DNP-FX

DNP-FX

Bitcoin is now trading in the range of 17,000-18,000 USD levels after rising on this week. At current levels, the price of bitcoin is indeed in a precarious position where it could swing up or down quickly. Resistance levels (7 and 4) mean that the price of the cryptocurrency can swing either way and, moreover, it doesn't take much time to trigger such...

DNP-FX

The trendline is the most common part of technical analysis in forex trading. But when compared to support and resistance, trendlines are less commonly used. The trendline should be more significant due to the number of touches. Trendlines are very suitable in combination with several technical indicators, one of which is the Money Flow Index (MFI). MFI is an...

DNP-FX

Canadian dollar exchange rate has the potential to strengthen in today's trading as investors await the release of US inflation data. The market expects US inflation to fall again in the December 2022 period and drive expectations of a smaller Fed rate hike.

DNP-FX

PT Pakuwon Jati Tbk is an Indonesian real estate developer based in Surabaya and the holding company of the Pakuwon Group. In 2023 the company prepared a budget for land expansion. This year PWON has prepared a capital expenditure (capex) fund. PWON has obtained a fixed price and started installments for land in Batam. PWON will enter new projects such as...

DNP-FX

The market seems to be guiding wage increases, despite a possible slowdown in economic growth. The ECB has forecast wages to rise by 5.2% in 2023 after growing 4.5% in 2022. ECB Vice President Luis de Guindos expects wage increases will not lead to a wage-price spiral, but noted that the ECB needs to be cautious regarding inflation expectations. In the longer...

DNP-FX

Double bottom pattern is a bullish reversal pattern that occurs at the bottom of a downtrend and signals that the sellers controlling the price action so far are losing momentum. Pattern resembles the letter “W” due to a two-touched low and a change in trend direction from a downtrend to an uptrend.

DNP-FX

The massive increase in transaction volume on EURUSD H4 this time can be seen as a true breakout. A sign of a successful breakout is that previous support levels often become new zones of resistance and previous resistance levels become new zones of support. be careful about Fear of Missing Out (FOMO) on open position when the price breaks a new level. It's...

DNP-FX

Corporate fundamentals in the US can grow earnings. Wage growth and consumption are still high so the US will be safe from recession. The Fed played a major role in driving the market in 2022 in pushing through a monetary tightening campaign as it tried to bring down inflation which reached its highest level. whether the FED remains a market mover in 2023.

DNP-FX

Silver prices are bullish as early as 2023 despite potential weakness due to a stronger US Dollar. As noted in the snapshot, CFTC Silver Reportable position, managed money which is a long-term reference shows a more dominant long contract : 45,022 (-637 changes) and 35% Open Interest. Supported by weaker global stock indices, this indicates a risk-on sentiment...

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Japan's central bank surprised the market with a policy change that opens the potential for an end to ultra-accommodative monetary policy in the Land of the Rising Sun. The Bank of Japan kept the benchmark interest rate near zero as widely expected, but expanded the fluctuation range of government bond yields to between -0.5% and 0.5% from a range of -0.25% to 0.25%.

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Uncertainty of trade relations with the EU dealt a big blow to investment and business, which in the third quarter was 8% below pre-pandemic levels. Although, the trade deal between the UK and the EU has been ongoing for two years. The UK's decision to leave the European Union, known as Brexit, has had a major impact on the UK economy. Brexit has been a drag on...

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Organization of Petroleum Exporters and its Allies (OPEC+) maintained production cuts, keeping production at 2 million barrels per day (bpd) from November to 2023. Oil prices weakened as China's zero-covid policy weighed on demand. However, after the regulation was relaxed in a number of cities including Beijing and Shanghai, oil prices slowly moved up. WTI and...

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Jerome Powell's statement regarding a moderate rate hike strengthened market expectations that the Fed will only raise the benchmark interest rate by 50 bps in December. The Fed's interest rate hike has become gold's 'enemy' this year. Gold falls every time the Fed raises the benchmark interest rate. Powell warned that the Fed may remain restrictive for a long...

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Investors tend to be side-lined ahead of the minutes of the US central bank's (The Fed) FOMC meeting and the thanksgiving holiday. The weakening of the dollar was supported by the return of risk on sentiment. USDZAR breakout daily support from bullish channel pattern. A bearish trend has the potential to occur in the next few days.

DNP-FX

(1) This week started with USD weakness due to bad news from the US labor data released last week. The NFP data showed a decline compared to the previous data, from 315K to 261K although up from the forecast at 200K. In addition, the unemployment rate data showed an increase from 3.5% to 3.7%, exceeding market participants' estimates of 3.6%. (2) While global...

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The employment gain was especially impressive as it was spread across the economy and was made up entirely of full-time jobs. The Bank of Canada, which hiked rates to 3.75% after a 50 basis point increase in late October is likely to respond with additional oversize hikes. This will certainly foster positive sentiment for the Canadian dollar to strengthen in...

DNP-FX

Despite crypto's gains this week, both Bitcoin and Ethereum are still experiencing significant declines since the beginning of the year. On a year to date (YTD) basis, the market capitalization value of Bitcoin and Ethereum has dropped by more than 50%. US monetary policy impact strengthens USD 15.41%. Federal Open Market Committee (FOMC) meeting which will take...

DNP-FX

Federal Open Market Committee (FOMC) meeting which will take place November 2, 2022, US time. decided the benchmark interest rate range of the Fed Funds Rate 75 basis points to 3.75 – 4%. With this decision, the Fed has raised its benchmark interest rate by 75 bp at the fourth consecutive meeting. This is also the highest interest rate level since 2008. In a...