US service sector unexpectedly gathers momentum ECB officials keep a hike for next week on the table BoE Gov. Bailey says they are ‘much nearer’ to rate peak Wall Street slides as ISM PMI stokes inflation worries Dollar receives boost from ISM non-mfg PMI The US dollar ended Wednesday virtually unchanged against most of the […]
WTI oil futures (October delivery) have been in a steady advance since early July, generating a structure of higher highs and higher lows. Moreover, in yesterday’s session, the price climbed to a fresh nine-month peak of 88.08 before paring some gains. The momentum indicators currently suggest that the recent rally could be overstretched as both the RSI and the stochastic […]
USDCHF stepped above the 0.8890 restricted zone on Wednesday, fueling hopes that the recovery could pick up momentum during the next sessions. The technical indicators are endorsing the bullish scenario as the RSI and the MACD are clearly trending higher and above their neutral marks. The stochastic oscillator is sloping upwards too, though it has already […]
The US 30 cash index is recording another red candle as the bears are trying to push the index below the recent low of 34,024 and form a bearish structure of lower lows and lower highs. This appears to be the first proper reaction from the bears since the US 30 cash index set a […]
Although the Bank of England is expected to keep raising rates for a while longer, the pound has lost decent ground lately against its US counterpart as traders seem to have been paying growing attention to growth dynamics. With underlying inflation more than three times the BoE’s 2% objective, will BoE policymakers stay keen to […]
It is crystal clear that the United States has the superior economy at this stage of the cycle, especially when compared to Europe or China. And yet, this economic strength has not translated into a full-scale US dollar rally. What’s the missing ingredient for that to change? Growth differentials There’s been a striking divergence in […]
Moderna stock posted a successful rebound from the 33-month low of 94.70 it set in August, but its comeback attempt was thwarted by the 50-day simple moving average (SMA). The price is currently heading lower with momentum indicators also pointing down. The RSI has just slipped below the 50-neutral level, while the fast (%K) stochastic […]
Major US stock indices have rallied hard in 2023, with the Nasdaq 100 and S&P 500 gaining around 33% and 17% year-to-date, respectively. Surprisingly, this stellar performance has come in a period of rising interest rates, slowing economic growth and declining corporate earnings. As major economies are starting to feel the lagging effect of high […]
EURUSD could not crawl above its 200-day exponential moving average (EMA) on Tuesday and the 1.0800 level, plunging to a three-month low of 1.0705 instead. The line had been a critical support territory during 2023 and the price breakout below it puts the market at risk of a new bearish cycle. Weaker sessions are likely based […]
With economic numbers out of the Eurozone heightening recession concerns, and US data keep pointing to a superior US economy, the euro/dollar pair has been in a sliding mode recently. ECB seen holding its fire next week At the last ECB meeting, policymakers raised interest rates by a quarter point, but they did not commit […]
Gold came under fresh selling pressure after rising as high as 1,952 in the first trading day of September, exiting the rising channel in the four-hour chart and pulling back into the May-August bearish channel. The price is currently looking for a rebound around the 38.2% Fibonacci retracement of the 1,987-1,884 downtrend at 1,923, but the technical signals are not […]
On July 25th, we donated to the Voice for Voiceless foundation’s “Community Kitchen Project” to help provide 1,400 meals to children in need in Sri Lanka. The Voice for Voiceless foundation is a remarkable organisation that focuses on addressing the crucial issue of childhood hunger in Sri Lanka. It operates in nine different locations across […]
Yen hits 10-month low, triggers intervention warning Dollar traders turn attention to ISM non-mfg PMI Equities pull back, but stay in an uptrend mode BoC expected to stand pat, focus to turn on guidance Japanese official warns as dollar/yen gets closer to 148 The US dollar traded higher against all the other major currencies on […]
EURGBP is registering its first green candle after five consecutive red candles as the bulls are trying to engineer some sort of advance. Since the February 3, 2023 high of 0.8978, EURGBP has been on a steady downward path with the equivalent trendline repeatedly proving to be a very significant resistance point. In addition, the […]
USDJPY finally snapped the 146.40 bar after a three week-long battle, stretching its uptrend towards the 147.70 constraining area for the first time since November 2022. Notably, this is where the pair peaked in 1998. Despite Tuesday’s quick bounce in the price, the MACD could not climb above its red signal line. On the other hand, the […]
NZDUSD has been stuck in a steep downtrend after posting a fresh five-month high of 0.6410 in mid-July. Despite trading flat for the past two weeks, the pair dropped to a fresh nine-month bottom of 0.5858 in yesterday’s session before paring back some losses. The momentum indicators are heavily tilted to the bearish side. The RSI […]
On August 26, we held a trading seminar in Kuala Lumpur on Unlock your Trading Potential – Trade your way to the Top, presented by guru Avramis Despotis and skilled instructor Zulle Razak. Participants learned everything about the exciting rewards of forex trading, including the incredible potential to get big profits. In addition, we offered […]
The Bank of Canada (BoC) might move to the sidelines on Wednesday at 14:00 GMT after two rate increases during the summer. Investors are not seeing any additional hikes in the year ahead, but they have not excluded the case entirely. Hence, any clues the central bank could return to the tightening path in the […]
NZDUSD has been stuck in a steep downtrend after posting a fresh five-month high of 0.6410 in mid-July. Despite trading flat for the past two weeks, the pair dropped to a fresh nine-month bottom in today’s session before paring back some losses. The momentum indicators are heavily tilted to the bearish side. The RSI is declining […]
As the US dollar brushes off growing bets that the Fed is done hiking rates, the ISM non-manufacturing PMI will be watched on Wednesday (14:00 GMT) for fresh clues on the economy. The corresponding manufacturing PMI edged up slightly in August; will the services reading also improve, or will it renew concerns about a slowdown? […]
EURCHF is testing its 2023 lows again, trading a tad below the August 23, 2022 low. It has been a one-way street since the January 13, 2023 high of 1.0096 as the bulls have repeatedly failed to negate the acute bearish pressure. The bulls could take some solace in the probable formation of a bullish […]
GBPUSD returned to the red zone on Tuesday, plunging to a new two-and-a-half-month low of 1.2527 after Monday’s bullish efforts evaporated immediately near the 1.2625 constraining area. The trend has been negative since July and the bearish crossing of the 20- and 50-day SMAs is causing concern for the near future. Moreover, the technical indicators […]
Dollar shines, yen slides as US bond yields power higher China optimism melts away after disappointing PMI data Aussie dollar crumbles, gold tests crucial support zone Dollar/yen follows yields higher The US dollar resumed its march higher on Tuesday, receiving fuel from interest rate differentials and safe haven flows. Bond market players have started to […]
EURJPY has been in a prolonged uptrend since the beginning of the year, posting a fresh 15-year peak of 159.75 on August 31. Although the pair experienced a pullback following its multi-year high, it managed to find its footing at the 50-day simple moving average (SMA) and recoup some losses. The momentum indicators currently suggest that […]
The JP225 cash index is trying to register its fourth consecutive green candle but the rally seems to have halted temporarily at the June 16, 2023 downward sloping trendline. This is the third time that this trendline appears to limit the bulls’ appetite, allowing the formation of a bearish series of lower lows and lower […]
On 19 August 2023, XM successfully hosted the well-attended seminar How to Use Indicators in Cebu which was a huge success! Thank you to everyone who attended and our incredibly skilled presenter, Jonathan Lou Reyes, for sharing his expert knowledge. Reyes delved deep into trading indicators, and how they can be successfully used to generate […]
Central bank meetings in Australia and Canada will shift attention to the aussie and the loonie this week in a relatively important month for monetary policy decisions. The commodity currencies aim to steal ground from the US dollar, while gold is hoping for a bullish breakout too ahead of the ISM non-manufacturing PMI index. 0:00 […]
Central bank meetings in Australia and Canada will shift attention to the aussie and the loonie this week in a relatively important month for monetary policy decisions. The commodity currencies aim to steal ground from the US dollar, while gold is hoping for a bullish breakout too ahead of the ISM non-manufacturing PMI index. RBA […]
AUDUSD could not successfully jump above its 20-day simple moving average (SMA) and the 0.6480 barrier last week despite securing a strong foothold around the 2020 support trendline for the third time since the pandemic fallout. The technical indicators keep trending upwards, reflecting persisting buying interest, though buyers might wisely wait for a clear extension above […]
The US 500 stock index (cash) had been undergoing a pullback after marching to a fresh 16-month high of 4,606 on July 27. However, the index managed to find its footing at 4,342, which is the 23.6% Fibonacci retracement of the 3,486-4,606 upleg, and storm back higher towards its recent peaks. The short-term oscillators currently suggest that bullish […]
