Author: FX
Spot gold has found support from a key inflection point! Think XAU/USD is ready to extend its uptrend? We’re looking at what’s happening in the 15-minute chart: XAU/USD 15-min Forex Chart by TradingView If you’ve just tuned in to the markets, you should know that traders are mostly staying away from “risky” bets over a lot of uncertainty. Global leaders haven’t found a workable solution to the current conflict between Israel and Hamas. Global bond yields also remain elevated, which points to lower investor confidence and higher borrowing costs for the major economies. Last but not least, inflation reports have…
It is starting to get a bit draggy now as the headlines are persisting for more than an hour. But in any case, it’s not so much the confirmation of intervention that lessens the effectiveness. It is more so the fact that Tokyo is doing it against a backdrop that is not working in their favour i.e. lack of policy pivot by the BOJ, zero rates in Japan, US yields rising, Fed maybe not done with rate hikes, markets seeking shelter in general.For now, Japan is trying to sell the idea that the threat of intervention is far greater to…
Share: NZD/USD drifts lower for the third straight day and touched its lowest level since November 2022. The Israel-Hamas war, hawkish Fed expectations underpin the Greenback and weigh on the major. Traders look to the US macro data for some impetus ahead of Fed Chair Jerome Powell’s speech. The NZD/USD pair remains under heavy selling pressure for the third successive day – also marking the sixth day of a negative move in the previous seven – and dives to its lowest level since early November 2022 during the Asian session on Thursday. Spot prices currently trade around the…
Despite a challenging Chinese economic outlook, the Australian labor market has shown resilience, with expectations of adding 20,000 jobs in September following the addition of 64,900 jobs in August. This comes amidst the Reserve Bank of Australia’s (RBA) decade-high interest rate of 4.1%, and a year that has seen over 410,000 jobs added despite high interest rates and strong US economic data leading to high US Treasury yields. The unemployment and participation rates are forecasted to remain steady at 3.7% and 67%, respectively. However, the pair is trading near its yearly lows due to these factors as well as bearish…
Robert vt Hoenderdaal/iStock Editorial via Getty Images Terex’s (NYSE:TEX) stock on Wednesday fell 9.5% to a five-month low, a day after providing a disappointing earnings estimate. Other construction-related companies also faced selling pressure. Terex (TEX), a maker of lifting and material-handling machinery and vehicles, on Tuesday raised its forecast for full-year 2023 earnings to approximately $7.05 a share from $7.00 a share previously. Wall Street analysts had expected $7.16. The underwhelming outlook drove declines in shares of peer companies such as Caterpillar (NYSE:CAT), which dropped 4.9% for the biggest decline since April 4. Vulcan Materials (NYSE:VMC) fell 5%, Martin Marietta…
ICYMI, former Bank of Japan policy board member Makoto Sakurai spoke in an interview, saying the Bank may scrap negative interest rates by the end of this year to adjust the currently excessive level of monetary easing.Via a Bloomberg report (gated):“They could do it at any time and it won’t be a surprise, given the current economic recovery”, and that under the (relatively) new Governor Ueda “the BOJ has appeared cautious, but they have steadily taken policy actions at a faster pace than expected”added that real interest rates have fallen significantly, around the lowest level since the yield curve control…
EURGBP, Daily The Pound strengthened slightly to $1.2210 following reports of inflation remaining high in September, despite the BOE making a series of rate hikes over the past few months. GBPUSD gains were short-lived, as a stronger US Dollar became a stumbling block for the Pound. UK annual consumer price inflation held at an 18-month low of 6.7%, contrary to market expectations which forecast a slight decline to 6.6%, while the core rate fell less than expected to 6.1%. Meanwhile, labour data released earlier this week showed that overall payroll growth in the UK slowed from 8.5% to 8.1%, falling…
We just saw a rare diamond pattern on the S&P 500 index, forming along with several other technical arguments of interest. The market is now breaking that area, but will it be enough to draw in sellers and refresh the downtrend lower? S&P 500 Index (US500 CFD) Chart by TradingView G’day equity traders! As mentioned above, we’ve got a pretty interesting sight on the charts today with a rarely seen diamond pattern forming on the four hour chart of the S&P 500 Index. This is a type of consolidation pattern where traders watch for both long and short setups after…
Share: TradingLounge’s Daily Stock Market Report S&P 500 – NASDAQ 100 – RUSSELL 2000 – DAX 40 – FTSE 100 – ASX 200. Elliott Wave AnalysisSummary: SP500, NASDAQ, FTSE and ASX 200 are in the later stages of their wave two correction, that should be completed in the next trading session. Elliott Wave count Wave iii of (c) of ii) Trading Strategies: Waiting for the wave two correction to complete in the next session then, as part of the long trade setup, an impulse wave higher is required, the next video will be good timing to accommodate any long…
XAU/USD, XAG/USD PRICE FORECAST:MOST READ: GBP Price Action Setups: GBP/USD, EUR/GBP, GBP/AUD Post UK CPIGold extended its gains throughout the day today in light of increased risk aversion from market participants. The rise of the risk-off environment today comes courtesy of an explosion of a hospital in Gaza last night which saw both Israel and Palestine trade blame for the atrocity. The impact and fallout spurred renewed concern of a wider conflict which helped Gold accelerate toward the $1950/oz handle.Supercharge your trading prowess with an in-depth analysis of gold’s outlook, offering insights from both fundamental and technical viewpoints. Claim your…