Here I have AUD/USD on the 1 HR Chart! Price so far has began to form what looks to be a Strong Reversal Pattern, Head & Shoulders! You can see a clear Left Shoulder falling down to the Support Zone creating our "Neckline" @ .6633! Followed by the creation of the "Head" being a rejection off the Falling Resistance back down to the "Neckline" and NOW finally to...
The Australian dollar continues to swing sharply this week. AUD/USD is trading at 0.6641 in the North American session, down 0.71% on the day. The downswing has wiped out the Aussie’s gains of 0.55% on Monday. Australia posted weak data earlier today, which has weighed on the Australian dollar. Corporate profits declined 2.5% q/q in the first quarter after...
The euro has in positive territory on Thursday. EUR/USD is trading at 1.0840 in the North American session, up 0.37% on the day. The week wraps up with eurozone inflation on Friday. The market estimate for May stands at 2.5% y/y/, compared to 2.4% in April. The core inflation rate is expected to tick higher to 2.8% y/y, up from 2.7% in April. In Germany, the...
Technical Analysis of Gold The price is expected to consolidate between 2327 and 2344 until a breakout occurs. Today, the GDP report will impact the market, with expectations being negative for the U.S. dollar. Depending on the results, the price may initially push up before starting to drop. However, if the GDP exceeds 1.2%, this outcome will likely be...
Preferred direction: SELL Comment: There are no changes for gold , as for metals in general. A downward movement is also expected in silver , which we wrote about earlier. At the moment, the deal is going more, of course, within the framework of scenario №2 , but we remember that this deal was considered in combination with scenarios №1 and №2 ,...
Preferred direction: SELL Comment: The British pound has almost the same setup for selling as the euro . For now, we are putting all purchases aside, and in the near future, a further fall is expected towards the level of 1.26000 , just above which we fix the target for this short. The most likely scenario №1 speaks of selling at current prices, one can...
Preferred direction: SELL Comment: The price did not approach the level of 1.09000 , at least in the first half of this week, and the euro quickly fell to 1.08000 . In the short term, the decline is likely to continue. An important point, of course, will be today's statistics from the US on GDP , the labor market, and so on. We consider two scenarios,...
Preferred direction: BUY Comment: For the Swiss franc , the focus is on the level of 0.91424, from which buy-deal is expected, and at the same time the medium-term strengthening of the US dollar. The context for a long position has now been formed and one can look for an entry point. The best option would be to go long through a breakout, as shown in the...
Preferred direction: BUY Comment: For the NZDUSD currency pair, we have come close to the resistance level of 0.61670 , thereby fixing the previous long target. At this stage, short-term purchases continue to be relevant, and strengthening towards the level of 0.62175 is expected. Of course, overcoming the resistance at the level of 0.61670 will not be...
The euro is drifting on Monday. EUR/USD is down 0.05%, trading at 1.0849 in the North American session at the time of writing. US markets are closed for Memorial Day, which will likely mean a quiet day for the US dollar. In Europe, German Ifo Business Climate stagnated in May and was steady at 89.3. This unchanged from the downwardly revised 89.3 in April and...
The British pound continues to have a quiet week in which it has stayed close to the 1.27 line. GBP/USD is trading at 1.2715, up 0.13% at the time of writing in the European session. UK retail spending slumped in April with a 2.3% m/m decline. This followed a revised 0.2% decline in March and was much weaker than the market estimate of -0.4%. It was the largest...
The Japanese yen is slightly lower on Thursday. USD/JPY is trading at 156.70, down 0.08% on the day at the time of writing. Japan’s PMIs for April were a mixed bag and the yen didn’t show much reaction. Services PMI dipped to 53.6, down from 54.3 in March and just shy of the forecast of 53.8. This was the smallest growth in services since February. Manufacturing...
The New Zealand dollar is almost unchanged on Tuesday. NZD/USD is down 0.06%, trading at 0.6102 in the European session at the time of writing. The Reserve Bank of New Zealand has shown it can be patient, having held the cash rate at 4.35% for six straight times. The central bank is expected to maintain rates yet again at Wednesday’s meeting as inflation has...
The Japanese yen has posted gains on Wednesday. The yen gained as much as 1% but has given up about half of those losses on the day. At the time of writing in the North American session, USD/JPY is trading at 155.73, up 0.45%. US headline inflation didn’t drop by much, but it was enough to send the US dollar down against the major currencies. Headline inflation...
The British pound is slightly higher on Monday. GBP/USD is up 0.20%, trading at 1.2549 in the European session at the time of writing. The UK labor market has held up well despite high interest rates but cracks have appeared and Tuesday’s job report is expected to be soft. Employment change is expected to slide by 215,000 in the three months to March, after...
ECONOMICS:GBGDPQQ Great Britain officially entered in Recession due to Two Consecutive Negative Quarters. The British economy contracted 0.3% on quarter in Q4 2023, following a 0.1% decline in Q3, worse than market forecasts of a 0.1% fall, preliminary estimates showed. The economy entered recession amid a broad-based decline in output, namely in services...
The British pound is drifting on Friday. GBP/USD is up 0.05%, trading at 1.2531 in the European session at the time of writing. The British economy grew by 0.6% q/q in the first quarter, higher than the market estimate of 0.4% and above the Q4 2023 decline of 0.3%. This marks a rebound after a mild recession in the second half of 2023. GDP posted its best...
ECONOMICS:EUGDPQQ (+0.3 %) Q1/2024 source: EUROSTAT The Eurozone’s economy expanded by 0.3% in the first quarter of 2024, the fastest growth rate since the third quarter of 2022, to beat market expectations of a marginal 0.1% expansion and gain traction following muted readings since the fourth quarter of 2022. The result added leeway for the European Central...