Author: FX

Here’s another one for the commodity traders out there! Do you think crude oil is ready to bust out of its consolidation pattern soon? Or will we see another slump back to the descending triangle support? WTI Crude Oil (USOIL) 4-hour Chart by TV WTI crude oil has formed lower highs and found support around the $67 per barrel mark, creating a triangle chart pattern that’s been holding since last month. Price is testing the triangle resistance once again, and the higher lows from the previous week suggest that bullish pressure is building up. In that case, an upside breakout…

The market mood is steadier so far today but it is still early in the day and we also have Fed chair Powell’s testimony coming up later. Major currencies aren’t doing a whole lot while US futures are little changed after a somewhat sluggish showing yesterday.That will keep things a bit tight going into Europe, with traders also having to contemplate the idea of a risk rotation ahead of month-end and quarter-end.Looking ahead, there will be UK inflation data to contend with but it should just reaffirm continued prospects of a rate hike by the BOE. Core annual inflation is…

Share: AUD/USD prints mild gains to pare the biggest daily loss in a month, snaps three-day losing streak. Rejection of monthly bullish channel keeps Aussie bears hopeful unless the quote stays below 0.6890. Multiple technical levels, bullish MACD signals and upbeat RSI conditions challenge bears. AUD/USD bulls struggle to regain the 0.6800 round figure while printing mild gains around intraday high of 0.6799 heading into Wednesday’s European session. In doing so, the Aussie pair prints the first daily gains in four while bouncing off the 200-day Exponential Moving Average (EMA). However, the previous day’s clean rejection of the…

We’ve got a couple of top-tier U.K. events lined up this week! I’m counting on big moves from pound pairs, and I’ve got this GBP/CAD break-and-retest play on my radar. You see, the pair already busted through its descending trend line to indicate that a reversal from the selloff is in the works. GBP/CAD 4-hour Forex Chart by TV A quick correction to nearby support areas might be needed before more pound bulls charge, though. The handy-dandy Fib tool shows the potential levels where buyers might be waiting to jump in. The 38.2% retracement level is already close by at…

© Reuters. FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo By David Shepardson WASHINGTON (Reuters) -Tesla urged the Biden administration to finalize significantly stricter heavy-duty emissions limits than proposed in April, arguing larger vehicles were being electrified much faster than envisioned and would lead to bigger pollution cuts. The electric vehicle (EV) manufacturer said in comments made public on Tuesday that the Environmental Protection Agency’s (EPA) proposal did not go far enough, should be as stringent as California’s truck emissions regulations and…

ABEMOS Generac (NYSE:GNRC) rose the most in seven weeks Tuesday as the operator of Texas’s power grid asked customers to conserve electricity to prevent blackouts. The state is facing greater stress on its electrical system as a summer heat wave has people turning up their air conditioning to keep cool. Generac (GNRC), which makes backup generators and solar equipment, rose 7.9%. The Electric Reliability Council of Texas issued a voluntary conservation notice because of “extreme temperatures and forecasted record demand.” Power prices for Tuesday surpassed $2,500 a megawatt hour in the state’s day-ahead market, Reuters reported. The reliability council operates…

This is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. Goldman Sachs believes that markets are somewhat underestimating the significance of the inflation differential for the Swiss Franc (CHF), suggesting the selling of 25 Delta 3-month EUR/CHF calls. The recent strength of the Euro (EUR) offers an attractive entry point, and signs of more persistent inflation should mean that the ‘fair value’ of EUR/CHF continues to trend lower, serving as a…

Share: What you need to know on Wednesday, June 21: The US Dollar kept grinding higher on Tuesday as the market mood soured on fears that Chinese economic growth has lost momentum. The focus now shifts to Federal Reserve Chairman Jerome Powell’s testimony before Congress. The People’s Bank of China (PBoC) cut two key lending rates for the first time in almost a year amid concerns about slowing growth. The central bank cut the one-year loan prime rate by 10 basis points from 3.65% to 3.55% and the five-year loan prime rate by 10 basis points from 4.3%…

BITCOIN FORECASTBitcoin prices extend recovery following news that EDX markets has launchedWith sentiment on the mend, BTC/USD has recaptured its 50-day simple moving averageThis article looks at bitcoin’s key technical levels to watch in the coming trading sessions Recommended by Diego Colman Get Your Free Bitcoin Forecast Most Read: Gold Prices Slump on US Data ahead of Powell’s Testimony, Key Support in PerilSoon after reaching multi-month highs above $31,000 in mid-April, bitcoin sold off aggressively, falling briefly below $25,000 late last week. The downward correction, however, appears to show tentative signs of having fully run its course, with sentiment stabilizing…

The BOE decision is coming up this week! Will they hike interest rates again as expected? Here’s what the U.K. central bank might have up its sleeve and how pound pairs might react. Event in Focus: Bank of England Monetary Policy Statement When Will it Be Released: June 22, Thursday: 11:00 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: BOE to hike interest rates by 0.25% from 4.50% to 4.75% No changes to asset purchases expected MPC meeting minutes to show 7-2 vote in favor of tightening Pound traders are counting…