Author: FX
Is the 1.0700 mark just one step too far for EUR/USD buyers? Well, they seem poised at first on the break above the 200-day moving average (blue line) heading into December and then there was that break above the key trendline resistance (white line) since May 2021. It looked optimistic but today’s price action is a major blow for buyers, if the chart is anything to go by.The pair is down 1.3% and looks set for its biggest daily drop since 23 September last year. The move today owes much to a broad bid in the dollar, which is seen…
USD/CAD gained traction in the early European session on Tuesday. US Dollar Index posts strong daily gains near 104.50. WTI continues to fluctuate in tight range slightly above $80. USD/CAD gathered bullish momentum and advanced beyond 1.3600 in the European session on Tuesday following a drop toward 1.3500 earlier in the day. At the time od press, USD/CAD was up 0.4% on the day at 1.3625. The broad-based US Dollar strength seems to be fueling the pair’s rebound ahead of the Manufacturing PMI data from Canada and the US. With market participants returning from the New Year holiday early Tuesday,…
UK Manufacturing contraction deepens at end of 2022 as production and orders shrink Source link
Can AUD/USD sustain its uptrend even with China printing weaker-than-expected PMI? Here’s a trend setup I’m watching. Before moving on, ICYMI, yesterday’s watchlist looked at EUR/AUD’s channel ahead of China’s Caixin PMI release. Be sure to check out if it’s still a valid play! And now for the headlines that rocked the markets in the last trading sessions: Fresh Market Headlines & Economic Data: Chinese Caixin manufacturing PMI fell from 49.4 to 49.0 in December Australian commodity prices up 15.6% y/y in Dec vs. previous 19.6% gain ECB official Nagel says further monetary policy action needed Asian markets mixed as…
GOLD OUTLOOK & ANALYSISTechnical buying steering XAU/USD.U.S. manufacturing PMI in focus today ahead of FOMC.Rising wedge still a factor – candle close key. Recommended by Warren Venketas Get Your Free Gold Forecast XAU/USD FUNDAMENTAL BACKDROPGold is starting 2023 on the front foot after a significant rally stemming from what seems to be technical dynamics. Considering the U.S. dollar is also in the green this morning (traditionally an inverse relationship between the two), as well as no changes to inflation influences nor economic uncertainty, the move can only be attributed to technical buying. It is unclear if markets are looking through…
Trading Leveraged Products is risky Markets are back to full-time today to kick-start 2023 with a key week topped by NFP data on Friday and undermined by the ongoing rise in Covid cases and deaths in China. Japan and New Zealand remain closed today, but in Asia the ASX (-1.3%) is the laggard whilst Chinese bourses are on a firmer footing (Shanghai Comp +0.8%, Hang Seng +2.1%), despite weaker manufacturing PMI data from Caixin (49.0 vs 49.4). In FX markets JPY is the notable gainer across the majors (USDJPY -0.77% @ 129.50 and 6-mth lows…
This trend channel pullback setup on GBP/NZD looks too good to pass up! Or is it too good to be true? Check out these bearish correction levels: GBP/NZD 4-hour Forex Chart This pair has been cruising lower inside a descending channel that’s been holding since mid-November. Another test of the resistance seems to be in the works, as GBP/NZD is bouncing off support once again and retreating to the nearby correction levels. The handy-dandy Fib tool shows that the 38.2% Fib lines up with the mid-channel area of interest, which might be enough to hold as a ceiling. A larger…
German DAX futures -0.6%UK FTSE futures flatThis follows a modest showing to start the new year yesterday, with European indices posting decent gains though that is during a time in which liquidity conditions are relatively thin. Overall risk sentiment is reflecting more measured optimism to start the new year, with S&P 500 futures up just 6 points, or 0.1%, on the day so far.ADVERTISEMENT – CONTINUE READING BELOW Source link
Strategists at Citigroup are of the opinion that the Minutes of the US Federal Reserve (Fed) December meeting could underscore the divergence between doves and hawks on how high the terminal rate should go. Key quotes “We will also be looking for any guide on what could determine the size of the hike at the February meeting, but would not expect any concrete guidance.” “Continue to expect a 50 basis points hike in February.” Source link
We’re all about NZD today with not one, but TWO long-term trade setups! Think you can spot opportunities from NZD/JPY and AUD/NZD’s daily time frame charts? Check them out! NZD/JPY Daily Forex Chart First up is a nice and simple trend on NZD/JPY’s chart. See, the pair is about to hit the 82.00 psychological handle that lines up with a channel support that’s been holding since mid-2022. If the current candlestick‘s long wick is any clue, NZD already has buying interest even before it hits the channel support zone. Will we see NZD/JPY extend its lowkey uptrend? Buying at current…