EURUSD, daily This will likely be a rather volatile week for the pair since there is major data related to EUR and USD in 3 consecutive days this week with the peak on Friday where the “king” of publications the NFP is set to be released. FOMC minutes last week confirmed that the main objective…
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Short-Term Support Breach? While the bigger picture (daily chart) displays room to push lower, H1 support at $1,945 is vulnerable. Overhead resistance at $1,955 remains on the radar, but the zone surrounding the base (often recommended to draw support/resistance as a zone rather than a defined price point) has been tested. Therefore, a decisive H1…
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GBP/USD Direction Given the scope to post additional underperformance, GBP/USD is likely to cross beneath H1 support from $1.2356 and target $1.23, followed by daily support mentioned above at $1.2272. A H1 close lower, therefore, could ignite breakout selling. (Chart: TradingView) Last week's report: Daily Report: Commodities displaying bearish tone... Read More Disclaimer: The information…
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If there are signs of hawkishness from the RBNZ this week, NZDUSD might have significant room to gain in the medium term. The current area slightly below 63c coincides with the 23.6% weekly Fibonacci retracement, but a breakout from here probably wouldn’t face significant for several cents upward except for this month’s earlier highs around…
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WTI Oil Daily Timeframe. The price of oil has been on a downward slide since topping at $126.35/bbl, pencilling in a series of lower lows and lower highs since March 2022. I did note that since the unit chalked up a lower low at $63.94 (4 May), a move which reaffirmed the market’s bearish bias,…
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On the technical side, the price on the cable chart has found resistance on the upper band of the Bollinger bands and has since corrected to the downside, with today's candlestick ticking to the upside at the time of this report. The 50 SMA has crossed is still trading well above the 100 SMA, indicating…
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GBP/USD: Downside Move Unsurprising GBP/USD initially rose following the announcement to increase the Bank Rate, though it failed to find acceptance north of the $1.26 level. Subsequent flow witnessed a one-sided decline unfold to $1.25 during US trading. The recent bout of selling should not have raised too many eyebrows, particularly for those who adopt…
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Market Reaction; Where Next for the Euro? The immediate aftermath of the US CPI release witnessed the EUR/USD catch a bid and eventually knock some of the wind out of the $1.10 handle: a clear-cut bull trap which likely ensnared breakout buyers and consumed several protective stops from those attempting to fade the psychological level.…
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EUR/USD Technical View The EUR/USD aggressively explored lower levels following the rate announcement. Leaving the underside of $1.11 unchallenged, downside pressure led H1 price action into a floor of bids around the $1.10 psychological figure. I am sure most would agree that the H1 chart is a bit of a mess; although we are rebounding…
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USD/JPY Direction Having noted price movement testing the mettle of weekly resistance at ¥137.23 and daily price on the verge of reclaiming space back under the 200-day simple moving average (aided by an RSI oversold signal), this appears to be a sellers’ market for the time being, at least technically speaking. While there is a…
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