#GBPUSD Technical Analysis
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Forex Trading Methods and the Impact of Trump’s Presidency
The U.S. Economy Comeback: Adjusting Forex Trading Methods
With Trump’s victory, the market anticipates significant shifts in economic policies, including tax cuts and tariffs. These changes are expected to strengthen the U.S. Dollar, influencing various forex pairs. Traders will need to adapt their forex trading methods to navigate this volatile environment, particularly with increased demand for the Dollar and a potential sell-off in commodities like GOLD and SILVER.
FRIDAY NEWS: Incorporating Forex Risk Control Amid Uncertainty
Market data, including CAD employment figures and FED rate cuts, could lead to further volatility. For traders, incorporating forex risk control methods will be essential to manage risk and protect their investments. As the market reacts to these developments, careful monitoring and adjustment of strategies will be crucial.
Market Analysis: Analyzing Forex Market Trends for Profitability
GOLD – Leveraging Forex Scalping Strategies
Gold has weakened, mainly due to the strength of the Dollar. Forex scalping strategies could be ideal for short-term traders looking to take advantage of this price movement. While the market may experience short-term rallies due to geopolitical tensions, the overall bearish trend seems likely to persist.
SILVER – Monitoring Forex Market Trends for Potential Buy Opportunities
Silver is following a similar trend to gold, showing bearish momentum. However, the market may present buy opportunities for traders who use forex market trends to identify potential reversals, particularly when supported by key technical indicators like RSI and MACD.
DXY – Forex Signal Trading and Dollar Strength
The Dollar continues to show strength, supported by Trump’s policies. Forex signal trading strategies can be used to profit from this trend, with many expecting the Dollar to continue its upward trajectory, especially as the market reacts to the anticipated FED rate cuts.
GBPUSD – Adjusting Forex Risk Control to the Pound’s Volatility
The Pound has seen strength following the rate cut announcements, but traders should remain cautious of potential sell-offs. Monitoring forex risk control levels will be key in managing the heightened volatility and ensuring that traders can adjust quickly to shifts in market sentiment.
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Daily Market Analysis | Smartfx
EURUSD
Bias:Bearish
We look to Sell at 1.1025 with target prices of 1.0944 and 1.0910, and a stop price of 1.1065
Confidence: 40%
Technical Analysis
After strong selling pressure at the start of the week the pair consolidated yesterday with little net change and all price action within the lower half of the previous day's range. Levels close to the 61.8% pullback level of 1.0944 found buyers. There is no clear indication that the downward move is coming to an end. There is scope for mild buying at the open but gains should be limited. The medium term bias is neutral.
Resistance 1
1.1025
Resistance 2
1.1075
Resistance 3
1.1209
Support 1
1.0944
Support 2
1.0896
Support 3
1.0778
GBPUSD
Bias:Bullish
We look to Buy at 1.3040 with target prices of 1.3240 and 1.3300, and a stop price of 1.2990
Confidence: 60%
Technical Analysis
The primary trend remains bullish. The previous swing low is located at 1.3000. We look for a temporary move lower. Preferred trade is to buy on dips. Bespoke support is located at 1.3040.
Resistance 1
1.3170
Resistance 2
1.3240
Resistance 3
1.3300
Support 1
1.3040
Support 2
1.2990
Support 3
1.2960
EURCHF
Bias:Bearish
We look to Sell at 0.9430 with target prices of 0.9335 and 0.9305, and a stop price of 0.9455
Confidence: 60%
Technical Analysis
Trading has been mixed and volatile. We look for a temporary move higher. The hourly chart technicals suggests further upside before the downtrend returns. Preferred trade is to sell into rallies. Bespoke resistance is located at 0.9430.
Resistance 1
0.9430
Resistance 2
0.9450
Resistance 3
0.9480
Support 1
0.9370
Support 2
0.9340
Support 3
0.9310
USDJPY
Bias:Bullish
We look to Buy at 146.55 with target prices of 152.00 and 155.15, and a stop price of 145.05
Confidence: 20%
Technical Analysis
Closed the day little net changed. Buying posted in Asia. We are trading at overbought extremes. A Fibonacci confluence area is located at 155.15. Preferred trade is to buy on dips.
Resistance 1
149.00
Resistance 2
152.00
Resistance 3
155.15
Support 1
146.55
Support 2
143.55
Support 3
141.65
Gold
Bias:Bearish
We look to Sell at 2637.5 with target prices of 2592.5 and 2582.5, and a stop price of 2655.5
Confidence: 60%
Technical Analysis
Short term bias has turned negative. Previous support level of 2635 broken. Previous support at 2635 now becomes resistance. The bearish engulfing candle on the 4 hour chart is negative for sentiment. 50 4hour EMA is at 2639.8. Preferred trade is to sell into rallies.
Resistance 1
2624.3
Resistance 2
2635.0
Resistance 3
2650.0
Support 1
2604.8
Support 2
2590.0
Support 3
2570.0
WTI
Bias:Bullish
We look to Buy at 73.07 with target prices of 77.92 and 80.00, and a stop price of 71.57
Confidence: 20%
Technical Analysis
Selling pressure from 79.09 resulted in all the initial daily gains being overturned. Intraday, and we are between bespoke support and resistance 73.07-77.92. Dips continue to attract buyers. The bias remains mildly bullish but there is scope for a move in either direction at the open. The medium term bias is neutral.
Resistance 1
77.92
Resistance 2
80.00
Resistance 3
88.00
Support 1
73.51
Support 2
73.07
Support 3
67.11
Disclaimer:
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FX outlook: A submissive USD meets alpha AUD, JPY tumbles
The US markets were closed on Monday due to Labor Day holiday. During the shortened trading day of futures, traders found that both trading volume and price fluctuations were significantly lower than average. Therefore, today we turn our attention to the forex market.
After a two-month consecutive decline, the U.S. Dollar Index (DXY) finally found a short-term bottom at the support level of 100.357 and has recently rebounded, driven by solid U.S. economic data.
In last Wednesday night's "Financial Frontline" webinar hosted by the Research Department, I once again emphasized the fundamental change in market pricing rules, which also signifies a 180-degree shift in the dollar pricing logic. Good economic data is no longer bearish because the inflation problem has become a thing of the past. Thus, solid economic growth data is no longer a reason for investors to price in continuous Fed rate hikes or to keep rates high for an extended period. On the contrary, robust economic data is the most crucial prerequisite for a soft landing of the U.S. economy.
Therefore, good data is the driving force behind the stock market's rise and the dollar's moderate rebound, and this is the pricing and analysis logic that investors must quickly adapt to.
This week's series of significant U.S. economic data will naturally be the core drivers of the forex market, the stock market, and major assets like gold: the two sets of U.S. PMI data on Tuesday and Wednesday, the import and export and trade balance data on Wednesday, the job openings report on Thursday, and most importantly, the non-farm payroll data on Friday.
From a technical analysis perspective, the dollar's rebound has caused varying degrees of pullback in non-dollar currency pairs, with the yen showing the most noticeable decline. USDJPY rebounded from the support level of 143.691 and, after breaking through the resistance level of 145.942, has now reached below 146.921.
The euro and pound exhibited similar movements, with EURUSD and GBPUSD both pulling back after consecutive rallies in recent periods. However, the downward channels and downward trendlines that emerged during the pullback have slowed significantly. Traders can look for short-term breakout opportunities using the key levels in the charts below, along with this week's important economic data.
Among the non-dollar currency pairs, the Australian dollar remains the strongest, having recently shown the most significant gains. AUDUSD recorded a 7% rebound within a month and briefly broke through the 0.68 mark, but it has since pulled back to a certain extent. However, it still remains above the support level of 0.67535, forming a range-bound movement between this level and the upper resistance level of 0.67971. Traders should pay attention to the Australian export data to be released at 11:30 AM (Beijing time 09:30) this morning.
If the data exceeds expectations, the Australian dollar could gain more upward momentum.
Disclaimer:
The information contained in this market commentary is of general nature only and does not take into account your objectives, financial situation or needs. You are strongly recommended to seek independent financial advice before making any investment decisions.
Trading margin forex and CFDs carries a high level of risk and may not be suitable for all investors. Investors could experience losses in excess of total deposits. You do not have ownership of the underlying assets. AC Capital Market (V) Ltd is the product issuer and distributor. Please read and consider our Product Disclosure Statement and Terms and Conditions, and fully understand the risks involved before deciding to acquire any of the financial products provided by us.
The content of this market commentary is owned by AC Capital Market (V) Ltd. Any illegal reproduction of this content will result in immediate legal action.
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GBPUSD Tuesday forecast
Technical Analysis: The technical indicators from various sources suggest a bullish sentiment for GBP/USD. Moving averages, RSI, and other indicators like STOCH, MACD, and CCI are showing buy signals, with some indicators like STOCHRSI and Williams %R indicating overbought conditions but still within a bullish context. This suggests that while the pair might be due for a slight correction or…
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Analyzing the COT Reports: Understanding Market Trends Amid Global Events
The Commitments of Traders (COT) report is an essential tool for traders looking to understand market sentiment and position themselves effectively. Let's dive into the recent geopolitical and economic events shaping these trends and their potential implications on trading and the markets.
Market Overview
Recent global events have significantly influenced market prices. Key developments include:
Israel-Hamas Ceasefire Talks: Multiple failed attempts at peace talks, with recent negotiations collapsing after an Israeli bombing of a safe zone.
Ukraine-Russia Peace Efforts: Hosting a peace summit aiming for resolution.
Global Cyber Outage: Windows experienced a major outage affecting various sectors.
US Election Dynamics: Trump's dominance in polls and potential win have stirred market reactions.
Today, we will focus on the Israel-Hamas conflict and its market implications.
The Israel-Hamas Conflict
The conflict between Israel and Hamas has intensified, with peace talks repeatedly failing. Recently, the US proposed a deal seemingly accepted by Hamas until Israel’s actions disrupted negotiations. Questions arise about Netanyahu's intentions as his regime nears its end, with his cabinet showing reluctance to surrender or negotiate.
Public sentiment in Israel is shifting, with rallies demanding a peace treaty and the release of hostages. India has also called for peace, yet the global reaction remains muted.
Economic Implications
1. Increased Demand for Military Assets: The ongoing conflict raises demand for armaments, impacting prices of metals like silver, palladium, and gold, essential in creating military necessities.
2. Safe-Haven Assets: Rising unrest boosts demand for safe-haven assets. Gold, a traditional safe-haven, has seen price increases, influenced by multiple factors including geopolitical tensions.
3. Oil Prices: Disruptions in oil supply due to conflicts can increase oil prices, affecting global markets. This could slow the global economy or cause asset price declines. Conversely, oil companies might see growth in sales and stock prices.
4. Alternative Energies and Technologies: Investors might shift focus towards growth in alternative energies and technologies amid rising military conflicts.
5. Medical Field Growth: Increased demand for medical supplies and technologies is another potential growth area, driven by the need for advancements in war-related medical technologies.
6. Military Technologies: Kyiv’s development of AI-enabled war drones highlights the rising importance of AI in military applications.
Further Considerations
Iran's potential involvement in the conflict could escalate tensions, impacting global markets further. The US response, particularly under a potential Trump presidency, could also influence market stability. Monitoring Netanyahu’s strategies and the broader geopolitical landscape will be crucial for traders.
Upcoming Financial News
Key financial events this week include:
U.S., Europe, and U.K.: Manufacturing and Services PMI on Wednesday.
BOC Rate Statement: Insights into Canada's economic direction.
U.S. Advance GDP q/q: Data release on Thursday, along with unemployment claims.
Core PCE Index m/m: U.S. report to conclude the week.
Commodity Analysis
Gold: Gold prices surged last week due to expectations of a FED rate cut in September. Despite a technical correction, gold remains at a high, with potential for new records. Current price: $2401.779.
Silver: Silver saw a price decline, now testing $29.018. Analysts expect a significant rise as Israel’s attacks continue, and a potential Trump win could further boost silver prices.
Currency Analysis
DXY (Dollar Index): The dollar is consolidating, favoring a bearish trend. Expected to drop further within the next two weeks.
GBPUSD: The pound shows strength, finding demand beyond 1.28508. We anticipate further bearish runs, presenting buying opportunities.
AUDUSD: The Aussie dollar remains bullish, despite potential consolidation until the FED rate cut announcement. Firms are repositioning, indicating continued bullishness.
NZDUSD: The Kiwi may weaken further due to RBNZ rate cut expectations. Monitoring price movements closely is advisable.
EURUSD: EUR strength persists, with technical corrections expected before continuing its rise. Watch for price changes around 1.08541.
USDJPY: The Yen’s ascent is slowing, with potential further wins. However, intervention from BoJ remains a factor.
USDCHF: CHF shows increased strength, testing 0.88868, with bearish structures likely to continue.
USDCAD: CAD remains weak, with potential further declines. BOC’s interest rate decisions will be crucial.
Conclusion
Understanding these market trends and geopolitical dynamics is essential for effective trading strategies. Monitoring upcoming financial events and global developments will provide further insights into market movements. Stay informed and ready to adjust your strategies accordingly.
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Currency Analysis: Market Outlook by Rich Smart Finance
As we look forward to the core PCE data release this Friday, the market is showing signs of relief from the dollar's weakening trend. Gains are evident across various sectors, including metals, crude, Brent oil, and equities, with the NASDAQ achieving record highs. Yields are also decelerating. Our primary focus remains on the upcoming core PCE data, which will shape our market strategies and responses.
Gold
Gold has recorded gains following the latest COT report. Traders have seized the chance to make small profits ahead of the PCE results. Currently, gold is trading above 2332.174 and is nearing a test of 2365.443.
Silver
In the previous market close, silver lacked the momentum and supply to fall below 29.900. The market has since rebounded strongly to 30.938, preparing for the core PCE data release on Friday.
DXY (Dollar Index)
The dollar is reflecting traders' sentiment ahead of the core PCE data release. If the PCE result is 0.30 or higher, the FED and policymakers might adopt a more hawkish stance, potentially limiting rate cuts to only one by year-end. A PCE result of 0.27 or lower could relieve market pressures, allowing equities and metals to strengthen as the dollar stabilizes. Currently, the dollar is trading just below 104.607 after being strongly rejected at 105.071.
GBPUSD
GBPUSD has edged closer to 1.27038 as expected. We maintain our bullish outlook for this pair while awaiting further price action.
AUDUSD
The AUDUSD market is showing a bullish trend technically as structures hold up. We are watching to see if 0.66541 will act as resistance or if the currency will break higher. Notably, there is a head and shoulders (SHS) pattern forming on the 1-hour timeframe.
NZDUSD
NZDUSD has broken above the 0.61408 range and continues to exhibit bullish momentum on the technical charts. We expect this upward movement to persist unless price action suggests otherwise.
EURUSD
EURUSD has returned within its range, trading above 1.08541 after failing to break below the trendline. We now anticipate the price to rise towards 1.08950, showing confidence in the established support.
USDJPY
Following the BoJ hearing, the Yen has gained strength and momentum, albeit gradually. Governor Uchida emphasized the aim to re-anchor inflation expectations despite challenges in estimating neutral interest rates accurately. With wages likely to continue rising and external pressures from potential US rate cuts, Japan faces mixed influences on its currency. We expect further market interventions for Yen pairs and await additional inflation data to gauge the economy's impact.
USDCHF
The Swiss Franc (CHF) has regained strength, winning against the dollar at 0.91580 and pushing the price lower towards 0.91329. The structure now shows a bullish sentiment, but we await further confirmation. The price is likely to hold above 0.91807 or potentially fail, which would influence our bias accordingly.
USDCAD
The USDCAD market has rejected a move towards key structures, falling aggressively below 1.36563 and potentially testing 1.36052. The bearish structure remains intact, with continued selling pressure in the market.
At Rich Smart Finance, we remain vigilant and adaptive, closely monitoring these key indicators and market movements as we approach the core PCE data release.
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Weekly Market Insights and Currency Analysis for Traders – Rich Smart Finance
Welcome to our weekly market update brought to you by Rich Smart Finance. As we approach the conclusion of another trading week, let's delve into the latest market trends and currency analysis to empower your trading decisions.
Market Overview: The past week has been marked by a blend of economic data and geopolitical tensions influencing market sentiment. The US dollar witnessed a slowdown post the release of US jobless claims, fueling speculation about potential rate cuts. However, lingering concerns about labor market conditions continue to keep investors on edge.
US Economy: Recent data revealed that the US economy added 175,000 jobs in April, falling short of expectations. Concurrently, jobless claims rose, signaling potential challenges in the labor market. Despite this, corporate buybacks surged, providing a boost to equity markets.
Commodities: WTI crude oil and RBOB gasoline concluded the week on a higher note amidst escalating geopolitical tensions, notably in the Middle East. The Hamas-Israel conflict and disruptions to crude oil supplies have contributed to the elevation in oil prices.
Currency Analysis:
GOLD and SILVER: Both GOLD and SILVER have demonstrated bullish momentum, supported by robust volume.
DXY: The US dollar exhibited weakness, failing to breach crucial resistance levels. Further downside is anticipated if specific support levels are breached.
GBPUSD, AUDUSD, NZDUSD, EURUSD, USDJPY, USDCHF, and USDCAD: Each currency pair presents distinctive dynamics, with technical analysis suggesting potential price movements in the forthcoming sessions.
As we anticipate the upcoming trading week, it's imperative for traders to remain vigilant and adaptable. RichSmart Finance remains dedicated to providing insights and analysis to guide your trading strategies in today's dynamic market landscape.
Stay tuned for more updates and remember to trade wisely.
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What Are the Most Important Details for Trading GBPUSD?
When trading GBP/USD (Great British Pound/United States Dollar), there are several important details to consider. Here are some key factors that can significantly impact GBP/USD trading:
Economic Indicators: Pay attention to economic indicators from both the UK and the US. This includes indicators such as GDP growth, inflation rates, interest rates, employment data, and consumer sentiment. These indicators can affect the value of each currency and, consequently, the GBP/USD exchange rate.
Monetary Policy: Keep an eye on the monetary policy decisions of the Bank of England (BoE) and the US Federal Reserve (Fed). Changes in interest rates, quantitative easing programs, or forward guidance can influence currency values and impact the GBP/USD pair.
Political Developments: Political events, such as general elections, referendums, and government policies, can have a significant impact on currency movements. Stay informed about major political developments in both the UK and the US and assess their potential effects on the GBP/USD exchange rate.
Brexit: Given the UK's departure from the European Union (EU), any news or updates related to Brexit negotiations, trade deals, or regulatory changes can affect the value of the British pound. Be aware of the latest developments and their potential impact on GBP/USD trading.
Market Sentiment: Sentiment and market psychology can influence the GBP/USD pair. Monitor market trends, investor sentiment, and news sentiment surrounding the British pound and US dollar. Factors like risk appetite, geopolitical tensions, and global economic conditions can sway market sentiment.
Technical Analysis: Utilize technical analysis tools and chart patterns to identify trends, support, and resistance levels, and potential entry and exit points. Technical analysis can help you make informed trading decisions and manage risk effectively.
Volatility and Liquidity: GBP/USD is one of the most actively traded currency pairs, characterized by high liquidity and volatility. Stay aware of major economic releases, central bank announcements, and unexpected news events that can trigger significant price movements.
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GBP/USD Price Forecast: Cable Bounces from Oversold Territory as UK Retail Sales Recover
GBP/USD PRICE, CHARTS AND ANALYSIS:
Cable Holding onto Asian Session Gains around 1.2350.
UK Retail Sales Rebound Following a Rain Affected March Figure.
RSI Entered Oversold Territory Supporting a Deeper Retracement.
The UK recorded a hot inflation print this week with hawkish repricing of the Bank of England’s (BoE) peak rate probabilities unable to arrest Cables slide as persistent US dollar strength continued. GBPUSD has enjoyed a decent bounce in the Asian session from lows around the 1.2300 mark, currently trading at 1.2340. Much like the rest of the week the question remains whether cable can hold onto its gains as the day progresses.
UK RETAIL SALES
Source: ONS, Retail sales, Great Britain: April 2023
*NOTE: The graph above shows the contributions to the 0.5% month-on-month rise in overall retail sales volumes (quantity bought) in April 2023.
US FACTORS AND EVENT RISK
The US dollar meanwhile which has largely been the driving force behind cables move continues to hold firm which should continue as long as a deal on the US debt ceiling remains unresolved. There has been some positive rhetoric but none that would suggest a deal is imminent with next week going to be key as the June 1 deadline approaches.
The day ahead will see focus shift to the all-important Core PCE data out of the US, which remains the Federal Reserves preferred gauge of inflation. This comes on the back of largely positive data out of the US yesterday with GDP Growth QoQ estimates beating forecast while initial and continuous jobless claims beat estimates as well. Another positive notch for the US on the labor front heading toward the June meeting.
TECHNICAL OUTLOOK AND FINAL THOUGHTS
On the daily timeframe GBPUSD has continued to tick lower toward the key 100-day MA resting around the 1.2280 handle. This morning’s bounce came as the pair entered oversold territory (14-Day RSI) hitting a high of around 1.2354.
Looking at the intraday potential for GBPUSD and the biggest worry remains the US factors mentioned above which could continue to cap any upside recovery. I do think we may find significant support and a potential bottom around the 100-day MA, but this would rest on the outcome of the PCE data. The range between 1.2360 and 1.2280 (100-day MA) could remain pivotal for intraday moves.
There is a possibility that we could see a continued recovery for the majority of the European session toward yesterday’s high around 1.2388 before a selloff heeding into the US session and data releases.
Key Intraday Levels to Keep an Eye Out For
Resistance levels:
1.2388
1.2448
1.2500
Key support levels:
1.2310
1.2280 (100-day MA)
1.2220
Source: TradingView
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Technical Analysis Report Today | Forex News – 10 May 2021 | Capital Street Fx
Technical Analysis Report Today | Forex News – 10 May 2021 | Capital Street Fx
ASIAN MARKET:- Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.31% to 3,408.86. Hong Kong’s Hang Seng Index was down about 0.51% to 28,490.75. Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.49 per cent at 29,502.63 on Monday , while the Australian Index S&P / ASX 200 rose 0.95 per cent to 7,154.71. South Korea’s Kospi was up by1.66% to…
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#BTCUSD Technical Analysis#CHFJPY Technical Analysis#Crypto Technical Analysis#DAILY TECHNICAL ANALYSIS#EURSEK Technical Analysis#EURUSD Technical Analysis#Forex Technical Analysis#GBPUSD Technical Analysis#GOLD Technical Analysis#NIKKEI 225 Technical Analysis#Stock Market Technical Analysis#TECHNICAL ANALYSIS#technical analysis of the financial markets#Technical Analysis Report#WTI CRUDE OIL Technical Analysis
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Dollar extends lower. GBPUSD above MAs again. EURUSD runs above 100 day MA
Dollar extends lower. GBPUSD above MAs again. EURUSD runs above 100 day MA
USDJPY falls toward 100 hour MA The USD has taken a moved to the downside after the ISM data. EURUSD: The EURUSD pushed back above its 100 day moving average and tested it 200 hour moving average of 1.20695. The high price just reached 1.2068. The 38.2% of the run lower from late Thursday’s high at 1.20569 and the 100 day MA at 1.20523 is now support as buyers take back more control. GBPUSD:…
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GBPUSD Monday projection
Technical Analysis Overview: The GBP/USD pair has shown a mix of signals. While some indicators suggest a strong buy trend over the short term (like the 1 week rating), there’s also a noted neutral to bearish sentiment in other analyses. This indicates a potential for volatility or a consolidation phase. Sentiment from X Posts: There’s a varied sentiment among traders: Some posts suggest a…
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Currency Insights: Market Analysis by Axel Private Market
As we approach the core PCE data release this Friday, the market is showing signs of relief from the dollar's weakening trend. We are seeing gains across various sectors, including metals, crude, Brent oil, and equities, with the NASDAQ hitting record highs. Yields are also slowing down. Our primary focus remains on the core PCE data release, which will guide our market strategies and responses.
Gold
Gold has posted gains following the latest COT report. Traders have capitalized on the opportunity to enter trades and make small profits ahead of the PCE results. Currently, gold is trading above 2332.174 and is approaching a test of 2365.443.
Silver
In the previous market close, silver lacked the momentum and supply to drop below 29.900. The market has since rebounded aggressively to 30.938, bracing for the core PCE data release on Friday.
DXY (Dollar Index)
The dollar is tracking traders' sentiment ahead of the core PCE data release. If the PCE result is 0.30 or higher, the FED and policymakers might adopt a more hawkish stance, potentially limiting rate cuts to only one by year-end. A PCE result of 0.27 or lower could ease market pressures, allowing equities and metals to strengthen as the dollar stabilizes. Currently, the dollar is trading just below 104.607 after a strong rejection at 105.071.
GBPUSD
GBPUSD has moved closer to 1.27038 as anticipated. We maintain our bullish outlook for this pair while awaiting further price action developments.
AUDUSD
Technically, the AUDUSD market indicates a bullish trend as structures hold up. We are monitoring whether 0.66541 will act as resistance or if the currency will break higher. Notably, there is a head and shoulders (SHS) pattern forming on the 1-hour timeframe.
NZDUSD
NZDUSD has broken above the 0.61408 range and continues to show bullish momentum on the technical charts. We expect this upward movement to persist unless the price action indicates otherwise.
EURUSD
EURUSD has returned within its range, trading above 1.08541 after failing to break below the trendline. We now anticipate the price to rise towards 1.08950, showing confidence in the established support.
USDJPY
Following the BoJ hearing, the Yen has gained strength and momentum, albeit slowly. Governor Uchida emphasized the aim to re-anchor inflation expectations despite challenges in estimating neutral interest rates accurately. With wages likely to continue rising and external pressures from potential US rate cuts, Japan faces mixed influences on its currency. We expect further market interventions for Yen pairs and await additional inflation data to gauge the economy's impact.
USDCHF
The Swiss Franc (CHF) has regained strength, winning against the dollar at 0.91580 and pushing the price lower towards 0.91329. The structure now shows a bullish sentiment, but we await further confirmation. The price is likely to hold above 0.91807 or potentially fail, which would influence our bias accordingly.
USDCAD
The USDCAD market has rejected a move towards key structures, falling aggressively below 1.36563 and potentially testing 1.36052. The bearish structure remains intact, with continued selling pressure in the market.
At Axel Private Market, we remain vigilant and adaptive, closely monitoring these key indicators and market movements as we approach the core PCE data release.
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Weekly Market Insights and Currency Analysis for Traders – Axel Private Market
Welcome to our weekly market update brought to you by Axel Private Market. As we approach the end of another trading week, let's delve into the latest market trends and currency analysis to help you make informed trading decisions.
Market Overview: In the past week, we've witnessed a mix of economic data and geopolitical tensions shaping market sentiment. The US dollar experienced a slowdown following the release of US jobless claims, prompting speculation about potential rate cuts. However, concerns about labor market conditions persist, keeping investors cautious.
US Economy: Recent data showed that the US economy added 175,000 jobs in April, falling short of expectations. Additionally, jobless claims rose, signaling potential challenges in the labor market. Despite this, corporate buybacks surged, buoying equity markets.
Commodities: WTI crude oil and RBOB gasoline closed higher amid escalating geopolitical tensions, particularly in the Middle East. The Hamas-Israel conflict and disruptions to crude oil supplies have contributed to elevated oil prices.
Currency Analysis:
GOLD and SILVER: Both GOLD and SILVER have displayed bullish momentum, supported by strong volume.
DXY: The US dollar has shown weakness, failing to breach key resistance levels. Further downside is expected if specific support levels are breached.
GBPUSD, AUDUSD, NZDUSD, EURUSD, USDJPY, USDCHF, and USDCAD: Each currency pair presents unique dynamics, with technical analysis suggesting potential price movements in the upcoming sessions.
As we look ahead to the next trading week, it's crucial for traders to stay informed and adaptable. Axel Private Market remains committed to providing insights and analysis to guide your trading strategies in today's dynamic market environment.
Stay tuned for more updates and remember to trade wisely.
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Forex Technical Analysis (EURUSD, GBPUSD, USDJPY, BTCUSD, ETHUSD) 30 August 2021 - Analytics & Forecasts - 30 August 2021
Forex Technical Analysis (EURUSD, GBPUSD, USDJPY, BTCUSD, ETHUSD) 30 August 2021 – Analytics & Forecasts – 30 August 2021
EURUSD, GBPUSD, USDJPY, BTCUSD, ETHUSD and so on H1 Forex Technical Analysis + Prediction shared on YouTube. The turning point probability and trend probability were measured from Fractal Wave. Hence, to yield better performance, use this prediction together with Price Action Tools derived from Fractal Wave like: Support, Resistance, Fibonacci Ratio Analysis, Harmonic Pattern, Elliott Wave, X3…
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