Author: FX
GBPUSD tests swing area high from April to June 2022.The GBPUSD has reached the high today of 1.2652. The current price is trading at 1.2642. At the high, the price got closer to its swing high going back to May 8, 2022 near 1.2665. A move above that level would have traders targeting this 61.8% retracement at 1.27605. On the downside, traders will be watching the low of the swing area near 1.25987 as close support.Buyers are making a play into resistance. You have to go through resistance to get extend higher, but it may also slow the rally or…
Less hawkish than in the past More from Fed’s Bullard:Recent drop in market interest rates probably “swamping” impact of any credit tightening from bank stress.Ultimate impact of bank stress on economy will be small.Wall Street Wall Street Wall Street is part of the Financial District in New York City and one of the most iconic streets in the world. It is synonymous with US financial markets, and home to the world’s two largest stock exchanges by market capitalization – the New York Stock Exchange and NASDAQ.The area is also home, be it presently or historically to many other key exchanges.…
Share: GBP/USD is sliding and forming a peak formation. Bears are seeking a move down to test the 1.2620s. GBP/USD is being pressured to the downside in lunchtime NY trade and is taking on a support structure that could lead the way to a move into test the 1.2020s and lower for the remainder of the day. GBP/USD H1 chart The hourly chart shows GBP/USD peaking in the 1.2650s and this gives rise to a test of the neckline of the W-formation as illustrated in the above chart. GBP/USD M15 chart On the 15 and 5-min charts, we can…
Share: USD/JPY tests 50-day EMA at 133.85; bullish-engulfing pattern hints at a potential uptrend. Downside risks loom, with the 100-day EMA at 132.83 in sight if 134.00 support breaks. The USD/JPY rises after dropping to a weekly low of 133.50, advances 0.42%, spurred by buyers stepping in at around solid technical support level. An upbeat April Nonfarm Payrolls report also lifted the US Dollar (USD) vs. the Japanese Yen (JPY) safety. At the time of writing, the USD/JPY is trading at 134.81 after dipping to a low of 133.88. USD/JPY Price Action From a daily chart perspective, the…
Share: St. Louis Federal Reserve President James Bullard supported the 25 basis point rate hike that the Fed took this week, calling it “a good next step.” He stated that there is a significant amount of inflation in the economy. In terms of the economic outlook, Bullard’s base case is not a recession, but rather slow growth and declining inflation. He also noted that the labor market remains “very tight” and will take time to cool. Source link
S&P 500, SPX, NASDAQ 100, NDX – OUTLOOK:While the uptrend remains intact, US equities have yet to clear past their recent highs.Better-than-expected earnings have provided a floor to equities.What is the outlook for the S&P 500 index and Nasdaq 100 index? Recommended by Manish Jaradi Traits of Successful Traders US equities have struggled to clear past their recent highs even as the US Federal Reserve hinted at a pause in the hiking cycle. As the earnings season draws to a close, banking sector concerns appear to be taking center stage, posing a risk to the multi-week uptrend. On technical charts…
Franklin Limited Duration Income Trust raises dividend by 0.7% to $0.0595 Source link
US NFP AND JOBS REPORT KEY POINTS:The US Added 253,000 Jobs in April, Surpassing the Average Forecast of 180,000 New Payrolls.The Unemployment Rate Dropped to 3.4%, Matching the January Print Which was a 50-year low.The Positive Data Continued as Average Hourly Earnings Increased More Than Expected as Well, Likely to Add to Inflationary concerns.To Learn More About Price Action, Chart Patterns and Moving Averages, Check out the DailyFX Education Section. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Hiring in the US accelerated through April as…
Share: Pound Sterling vs US Dollar stabilizes above the key 1.2600 level prior to Nonfarm Payrolls data on Friday. The Pound benefits from monetary policy divergence with the US Dollar as elevated inflation suggests more hikes in the UK. Is the break above April highs in the upper 1.25s decisive enough to extend? Friday’s close could be critical in deciding. The Pound Sterling (GBP) establishes a foothold above the 1.2600 handle against the US Dollar (USD) ahead of the Nonfarm Payrolls (NFP) release on Friday. The Pound Sterling benefits from the UK monetary policy divergence with the US,…
Having trading biases isn’t necessarily a bad thing, but there are some that can impair our ability to read the markets and make good trading decisions. The first step to overcoming these biases is to become fully aware of them. Here are four common ones you should be mindful of. 1. Anchoring bias An anchoring bias refers to the tendency of a trader to rely on what is familiar, such as future outcomes being EXACTLY the same as past results. Of course a lot of market predictions are based on price patterns, but having an anchoring bias means that one…