Centre for the eighth consecutive year. The gold sponsorship includes a donation of shoes for unaccompanied children, women, and vulnerable groups to help them get back on their feet and rebuild their lives. Pournara First Reception Centre is the largest refugee camp in Cyprus. […]
The UK 100 cash index is trading sideways today following an aggressive sell-off since the July 3 local peak. The index has actually been experiencing a series of lower highs and lower lows since April 21, 2023, religiously obeying a downward sloping trendline. It is now hovering a tad above the March 20, 2023 low, […]
Dollar gets crushed as traders price in a ‘cold’ CPI tomorrow Sterling and yen benefit the most, Cable hits 15-month highs Gold attempts to exit range to the upside, stocks bounce back Dollar derailed by falling yields It’s been a dreadful month for the US dollar so far, even though incoming data releases continue to […]
EURJPY has been in a strong uptrend since the beginning of the year, posting a fresh 15-year high of 157.99 in late June. However, this rally appears to be fizzling out, with the pair experiencing a downside correction in the short term. The momentum indicators currently suggest that bearish forces are strengthening but have not taken […]
GBPUSD opened the week with mild gains, expanding its NFP rally above June’s peak and to a fresh 15-month high of 1.2912 early on Tuesday. There is room for further development, as the technical indicators maintain a clear positive trajectory. Yet, with the RSI and the stochastic oscillator prodding their overbought levels, the bullish wave […]
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The US 100 index is trading sideways today as a double top pattern appears to be forming. This bearish structure will become valid if the 14,687 neckline is broken, with an assumed target at the 14,000 area. If this move materializes, it will be the first decent correction since the March 2023 banking sector-induced sell-off. […]
The US 500 stock index (cash) entered a new bearish phase after pausing its uptrend at a new 15-month high of 4,458 and slightly below the strong resistance line from December. The falling RSI and the MACD have confirmed a lower high, showing a bearish divergence against the market trend. The stochastic oscillator is also negatively […]
GBPUSD is edging lower today but remains a tad above the 1.2750 area. The bulls have finally managed to stage a proper breakout, but a double top pattern appears to be forming. This bearish structure could quickly reverse the current bullish sentiment but a move below its 1.2590 neckline is needed first. The bulls continue […]
Following the larger-than-expected slowdown in Canada’s inflation data for May, inventors were confused as to whether a hike is warranted at the Bank of Canada’s upcoming meeting, scheduled for Wednesday (14:00 GMT). That said, Friday’s strong jobs report tilted the scale towards the rate-hike scenario. With that in mind, how will the outcome affect the […]
Wednesday is when the RBNZ and BoC announce their interest rate decisions, so the New Zealand and Canadian currencies will attract special attention. US inflation data could make the FX market more volatile on the same day, shedding some extra light on whether the Fed will proceed with another rate hike this month. US CPI […]
The second quarter earnings season will unofficially begin on Friday, with major US banks, as always, setting the tone. Despite stock markets’ stellar performance so far in the year, earnings are set to contract as high interest rates continue to put the brakes on the global economy. With valuations still at expensive levels and liquidity […]
Despite its tendency to produce surprises at its rate-setting meetings, it feels like the Reserve Bank of New Zealand has completed its hiking cycle. With the market endorsing a pause at this week’s gathering, the kiwi has to look elsewhere for a potential boost against the US dollar. Events since the last RBNZ meeting A […]
