Drop in ISM manufacturing PMI rounds up malaise in global factory activity Dollar and stocks steady as Fed rate path little changed, all eyes on NFP report Aussie falls then bounces after RBA holds rates; oil prices whipsaw on OPEC+ cut Weak manufacturing PMIs dampen mood Markets were generally trading sideways on Tuesday as investors […]
EURJPY bulls ran out of fuel after unlocking a 15-year high of 157.92 last week. The pair remained trapped below the 158.00 ceiling for the fifth consecutive trading day, increasing speculation that the latest fast rally might have matured. The RSI and the stochastic oscillator have been moving sideways within the overbought zone since mid-June in […]
On May 24 and 25, the XM team participated in the exciting Money Expo Mexico! This prestigious trading and investing event, already renowned in other parts of the world, finally arrived in Mexico. As a proud Diamond Sponsor, we took centre stage to educate and inform attendees about the latest trends in the financial world. […]
GBPUSD has been in a prolonged uptrend since October 2022 supported by its long-term ascending trendline. In the near term, the pair experienced a pullback from its 14-month high of 1.2847, but it quickly found its feet and reversed back higher. Despite the recent downside correction, the momentum indicators are tilted to the bullish side. Specifically, […]
The US 100 index is moving sideways today, trading a tad below 15,258 that has morphed into a significant resistance level. The bulls failed to clear this level on their first attempt on June 16, 2023, and are now preparing the stage for another retest. The bears continue to exhibit an inability to record a decent pullback […]
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 near term, the pair has been gaining ground, but the congested region that includes both the 50- and 200-day simple moving averages (SMAs) is […]
The Japan 225 stock index (cash) is trading near the June 16 top of 34,006 – a more than three-decade high – as it extends its rebound from last week’s lows. However, the prospect of further gains and hitting fresh 33-year highs is looking a bit questionable amid not very encouraging signals from the momentum […]
We expect the start of the week to be quiet in the US as traders enjoy a long weekend, celebrating the July 4th Independence Day with fanfare and fireworks. The week ahead, however, could put markets back on the central bank watch as a bulk of employment data, including Friday’s all important nonfarm payrolls, could influence […]
AUDJPY entered a sliding mode after it hit resistance at 97.65 on June 19. That said, the slide was stopped near the 95.15 key support zone, which offered strong resistance in the recent past and specifically during October. Combined with the fact that the price structure remains one of higher highs and higher lows above […]
Gold had been stuck within a sideways pattern for more than a month, but the bears managed to push the price below the lower boundary of that range. However, gold quickly found its feet and retraced higher, hinting that the decline could prove to be a false breakout. Despite the latest bounce, the short-term oscillators are […]
Tech stocks lead Wall Street higher in strong first half as PCE inflation eases Growth optimism outweighs Fed rate hike bets as Asia rallies too But dollar bounces off lows ahead of ISM PMIs, jobs report Recession fears ease further after soft core PCE US stocks continue to defy gravity, shrugging off concerns about more […]
EURUSD has experienced a downside correction after its latest advance got rejected at the 1.1011 territory on June 22. Even though the pair temporarily bounced off the congested region that includes its 50-day simple moving average (SMA) and the upper boundary of the Ichimoku cloud, the bears continue to apply downside pressure. The momentum indicators currently […]
EURCHF remains firmly inside the rectangle that has been defining the price action since October 13, 2022. It is currently trading at the lower section of this rectangle, hovering around the 50-day simple moving average (SMA). The downward sloping trendline from June 9, 2022 appears to cap the upside at this stage with the bears […]
GBPCAD returned inside the rectangle that has been affecting the price action since December 2022. The third upward breakout proved false again, with the bulls scratching their heads about the correct set-up that could finally help them stage a strong rally. In the meantime, historical performance is pointing to a probable retest of the lower […]
On Tuesday, at 04:30 GMT, the Reserve Bank of Australia (RBA) will announce its July monetary policy decision. After two consecutive surprise hikes, most market participants believe that policymakers will step to the sidelines this time, but economists foresee a 25bps hike by a very slim majority. Will the RBA go against market bets for […]
NZDUSD is once again testing the lower boundary of the rectangle that has been in place since February 2023. The bears are trying to engineer another breakout, hoping to achieve an aggressive drop towards the 0.5920 area. The overall technical picture is mostly encouraging for their intentions, especially considering the simple moving averages’ (SMAs) convergence […]
This week has been a relatively quiet one for Bitcoin and cryptocurrency markets in general as investors have been in a standby mode, waiting for the Securities and Exchange Commission’s (SEC) decision on the recently filed spot-Bitcoin ETF applications. Bitcoin has been trading sideways, slightly beneath its recent one-year high of $31,416 and above the $30,000 psychological […]
Markets have been left somewhat bruised from a fresh round of hawkish gunfire from central bank chiefs, so nerves are running high ahead of the June jobs report out of America. The ISM PMIs and the Fed meeting minutes are also expected to send speculation about a July rate hike into overdrive. However, Australia’s Reserve […]
Dollar gains ground on solid GDP data, awaits more releases today Yen receives more intervention threats – are markets sleeping on a BoJ shift? Eurozone inflation data coming up, gold drifts, stocks keep winning Dollar rides Fed bets Global markets are set to close the second quarter on a cheerful note, with risk assets flying […]
GBPJPY has been stuck in a prolonged uptrend since the beginning of the year, generating a structure of consecutive multi-year highs. In the near-term, the price seems to be consolidating near the 7½-year high of 183.74, appearing to be unable to extend its rally. The momentum indicators currently suggest that bullish forces are waning. Specifically, the […]
We have exciting news for all XM clients in the Philippines who want to elevate their trading skills! On 19 August 2023, XM will host the free seminar How to Use Indicators in Cebu. It will be presented by professional trader, and trading coach Jonathan Lou Reyes. The seminar is designed to teach traders how […]
Gold is gliding lower today, trading close to its lowest level since March 2023 and carrying on the bearish trend that kicked off on June 2, 2023. It is currently battling with the lower boundary of the recent trend channel and the May 10, 2023 downward sloping trendline. Gold had a quick look at the […]
USDCAD rose quickly above the tight bearish channel, but soon stopped around February’s lows and near its 20-day SMA on Thursday. The pair is set to close the month down by 2.3%, marking its worst monthly performance since 2021. That said, the recent bullish channel breakout continues to look promising as both the RSI and […]
China’s stock market suffered a lot of pain in 2022, mainly due to the draconian zero-Covid policies imposed when foreign economies were up and running without any restrictions. This year started with high expectations as market participants forecasted strong recovery prospects following China’s permanent exit from Covid-19 curbs. However, as latest data suggests that the […]
EURAUD is edging lower today, bouncing off both the February 15, 2023 upward sloping trendline and the 1.6583 level. This is actually the first red candle after nine consecutive green days, as the bears are desperately looking to recover some of their recent losses and hoping to reestablish the pattern of lower highs and lower […]
EURUSD remained negatively charged for the second consecutive day on Thursday despite flash German CPI figures arriving slightly higher than analysts anticipated. In the four-hour chart, the pair could not find enough buyers to climb above its 20- and 50-period exponential moving averages (EMAs), reversing south instead to test the 23.6% Fibonacci retracement of the latest upleg […]
The Turkish lira has gone into freefall, losing more than 20% of its value in the last month alone. Plagued by artificially low interest rates, extremely high inflation, and a shortage of FX reserves, there isn’t much on the horizon that can change the lira’s fortunes. A short-term recovery is possible after such a dramatic […]
The JP225 cash index is trading lower today as the bulls are trying to overcome the first decent correction since the current uptrend started on March 15, 2023, and are mentally preparing for another all-time high. However, the overall upward movement remains overstretched and hence corrections might take place more often and be more forceful than the […]
Wall Street has been in a rally mode this year, despite the Fed hiking rates and signaling that more hikes are looming before the end of this tightening crusade. It seems that the biggest driver behind the gains is the enthusiasm about artificial intelligence (AI). So, with the Nasdaq gaining more than 40% from its […]
Dollar gains as Powell hints at more than one additional hikes BoJ’s Ueda says there is “distance to go” before shifting policy S&P 500 and Dow Jones slide on Powell’s comments Powell sounds hawkish enough to encourage dollar buying At a panel discussion between the heads of ECB, Fed, BoE and BoJ, ECB President Lagarde […]
