Author: FX
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BRENT CRUDE OIL (LCOc1) TALKING POINTSThin liquidity this morning likely to provide minimal price movement on Brent crude.Key crude oil releases scheduled this week.Emerging symmetrical triangle pattern on daily chart. Recommended by Warren Venketas Get Your Free Oil Forecast BRENT CRUDE OIL FUNDAMENTAL BACKDROPBrent crude oil is trading marginally lower this Monday on the back of a stronger U.S. dollar which may be attributed to Friday’s Michigan consumer sentiment beat as well as the overexuberance by markets post U.S. CPI. Today’s trading may be a bit light across global markets due to Martin Luther King, Hr. Day in the U.S.,…
The BOJ meeting this week is dominating trades as the new week kicks-off. Japanese 10-yr yields trading at 0.51% above the BOJ ceiling and adding to the speculation that the ceiling could be raised to 1.0% on Wednesday. US stocks closed higher again on Friday and gained 2.3% last week. US markets are closed today and Asian markets are broadly higher expectations of China opening quickly even as COVID deaths hit record levels. The USD trades at 7-mth lows, GOLD at April 2022 highs, and BTC over $21k and 2-mth highs. Week Ahead – BOJ Wednesday, US – Retail…
Major currencies are back to being little changed, with the dollar’s slight losses now being recovered. It’s pretty much looking to be a snoozefest with it being a long weekend in the US as well. USD/JPY has seen a good run lower after the break under 130.00 last week but there might be some position squaring ahead of the BOJ later this week, so as to preventing a further slump as traders stay guarded against any potential BOJ disappointment.Besides that, equities remain one to watch with the S&P 500 threatening key technical levels as seen below:It’s another attempted push above…
Gold is off to a pretty solid start this year, as the rally is going pretty strong! Here’s an opportunity to hop in that uptrend. Gold (XAU/USD) 1-hour Chart by TradingView The precious metal has been cruising higher with its lows connected by a rising trend line. Are we about to see another test of support soon? Stochastic seems to be suggesting so, as the oscillator is heading south while gold is stalling near the $1,930 level. This could mean that a pullback to the Fibonacci retracement levels is in order. I’ve got my eye on the 61.8% level that’s…
Gold price hit fresh nine-month highs at $1,929 before pulling back sharply to $1,915. Overbought conditions could threaten XAU/USD bulls, FXStreet’s Dhwani Mehta reports. RSI holds well above 70.00 “Gold price has pulled back sharply from a nine-month top of $1,929, as suggested by an overbought 14-day Relative Strength Index (RSI). The daily RSI currently stands at 75.21, well past the critical 70.00 level.” “A sustained break below $1,917 could trigger a further correction toward the $1,900 threshold.” “If Gold bulls manage to regain control and take out the multi-month high, then a fresh upswing toward the $1,940-$1,941 supply zone…
Looking for swing and long-term setups to trade? Goldman Sachs looks set to extend an uptrend while Ether (ETH/USD) and USD/CAD are trading triangle patterns. Don’t even think of missing these opportunities! Goldman Sachs Group, Inc. (GS): Daily Goldman Sachs Group, Inc. Daily Chart by TradingView January has been a good month for Goldman Sachs (GS), which started the year near $340 before rising to its current $374 levels. The odds currently favor more buying as the stock looks to extend an uptrend that started in mid-2022. GS bulls who are eyeing Stochastic‘s overbought signal can at least look at…
China heads off on a week-long holiday at the end of this week for Lunar New Year, welcoming in the Year of the Rabbit. Let’s see if any of this data pulls a rabbit from the hat: This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.—This data from China is likely to be negatively impacted…
EUR/USD has refreshed its eight-month high above 1.0870 amid a positive risk-impulse. Volatility in the USD Index has escalated as the appeal for safe-haven assets has dropped. After slowing the extent of the interest rate hike to 50 bps, the Fed is expected to trim rate hike pace further to 25 bps. The EUR/USD pair has displayed a decent upside after breaking above the critical resistance of 1.0840 in the Asian session. The major currency pair has refreshed its eight-month high above 1.0870 as the risk profile is soaring amid rising consensus for a less-hawkish monetary policy stance by the…
It’s gonna be another busy week in the FX markets, as the BOJ gears up to announce its policy decision while Uncle Sam will be printing retail sales figures. Oh, and the U.K. economy will be releasing its CPI and jobs data, too! Before all that, ICYMI, I’ve written a quick recap of the market themes that pushed currency pairs around last week. Check it! And now for the closely-watched potential market movers this week: Major Economic Events: Chinese GDP (Jan. 17, 2:00 am GMT) – First among the top-tier events this week is the release of China’s Q4 2022…