Author: FX

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Share: WTI Crude Oil prices face rejection near the 50-DMA and drift lower on Wednesday. The formation of a descending triangle on the daily chart favours bearish traders. A sustained strength beyond the $72.00 mark is needed to negate the negative bias. Western Texas Intermediate (WTI) Crude Oil prices come under renewed selling pressure on Wednesday and reverse a major part of the previous day’s positive move. The intraday downfall picks up pace during the early part of the European session and drags the commodity to a fresh daily low, around the $70.25 region in the last hour.…

AUD/USD ANALYSIS & TALKING POINTSAustralian and Chinese PMI’s disappoint leaving AUD on offer.FOMC minutes to come later this evening.Ascending triangle breakout looming as AUD/USD approached triangle apex. Recommended by Warren Venketas Get Your Free AUD Forecast AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROPAs we enter the second half of 2023, the Australian dollar is trading at a key inflection point against the US dollar after yesterday’s Independence Day celebrations in the US. The morning kicked off in Asian trade with two important economic releases including both the Australian PMI and Chinese Caixin PMI’s. Both missed estimates and highlighted the growing concern of global…

USD/CAD is testing a key resistance zone ahead of the FOMC meeting minutes! Will we see a breakout today? Or will the pair extend its downtrend? USD/CAD 15-min Forex Chart by TV I don’t know if you noticed but USD/CAD has been showing lower highs and lower lows since late June when USD/CAD hit resistance at the 1.3280 area. The pair even hit the 1.3200 psychological level before finding buyers! USD/CAD is now trading near 1.3240, which lines up with a descending channel resistance AND the 61.8% Fibonacci retracement of July’s downswing. It also doesn’t hurt that USD/CAD’s current levels…

Nikada Japan -0.25%. Japan Jibun / S&P Global Services PMI for June revised lower to 54.0 in June 2023 from 54.2 in the flash estimates (prior 55.9). China -0.59%. China June 2023 Caixin / S&P Global Services PMI 53.9, a slower rate of expansion than the 57.1 recorded in May. Hong Kong -1.64%. Australia -0.35%. Australia data – June Services PMI 50.3 (prior 52.1). India -0.03%. New Zealand GDT price index -3.3%. The Philippines’ headline inflation rate slowed for a fifth straight month to 5.4% in June, down from May’s figure of 6.1%. On Tuesday, the US markets was closed…

2/2 © Reuters. FILE PHOTO: Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo 2/2 BEIJING/SHANGHAI (Reuters) – China’s export controls on metals used in making semiconductors are “just a start”, an influential trade policy adviser said on Wednesday, as it ramps up a tech fight with the U.S. days before U.S. treasury secretary Janet Yellen visits Beijing. Shares in some Chinese metals companies rallied for a second session, with investors betting that higher prices on gallium and germanium, which Beijing’s export restrictions…

Will we see a bounce or a break for WTI crude oil? The commodity is testing its triangle resistance once more! As you can see from the 4-hour chart below, price made lower highs and found support around $67 per barrel, creating a descending triangle pattern. WTI Crude Oil (USOIL) 4-hour Chart by TV Crude oil is currently hanging out at the top of the chart formation, still deciding where to head next. Technical indicators appear to be pointing to another dip from here, as the 100 SMA is below the 200 SMA to hint that the path of least…

Members of the European Central Bank Governing Council coming up later include:1100 GMT/0700 US Eastern time: French central bank head Francois Villeroy de Galhau speaks at a financial conference in Paris1800 GMT/1400 US Eastern time: Bank of Spain’s Governor Pablo Hernández de Cos delivers the closing speech at an event organized by the Foro de la Toja as a tribute to ex- foreign affairs minister Josep PiquéIt looks like Villeroy’s is more likely to include a statement on the economy and/or monetary policy. The ECB is expected to raise rates again at its July meeting, on the 27th: Source link

Share: WTI crude oil pares the biggest daily gains in a week amid downbeat mood. China Caixin Services PMI drops in June, fears of recession, Sino-American trade war intensify. Output cuts from Saudi Arabia, Russia provide headwinds to energy bears. Weekly prints of API Crude Oil Stocks Change, risk catalysts eyed for clear directions. WTI takes offers to reverse the previous day’s heavy gains near $71.00, down 0.50% intraday around the intraday low of $70.86 by the press time. In doing so, the black gold bears the burden of the downbeat China data, as well as challenges to…

© Reuters. FILE PHOTO: A police officer passes a child’s bicycle after a mass shooting at the scene of a Fourth of July holiday weekend block party in Baltimore, Maryland, U.S. July 2, 2023 in a still image from video. REUTERS/Stringr/File Photo By Kanishka Singh and Raphael Satter (Reuters) -Mass shootings in Philadelphia, Baltimore and Fort Worth, Texas, killed 10 people and wounded nearly 40 others ahead of the Fourth of July holiday, officials said, a grim reminder of the decades-long failure to curb gun violence in the United States. In Fort Worth, three people were killed and eight wounded…