The EURUSD has been sacked out of the 1.1000 price handle after a series of economic data reports around the eurozone showed a decline in economic activities. The latest PMI report from France and German posted worse reading from the forecast and the previous month as the impact of higher interest rates weighs in. The EURUSD has failed to convincingly overcome the...
NZDUSD has moved through the 0.61861 support level today, completing an intraday double top formation. Coming off the back of a period of strength that saw the pair reach a three-week high last Friday, it appears the wider bearish trend could be kicking in once again. Crucially, the fact that price appears to be reversing lower from the 76.4% Fibonacci resistance...
Bitcoin has seen its ups and down over the course of the year thus far, with HODLers looking to benefit after riding protracted periods of weakness. The past two months have provided yet another period of downside, with prices being hit as Coinbase and Binance draw the ire of the US regulators. However, one of the factors derived from those SEC charges has...
Gold prices have struggled to take full advantage of the US dollar despite the Federal Reserve pausing its rate hike campaign with the view of raising rates later this year. This saw the US dollar weaken across the market but gold prices somehow saw its movement limited to the upside. Despite printing out 2 bearish rejection candlesticks from the monthly time...
The price movement of Gold has remained confined between HKEX:2013 and TSE:1969 in the last 2weeks. The current movement has kept investors on the side-line in anticipation of the FOMC event which could determine the future direction of gold prices. A drill down on the chart pattern on the 4-hour time frame shows that the price is actually respecting a wedge...
The US dollar has remained heavy after this week’s CPI report indicated that inflation is gradually cooling off, boosting speculations that the Feds could start implementing rate cuts. The US dollar index which tracks the US dollar performance against a basket of assets failed on its second attempt to stay above a trendline that has been running since May 2021,...
The bulls are set to take charge after overrunning the 1.8290 resistance level as it looks to move back above a monthly ascending trendline that failed to hold price around March 2022. Ever since the price hit 1.5930 which was the low of March 2017, buyers have continued to push the price higher with every resistance in the way conquered on a second attempt. In...
Following the chart analysis on March 2nd, 2023 after observing a head and shoulder formation on NZDUSD, we now have a price movement within a rising channel. As we head into the end of the trading week, the bears are in control but the bulls are not far away. if we narrow it down to the 4-hour time frame, the price rotation from 0.6290 exposes the channel’s...
The impact of the SVB collapse that hit the global financial market and triggered a massive sell-off in bank stocks has seen investors gravitate towards Gold and tech stocks as they seek to limit their exposure. Earlier this week, we saw the major stock indices (SP500, Dow Jones index, FTSE100) in red as the contagion spread across the market. However, the...
CADJPY could see its bullish momentum threatened should the Bank of Japan (BOJ) shift from its dovish policy approach. On Friday, the BOJ will decide on its policy rate and give forward guidance on its economic outlook. The Central Bank is expected to maintain its policy rate at -0.10% and stick to its ultra-loose policy approach. CADJPY has seen its price...
NZDUSD recorded gains for 3 days straight after the price rebounded from 0.6130 price level. This week, the commodity-based currency (NZD) benefitted from a pick in China’s economic activity despite market fears of a prolonged rate hike activity by the Federal Reserve. Though investors seek clues from comments of Fed members on the size of the next rate hike,...
Gold prices have come under pressure following the Federal Reserve's commitment to continue with a slow-paced rate hike until inflation is contained. A view of the chart on the 4-hour time frame prints all shades of bearish in all instances. First, we had a very strong drop from $1960 which eventually saw bullish expectations of price hitting $2000 hit the rocks...
The Bulls stepped in around 12,258 after the price rotated south from the previous week. A quick look at the chart shows price has maintained a series of higher lows in the last 6 weeks. This year, the NASDAQ has kept its price appreciation within a rising channel with the bulls active every time the price retraces toward the support area. The recent bounce which...
USDCAD is making its 3rd attempt at the resistance trendline of a descending channel spotted in the 4-hour time frame. Currently, the US dollar continues to benefit from last week’s NFP data report which came out solid. This week, the Canadian dollar will have a chance to be in the spotlight when reports on the Labour market will be hitting the headlines on...
An interesting week it is for EURGBP as both currencies will be impacted by the activity of the Bank of England (BOE) and European Central Bank (ECB). While it is expected that both central banks will be aggressive with a 50bps rate hike, the impact on EURGBP might be one you will not want to miss. Our technical analysis on the pair shows price has been...
The US dollar index made a bold move before the Fed decision by breaking out of a descending channel in the 4-hour time frame. The instrument which tracks US dollar strength across some assets has seen its movement limited in the last 2 weeks after dropping from 103.00. The possible price movement we could anticipate before Wednesday’s showdown are: BULLISH...
USDJPY has been on a bearish trend in the last 2 months following the BoJ’s policy intervention sometime in November. In recent weeks, the central bank held its monetary policy meeting and still left its policy approach unchanged, leaving the yen again exposed to market forces to determine its direction. A technical view on the pair shows price is subdued by a...
EURUSD is having difficulty establishing a bullish move above 1.0900 as price has been rejected on several attempts. The latest PMI readings from the eurozone didn’t help matters with a mixed report on the state of economic activities around the bloc. With sentiments of a slow pace Federal Reserve rate hike already weighing the US dollar, the price could still...