Author: FX
Share: USD/CAD bulls tear through prior resistance with eyes on the 1.3580s. Bears are lurking, waiting to pounce on a correction. USD/CAD is on the front side of the bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48% and rallied from a low of 1.3477, scoring a high of 1.3565 on the day. The pair is in the hands of the bulls put there are prospects of a correction for next week. USD/CAD daily chart USD/CAD H4 chart USD/CAD is now making the case for a run to test the…
Dollar traders were on edge for the early part of the week as markets braced for the U.S. CPI release which later on underscored expectations for a Fed pause. Pound pairs got an extra dose of volatility during the BOE decision, thanks to the central bank’s shift to a less hawkish stance. Along with a return in risk-off flows, this allowed the U.S. dollar to regain advantage from its safe-haven appeal towards the end of the week. USD Pairs Overlay of USD vs. Majors Currencies Chart by TV Even though the FOMC refrained from committing to a pause in last…
Bitcoin falls below necklineThe price of bitcoin has moved to a new low for the day, week, and month and traded at the lowest level since March 17. Looking at the 4-hour chart, the price this week also fell below a neckline of a head and shoulder formation. On the downside, the 38.2% retracement of the move up from the November 22 low would target $25,071. Ahead of that would be swing highs going back to February around the $25,270 level. Move below the 38.2% and the door opens for more selling momentum. Moving back above the $27,000 level would…
Share: Analysts at Rabobank see the GBP/USD heading lower in the coming month amid USD strength. They consider the pair may drop to 1.22. Key quotes: “With the USD on the front foot yesterday, sellers stepped in, technical indicators soured, and cable registered its worst day in 2 months. It is our view that GBP’s gains since early March suggest that a lot of better news regarding UK fundamentals is already baked into the price.” “Last week’s release of stronger than expected US April labour market data underpinned the stickiness of wages and inflation risks on the other…
Below are the major releases for next week, organized by day, including expectations and previous release values:Monday, May 158:30am: USD – Empire State Manufacturing IndexExpectation: -1.9Previous: 10.8Tuesday, May 162:00am: GBP – Claimant Count ChangeExpectation: 31.2KPrevious: 28.2K8:30am: CAD – CPI m/m8:30am: CAD – Median CPI y/y8:30am: CAD – Trimmed CPI y/y8:30am: USD – Core Retail Sales m/mExpectation: 0.3%Previous: -0.8%8:30am: USD – Retail Sales m/mExpectation: 0.7%Previous: -1.0%9:30pm: AUD – Wage Price Index q/qExpectation: 0.9%Previous: 0.8%Wednesday, May 175:50am: GBP – BOE Gov Bailey Speaks9:30pm: AUD – Employment ChangeExpectation: 25.0KPrevious: 53.0K9:30pm: AUD – Unemployment RateExpectation: 3.5%Previous: 3.5%Thursday, May 188:30am: USD – Unemployment ClaimsExpectation: 260KPrevious:…
Share: Here is what you need to know for next week: After the Dollar’s rally on Friday, Monday may not be the usual “quiet Monday”. Tuesday is the busiest day of the week for economic data, with Chinese activity, the Reserve Bank of Australia minutes, inflation in Canada and US Retail Sales. Later in the week, Australia will release labor market data and the Bank of Mexico will decide on interest rates. The US Dollar finished the week stronger, trading at its weekly highs. Next week, the US calendar is light, with Retail Sales being the highlight on…
WTI crude all features are settling the day and the week at $70.04. The price is down -$0.83 or -1.17%. The low price reached $69.93. The high price reached $71.78.For the trading week crude oil prices are down $1.28 or -1.79%. That is the 4th down week in a row. From the swing high during the week of April 10 to the settlement today, the price is down around -16.25% (the high price during the week of April 10 reached $83.53).For the trading year, the price is down around -12.87% (the end-of-the-year level was at $80.26).Looking at the hourly chart,…
Share: USD/JPY is meeting the strat of a resistance area around 135.70/00. Bulls remain focused on the 136 area for the next sessions. USD/JPY has had a good run on the day, bursting up into the 135.70s. The market is trending back up into the start of May´s sell-off and a resistance area while being on the front side of the bullish trendline as the following analysis will show: USD/JPY daily charts Bulls are testing the prior bullish trendline that would now be expected to act as counter-trend line resistance. On closer inspection, we can see there could be room…
The USDJPY traded up and down this week with clearly defined support and resistance levels. When a break higher failed earlier this week, the price rotated lower. However, the low found support against a key MA level, giving the buyers the go-ahead to re-probe the upside.On Friday, May 12, the price moved above a key MA level, a key swing area going back to February, and the storyline took a twist with buyers taking more control. What next? Well listen to the next chapter in the book by listening to this video. It’s a page turner. Source link
Despite volatility was a bit muted, it was another topsy-turvy week for the financial markets as traders juggled debt ceiling issues, earnings results, and shifting central bank biases. Equities and commodities were off to a bullish start, thanks to positive market sentiment spilling over from late last week, while bond yields were on edge ahead of the U.S. CPI release. Before long, risk-off flows popped back when U.S. debt ceiling talks were postponed and the BOE joined the “dovish hike” bandwagon, leading market players to revisit recession concerns. Downbeat inflation and trade data from China, along with yet another U.S.…