Author: FX

Reversal alert! If this correction level holds for EUR/AUD, the pair might complete a longer-term reversal chart pattern. Here’s what I’m seeing on the 4-hour time frame. EUR/AUD 4-hour Forex Chart by TV EUR/AUD is in the middle of a correction to an area of interest that’s been holding since last month. This is right around the 50% to 61.8% Fibonacci retracement levels, 1.6400 major psychological mark, and dynamic inflection points at the moving averages. Talk about confluence! If the former resistance-turned-support acts as a ceiling once more, price could resume its slide to this month’s lows and form a…

Bank of America on the US debt ceiling outlook:Should any X-date breach last a month or more and involve prioritization of debt payments it would mean immediately cutting spending by about 5% of GDPWhat this means is that:this would turn an otherwise mild recession into a severe recessionAnd the implication for the Federal Open Market Committee (FOMC):rate cuts could come as quickly as 3Q 23 Source link

Share: Natural Gas price remains sidelined after reversing from the highest levels in two months. Market sentiment improves as US policymakers raise hopes of avoiding default. Upbeat US data, hawkish Fed speak and fears of more XNG/USD output weigh on the commodity price. Risk catalysts are the key ahead of weekly EIA Natural Gas Storage Change. Natural Gas Price (XNG/USD) treads water around $2.50 amid Wednesday’s sluggish Asian session, after reversing from the highest levels since mid-March, as well as snapping a three-day uptrend, the previous day. The energy instrument previously dropped amid the broad US Dollar rebound…

peterspiro/iStock Editorial via Getty Images Update 7:20pm: Adds Clear Channel comment. Clear Channel Outdoor (NYSE:CCO) rose 3% in after hours trading as activist Legion Partners is pushing the billboard company to evaluate a sale of the entire company. Legion Partners, which has been an investor in the company since 2021, disclosed it has a 5.1% stake in Clear Channel Outdoor (CCO) and wants the company to speed up its strategic review, according to a 13D filing on Tuesday. Legion Partners wants Clear Channel Outdoor (CCO) to accelerate the sale process for Europe-North, begin the sales process for Latin America, consider…

Australian Dollar, AUD/USD, US Retail Sales, IGCS – Briefing: Recommended by Daniel Dubrovsky Get Your Free AUD Forecast Australian Dollar Deteriorates with Risk AppetiteThe sentiment-linked Australian Dollar underperformed against its major counterparts on Tuesday. This was during a day that Wall Street turned sour. The Dow Jones Industrial Average sank over 1 percent as materials and energy stocks underperformed. Meanwhile, information technology shares fared better. The Nasdaq Composite only fell -0.18%.A closer look at price action showed that US Treasury yields gained in the aftermath of solid retail sales data. While the overall gauge missed at 0.4% compared to the…

© Reuters. FILE PHOTO: Turkish President Tayyip Erdogan speaks at the AK Party headquarters in Ankara, Turkey May 15, 2023. REUTERS/Umit Bektas By Libby George and Canan Sevgili LONDON (Reuters) -Turkey’s market rout deepened on Tuesday amid investor expectations that President Tayyip Erdogan could be able to extend his rule – and his unorthodox economic policies – into a third decade. Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring exposure to Turkish debt rose further after Erdogan defied expectations in Sunday’s presidential race, securing just under the 50% threshold needed to win…

From BlackRock’s Weekly Market Commentary, in summary:More volatility ahead We think the U.S. debt limit showdown will spark renewed volatility in markets. That risk reinforces why we stay invested and cautious by going up in quality. Market backdrop Stocks were flat last week after U.S. data confirmed core inflation staying high. We think sticky inflation makes Federal Reserve rate cuts later this year unlikely. Week ahead U.S. industrial production and business survey data due this week should gauge how the Fed’s rate hikes have hurt industrial and business activity.-So far US equity market volatility has not gone nuts over the…

Share: USD/JPY is meeting support on the front side of the bullish trend, If the trendline breaks, then the bears will be encouraged to move in. USD/JPY has been in the hands of the bulls. However, there is the possibility of a significant correction to the downside if support near 136.20 fails. 135.50 would then be eyed as the following video illustrates. USD/JPY daily chart The price is running into resistance as illustrated within the W-formation. This is a reversion pattern that opens risk towards the neckline and trendline support.  USD/JPY H4 chart There is firm resistance as…

GOLD PRICES AND GBP/USD FORECAST:Gold prices slump, dragged lower by rising U.S. yieldsGBP/USD loses altitude after failing to clear overhead resistance at 1.2680This article looks at GBP/USD and XAU/USD’s key tech levels to watch in the near termMost Read: Gold Prices Veer Off Bullish Path as US Dollar Firms but Outlook Still Upbeat Recommended by Diego Colman Get Your Free Gold Forecast GOLD PRICES TECHNICAL ANALYSISGold prices plummeted on Tuesday, dragged lower by rising U.S. Treasury yields following better-than-expected U.S. economic data and hawkish Fedspeak. In this context, XAU/USD sank more than 1.3% to settle near $1,988 per ounce in…

XELA, ORMP and BNMV among mid-day movers Source link