A Brief Look at Gold

GOLD has made significant gains throughout 2017 along with several retracements. The rally that started in July has encountered a significant correction in September. This recent correction comes after the market began to show less concern over North Korean/U.S. tensions, with investors “abandoning” the safe-haven as risk-on sentiment returned. The Fed’s hawkish position has also […]

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The Fed caused a storm in the markets and explosive growth of USD

The Fed promises to start shrinking their balance from October and has kept the rate unchanged. However, committee’s forecasts caused a powerful wave of dollar growth immediately after the publication. The committee is set to hold a third raise this year and expects to face three more rises the next year. In addition, the forecasts […]

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GBP/USD Bulls Test 10-day SMA Resistance

GBP/USD has rebounded around 1.15% since June 12th after the general election slump. On the 4-hourly chart, GBP/USD has been trading above the downside uptrend line support since June 13th. The Brexit negotiations, between the UK and the EU, is set to start today, June 19th. In the short term, the GBP prospects will likely […]

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USD/CAD Rebounds from Major Support

USD/CAD has seen a substantial 3.65% slump since May 5th. The FOMC made a hawkish statement on Wednesday evening, June 15th, resulting in a sharp rebound of USD and USD/CAD. As a result, the USD/CAD downtrend was held above the short term major support level at 1.3200, after hitting a 3-and-a-half-month low of 1.3164, There […]

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USD/JPY Bears Test Significant Support at 109.00 Ahead of FOMC

USD/JPY saw a 0.6% rebound from June 7th to 13th as safe havens retreated after the release of the UK general election outcome, easing markets’ risk-off sentiment. The bulls have recovered the significant psychological level at 110.00 since Tuesday. This morning, in the European session, USD/JPY continued edging up reaching a 2-day high of 110.33 […]

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How will US Data and FOMC Affect USD ?

The crucial US retail sales and inflation figures for May will be released at 13:30 BST today, June 14th, it will be followed by the long-awaited FOMC June rate decision at 19:00 BST and the press conference at 19:30 BST. US CPI and core CPI has reached, and held above, the Fed’s 2% target since […]

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GBP/JPY Bears Break Downtrend Line Support

GBP/JPY has seen a substantial 5.7% retracement since May 10th. The price has been trading above the downside short term major downtrend line support since May 18th. It has seen a 2% fall since the general election date, caused by the disappointing Hung Parliament outcome. This morning in early European session, the psychological support line […]

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GBP/USD Consolidates Post Hung Parliament Slump

The outcome of the UK general election has resulted in a Hung Parliament. Updated seats breakdown of UK general election so far is: Conservatives 318, Labour 261, SNP 35, Liberal Democrats 12 other parties 23. Following this result the Conservative Party has lost their majority in the House of Commons and will now be looking […]

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Market Concerns over Uncertain Outcome Drives GBP/USD Lower

GBP/USD has rallied around 3.14% since Theresa May announced a snap general election, as markets largely priced in a Tory victory. GBP/USD has been trading above the downside uptrend line support since May 31st. Today is the market-focused UK general election. The Tories are expected to remain in power, however, now it is hard to […]

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Downward Revised Inflation Ahead of ECB Weighs on EUR/USD

The European Central Bank’s (ECB) rate decision and press conference is scheduled at 12:45 and 13:30 BST respectively on Thursday, June 8th. Earlier today, Bloomberg unexpectedly reported that the ECB will cut its inflation forecast at tomorrow’s meeting due to falling energy prices. The annual inflation forecasts announced in March foresaw rates of 1.7%, 1.6% […]

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EUR/GBP Bears Test the 10-day SMA Support

EUR/GBP has seen a noticeable 4.3% gain since May 11, helped by the strengthening of EUR. On the daily chart EUR/GBP has been trading above the downside 10-day SMA support since then. However, in early European session today, the bulls have retraced after hitting a 12-week high of 0.8766, as trading below the significant resistance […]

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USD/CAD Bulls Test 20-day SMA Resistance

USD/CAD has plunged 2.5% from May 5th to 24th caused by rising Oil prices. The trend has turned to an upswing since May 24th helped by a slump in oil prices after the recent OPEC meeting. On the 4-hourly chart USD/CAD has turned bullish, trading above the downside uptrend line support. This morning USD/CAD hit […]

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USD/JPY Bulls Break Downtrend Line Resistance

US Pending home sales (YoY) released yesterday saw a 3.3% drop in April, from a 0.8% growth in March, marking the biggest drop since June 2014. After the release of the data USD weakened across the board. USD/JPY hit a 2-week low of 110.47. On Thursday, June 1st, in early European trading session, the USD/JPY […]

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Could NZD/USD Hold Above the 0.7100 Psychological Level?

NZD/USD has seen a noticeable 2.4% gain since May 22nd helped by outperforming New Zealand economic data. On the daily chart Kiwi bulls have successfully breached the major downtrend line resistance on May 22. Since then Kiwi has been trading above the downside 10 SMA support. The bulls further broke the next significant psychological resistance […]

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FTSE Bears Test Significant Support on Increased Election Uncertainty

The FTSE 100 index has seen a 6% surge over the past 5 weeks. The index broke the significant resistance level at 7500 for the first time on May 16, and then hit an all-time high of 7553.20 on Friday May 26. The rally was helped by market confidence in a Tory election victory. A […]

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Increased Election Uncertainty Weighs on GBP/USD

GBP/USD has rallied around 3.5% from Theresa May announced a snap general election until May 22, as markets have largely priced in the expectations on a Tory landslide victory. GBP/USD hit a high of 1.3047 on May 18, last seen September 29. However, the bullish momentum has waned since May 22, as the difference of […]

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WTI Corrected After OPEC Meeting Outcome

Latest EIA data recorded a 4.43mn barrel decline in inventories for the latest week. WTI traded higher this morning, hitting the highest level of 51.96, last seen on April 19. However, it was followed by a retracement after OPEC announced the existing output cut agreement to be extended for 9 months, as markets have largely […]

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USD/CAD Tests 1.3500 Support Ahead of BoC, FOMC and OPEC

The Bank of Canada (BoC) will announce its rate decision and monetary policy statement this afternoon at 15:00 BST. Be aware that it will likely cause volatility for CAD and USD crosses. Market consensus is that the BoC will keep rates unchanged at 0.5%. USD/CAD has seen a substantial 1.7% retracement since May 5th caused […]

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GBP/USD Bears Test Uptrend Line Support Post Manchester Terror Attack

GBP/USD has been trading above the downside uptrend line support since mid-March. Cable rallied around 3.5% since Theresa May announced a snap general election on April 18 as markets have largely priced in a Tory victory. GBP/USD hit a high of 1.3047 on May 18, last seen on September 29, breaking a significant resistance level […]

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USD/JPY Hovers Above Significant Support Post Trump’s Scandal

Last week USD had its biggest weekly fall since the US presidential election, caused by Trump’s Russia leak scandal. This week markets’ risk-off sentiment has been slightly eased. On May 18th USD/JPY hit a low of 110.22, last seen on April 25th. Notably, the downtrend has held above the significant support line at 110.00. Bulls […]

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EUR/USD Bulls Approach Major Resistance at 1.1200

EUR/USD has remained bullish and rallied notably around 2.7% since May 15, helped by the recent slump in the USD. EUR/USD saw a correction on May 18, as a result of the rebound of USD. Friday morning, during early European session, EUR/USD rallies again and approaches the significant psychological resistance level at 1.1200. Currently, the […]

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NZD/USD Tests Downtrend Line Resistance

NZD/USD saw a substantial 6.22% retracement since February 7. The downtrend was held above the significant support line at 0.6800 since the end of April, suggesting the bearish momentum has been waning. The price further broke the next psychological level at 0.6900 on Wednesday, as a result of the weakening of USD caused by Trump’s […]

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WTI Below $50 Ahead of EIA Inventory Data

There are two upcoming events that are expected to impact the price of Oil; firstly, the Iran presidential election will be held this Friday, May 19th and secondly the OPEC meeting will be held on May 25. The result of the Iran presidential election and the associated geo-political risks will likely affect its oil supply. […]

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EUR/USD Tests Support Ahead of US Retail Sales and CPI

EUR/USD has retraced around 1.15% post the second-round vote of the French presidential election. The retracement was held above the support line at 1.0850 since yesterday. On the 4-hourly chart, the 10 SMA is crossing over the 20 SMA, indicating the bearish momentum is waning. The daily Stochastic Oscillator reading is below 20, suggesting a […]

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GBP/USD Bulls Retreat Ahead of BoE Statement

Thursday May 11th is a crucial day for GBP traders with the release of a series of UK economic data at 09:30 BST. Followed by the Bank of England’s (BoE) interest rate decision and monetary policy minutes at 12:00 BST and the NIESR GDP estimate (Feb to April) at 13:00 BST. Recent UK economic data […]

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WTI Tests Major Support Zone Ahead of OPEC Meeting

The US shale Oil industry has seen a marked recovery since February last year because of higher oil prices. The US Baker Hughes data, that records the number of new Oil Rigs, is showing additional Rigs added every week. The increase in shale oil supply has offset OPEC’s recent output cut effort to an extent. […]

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French Election: Which Way for EUR/USD ?

EUR/USD has been consolidating, following the first-round of the French election, flirting with a significant psychological level at 1.0900. The second-round of the French presidential election will be held this Sunday May 7, and EUR has strengthened as markets expect Macron to win the final vote. During the early European session today, EUR/USD reached a […]

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GBP/USD Consolidates Ahead of FOMC and NFP

GBP has been the strongest currency over past three weeks. GBP/USD has seen a 4.6% rise since April 10, largely because of UK Prime Minister Theresa May’s sudden announcement of a snap general election on April 18. On the daily chart the price is still holding above the downside 10-day SMA support. Nevertheless, the bullish […]

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AUD/USD Bulls Retreat After Testing Downtrend Resistance

This morning, the Reserve Bank of Australia (RBA) announced interest rates on hold at 1.5%, which was in line with market expectations. The RBA sees an upswing in the global economy, and foresees the Australian economic growth to increase gradually around 3% over the next couple of years, helped by the rising mining investment and […]

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EUR/USD Trades Below 1.0900 Post the ECB Conference

The outcome of the first-round voting of the French presidential election pushed EUR/USD up, touching the highest level of 1.0950 on April 26 since November 10. EUR/USD has been consolidating since April 24, flirting with the significant psychological level at 1.0900. Today, the European Central Bank (ECB) announce its benchmark rate, marginal lending rate and […]

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