Author: FX
ECB Forum on Central Banking 2023 RecapPowell reiterates the need to slow the pace and magnitude of tightening a peak rates appear nearECB’s Lagarde brushes off any notion of a pause, sees hike in July as likely outcomeBoE’s Bailey sees inflation dropping despite a more resilient economy and labour marketBoJ’s Ueda states that confidence of continued inflation will test easy monetary policyThe analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Recommended by Richard Snow Traits of Successful Traders Powell Reiterates the need to slow the…
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If you’ve spent enough time around forex trading forums, then you’ve probably encountered a trader or two who say that they’ve made consistent pips using just one trading system. But you’ve also seen others who can’t seem to replicate the OP’s stellar trading performance. In fact, this is probably the case more often than not. Don’t worry; this is not because the OP is selling a get-rich-quick scheme. Well, at least I hope not. Instead, it’s more likely that the OP had used his/her strategy at fortunate time when the set of rules worked well with the trading environment that he/she…
Headlines:Markets:USD leads, NZD lags on the dayEuropean equities higher; S&P 500 futures down 0.1%US 10-year yields down 2.9 bps to 3.738%Gold down 0.4% to $1,906.01WTI crude flat at $67.73Bitcoin down 1.1% to $30,335There weren’t much meaningful headlines on the session but there were some interesting developments to take note of at least.The yen continues to stay on the softer side with USD/JPY above 144.00 and that is still prompting verbal intervention by Japanese officials.Meanwhile, there were some slightly mixed messaging by the ECB (the first case this week) with Centeno casting doubts over a September rate hike. Other officials were…
Share: USD/CHF risk is still seen lower for 0.8823/19, but with support expected to start to show here, economists at Credit Suisse report. Mild negative bias Support stays seen initially at 0.8900, below which can see a move to 0.8868/67 next ahead of a retest of the low for the year and potential trend support at 0.8823/19, where we would look for buyers to show. Should weakness directly extend this would be seen to expose the important 2021 low at 0.8757/50. Above 0.9015 is needed to reassert a near-term upward bias for resistance at 0.9051 next, though with…
Article written by IG Senior Market analyst Axel RudolphFTSE 100, DAX 40, S&P 500 Analysis and ChartsFTSE 100 stages a minor recoveryThe FTSE 100 managed to find support and is now trading back above its 7,433 May low, helped by Wall Street which rose yesterday on better-than-expected US consumer sentiment, durable goods orders and new home sales. However, the bounce is lackluster with the UK blue chip index remaining technically under pressure while below the early June low at 7,546 and the 200-day simple moving average (SMA) at 7,557.A drop through this week’s low at 7,401 on a daily chart…
kritsapong jieantaratip/iStock via Getty Images The U.S. is weighing new restrictions on AI chip exports to China, the Wall Street Journal reported citing people familiar with the matter, as part of the final rules codifying the export control measures announced in October. The latest restrictions could be implemented as soon as next month, following Treasury Secretary Janet Yellen’s China visit to avoid angering Beijing. Leasing of cloud services to Chinese AI companies may also be restricted, the report said. Restrictions on U.S. investment in China and other geopolitical rivals are also being considered. Last year’s measures prohibited U.S. firms from…
Australia just printed weaker-than-expected inflation data, dampening hopes for an RBA hike next month. Can this spur triangle breakdown for AUD/JPY? On the hourly time frame below, you can see that the pair formed lower highs and found support around the 95.50 minor psychological mark. AUD/JPY 1-hour Forex Chart by TV The pair is now testing the bottom of its descending triangle, possibly considering a break lower. If that happens, AUD/JPY might be in for a selloff that’s the same height as the chart pattern, which spans close to 200 pips. Nearby support levels at S1 (94.89) and S2 (93.86)…
NZD/USD just got rejected from a downtrend resistance! Will this lead to the pair making new lows in the next few days? I’m looking at the daily chart for a bird’s eye view! NZD/USD Daily Forex Chart by TV As you can see, NZD/USD recently ended a weeks-long upswing after getting rejected at the .6250 area. And why not? Aside from being near the daily chart’s 100 SMA and the 61.8% Fib level, .6250 also lines up with a descending channel resistance that’s been around since late 2022. Does this mean that NZD/USD is headed for new yearly lows? Momentum…
AUD/USD is down 0.6% on the day to 0.6645 and it is mostly to do with the monthly inflation numbers here. That might be reason for the RBA to switch the dial on policy setting but it isn’t definitive I would say. Inflation remains well above the target band set out by the central bank and there are growing worries over its persistence, something which we are seeing in the UK especially.AUD/USD daily chartWhat’s troubling for the aussie at the moment is that the technicals are also corroborating with the latest downside momentum. There was a brief reprieve yesterday, after…