After a period of choppy trading in which Bitcoin remained flat comfortably above the $30,000 psychological mark, Thursday’s events brought back some volatility. On that day, the king of cryptos stormed to a fresh 13-month high of $31,500 before retreating lower on the back of a significantly stronger-than-expected ADP employment report. As positivity driven by […]
Another exciting week lies ahead for FX markets, before trading conditions start to wind down for the summer. The spotlight will fall on the latest US inflation report, which could help the dollar break out of its recent stalemate. Central bank meetings in New Zealand and Canada will also be closely watched, especially the Bank […]
Markets brace for another solid jobs report after strong ADP and ISM services PMI But dollar struggles to shine as rally in bond yields spreads globally Yen extends gains as stocks slip, gold sags but oil rebounds further Steeper Fed rate path eyed after upbeat data Risk appetite is in short supply on Friday ahead […]
GBPJPY formed a steeper bullish tube in mid-June, which is now at risk of a breakdown as the bulls seem to have run out of fuel around a seven-and-a-half year high of almost 184.00. The tiny candlesticks at the top of the uptrend are witnessing fizzling buying interest and should the pair close clearly below the […]
USDCAD had been in a steady downtrend since late May, generating a clear structure of lower lows. However, the pair found its feet at the nine-month bottom of 1.3115 and retraced back higher, with the price challenging the ascending trendline that connects the pair’s higher lows from November 2022 since early May. The momentum indicators […]
CHFJPY is experiencing its fourth consecutive red-candle session after recording an all-time high of 161.64. It has been an almost exponential move from the January 13, 2023 low of 137.42 and like other JPY pairs, CHFJPY has not experienced a proper correction since the mid-March sell-off. The momentum indicators are gradually opening the door to […]
USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair seems to be consolidating in the near term after flirting with the 145.00 level, which is considered a critical region around which the Japanese authorities are likely to intervene to stop the rally. […]
Silver is edging lower today as the lower boundary of the December 2022-February 2023 rectangle has taken up a resistance role. The June 21, 2023 bearish breakout was stopped again at the 22.24-22.59 area, prompting a move higher and disappointing the bears. However, a bearish series of lower highs and lower lows since the May […]
EURGBP started July’s session on the wrong foot, extending its pullback from a one-month high of 0.8657 below its short-term simple moving averages (SMAs) and towards June’s low of 0.8517. Selling pressures could stay present in the coming sessions given the downward trajectory in the momentum indicators, with traders likely keeping a close eye on the 0.8535-0.8517 […]
ETHUSD (Ethereum) had been in a steady advance since mid-June, posting a fresh two-month high of 1,976 on Monday. However, the digital coin quickly surrendered some gains, with the bears currently attacking the 1,900 region. The momentum indicators currently suggest that bullish forces are subsiding but have not totally surrendered yet. Specifically, the stochastic oscillator is […]
GBPAUD has almost completed a 17-month long round-trip as it is currently testing the January 28, 2022 high. It has been an impressive 20% rally since the September 2022 lows with the price action religiously obeying the September 26, 2022 upward sloping trendline. The recent pattern of higher highs remains in place, but the June 12 lower […]
Deutsche Bank is desperately trying to find its direction after the March 2023 correction. The recently completed symmetrical triangle is still affecting the price action despite the fact that the first bearish breakout on June 16 did not meet the 10% target. Busted patterns tend to favour a move in line with the prevailing trend, which in […]
It’s been a fantastic year for stock markets so far, with the S&P 500 gaining 16% and the tech-heavy Nasdaq Composite 32%. Recession fears have melted away and the hype surrounding artificial intelligence has served as jet fuel for this rally. The problem is that valuations are stretched while earnings growth is stagnant, so it […]
WTI oil futures are again targeting the upper boundary of the almost one-year-old bearish channel seen at 73.80, having pivoted for the fifth time around the 67.00 floor last week. Previous attempts were unsuccessful, and another failure cannot be ruled out as the stochastic oscillator is entering the overbought territory and the MACD remains subdued around its zero […]
We’re thrilled to announce the grand opening of the XM educational centre in Lagos, Nigeria! This is a major step in our mission to empower traders across Africa. The opening ceremony was a resounding success, attended by a select group of clients and partners. Each attendee received an exclusive gift to commemorate this extraordinary event. […]
Fed minutes corroborate hawkish Fed view ADP jobs report and ISM non-mfg PMI in focus Dollar/yen pulls back after pause near 145.00 Wall Street takes a breather ahead of key data Dollar traders lock gaze on ADP and ISM non-mfg index The main item on yesterday’s agenda was the minutes from the June FOMC meeting, […]
The US 30 cash index is edging lower today, testing the support set by the December 1, 2022 downward sloping trendline. Interestingly, a bearish double-top pattern is gradually forming with the neckline standing at the June 26 low of 33,606. A move below this neckline is needed for this structure to be deemed as valid, […]
AUDUSD has been on a wild ride during the past two months, posting a false bearish breakout from its rangebound pattern which was followed by a false bullish breakout. In the past few sessions, the pair has been repeatedly held down by the 200-day simple moving average (SMA), but the bulls have not surrendered yet. […]
USDCAD is making small gains today but it remains close to the 2023 lows of 1.3116 recorded on June 27. The bulls are clearly trying to build upon the recent bounce higher from the 1.3190 level, getting strong support from the stochastic oscillator. This indicator is moving higher, building a gap between its moving average […]
Gold has been losing ground since mid-June, dropping below the 1,900 handle for the first in more than three months. However, the commodity managed to regain traction and jump above its 50-period simple moving average (SMA), while it is set to challenge the upper boundary of the Ichimoku cloud. The momentum indicators currently suggest that bullish […]
With the market focused on Friday’s US labour market data, speculation is rife that the Japanese finance ministry is preparing to intervene in the FX market to prop up the yen. Friday’s Japanese data releases could delay this likely intervention, allowing the Bank of Japan to potentially go into action at its end-of-July meeting and […]
NZDUSD turned green after printing a doji candlestick around 0.6050 last Thursday, currently aiming to extend its winning strike above the 0.6200 round level. The latest rebound in the price has confirmed a higher low in the short-term picture, increasing hopes for a bullish trend reversal. The RSI has bounced back above its 50 neutral mark […]
Dollar extends slide after dismal ISM manufacturing PMI Fed minutes on today’s schedule; ADP and ISM non-mfg PMI tomorrow Yen pauses slide on intervention fears Wall Street resumes trading after Independence Day Dollar stays on the back foot, awaits more key data The US dollar traded lower against most of the other major currencies on […]
USDJPY has been trading sideways over the past five sessions as the aggressive rally that started on March 24, 2023 appears to have halted. There are a few reasons for the latest move, including the intervention talk, but the bears are still not satisfied. They are desperately looking for a small pullback to recover part […]
AUDUSD has been in a recovery mode since June 28, when it hit support at 0.6594, slightly above 0.6575, which is the lower boundary of the sideways range that’s been containing the price action since February 24. As long as the pair is trading within that range, the near-term outlook remains neutral, but the fact […]
GBPUSD is showing signs of improvement in the four-hour chart, aiming to close above the 1.2700 level and the resistance trendline that has been blocking recovery attempts since mid-June. The RSI is going up above 50 and the MACD is above zero, both backing the latest upturn in the price. Previously, the pair bounced on […]
Wells Fargo’s stock has been in a short-term uptrend after finding its feet at the two-year low of 36.44 during the recent banking turmoil in March. In addition, the price recently jumped above its 200-day simple moving average (SMA), while posting a fresh four-month high of 43.53 in the latest daily session. The momentum indicators currently […]
It will be a busy week in the United States, with the Fed minutes on Wednesday serving as an appetizer for the latest edition of nonfarm payrolls at 12:30 GMT on Friday. Some early signs suggest the labor market lost momentum in June, but nothing too dramatic. While a slightly disappointing jobs report could briefly […]
With the July Bank of Canada meeting gradually creeping into the traders’ minds, this week’s calendar is unlikely to tip the balance in favour of another rate hike or a rate pause. Nevertheless, the loonie might enjoy a boost as the euro/loonie pair is trading very close to its 2023 lows. Market split on the […]
USDCHF has been trading in a sideways manner since June 16, between the 0.8900 support zone and the 50-day exponential moving average (EMA). That said, in the bigger picture, the pair remains within the downward sloping channel that’s been containing the price action since November 10, which keeps the risk of another leg south firmly […]
