Author: FX

Is gold about to retreat from its rallies soon? I’m seeing a reversal pattern that looks ready to play out on its 4-hour chart! Right now, the precious metal is still hovering above the neckline support. If it breaks, how low do you think XAU/USD might go? Gold (XAU/USD) 4-hour Chart by TV After a couple of failed attempts to bust through the $2,040 resistance zone, gold is back down to testing the double top neckline at $1,960. A break below this support zone could send the precious metal lower by the same height as the chart formation or roughly…

© Reuters. FILE PHOTO: Japan’s Prime Minister Fumio Kishida attends a bilateral meeting held by U.N. Secretary General Antonio Guterres (not pictured), on the sideline of the G7 leaders’ summit in Hiroshima, western Japan May 21, 2023. REUTERS/Androniki Christodoulo TOKYO (Reuters) – Japanese Prime Minister Fumio Kishida will meet Sri Lanka’s president on Thursday as the South Asian nation looks to bolster efforts to restructure its debt and repair an economy deeply scarred by a severe financial crisis. Kishida’s meeting with President Ranil Wickremesinghe comes days after the International Monetary Fund (IMF) called for achieving timely restructuring agreements with the…

Who’s up for a potential countertrend play? I’m looking at GBP/USD testing the bottom of its descending channel prior to the release of the U.S. April core PCE price index. Better keep your eyes on these levels if you’re going for either a bounce or a break. GBP/USD 15-min Forex Chart by TV Cable has formed lower highs and lower lows connected by a falling channel visible on its short-term time frames. The pair is currently hanging out at the bottom of the channel, still deciding whether to pull back up or to go for a steeper decline. Technical indicators…

imaginima/E+ via Getty Images Goldman Sachs said Wednesday it remains bullish on crude oil and other major raw materials, anticipating a rally following the “largest-ever commodity de-stocking the complex has ever witnessed” that caused declining prices of commodities including oil. Goldman admitted its price calls have been wrong so far this year, but “bulls, like ourselves, find comfort in the fact that end-use demand across the commodity complex has not shown recessionary signs and investment in supply remains elusive.” Recessionary concerns, higher interest rates, and healing in global supply chains have led to a broad de-stocking of wholesale goods and…

People’s Bank of China USD/CNY reference rate is due around 0115 GMT.The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2% and some think it could widen to 3% this year. The PBOC governor on the weekend highlighted the trend towards more liberalization of FX.How the process works:Daily…

Share: EUR/USD drops to the lowest levels since late March, down for the third consecutive day. Clear reversal from 100-DMA hurdle, downside break of previous weekly bottom joins bearish MACD signals to favor Euro bears. Downbeat RSI conditions suggest limited room towards the south, highlighting six-month-old ascending support line. EUR/USD holds lower grounds as bears prod the 1.0750 mark after falling to the fresh low since late March during early Thursday in Asia. In doing so, the Euro pair drops for the third consecutive day while slipping beneath the weekly low, as well as the two-month bottom marked…

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© Reuters. Investing.com – Oil hit three-week highs on Wednesday after U.S. government data showed the biggest weekly crude drawdown in six months, before gains were pared on concerns over the nation’s debt crisis and a potential rate hike in July — even if there’s a pause next month. New York-traded West Texas Intermediate, or , crude settled up $1.43, or 2%, at $74.34 per barrel. It earlier hit a three-week high of $74.73. The U.S. crude benchmark had gained 1.8% over two previous sessions, putting it on track to a 4% weekly gain after last week’s 2%. London-traded crude,…

FED MINUTES KEY POINTS:Fed minutes show inclination for a less aggressive approach, but there is no broad consensusThe document may be stale as several central bank members have offered updated comments about their expectations in recent daysThe U.S. dollar retains gains after the FOMC releases the summarized record of its last meeting, with traders more focused on the U.S. debt-ceiling drama Recommended by Diego Colman Get Your Free USD Forecast Most Read: EUR/USD at Critical Juncture as Bears Launch All-Out Assault on Major TrendlineThe Federal Reserve today released the minutes of its May 2-3 meeting, at which the central bank…

The Fed’s preferred inflation measure is coming up! Will the release make or break the dollar’s intraweek gains? Here are points you need to consider if you’re planning on trading Friday’s report: Event in Focus: U.S. Core Personal Consumption Expenditures (PCE) Price Index for April 2023 When Will it Be Released: May 26, 2023 (Friday), 12:30 pm GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: U.S. core PCE price index (m/m): 0.3% forecast vs. 0.3% previousU.S. core PCE price index (y/y): 4.6% forecast vs. 4.6% previous Relevant Data Since Last Event/Data Release:…