USDCAD has been underperforming in the past two days, following the rebound on the 1.3000 strong psychological level on Tuesday. The pair plunged below the 50.0% Fibonacci retracement level of 1.2925 of the downleg from 1.3800 to 1.2060 and is developing below the 20- and 40-simple moving averages (SMAs) in the short-term as well. Looking […]
After further increases in stock markets yesterday, the market is pausing and consolidating ahead of European trading. Asian equity markets are in the green, trading up around 1% but Chinese markets are lagging due to trade tensions with the US. Dovish comments from BOE Governor Carney and soft US CPI data yesterday led to a […]
Tech company Nvidia will be releasing its Q1 earnings report after Thursday’s closing bell on Wall Street. The consensus recommendation for the company is “buy”, in line with the average consensus recommendation for Semiconductors, its peer group. Nvidia’s stock finished Wednesday’s session at its highest on record and Wall Street analysts are increasingly getting more bullish […]
As expected, the Bank of England (BoE) decided to keep interest rates on hold at 0.5%. The BoE’s Monetary Policy Committee (MPC) voted 7-2 to leave policy unchanged. In the Inflation Report, the BoE now sees inflation lower in the near to medium-term. The MPC members want to wait and see how economic data unfolds […]
Brent crude oil has retreated over the last few hours after a sharp bullish rally in the past five days. On Thursday, the price posted a fresh more than three-year high of 77.94 and currently is paring some of its gains. However, the short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, oil prices are […]
Here are the latest developments in global markets: FOREX: Sterling recovered earlier losses ahead of the BoE rate decision later today, bouncing up to a 1-week high of $1.3616 (+0.46%) despite data on the UK’s industrial production and the trade deficit coming in worse than expected and shedding a dark cloud around the country’s economic outlook. The euro gained some ground, rising to $1.1882 (+0.28%), while […]
Canada’s employment data for April are due out on Friday at 1330 GMT. Forecasts point to another solid report, which would confirm the Bank of Canada’s (BoC) view that any remaining labor market slack is quickly being absorbed. While a strong set of figures may support the loonie on the news, the currency’s broader direction […]
The RBNZ left rates on hold adding to the woes in the NZDUSD pair. The price fell to fresh lows for the year at 0.69018, pushing under the red supporting trend line on the chart. A retest of this trend line as resistance is now likely at 0.69360. The next level of support traders are […]
NZDUSD starts the day with a gap down and an aggressive bearish rally recording a fresh five-month low around the 0.6900 psychological level. The negative momentum remains in play as technical indicators endorse the scenario for further declines. Technically, in the 4-hour chart, the RSI indicator slipped near the 30 level and is trying to enter the […]
Here are the latest developments in global markets: FOREX: The US dollar index was practically flat on Thursday, ahead of the release of the US CPI data for April at 1230 GMT. Kiwi/dollar plunged nearly 1.0% overnight, after the RBNZ kept its policy unchanged but shifted to a more dovish bias, keeping the possibility of a […]
The New Zealand dollar – commonly known as the Kiwi – fell to the lowest level since December. This came after the country’s central bank released its interest rate decision and a statement. In today’s meeting, the officials decided to leave interest rates unchanged at 1.75% and removes chances of a rate hike in the […]
USDJPY has posted a strong bullish run during Wednesday’s trading session and is approaching again the three-month high near the 110.00 psychological level. This region overlaps with the 38.2% Fibonacci retracement level of the downleg from 118.60 to 104.60. The technical indicators in the short-term seem to be in agreement with the bullish scenario. From the technical […]
The Reserve Bank of New Zealand left rates on hold at 1.75% earlier with a shift to a more dovish position, adding that the direction of the next rate move is very finely balanced. The Bank lowered its inflation forecast and lengthened its inflation target timeframe. It expects CPI at 1.6% by June 2019, revised […]
Oil prices jumped on Wednesday after President Donald Trump said the US would reinstate economic sanctions on Iran. Iran became a major oil exporter in 2016 after international sanctions against it were lifted as part of the nuclear deal. Iran in the third largest exporter of crude within the Organization of the Petroleum Exporting Countries […]
In recent months, the dollar has continued to strengthen against all the major peers. The dollar strength is as a result of several factors. First, the US treasuries have continued to climb, with the ten year yields reaching a high of 3%. This was the highest level since 2014. Secondly, there have been a divergence […]
Here are the latest developments in global markets: FOREX: Safe-haven currencies did not gain much after Trump announced the withdrawal of the US from the 2015 Iran nuclear deal and expressed his plans to impose stricter sanctions on the country. Although investors were worried that political tensions between Europe, the US, and the Middle East could escalate, they did not increase […]
The US will see the release of inflation figures on Thursday at 1230 GMT. Price pressures are forecast to have accelerated in April, with headline CPI projected to touch its highest since February 2017 on an annual basis. The numbers do not pertain to the Federal Reserve’s preferred inflation measure, but still they will be […]
The pound has plunged by about 6% versus the dollar in the past three weeks as expectations that the Bank of England will raise interest rates on May 10 have diminished sharply. After a series of negative surprises in economic data, the Bank is now expected to keep rates unchanged at 0.50% on Thursday. However, […]
EURJPY is trying to snap the ten consecutive negative daily trading sessions after it created a six-week low near 129.20 on Tuesday. A bullish pullback in the short-term is expected further supported by the technical indicators. Short-term momentum indicators are also pointing up for a creation of a bullish bias. The RSI indicator is turning positive in the […]
The GBPUSD pair has managed to hold above its support at 1.34824 over the last few trading sessions and has formed a trading range up to 1.35926. The sequence of lower highs is still intact and for a reversal of the down trend started in mid-April at 1.43760 to take place, the price needs to […]
Here are the latest developments in global markets: FOREX: The US dollar index was nearly 0.3% higher on Wednesday, touching its highest level in four-and-a-half months, and extending the significant gains it posted on Tuesday on the back of a rebound in longer-term US Treasury yields and particularly strong JOLTS data. STOCKS: Major US indices closed practically flat on […]
AUDUSD has come under renewed selling pressure on Wednesday, recording a fresh 11-month low of 0.7423 and remaining below the long-term ascending trend line. This diagonal line had been holding since January 2016 and this is the third bearish week where the price has extended its losses. Despite that there was a strong support of 50.0% Fibonacci retracement level of 0.7480 […]
Spot Oil prices are higher overnight after the US withdrew from the Iran Deal yesterday. US WTI bottomed at $67.56 yesterday and is now currently trading at $70.53. US President Trump has long said that the deal was “no good” and part of his election campaign was to end US participation in the agreement. The […]
The Reserve Bank of New Zealand (RBNZ) will announce its rate decision on Wednesday at 2100 GMT. Policymakers are widely expected to remain on hold, so price action will be driven by any changes in the accompanying statement, as well as the updated economic forecasts. While the broader policy message is likely to remain neutral, […]
EURGBP is looking more neutral in the short term after pulling back from multi-week highs reached on Friday. The rebound from 0.8620 (11-month low) to 0.8841 (7-week high) lost momentum after hitting resistance at the 61.8% Fibonacci retracement of the downleg from 0.8967 to 0.8620. Momentum indicators point to further downside risks in the near […]
USDCHF has recorded a stunning bullish rally over the last six weeks, creating a new one-year high of 1.0055. However, despite the gains, the pair is this week developing with weaker momentum than before and the technical indicators suggest that the market could ease a little bit in the short-term. The RSI indicator is currently flattening in the overbought […]
The USDJPY pair has fallen back from its high at 110.030 and is now using its 50-period moving average as resistance on the 4-hour chart. It has set up a falling trend line as resistance at 109.130 that, if broken, could send price back to retest the high. There is light resistance at 109.772 and […]
This past weekend, in Omaha, the super bowl of investing happened. Thousands of investors made their annual pilgrimage to the Berkshire Hathaway annual general meeting. They went to learn from one of the best investors of our time. Warren Buffet started investing in stocks in the 50s. His approach was simple; find good companies and […]
Here are the latest developments in global markets: FOREX: The euro extended its losses against the dollar early in the European session as investors shorted their positions on the currency amid uncertainties surrounding the Eurozone’s economic performance, sending euro/dollar to a fresh 4-month low of 1.1870 (-0.41%). Pound/dollar was also on the back foot, slipping to […]
U.S. equity indices started the week on a positive note, supported by energy stocks which benefited from the rise in crude oil prices. U.S. WTI crude oil pushed above $70, as markets await President Trump’s decision on a possible U.S. withdrawal from a deal giving Iran relief from sanctions in return for stopping its nuclear […]
