Forex Analysis, Reviews, Signals and Forecasts ☀️

S&P 500 Technical Analysis

Apr 25, 2024 | 01:25 am

Yesterday, the S&P 500 ended the day negative as the relief rally reached some key resistance levels. The first part of the week has been pretty empty on the data front, and we hadn’t any Fedspeak due to the blackout period. This has led to a relief rally which was exacerbated by weaker US PMIs as the market interpreted them as good news for inflation, although there were some worrying commentary on the labour market side. Beginning today, we will have many top tier economic data ahead as the new month comes with new reports. S&P 500 Technical Analysis – Daily TimeframeOn the daily chart, we can see that the S&P 500 is trading near a key resistance level at 5104 where we can also find the confluence of the 50% Fibonacci retracement level and the red 21 moving average. This is where we can expect the sellers to step in with a defined risk above the resistance to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and position for a rally into a new all-time high. S&P 500 Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the relief rally found some resistance around the 38.2% Fibonacci retracement level where we have also the red 21 moving average for confluence. These two levels will be the entry points for the sellers as a break above them should trigger an even stronger rally and invalidate the bearish setup. There’s not much else we can glean from this chart, so we need to zoom in to see some more details. S&P 500 Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor support zone around the 5042 level where we can also find the red 21 moving average for confluence. If the price pulls back to the zone, the buyers will look to buy the dip as they will have a better risk to reward setup to target new highs. The sellers, on the other hand, will want to see the price breaking lower to confirm a reversal and increase the bearish bets into new lows. Upcoming EventsToday we get the US Q1 GDP and the latest US Jobless Claims figures. Tomorrow, we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

Forex forecast 04/25/2024: EUR/USD, USDX, Gold and Bitcoin from Sebastian Seliga

Apr 25, 2024 | 01:14 am

We introduce you to the daily updated section of Forex analytics where you will find reviews from forex experts, up-to-date monitoring of financial information as well as online forecasts of exchange rates of the US dollar, euro, ruble, bitcoin, and other currencies for today, tomorrow and this trading week.Video Agenda: 00:00 INTRO 00:12 Totay's key events: ECB Economic Bulletin, GDP, Initial Jobless Claims, Pending Home Sales, German Buba Mauderer Speaks, Fed's Balance Sheet 02:18 EUR/USD 04:19 USDX 07:41 GOLD 09:26 BTC/USDUseful links:My other articles are available in this section: https://www.instaforex.com/analytics_authors?author=46InstaForex course for beginners: https://www.instaforex.com/distance_training_programPopular Analytics: https://www.instaforex.com/forex_analysisOpen trading account: https://www.instaforex.com/fast_open_new_accountImportant: The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.#instaforex #analysis #sebastianseligaThe material has been provided by InstaForex Company - www.instaforex.com

EUR/USD: trading tips for beginners for European session on April 25

Apr 25, 2024 | 00:35 am

Overview of trading and tips on EUR/USDThe price test of 1.0704 in the afternoon occurred at a time when the MACD indicator had risen significantly above the zero mark, limiting the pair's upward potential, especially since the test happened towards the end of the US session. For this reason, I did not enter the market. The absence of US data made it possible for the EUR/USD bulls to continue the upward movement after fairly reasonable indicators from Germany's IFO and economic expectations, which was the focus. Today, the euro may continue to rise during the European session, but this will require a strong report on Germany's leading consumer climate index, as well as a good economic bulletin from the European Central Bank. However, market participants will focus on the US economic data in the afternoon, so don't rush to buy the euro at current highs. We'll discuss the reports in the afternoon forecast. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and No. 2.Buy signalsScenario No 1. Today, you can buy the euro when the price reaches the area around 1.0726 plotted by the green line on the chart, aiming for growth to the level of 1.0765. At the level of 1.0765, I plan to exit the market and also sell the euro in the opposite direction, counting on a movement of 30-35 pips from the entry point. You can count on the euro to rise today only after good Eurozone data, in continuation of yesterday's trend. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario No 2. I am also going to buy the euro today in case of two consecutive tests of the price of 1.0702 at the time when the MACD indicator is in the oversold area. This will limit the downward potential of the instrument and lead to an upward reversal of the market. We can expect growth to the opposite levels of 1.0726 and 1.0765.Sell signalsScenario No 1. I plan to sell the euro after EUR/USD reaches the level of 1.0702 plotted by the red line on the chart. The target will be the level of 1.0656, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the upward direction from the level). Pressure on EUR/USD will increase if it fails to consolidate in the area of the daily high and weak data from Germany. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario No 2. I am also going to sell the euro today in case of two consecutive price tests of 1.0726 at the time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward reversal of the market. We can expect a decline to the opposite level of 1.0702 and 1.0656.What's on the chart:The thin green line is the entry price at which you can buy the trading instrument.The thick green line is the price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.The thin red line is the entry price at which you can sell the trading instrument.The thick red line is the price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.MACD line: it is important to be guided by overbought and oversold areas when entering the marketImportant: Novice traders in the cryptocurrency market need to be very cautious when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.Remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD: trading tips for beginners for European session on April 25

Apr 25, 2024 | 00:35 am

Overview of trading and tips on GBP/USDThe price test of 1.2451 in the afternoon occurred at a time when the MACD indicator had risen significantly above the zero mark, limiting the pair's upward potential, especially in the absence of US data. Traders bought the pound in the morning, completely ignoring the report on the balance of industrial orders, but the pair did not sharply rise. It is possible that the pound will continue to correct higher today, however, this would require good UK retail sales data, and very weak US reports, which we will discuss in the afternoon forecast. Meanwhile, I will move towards the development of a new upward trend and buy on pullbacks. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and No. 2.Buy signalsScenario No. 1. I plan to buy the pound today when GBP/USD reaches the area around 1.2488 plotted by the green line on the chart, aiming for growth to 1.2552 plotted by the thicker green line on the chart. In the area of 1.2552, I'm going to close long positions and open short ones in the opposite direction (expecting a movement of 30-35 pips in the opposite direction from the level). You can only count on the pound's growth today after good UK data, in continuation of the upward correction. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario No. 2. I also plan to buy the pound today in case of two consecutive tests of the price of 1.2457 at the time when the MACD indicator is in the oversold area. This will limit the downward potential of the instrument and lead to an upward reversal of the market. We can expect growth to the opposite levels of 1.2488 and 1.2552.Sell signalsScenario No. 1. I plan to sell the pound today after testing the level of 1.2457 (the red line on the chart), which will lead to a rapid decline in GBP/USD. The key target for sellers will be 1.2404, where I am going to close short positions and also open long positions in the opposite direction (expecting a movement of 20-25 pips in the upward direction from that level). You can sell the pound after the pair fails to consolidate near the local high and if the UK releases weak data. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario No. 2: I also plan to sell the pound today in case of two consecutive tests of 1.2488 at the time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward reversal of the market. We can expect a decline to the opposite level of 1.2457 and 1.2404.What's on the chart:The thin green line is the entry price at which you can buy the trading instrument.The thick green line is the price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.The thin red line is the entry price at which you can sell the trading instrument.The thick red line is the price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.MACD line: it is important to be guided by overbought and oversold areas when entering the marketImportant: Novice traders in the cryptocurrency market need to be very cautious when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.Remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

USD/JPY: trading tips for beginners for European session on April 25

Apr 25, 2024 | 00:35 am

Overview of trading and tips on USD/JPYThe price test of 154.98 at the beginning of the US session occurred at a time when the MACD indicator was just starting to move up from the zero mark, which confirmed the entry point to buy the dollar in continuation of the upward trend. Although the bulls struggled with the upward movement, they still managed to reach new yearly highs. As a result, the bulls became active in today's Asian session. Traders may be banking on a strong US economy, as reports are set for release later today, and these market participants are willing to buy even at these "expensive" highs. However, the GDP report could change everything, so I advise you to be cautious or refrain from being active when buying the US dollar in the morning. It's better to look for reversals or buy on corrections, which are bound to occur, as the current movement could easily become a target for the Bank of Japan with its currency interventions. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and No. 2.Buy signalsScenario No. 1. I plan to buy USD/JPY today when the price reaches the entry point around 155.76 plotted by the green line on the chart, aiming for growth to 156.16 plotted by the thicker green line on the chart. In the area of 156.16, I'm going to exit long positions and open short ones in the opposite direction, expecting a movement of 30-35 pips in the opposite direction from that level. You can count on USD/JPY's growth today based on the trend after breaking through the daily high. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario No. 2. I also plan to buy USD/JPY today in case of two consecutive tests of 155.49 at the time when the MACD indicator is in the oversold area. This will limit the downward potential of the pair and lead to an upward reversal of the market. We can expect growth to the opposite levels of 155.76 and 156.16.Sell signalsScenario No. 1. I plan to sell USD/JPY today only after testing the level of 155.49 plotted by the red line on the chart, which will lead to a rapid decline in the price. The key target for sellers will be 155.12, where I am going to exit short positions and also immediately open long ones in the opposite direction, expecting a movement of 20-25 pips in the opposite direction from that level. Pressure on USD/JPY may return after an unsuccessful breakout of the daily high and active actions by the central bank. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario No. 2. I also plan to sell USD/JPY today in case of two consecutive tests of the price of 155.76 at the time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downwards market reversal. We can expect a decline to the opposite levels of 155.49 and 155.12.What's on the chart:The thin green line is the entry price at which you can buy the trading instrument.The thick green line is the price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.The thin red line is the entry price at which you can sell the trading instrument.The thick red line is the price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.MACD line: it is important to be guided by overbought and oversold areas when entering the marketImportant: Novice traders in the cryptocurrency market need to be very cautious when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.Remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

Gold Technical Analysis

Apr 25, 2024 | 00:11 am

Gold eventually erased the gains from the geopolitical events between Israel and Iran and found support around a key trendline. The price started to consolidate as the market awaits some new catalyst to push it in either direction. This week has been pretty empty on the data front and there was no Fedspeak as the FOMC is in the blackout period. We did get the latest US PMIs though and they missed expectations across the board with some worrying commentary around the labour market. Interestingly, it didn’t spark a rally in Gold, so the market might want to see some more data before trusting the PMIs. Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that Gold eventually pulled back into the key trendline where we can also find the red 21 moving average for confluence. This is where we can expect the buyers to pile in with a defined risk below the trendline to position for a rally into a new all-time high. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the next major trendline around the 2150 level. Gold Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got stuck in some consolidation around the trendline with a strong resistance around the 2330 level where we can also find the red 21 moving average for confluence. The sellers are clearly stepping in around the resistance with a defined risk above it to position for a continuation of the downward trend. The buyers will need to break above the resistance to invalidate the bearish setup and increase the bullish bets into a new all-time high. Gold Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the tight range between the 2310 support and the 2330 resistance. We can also see that we have a downward trendline adding confluence to the resistance zone. A breakout to the upside will be significant and will likely trigger a stronger bullish move. Conversely, a breakout to the downside should see the bearish momentum increasing and pushing the market into the next support around the 2150 level. Upcoming EventsToday we get the US Q1 GDP and the latest US Jobless Claims figures. Tomorrow, we conclude the week with the US PCE report. Strong data is likely to weigh on Gold, while weak figures should give it a boost.See the video below This article was written by FL Contributors at www.forexlive.com.

USD/JPY Daily Outlook

Apr 25, 2024 | 00:01 am

Daily Pivots: (S1) 154.91; (P) 155.15; (R1) 155.58; More… USD/JPY’s rally accelerates today and breaks through 155.20 fibonacci level. There is no sign of topping yet. Intraday bias stays on the upside at this point. Sustained trading above 155.20 will pave the way 100% projection of 140.25 to 150.87 from 146.47 at 157.09. For now, […] The post USD/JPY Daily Outlook appeared first on Action Forex.

Ethereum Forecast: Showing Signs of Exhaustion - 25 April 2024

Apr 25, 2024 | 00:00 am

Ethereum markets initially tried to rally during the trading session on Wednesday, but it appears that we continue to see a bit of noise above.

EUR/USD Daily Outlook

Apr 24, 2024 | 23:57 pm

.Daily Pivots: (S1) 1.0680; (P) 1.0697; (R1) 1.0716; More… Immediate focus is now on 1.0723 support turned resistance. Rejection from there, followed by break of 1.0677 minor support, will retain near term bearishness. Retest of 1.0601 low would be seen next. Nevertheless, firm break of 1.0723 will bring stronger rebound to 55 D EMA (now […] The post EUR/USD Daily Outlook appeared first on Action Forex.

EUR/USD and GBP/USD: Technical analysis on April 25

Apr 24, 2024 | 23:56 pm

EUR/USDHigher TimeframesYesterday, volume and volatility remained low. Nevertheless, the market maintained its position above the daily short-term trend. As a result, the main conclusions and expectations remain unchanged. For bulls, the nearest resistances around 1.0732-56 (daily and weekly Fibonacci Kijun levels) may still serve as reference points, while bears can look to the daily short-term trend (1.0658) and the monthly Fibonacci Kijun (1.0611).H4 – H1On the lower timeframes, the pair is still going through a correction. In case the price breaks out of it, which requires testing yesterday's high (1.0715), resistance to bullish movement may come from the classical Pivot levels R1 (1.0716) - R2 (1.0734) - R3 (1.0752). As the pair continues to go through a correction, key levels gain importance - the central Pivot level (1.0698) and the weekly long-term trend (1.0670). A breakout and a trend reversal will change the current balance of power and strengthen the bears. Today, additional intraday supports can be found at 1.0662 - 1.0644 (classic Pivot levels).***GBP/USDHigher TimeframesThe bullish correction brought the pair to test the nearest resistance area, which combines monthly and weekly levels (1.2464-88). The outcome will determine possible scenarios. In the event of a breakthrough, the bulls will have new prospects, while in case of a rebound, the focus will return to the area around 1.2395 (the final level of the weekly Ichimoku cross + the daily short-term trend).H4 – H1The pair has updated the previous high and continues to strive for further upward movement. On the lower timeframes, the classic Pivot levels serve as reference points for continuing the ascent (1.2478 - 1.2497 - 1.2525). If the opponent grabs the initiative, then today, corrective targets can be found at 1.2450 (the central Pivot level of the day) and 1.2412 (the weekly long-term trend). Further intraday support levels may come from the classical Pivot levels S2 (1.2403) and S3 (1.2384).***The technical analysis of the situation uses:Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levelsLower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD Daily Outlook

Apr 24, 2024 | 23:53 pm

Daily Pivots: (S1) 1.2368; (P) 1.2414; (R1) 1.2495; More… Near term outlook in GBP/USD remains bearish as long as 1.2538 support turned resistance. holds. Break of 1.2421 minor support will argue that rebound from 1.2298 has completed and bring retest of this low. However, decisive break of 1.2538 will bring stronger rally to 55 D […] The post GBP/USD Daily Outlook appeared first on Action Forex.

USD/CHF Daily Outlook

Apr 24, 2024 | 23:50 pm

Daily Pivots: (S1) 0.9121; (P) 0.9138; (R1) 0.9167; More…. Intraday bias in USD/CHF remains neutral and more sideway trading could be seen. Further rally is expected as long as 0.8996 support holds. Break of 0.9151 will resume the larger rise from 0.8332 to 0.9243 resistance. However, firm break of 0.8996 will turn bias to the […] The post USD/CHF Daily Outlook appeared first on Action Forex.

AUD/USD Daily Report

Apr 24, 2024 | 23:47 pm

Daily Pivots: (S1) 0.6474; (P) 0.6502; (R1) 0.6526; More… Intraday bias in AUD/USD remains on the upside for the moment. Sustained break of 55 D EMA (now at 0.6527) will argue that fall from 0.6870 has completed, and bring further rally to 0.6643 resistance next. On the downside, though, break of 0.6440 minor support will […] The post AUD/USD Daily Report appeared first on Action Forex.

USD/CAD Daily Outlook

Apr 24, 2024 | 23:44 pm

Daily Pivots: (S1) 1.3662; (P) 1.3696; (R1) 1.3736; More… Intraday bias in USD/CAD stays neutral with focus on 1.3660 support. Strong rebound from current level will retain near term bullishness. Break of 1.3748 minor resistance will turn intraday bias back to the upside for retesting 1.3845 resistance. However, sustained break of 1.3660 will bring deeper […] The post USD/CAD Daily Outlook appeared first on Action Forex.

EUR/CHF Daily Outlook

Apr 24, 2024 | 23:40 pm

Daily Pivots: (S1) 0.9763; (P) 0.9778; (R1) 0.9808; More… Intraday bias in EUR/CHF remains on the upside for retesting 0.9847 resistance. Decisive break there will resume larger rally from 0.9252 high. On the downside, below 0.9708 minor support will turn intraday bias neutral again first. In the bigger picture, while 55 D EMA (now at […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

EUR/GBP Daily Outlook

Apr 24, 2024 | 23:37 pm

Daily Pivots: (S1) 0.8579; (P) 0.8589; (R1) 0.8595; More… Intraday bias in EUR/GBP stays neutral at this point. On the upside, decisive break of medium term trend line resistance (now at 0.8649) will solidify the bullish case of trend reversal, and target 0.8764 resistance next. However, sustained break of 55 4H EMA (now at 0.8580) […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

EUR/AUD Daily Outlook

Apr 24, 2024 | 23:35 pm

Daily Pivots: (S1) 1.6408; (P) 1.6467; (R1) 1.6525; More… Intraday bias in EUR/AUD remains neutral at this point. On the downside, firm break of 1.6368 support will revive that case that rebound from 1.6127 has completed at 1.6742. Fall from there is seen as the third leg of the pattern from 1.7062. Deeper decline would […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

GBP/JPY Daily Outlook

Apr 24, 2024 | 23:33 pm

Daily Pivots: (S1) 192.75; (P) 193.20; (R1) 194.07; More.. GBP/JPY’s up trend resumed and reaches as high as 193.62 so far. Intraday bias is back on the upside for 195.86 long term resistance, and then 198.89 projection level. On the downside, below 192.93 minor support will turn intraday bias neutral first. But outlook will remain […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

GBP/USD Forex Signal: Recovery Has a Room to Run - 25 April 2024

Apr 24, 2024 | 23:31 pm

The GBP/USD pair has staged a strong comeback from its lowest point this week to a high of 1.2465, its highest swing since Thursday last week.

EUR/USD Forex Signal: Chart Pattern Points to a Bearish Breakout - 25 April 2024

Apr 24, 2024 | 23:07 pm

The EUR/USD pair wavered on Thursday morning ahead of the crucial US GDP and inflation numbers.

Russell 2000 Technical Analysis

Apr 24, 2024 | 22:57 pm

Yesterday, the Russell 2000 ended the day negative as the relief rally reached some key resistance levels. The first part of the week has been pretty empty on the data front, and we hadn’t any Fedspeak due to the blackout period. This has led to a relief rally which was exacerbated by weaker US PMIs as the market interpreted them as good news for inflation, although there were some worrying commentary on the labour market side. Beginning today, we will have many top tier economic data ahead as the new month comes with new reports. Russell 2000 Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Russell 2000 eventually pulled back into the key resistance zone around the 2020 level. This is where we can expect the sellers to step in with a defined risk above the zone to position for a break below the 1920 support. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and increase the bullish bets into a new cycle high. Russell 2000 Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got rejected from the downward trendline where we can also find the confluence of the 50% Fibonacci retracement. This should give the sellers even more conviction to pile in around these level with a defined risk above the trendline to position for a drop into new lows. The buyers, on the other hand, will need to break above the trendline to invalidate the bearish setup and turn the trend around. Russell 2000 Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the recent price action with the price breaking out of the descending wedge and running into the trendline. The sellers will also need to watch out for a spike above the trendline today as we get some market moving US data. If the price were to eventually leave behind a fakeout, that would be an even stronger signal for a drop into new lows. Upcoming EventsToday we get the US Q1 GDP and the latest US Jobless Claims figures. Tomorrow, we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

BTC/USD Forex Signal: Bitcoin Recovery Hits a Key Resistance - 25 April 2024

Apr 24, 2024 | 22:56 pm

Bitcoin pulled back in the overnight session as the recent recovery faded.

AUD/USD Forex Signal: More Upside Ahead of US PCE Data - 25 April 2024

Apr 24, 2024 | 22:46 pm

The AUD/USD pair retreated slightly as traders refocused on the upcoming US GDP and PCE economic numbers.

EUR/JPY Daily Outlook

Apr 24, 2024 | 22:32 pm

Daily Pivots: (S1) 165.67; (P) 165.95; (R1) 166.50; More… EUR/JPY’s up trend continues to as high as 166.78 so far. Intraday bias stays on the upside for 168.72 projection level next. On the downside, below 165.41 minor support will turn intraday bias neutral and bring consolidations first, before staging another decline. In the bigger picture, […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

Trading plan for GBP/USD on April 25. Simple tips for beginners

Apr 24, 2024 | 22:00 pm

Analyzing Wednesday's trades:GBP/USD on 1H chart The GBP/USD pair continued to correct higher with low volatility. The market had no strong reason to buy the pound on Wednesday. The US report for durable goods was slightly better than forecasts. However, the pair is still going through a corrective phase, so the pound may continue to appreciate for some time. The main thing is to avoid returning to square one, with the pair finding itself within the sideways channel of 1.25-1.28.We believe that the macroeconomic and fundamental background is extremely weak for the British currency. We also believe that the pound is overbought and unreasonably expensive. However, as we can see, the market is not in a rush to sell. Therefore, the current bullish correction is quite logical, but the absence of a new decline raises doubts and questions again.GBP/USD on 5M chart Three trading signals were formed on the 5-minute timeframe. The pair rebounded from the level of 1.2457 thrice. In the first two cases, the pair fell by about 20 pips after each rebound. Therefore, there could not have been any loss on the two short positions, as stop-loss orders should have been placed. However, it was not possible to make profit from these signals either. The signals were quite accurate and clear, but there was no volatility, so there were no movements on Wednesday.Trading tips on Thursday:On the hourly chart, the GBP/USD pair has excellent prospects for forming a downward trend, but is currently going through a correction. After surpassing the level of 1.2502, traders may expect a significant decline from the pound. The fundamental and macroeconomic backdrop continues to support the dollar much more than the British pound. Therefore, we only expect downward movement from the pair. Today, novice traders can look for new sell signals around the level of 1.2457. The market is not in a rush to sell, but the pound is gradually depreciating over time, which is a good sign. Today, the US GDP report could exert pressure on the dollar. But if the report shows good values, then the dollar should recover its previous losses.The key levels on the 5M chart are 1.2270, 1.2310, 1.2372-1.2387, 1.2457, 1.2502, 1.2544, 1.2605-1.2611, 1.2648, 1.2691, 1.2725, 1.2787-1.2791. There are no significant events scheduled in the UK, while the US will release an important GDP report, and a secondary report on orders for durable goods. Take note that even the GDP report may not affect volatility if its value coincides with forecasts.Basic trading rules:1) Signal strength is determined by the time taken for its formation (either a bounce or level breach). A shorter formation time indicates a stronger signal.2) If two or more trades around a certain level are initiated based on false signals, subsequent signals from that level should be disregarded.3) In a flat market, any currency pair can produce multiple false signals or none at all. In any case, the flat trend is not the best condition for trading.4) Trading activities are confined between the onset of the European session and mid-way through the U.S. session, after which all open trades should be manually closed.5) On the 30-minute timeframe, trades based on MACD signals are only advisable amidst substantial volatility and an established trend, confirmed either by a trendline or trend channel.6) If two levels lie closely together (ranging from 5 to 15 pips apart), they should be considered as a support or resistance zone.How to read charts:Support and Resistance price levels can serve as targets when buying or selling. You can place Take Profit levels near them.Red lines represent channels or trend lines, depicting the current market trend and indicating the preferable trading direction.The MACD(14,22,3) indicator, encompassing both the histogram and signal line, acts as an auxiliary tool and can also be used as a signal source.Significant speeches and reports (always noted in the news calendar) can profoundly influence the price dynamics. Hence, trading during their release calls for heightened caution. It may be reasonable to exit the market to prevent abrupt price reversals against the prevailing trend.Beginners should always remember that not every trade will yield profit. Establishing a clear strategy coupled with sound money management is the cornerstone of sustained trading success.The material has been provided by InstaForex Company - www.instaforex.com

Trading plan for EUR/USD on April 25. Simple tips for beginners

Apr 24, 2024 | 21:59 pm

Analyzing Wednesday's trades:EUR/USD on 1H chart On Wednesday, EUR/USD went through low volatility and maintained a weak upward trend as indicated by the ascending channel. Throughout the day, traders could only focus on the US report on durable goods orders; however, the value of this indicator and its derivatives almost coincided with experts' forecasts. Therefore, the market had nothing to react to—it anticipated and worked out the report in advance.Therefore, the euro continues to correct higher. There is nothing strange about this —the downward trend persists, and from time to time, we should expect upward retracements. The question is when this movement will end and when the main trend will resume. This will be determined by the price consolidating below the ascending channel. Since the price is currently near the upper line, we can expect it to fall to the lower line in the coming days.EUR/USD on 5M chart Only one trading signal was generated on the 5-minute timeframe. The price bounced off the level of 1.0678, afterwards it managed to move up by about 15 pips. Novice traders could gain profit if they manually closed the trade since no other signals were formed. Volatility was very low, so a 15-pip profit is still a good result.Trading tips on Thursday:On the hourly chart, the downtrend persists, but the EUR/USD pair is currently correcting higher. We believe that the euro should fall further, as it is still too high, and in general, the trend is headed downwards. However, at the moment, the market is likely taking a break before it starts a new downward movement.Today, the pair may fall as it is currently near the upper boundary of the channel. The only thing that could hinder it is the US GDP report, which will be released at the beginning of the US session. If this report turns out to be weak, the euro may rise further, but its medium-term prospects will not change.The key levels on the 5M chart are 1.0483, 1.0526, 1.0568, 1.0611, 1.0678, 1.0725, 1.0785-1.0797, 1.0838-1.0856, 1.0888-1.0896, 1.0940, 1.0971-1.0981. On Thursday, there are no significant events scheduled in the EU. Market participants will focus on the US GDP report. The economy is expected to grow by 2.5%. Any value above this will exert pressure on the pair. Basic trading rules:1) Signal strength is determined by the time taken for its formation (either a bounce or level breach). A shorter formation time indicates a stronger signal.2) If two or more trades around a certain level are initiated based on false signals, subsequent signals from that level should be disregarded.3) In a flat market, any currency pair can produce multiple false signals or none at all. In any case, the flat trend is not the best condition for trading.4) Trading activities are confined between the onset of the European session and mid-way through the U.S. session, after which all open trades should be manually closed.5) On the 30-minute timeframe, trades based on MACD signals are only advisable amidst substantial volatility and an established trend, confirmed either by a trendline or trend channel.6) If two levels lie closely together (ranging from 5 to 15 pips apart), they should be considered as a support or resistance zone.How to read charts:Support and Resistance price levels can serve as targets when buying or selling. You can place Take Profit levels near them.Red lines represent channels or trend lines, depicting the current market trend and indicating the preferable trading direction.The MACD(14,22,3) indicator, encompassing both the histogram and signal line, acts as an auxiliary tool and can also be used as a signal source.Significant speeches and reports (always noted in the news calendar) can profoundly influence the price dynamics. Hence, trading during their release calls for heightened caution. It may be reasonable to exit the market to prevent abrupt price reversals against the prevailing trend.Beginning traders should always remember that not every trade will yield profit. Establishing a clear strategy coupled with sound money management is the cornerstone of sustained trading success.The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs,Thursday April 25 2024.

Apr 24, 2024 | 21:32 pm

On the 4 hour chart of EUR/USD main currency pairs,Fiber seems corrected strong and the weakness condition currently seems trying to break above the level 1,0715. If this level managed to break above, then the next level to be aimed is 1,0757. But please be careful because of the appearance of the Ascending Broadening Wedge pattern followed by the appearance of deviation between EUR/USD price movement with Stochastic Oscillator indicator which formed Double Top where at the same time suddenly if the strengthening correction has the downward momentum so that if the currency pairs returns to the initial bias, especially if it breaks below the level 1,0679, then the strengthening correction that has been described before will become invalid and will cancel itself.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of Intraday Price Movement of S&P 500 Index, Thursday April 25 2024.

Apr 24, 2024 | 21:32 pm

With the appearance of deviation between S&P 500 index price movement with Stochastic oscillator on the 4 hour chart, then in the near future, the index has the potential to appreciate upward to the level 5083,48. If this level successfully broken above, then the strengthening will still continue to the level 5104,66 as the main target and if the momentum as well as the volatility is supporting enough, then the level of 5161,94 will be the next target to be aimed of. But if on the way to those levels suddenly there is a quite significant weakness correction, especially if going down below the level 4968,85, then the strengthening scenario that has been described before will become invalid and will cancel itself.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Trading Signals for BITCOIN (BTC/USD) for April 25-27, 2024: buy above $63.600 (21 SMA - 200 EMA)

Apr 24, 2024 | 21:20 pm

Bitcoin is trading around 64,249, bouncing off the bottom of the uptrend channel forming since April 18 and below the 21 SMA and 200 EMA, showing signs of exhaustion. On the H4 chart, we can see that Bitcoin was consolidating above $65,600 but failed to continue its uptrend. It began a strong technical correction below the 200 EMA.If Bitcoin resumes its bullish cycle in the next few hours and consolidates above 63,600, it is expected to reach 6/8 of Murray at 68,750 and finally, 7/8 of Murray located at 71,875 in the next few days. If the bearish pressure continues, Bitcoin breaks down, and consolidates below $63,000, we expect it to reach 3/8 Murray at 59,375. Its price could eventually reach the psychological level of $50,000.In case Bitcoin consolidates above the 21 SMA, the 200 EMA, and 5/8 Murray, this could change the outlook and would be positive for BTC. Above this area, the bulls will grasp the opportunity and Bitcoin could reach the psychological level of $70,000.If Bitcoin fails to break and consolidate above this area, the bearish cycle could resume and in the short term, it could reach $60,000 and even 55,550.Our trading plan for the next few hours is to buy Bitcoin above 63,600, with targets at 65,625 and 68,750. The Eagle indicator is reaching an overbought zone, but a technical rebound could occur in the next few hours.The material has been provided by InstaForex Company - www.instaforex.com

Gfk Group Consumer Confidence Survey. Germany, 08:00 (GMT+2)

Apr 24, 2024 | 21:00 pm

At 08:00 (GMT+2), the data on GfK Group Consumer Confidence for May are due in Germany. The indicator measures the degree of confidence in the strength of the economy and is a leading indicator for consumer spending. The negative dynamics is expected to slow down from -27.4 points to -25.9 points, which will still continue to put pressure on the euro exchange rate. Read more

Forecast for EUR/USD on April 25, 2024

Apr 24, 2024 | 19:56 pm

EUR/USDYesterday, the euro stalled at the signal-intermediate level of 1.0696 (February 14 low) and even closed above it with a daily candle. The Marlin oscillator's signal line crossed above the linear resistance and consolidated. Now, there are two important target levels: 1.0724 and 1.0757.From a technical standpoint, the level of 1.0757 is intermediate before an attack on a more significant level at 1.0796, but the market may end the correction and turn around from any strong level. Moreover, upon reaching the level of 1.0757, the Marlin oscillator may reach the boundary of the positive territory and turn downwards from it.On the 4-hour chart, the Marlin oscillator is causing concern – it continues to move sideways regardless of the price movements. Marlin going into negative territory could bring the price back into the range of 1.0636/56. If the price continues to rise at an accelerated pace, Marlin will exit the range and move upwards, and the price may reach the level of 1.0796.The material has been provided by InstaForex Company - www.instaforex.com

Forecast for USD/JPY on April 25, 2024

Apr 24, 2024 | 19:55 pm

USD/JPYThe USD/JPY pair is heading towards the target level of 155.80, with "just a little" left to go. Closing above this level will open up the target along the line of the global price channel at 156.58. These are formal and weak signs of growth. They are not supported by the Marlin oscillator, which has been falling in a narrow channel for seven sessions.The main reason for the bearish price reversal could be tomorrow's Bank of Japan meeting, as investors are waiting for the "last warning". There are speculations that the BOJ may raise interest rates, especially considering recent statements by Finance Minister Shunichi Suzuki and even his meeting with Janet Yellen, which may have served as a "final warning."On the 4-hour chart, the signal line of the Marlin oscillator has moved up from narrow consolidation at the zero line, and the price is rising above the indicator lines. The pair may reach the level of 155.80.The material has been provided by InstaForex Company - www.instaforex.com

Forecast for GBP/USD on April 25, 2024

Apr 24, 2024 | 19:55 pm

GBP/USDYesterday, the British pound stayed above the target level of 1.2427 and above the Fibonacci corrective level of 23.6%. The Marlin oscillator is rising, and if the April 15-18 highs do not offer serious resistance, the price may rise to the intermediate level of 1.2525 – up to the corrective level of 38.2%. However, there is one troubling factor in this plan – trading volumes are decreasing every day, which means that the correction can end at any moment, regardless of record levels. All it takes is a signal.Today, the US GDP report could provide the signal. The forecast is 2.5%. The market often has a delayed reaction to the US GDP report, around 1-5 days, either to assess other data or to wait for tensions to ease among mid-level players. On Friday, a report on personal income/expenditure will be released and the Bank of Japan meeting will also take place. On this day, the Japanese central bank may issue a final warning to speculators who are overly engaged in playing against the yen.On the 4-hour chart, we see a hint of such a development – divergence between price and the Marlin oscillator. If the price continues to rise, which is very likely as it has consolidated above both indicator lines, then the divergence will turn into regular growth. And the British currency's rise is quite risky.The material has been provided by InstaForex Company - www.instaforex.com

Outlook for EUR/USD on April 25. Euro may rise and fall at the same time

Apr 24, 2024 | 17:55 pm

Analysis of EUR/USD 5M EUR/USD continued to move within an almost horizontal, but formally known as an ascending channel. Since the last bounce occurred from the lower boundary of the channel, the price rose to the upper boundary over the course of several days. Now, the price could fall to the lower boundary of the channel as it has bounced from the upper boundary. Speaking of the logic behind yesterday's movement, it was likely reasonable. The market had witnessed quite resonant reports on business activity in Germany, the EU, and the US. Yesterday, however, only secondary IFO indices and a fairly important report on US durable goods orders were published. However, the values of this indicator turned out to be almost completely in line with forecasts, so there was nothing for the market to react to. And we saw another day with volatility of about 40 pips...As for the technical picture, the pair continues to correct higher, as indicated by the channel. It may continue for some time, but the euro still has prospects to fall in the medium-term. The market cannot constantly sell the pair, even amidst a downtrend.No trading signals were formed on Wednesday. From our perspective, this is actually a good thing because volatility was low, and even if signals had formed, it would have been quite difficult to expect any profit. Take note that the euro is nearly trading flat at the moment. A small upward slope is seen on the channel. In general, it is always difficult and even unprofitable to trade in a flat market.COT report: The latest COT report is dated April 16. The net position of non-commercial traders has been bullish for quite some time. Basically, the number of long positions in the market is higher than the number of short positions. However, at the same time, the net position of non-commercial traders (red line) has been decreasing in recent months, while that of commercial traders (blue line) has been increasing. This shows that market sentiment is turning bearish, as speculators increasingly sell the euro. Furthermore, we don't see any fundamental factors that can support the euro's strength, while technical analysis also suggests a downtrend. Three descending trend lines on the weekly chart indicate that there's a good chance of sustaining the decline.At present, the red and blue lines are moving towards each other (indicating a trend reversal after a rise). Therefore, we believe that the euro will fall further. During the last reporting week, the number of long positions for the non-commercial group increased by 3,500, while the number of short positions increased by 21,500. Accordingly, the net position decreased by 21,500. Overall, both the euro and the net position continue to decline. The number of buy contracts is higher than the number of sell contracts among non-commercial traders by only 12,000 (previously 32,700).Analysis of EUR/USD 1H On the 1-hour chart, the downtrend persists but EUR/USD has remained in a flat phase for a week now. Since expectations for a Federal Reserve rate cut in 2024 have significantly decreased, the US dollar can and should continue to rise for a couple more months. Therefore, we should wait for the end of the current correction, afterwards, traders may reconsider selling the pair. The targets in the 1.00-1.02 range remain unchanged for now.On April 25, we highlight the following levels for trading: 1.0530, 1.0581, 1.0658-1.0669, 1.0757, 1.0797, 1.0836, 1.0886, 1.0935, 1.1006, 1.1092, as well as the Senkou Span B line (1.0745) and the Kijun-sen line (1.0662). The Ichimoku indicator lines can move during the day, so this should be taken into account when identifying trading signals. Don't forget to set a Stop Loss to breakeven if the price has moved in the intended direction by 15 pips. This will protect you against potential losses if the signal turns out to be false.On Thursday, there are no significant events planned in the European Union, while the US will release reports on GDP for the first quarter and initial unemployment claims. The market may react to the GDP report, as it is the first estimate. But only if there is a significant deviation (at least 0.2%) from the forecast value (2.5% q/q).Description of the chart:Support and resistance levels are thick red lines near which the trend may end. They do not provide trading signals;The Kijun-sen and Senkou Span B lines are the lines of the Ichimoku indicator, plotted to the 1H timeframe from the 4H one. They provide trading signals;Extreme levels are thin red lines from which the price bounced earlier. They provide trading signals;Yellow lines are trend lines, trend channels, and any other technical patterns;Indicator 1 on the COT charts is the net position size for each category of traders;The material has been provided by InstaForex Company - www.instaforex.com

Outlook for GBP/USD on April 25. Is the pound preparing for growth?

Apr 24, 2024 | 17:55 pm

Analysis of GBP/USD 5M On Wednesday, GBP/USD showed very weak volatility, but by the end of the day, it clearly wanted to resume its upward movement. As we have previously mentioned, it is logical for the pair to go through a correction, and this phase has not yet ended because it has only been a couple of days. The British pound received strong support the day before yesterday in the form of decent UK PMI data and poor ones in the US. On Wednesday, the pound had no such thing, but the pair may continue to correct higher for technical reasons. Looking at the long-term perspective, we anticipate a prolonged decline in the British pound, as before.As long as the price remains below the Senkou Span B line, the downward trend persists. Thus, the pair may rise by another 100 pips before we can expect the correction to end. This week, the macroeconomic and fundamental backgrounds are weak, but it is known that most representatives of the Federal Reserve are looking towards the end of the year regarding a key rate cut. At the same time, the market expects the Bank of England to ease its policy as early as this summer. There's a high chance that the BoE will lower its rate before the Fed. This, in turn, should support the dollar.There were no trading signals on the 5-minute timeframe. At the beginning of the European trading session, the pair fell into the 1.2429-1.2445 range and spent almost the entire day in it while volatility was low. Therefore, it made no sense to enter the market; the movements were extremely weak and almost resembled a flat.COT report: COT reports on the British pound show that the sentiment of commercial traders has frequently changed. The red and blue lines, which represent the net positions of commercial and non-commercial traders, constantly intersect and, in most cases, remain close to the zero mark. According to the latest report on the British pound, the non-commercial group closed 8,200 buy contracts and opened 11,400 short ones. As a result, the net position of non-commercial traders decreased by 19,600 contracts in a week. The fundamental background still does not provide a basis for long-term purchases of the pound sterling, and the currency finally has a real chance to resume the global downward trend. The trend line on the 24-hour TF clearly shows this.The non-commercial group currently has a total of 71,800 buy contracts and 63,200 sell contracts. The bulls no longer have a significant advantage. Therefore, the pound has a huge potential to fall. We can only hope that inflation in the UK does not accelerate, or that the Bank of England will not intervene.Analysis of GBP/USD 1H On the 1H chart, GBP/USD has left the sideways channel of 1.25-1.28. Now, the pound should continue forming a downtrend, and the pair has the potential to fall by at least 400-500 pips. The fundamental and macroeconomic background continues to support the dollar, as the US economy is much stronger than the UK, and the Fed keeps pushing back its first rate cut. However, a correction has started, which may continue for some time.As of April 25, we highlight the following important levels: 1.2215, 1.2269, 1.2349, 1.2429-1.2445, 1.2516, 1.2605-1.2620, 1.2691-1.2701, 1.2786, 1.2863, 1.2981-1.2987. The Senkou Span B line (1.2556) and the Kijun-sen line (1.2390) lines can also serve as sources of signals. Don't forget to set a Stop Loss to breakeven if the price has moved in the intended direction by 20 pips. The Ichimoku indicator lines may move during the day, so this should be taken into account when determining trading signals.On Thursday, the UK economic calendar is basically empty, while the US will release a relatively important report on GDP, as well as secondary unemployment claims. However, even the GDP report may easily be overlooked if its value does not differ from the forecast.Description of the chart:Support and resistance levels are thick red lines near which the trend may end. They do not provide trading signals;The Kijun-sen and Senkou Span B lines are the lines of the Ichimoku indicator, plotted to the 1H timeframe from the 4H one. They provide trading signals;Extreme levels are thin red lines from which the price bounced earlier. They provide trading signals;Yellow lines are trend lines, trend channels, and any other technical patterns;Indicator 1 on the COT charts is the net position size for each category of traders;The material has been provided by InstaForex Company - www.instaforex.com

USD/JPY breaks 155, markets are waiting for intervention. Review of USD/JPY

Apr 24, 2024 | 16:28 pm

The Bank of Japan will hold its meeting on Friday, and the central bank is widely expected to leave its benchmark interest rate unchanged. Along with the decision, updated forecasts will be presented, which are expected to serve as the basis for rate forecasts, which currently assumes a 20bp rate hike by the end of the year. Another expected development is indications of when the BOJ plans to start reducing its massive balance sheet, or at least a sign of whether it should be done at all.There is another issue. Core inflation has been declining for a year now, and the latest inflation report will be released on Thursday. If inflation continues to fall, it will limit the BOJ's options due to fears of deflationary pressures and will give the yen another bearish push. The USD/JPY pair has finally breached the 155 level, and Japanese authorities have not reacted at the moment. It's worth recalling that earlier reports in the Japanese press suggested that a currency intervention to adjust the exchange rate was highly likely once the level of 155 was reached. The pair rose on Wednesday after the US durable goods report; in March, new orders for manufactured durable goods surged, signaling further resilience in the American economy and thereby increasing the chances of interest rates remaining at high levels.The net short JPY position stood at -13.4 billion at the end of the reporting week, with minor changes over the past week, but the bearish bias is at its highest since February 2018. The price is above the long-term average and is steadily rising. There are no objective reasons for a bearish reversal. If Japanese authorities do not intervene, the USD/JPY pair will continue to rise towards the technical level of 159.11–161.8% expansion from the correction in November-December. There are simply no other significant resistances in the foreseeable future. Potential intervention could lead to a decline in the exchange rate, but it's impossible to predict what level it will reach, as the outcome will depend entirely on the volume of intervention.The material has been provided by InstaForex Company - www.instaforex.com

Will the dollar get stabbed in the back?

Apr 24, 2024 | 16:27 pm

The situation is a mixed bag, and even the U.S. doesn't call the shots. Europe has brought in good news for two consecutive days. First, Eurozone business activity rose to a 11-month high, then the IFO German Business Climate Index continued to brighten. However, even positive news cannot stir up EUR/USD when the European Central Bank is set on easing monetary policy. Only weak U.S. data can help the pair rise.The German economy is gradually recovering. This is evidenced by the rise in purchasing managers' indices and improvement in business climate in April to its highest level in the past year. The Bundesbank no longer believes that GDP will shrink in the first quarter, which would have led the country into recession. According to ECB President Christine Lagarde, the German economy has turned around, and Chancellor Olaf Scholz expressed optimism, citing a strong labor market and a slowdown in inflation.Dynamics of the German business climateOnce the main driver of the European economy, Germany suffered serious blows due to the armed conflict in Ukraine and the energy crisis. Fortunately, it has managed to recover from the impact. This provides support to the EUR/USD bulls, but they are wary of upcoming U.S. data on GDP and inflation.The U.S. economy remains strong, as evidenced by the faster-than-expected 2.6% m/m growth in durable goods orders in March. Yes, an unpleasant surprise from business activity tarnished the reputation, but there is no sense in making strategic decisions to change the current trend based on just a single report.The market still expects the Federal Reserve to cut the federal funds rates by only 40 bps, which is half as much as the projected scale of the European Central Bank's monetary easing. Moreover, the ECB starts earlier than the Fed, in June. This exerts pressure on the bulls, no matter how strong data they receive from Germany.Expectations dynamics on central bank ratesUndoubtedly, if the U.S. GDP for the first quarter falls short of the consensus estimate of 2.5%, and the Personal Consumption Expenditures (PCE) index slows down more than expected, the U.S. dollar will receive a blow from its own economy. Derivatives will revert to the March FOMC forecast of three acts of monetary easing, making it possible for the bulls to work on the correction.Thus, everything is in the hands of the central banks, and their verdicts depend on incoming data. Now, traders are back to digesting news, and investors eagerly await new releases.Technically, on the daily chart, EUR/USD is experiencing the realization of the 20-80 pattern. The bulls' failure to hold onto the pivot level of 1.071 has become a sign of their weakness, but the bears are not in a rush to regain the initiative. The pair continues to lean towards consolidation in the range of 1.061-1.071, and traders may consider selling strategies on rallies.The material has been provided by InstaForex Company - www.instaforex.com

GBPUSD ping pongs between technical levels

Apr 24, 2024 | 11:43 am

In the morning kickstart video, I spoke to the support near the 200 hour MA and the swing area, and if that level held, the need to get and stay above the 38.2% of the April trading range. Well those levels have defined the range in the US session (give or take a couple pips on support and resistance targets. The price is ping ponging. The good news is that with support holding and resistance doing its thing, it increases each extremes importance. That is, when the next shove comes (higher or lower), there should be momentum in the direction of the break. So we can lament the ups and downs, but take solace in the hopes that the next break leads to a run. This article was written by Greg Michalowski at www.forexlive.com.

Canadian dollar dips as retail sales fall

Apr 24, 2024 | 11:08 am

The Canadian dollar is in negative territory on Wednesday after a five-day winning streak in which it gained 1.1%. In the North American session, USD/CAD is trading at 1.3703, up 0.29%. Canada’s retail sales down in February Canadian consumers are holding tight on the purse strings as spending has been weak in the first quarter. […]

S&P index gives up gains. Down on the day.

Apr 24, 2024 | 08:40 am

The S&P index has given up its gains and traded in negative territory. At session highs the price change was up 18.92 points. The low price just reached -14.78 points on a day. At session lows, the price tested a swing level going back to March and last week near 5056.92. Support buyers came in near that level on the first test. If the level can hold support, a rotation back to the upside would be anticipated.On the top side, the falling 100-hour moving average (blue line in the chart above) is near the 50% midpoint of the corrective move to the downside near 5108. Going forward, getting back above that moving average and midpoint level is needed to give the buyers more confidence.On the downside breaking below the swing level would have traders targeting the 50-hour moving average (black moving average line) at 5035.12. Moving below that increases the bearish bias with a retest of the low price from last Friday as the next target.The NASDAQ index is holding onto gains of a around 29 points or 0.18%. The Russell 2000 is lower by -12.46 points or -0.62%. Yields are higher today which is putting a damper on the small-cap sector. 2-year yield 4.941%, +3.6 basis points5-year yield 4.672%, +5.1 basis points10 year 4.658%, +6.0 basis points30 year 4.788%, +6.5 basis points.At 1 PM ET, the U.S. Treasury will auction off five-year notes. Yesterday the treasury auctioned off a record amount of two-year notes with the demand (not stellar but good). This article was written by Greg Michalowski at www.forexlive.com.

Trading Signals for EUR/USD for April 24-26, 2024: buy above 1.0670 (21 SMA - 3/8 Murray)

Apr 24, 2024 | 08:40 am

EUR/USD is trading around 1.0695 within the uptrend channel forming since April 15, above the 21 SMA, and above the 2/8 Murray.On the H4 chart, we can see that the euro is showing signs of exhaustion. So, a technical correction is likely to occur in the coming hours. The key point for the euro to resume its bullish cycle could be around 1.0670 (21 SMA) or at the bottom of the uptrend channel around 1.0651.We believe that the euro could extend its rise in the next few days and could reach 4/8 Murray located at 1.0742. Finally, EUR/USD could climb to the 200 EMA located at 1.0760.A close above 1.0760 and above 4/8 Murray on the H4 chart will mean a longer bullish potential. Therefore, EUR/USD could rise to the psychological level of 1.10 in the short term.Conversely, a sharp break below the uptrend channel and fixation below 1.0650 will enable the euro to reach 1.0620 and 1/8 Murray around 1.0559.The material has been provided by InstaForex Company - www.instaforex.com

Higher Australian CPI sent the AUDUSD higher, but the 200-day MA stalled the rally.

Apr 24, 2024 | 08:19 am

The AUDUSD pushed to the upside today after higher than expected CPI data, put the kabosh on a rate cut soon. However, after running toward the 200-day MA and 200 bar MA on the 4-hour chart near 0.6330, the buyers turned to sellers and has corrected the gains. The subsequent fall has taken the price down toward a swing area between 0.64769 and 0.64864. The low price stalled just ahead of the high of that swing area. If that level can hold support, and the price can get back above its 50% midpoint of the April trading range and 100-bar moving average on the 4-hour chart at 0.6521, the buyers can resume their run to - and potentially through - the 200 day moving average. The above video outlines the key levels and explains the risks and the targets going forward. This article was written by Greg Michalowski at www.forexlive.com.

USDJPY climbs above 155.00 again as buyers remain in control

Apr 24, 2024 | 07:56 am

The USDJPY is taking another run above the 155.00 level. The first break reached up to 155.164, but then rotated quiicly to 154.76 minutes later. The price has chopped back higher and is now above the 155.00 level again as buyers continue to push. The high just reached 155.10.The good news for the buyer is although the move higher is slow and choppy, the corrections lower have been able to hold support near the rising 100-hour MA (blue line on the chart above). Those support bounces help to increase the moving average's importance going forward. Staying above the 100 hour MA and the buyers are more in control. Putting it another way, the sellers after the move to the upside have to prove that they can take back control. Not being able to get below the 100-day moving average (and then the 200-hour moving average currently at 154.413) is NOT taking back control. Watch the 100-hour MA as a short-term barometer for the USDJPY pair. This article was written by Greg Michalowski at www.forexlive.com.

USDCHF buyers try to keep the short term bias in their favor.

Apr 24, 2024 | 07:24 am

The USDCHF pushed higher earlier in the day, and extended above the prior high from April 15 at 0.91514, but only to a NEW high of 0.91525 before rotating back to the downside.The fall took the priCe back toward its rising 200 hour moving average at 0.9116 and its 100 hour moving average at 0.91109, but the price could not move below those levels and has since rotated back toward 0.9130.Are the buyers trying to keep that short-term bias in their favor? Staying above those hourly moving averages does just that. However, getting above the 0.9152 area is still needed to break the pair to the upside and give the buyers more confidence. If done, traders would target the 50% of the range since the October 2022 high. That level comes in at 0.92395. That high also corresponds roughly with the high price from October 2023.So buyers are making a play despite the corrective move lower today. Can the momentum increase to the upside or will the ceiling near 0.9252 keep the battle going? This article was written by Greg Michalowski at www.forexlive.com.

Analysis of the EUR/USD pair on April 24th. Waiting for US GDP for the first quarter

Apr 24, 2024 | 07:24 am

The wave analysis of the 4-hour chart for the EUR/USD pair remains unchanged. At the moment, we observe the construction of the presumed wave 3 within wave 3 or c of the downtrend segment. If this is indeed the case, the decline in quotes will continue for quite some time, as the first wave of this segment completed its construction around the 1.0450 mark. Therefore, the third wave of this trend segment should end below.The market continues to slowly reduce demand for the euro, although the news background fully supports the US dollar. An unsuccessful attempt to break through the 1.0955 mark, which is equivalent to 61.8% according to Fibonacci, indicated the completion of the construction of wave 2 within wave 3 or C. Therefore, there is potential for a decline in the pair, and it is significant.Is there a possibility of a change in wave analysis? There is always one. However, if since October 3 of last year, we have observed a new upward trend segment, then the last downward wave does not fit into any structure, which cannot be. Therefore, an upward segment is possible only with a significant complication of the wave analysis.The correction will not stop the downtrend. The EUR/USD pair rate decreased by 15 basis points on Wednesday, with the range of movements not exceeding 15 points. Market activity today was very weak, although, at the beginning of the American session, movements could have been more active given the news background. On Wednesday, only two events could attract the attention of market participants. In the morning, Germany released the Ifo business climate report, which turned out to be slightly better than market expectations. However, this report is far from the most important, so the market ignored it. Literally, an hour ago, the US released the report on durable goods orders for March, which almost completely coincided with market expectations. Discrepancies from forecasts were so insignificant that the market did not deem it necessary to react to this report.This week, the only important event remaining is the GDP report for the first quarter in the US. The American economy continues to slow down, but since its initial values were extremely high, it can slow down for a very long time while remaining at high levels, giving the FOMC the opportunity to maintain the rate at its peak, awaiting a decrease in inflation. Economic growth of 2.5% is expected in the first quarter, which is 0.9% lower than in the fourth quarter of last year. The market is likely to be greatly satisfied by this. The real value of the indicator may be higher than 2.5%, as has happened more than once. Additional support for the US dollar from the news background will not be excessive.General conclusions: Based on the analysis of the EUR/USD, the construction of a downtrend wave set continues. Waves 2 or b and 2 within 3 or C are completed, so I expect the continuation of the construction of the impulsive downward wave 3 within 3 or C with a significant decrease in the pair. I continue to consider sales with targets around the calculated level of 1.0463, as the news background remains on the side of the dollar. The necessary signal for sale near the 1.0880 mark was formed (an unsuccessful breakout attempt).On a larger wave scale, it can be seen that the presumed wave 2 or b, which in length was more than 61.8% according to Fibonacci from the first wave, so it may be completed. If this is indeed the case, the scenario with the construction of wave 3 or C and a decrease in the pair below the 4-figure mark has begun to be implemented.The main principles of my analysis:Wave structures should be simple and understandable. Complex structures are difficult to play out; they often bring changes.If there is confidence in what is happening in the market, it is better to avoid entering it.There is never one hundred percent certainty about the direction of movement. Remember protective Stop Loss orders.Wave analysis can be combined with other types of analysis and trading strategies.The material has been provided by InstaForex Company - www.instaforex.com

Analysis of the GBP/USD pair on April 24, 2024

Apr 24, 2024 | 06:51 am

Regarding the GBP/USD pair, the wave analysis remains quite complex but may become clearer in the coming weeks. A successful attempt to break the Fibonacci level of 50.0% indicates the market's readiness to build a downward wave 3 or C. If this wave indeed continues to develop, the wave pattern will become much simpler, and the threat of complicating the wave analysis will disappear.As I have already noted, the wave pattern should be simple and understandable to work with. There needs to be more simplicity and clarity in recent months. For a long time, the pair has been in a sideways trend, and only now does it have real chances for the construction of an impulsive downtrend wave.In the current situation, my readers can expect the construction of wave 3 or C, the targets of which are located below the low of wave 1 or A. Therefore, the British pound should decline by another minimum of 300-400 basis points. With such a decline, wave 3 or C will be relatively small; however, I anticipate a much greater drop in quotes. The news background supports the US dollar, and after breaking the 1.2469 mark (50.0% Fibonacci), the psychological barrier has been lifted from sellers.The pound is not ready to decline without news support. The GBP/USD pair rate decreased by just a few points on Wednesday, with very weak movements in amplitude. The news background could have been stronger, considering the significance of the reports and their values. Therefore, after a fairly active Tuesday, a somewhat passive Wednesday followed. Market passivity may persist until the end of the week, as the news background will once again be weak over the remaining two days.On Thursday and Friday, we await reports on GDP, initial jobless claims, personal income and spending, personal consumption expenditure index, and the University of Michigan consumer sentiment index. All reports are American. Although individual reports, given strong values, can trigger market reactions, we shouldn't see significant price changes in the pair by the end of this week. There will be no interesting events in the UK.Demand for the British pound may begin to decline again soon. For the GBP/USD pair, the 1.2467 mark is currently important, corresponding to 50.0% Fibonacci. An unsuccessful attempt to break this mark will indicate the market's readiness for a new wave of declining demand, even without the construction of a strong corrective wave. The news background and the wave pattern continue to point to a decline in the British pound, so I consider only selling the pair. The Bank of England may begin to lower interest rates as early as this summer, while a similar move from the Fed may have to be awaited for a very long time. This is a key factor in the decline of the British currency.General conclusions. The wave pattern of the GBP/USD pair still suggests a decline. At the moment, I continue to consider selling the pair with targets below the 1.2039 mark, as wave 3 or C has begun its development. A successful attempt to break the 1.2472 mark, corresponding to 50.0% Fibonacci, indicates the long-awaited market readiness to build a downward wave.On a larger wave scale, the wave pattern is even more revealing. The downward correctional trend segment continues to develop, and its second wave has taken on an elongated form - at 76.4% of the first wave. An unsuccessful attempt to break this mark could have led to the beginning of the construction of wave 3 or C.The main principles of my analysis:Wave structures should be simple and understandable. Complex structures are difficult to play out; they often bring changes.If there is confidence in what is happening in the market, it is better to avoid entering it.There is never one hundred percent certainty about the direction of movement. Remember protective Stop Loss orders.Wave analysis can be combined with other types of analysis and trading strategies.The material has been provided by InstaForex Company - www.instaforex.com

USDCAD moves higher helped by fundamental data/technical bounce.

Apr 24, 2024 | 06:37 am

The Canada retail sales came in a bit weaker than expectations. Meanwhile, US durable goods orders showed strength. That combination helped to push up the USDCAD (higher USD/lower CAD). Earlier, a support swing area stalled the fall after yesterday's fall on the back of weaker US flash PMI data. The dip buyers against support were rewarded after the data help.In this video, I take a look at the USDCAD pair from a technical perspective, and outline the close risks and targets going forward. Be aware. Be prepared. FInd out about it, in the video above.... This article was written by Greg Michalowski at www.forexlive.com.

GBP/USD Mid-Day Outlook

Apr 24, 2024 | 06:19 am

Daily Pivots: (S1) 1.2368; (P) 1.2414; (R1) 1.2495; More… No change in GBP/USD’s outlook and intraday bias stays neutral. While recovery from 1.2298 might extend higher, upside should be limited by 1.2538 support turned resistance. On the downside, below 1.2298 will resume the fall from 1.2892 to 1.2036 support next. In the bigger picture, price […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

USD/CHF Mid-Day Outlook

Apr 24, 2024 | 06:17 am

Daily Pivots: (S1) 0.9093; (P) 0.9113; (R1) 0.9138; More…. Intraday bias in USD/CHF remains neutral and outlook is unchanged. Further rally is expected as long as 0.8996 support holds. Break of 0.9151 will resume the larger rise from 0.8332 to 0.9243 resistance. However, firm break of 0.8996 will turn bias to the downside for 55 […] The post USD/CHF Mid-Day Outlook appeared first on Action Forex.

USD/JPY Mid-Day Outlook

Apr 24, 2024 | 06:15 am

Daily Pivots: (S1) 154.63; (P) 154.76; (R1) 154.95; More… Outlook in USD/JPY is unchanged and intraday bias remains mildly on the upside for further rally. However, considering bearish divergence condition in 4H MACD, strong resistance should be seen from 155.20 fibonacci level to bring correction on first attempt. On the downside, break of 153.58 support […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

Kickstart your FX trading for April 24 with a technical look at EURUSD, USDJPY and GBPUSD

Apr 24, 2024 | 06:12 am

In the kickstart video, I take a second look at the three major currency pairs - the EURUSD, USDJPY and GBPUSD. For the EURUSD, it extends above its 38.2% retracement of the April trading range in the early hours of the Asian session, but could not sustain momentum and rotated to the downside. That retracement level comes at 1.0709 and would need to be breached to give the buyers more confidence.The USDJPY did extend above the 155.00 level prior to the strong durable goods orders, but after reaching 155.16, quickly reversed back lower. It is currently trading at 154.93 back below the 155 level. If the price can extend above the 155 level and stay above that level there could be additional probing on the second break. Keeping markets contained is the Bank of Japan interest rate decision which will be announced on Friday.The GBPUSD like the EURUSD extended briefly above its 38.2% retracement of the April trading range at 1.2455, but like the EURUSD rotated back to the downside. The price trading above and below its 200-hour moving average in the European session at 1.2428. There is a swing area between 1.2403 and 1.24257 which is also providing some support, and will be a barometer for buyers and sellers going forward. Ultimately if the price is going to move higher, it needs to get and stay above the 38.2% retracement at 1.2455. This article was written by Greg Michalowski at www.forexlive.com.

EUR/USD Mid-Day Outlook

Apr 24, 2024 | 06:09 am

Daily Pivots: (S1) 1.0656; (P) 1.0684; (R1) 1.0729; More… EUR/USD is still bounded in range trading above 1.0601 and intraday bias remains neutral. Strong resistance should be seen from 1.0723 to complete the corrective rise from 1.0601. Break of 1.0601 will resume the fall from 1.1138 to 100% projection of 1.1138 to 1.0694 from 1.0980 […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

AUD/USD extends gains as inflation higher than expected

Apr 24, 2024 | 05:42 am

The Australian dollar has edged higher on Wednesday. In the European session, AUD/USD is trading at 0.6504, up 0.27%. The Australian dollar rose as high as 0.6529 (0.64%) after the Australian inflation release but has pared about half of those gains. Australia’s inflation dips less than forecast Australia’s inflation rate slowed less than expected in […]

Crude oil imports. USA, 16:30 (GMT+2)

Apr 24, 2024 | 05:30 am

At 16:30 (GMT+2), the US Department of Energy’s Energy Information Administration (EIA) will present a weekly report containing data on changes in the volumes of crude oil, as well as gasoline and distillates in the country. A correction is expected from the current 2.735M barrels to 1.700M barrels, supporting oil quotes. Read more

The AUD is the strongest and the CHF is the weakest as the NA session begins

Apr 24, 2024 | 05:13 am

As the North American session begins, the AUD is the strongest and the CHF is the weakest. The USD is tilting to upside but if you look at the net changes - and the changes of the major currencies other than the AUD and CHF - they are all scrunched together with modest moves against each.In Australia, the quarterly inflation data came out and put the kabosh on hopes for a rate cut any time soon at least. Headline CPI:Quarterly increase of 1.0%, higher than the expected 0.8% and the previous 0.6%.Year-over-year (y/y) increase of 3.6%, slightly above the expected 3.5% and down from the previous 4.1%.Trimmed Mean CPI (a core measure):Quarterly increase of 1.0%, aligning with expectations but higher than the previous 0.8%.Year-over-year increase of 4.0%, above the expected 3.8% and slightly below the previous 4.2%.Weighted Median CPI (another core measure):Quarterly increase of 1.1%, surpassing the expected 0.9% and matching the previous 0.9%.Year-over-year increase of 4.4%, higher than the expected 4.1% and consistent with the previous 4.4%.Sector-specific Inflation:Services inflation at 4.3% y/y, the lowest since June 2022.Goods inflation at 3.1% y/y, the lowest since September 2022.The AUDUSD did move higher and tested the 200-day MA at 0.6528 before stalling (see chart below). It will take a move above those MAs to increase the bullish bias with the 100 day MA up at 0.65828 as the next major technical target:Westpac's chief economist Luci Ellis, who was previously Assistant Governor (Economic) at the Reserve Bank of Australia commented on the report and said:Inflation was a bit higher than expected in the March quarter. It is declining, but it has a way to go for the RBA to be confident of returning to the 2-3% target range on the desired timetable.We expect the Board to keep rates on hold in May, and have pushed out the date of the first rate cut to November this year, previously September.The USDJPY did continue its little-by-little move toward 155.00 level. The high price today extended to 154.963. On the downside, in that pair, the 100 hour MA at 154.66 is support (and moving higher). On Monday and Tuesday, the price did peek below that MA level but not by much on each break. There just isn't a lot of downside momentum. The next BOJ two-day policy meeting starts Thursday, and they will deliberate on the implications of the yen's significant depreciation on inflation, particularly in the context of recent economic policies including the end of the negative interest rate policy in March. Despite the recent fall of the yen by about 500 pips against the dollar since the last meeting, and more broadly by 20 yen over the past year, most analysts foresee no immediate adjustments to BOJ's monetary stance. The central bank's attention is fixed on core inflation and the responses of small businesses to rising costs, indicating a cautious approach toward future rate hikes, with the majority of market experts anticipating possible increases later in the year around September or October. The strength in the pair is indicative of the markets view.Takao Ochi of the ruling Liberal Democratic Party, a senior member of the Lower House Financial Affairs Committee said that a move in USD/JPY towards 160 (or 170) could prod action from policymakers as they would deem that as being "excessive". It was thought that 155.00 would prompt the BOJ interest. With Meta and IBM still due to report after the close, the following companies did report this morning with more BEATs vs MISSes. Some 30% of the S&P500 report this week:Boeing Co (BA): BEATAdj. EPS: -$1.13 vs. -$1.76 expected (Beat)Revenue: $16.57 billion vs. $16.23 billion expected (Beat)CME Group Inc (CME): BEATAdj. EPS: $2.50 vs. $2.45 expected (Beat)Revenue: $1.50 billion vs. $1.48 billion expected (Beat)General Dynamics Corp (GD):MIXEDEPS: $2.88 vs. $2.93 expected (Miss)Revenue: $10.731 billion vs. $10.32 billion expected (Beat)Biogen Inc (BIIB). MIXEDAdj. EPS: $3.67 vs. $3.45 expected (Beat)Revenue: $2.29 billion vs. $2.31 billion expected (Miss)Humana Inc (HUM): BEATEPS: $7.23 vs. $6.12 expected (Beat)Revenue: $29.6 billion vs. $28.47 billion expected (Beat)Hasbro Inc (HAS): BEATEPS: $0.61 vs. $0.27 expected (Beat)Revenue: $0.75 billion vs. $0.74 billion expected (Beat)AT&T Inc (T): MIXEDAdj. EPS: $0.55 vs. $0.54 expected (Beat)Revenue: $30.03 billion vs. $30.54 billion expected (Miss)Otis Worldwide Corp (OTIS): MIXEDEPS: $0.88 vs. $0.87 expected (Beat)Revenue: $3.4 billion vs. $3.46 billion expected (Miss)Thermo Fisher Scientific Inc (TMO): MIXEDAdj. EPS: $5.11 vs. $4.71 expected (Beat)Revenue: $10.1 billion vs. $10.17 billion expected (Miss)Hilton Worldwide Holdings Inc (HLT): BEATEPS: $1.53 vs. $1.42 expected (Beat)Revenue: $2.57 billion vs. $2.52 billion expected (Beat)Yesterday after the close Tesla MISSED on both the top and bottom lines, but the market fell in love with the idea of new more affordable models coming to market (and sooner than expected). The price is up 12.09% in pre-market trading. Visa and Texas Instrument also reported with Visa up 2.44% and Texas Instrument up 6.97% after beating. US major indices are trading mixed with Dow down marginally, the S&P and Nasdaq indices implying a higher open led by the Nasdaq index. Other key earnings to be released this week:Other key earnings this week:Wedsnesday after the close: Meta Platforms, IBM, Ford, Chipotle, ServiceNow, Lamb ResearchThursday: American Airlines, Caterpillar, Southwest, Bristol-Myers Squibb. After close Microsoft, Alphabet, Intel, Western Digital, T-Mobile, Gilead.Friday: Exxon Mobil, Chevron, Colgate-Palmolive.A snapshot of the other markets as the North American session begins currently shows.:Crude oil is trading down -$0.33 or -0.41% at $83.02. At this time yesterday, the price was at $81.30 Gold is trading down -$6.50 or -0.29% at $2314.95. At this time yesterday, the price was higher at $2300.41Silver is trading down -$0.20 or -0.74% at $27.08.. At this time yesterday, the price was at $26.94Bitcoin currently trades at $66,615. At this time yesterday, the price was trading at $66,051In the premarket, the US major indices are trading mostly higher. The major indices are on a two day one streak this week.:Dow Industrial Average futures are implying a gain of 8.31 points. Yesterday, the index rose 263.71 points or 0.69% at 38503.70.S&P futures are[…]

WTI Crude Oil Technical Analysis

Apr 24, 2024 | 05:04 am

Crude Oil fell below the key $83 support zone last week as the geopolitical risk faded. In fact, Israel eventually retaliated against Iran last Friday, but the attack was limited, and Iran downplayed the airstrikes leading to a general de-escalation. On the macro side, higher yields and the retreat in rate cuts expectations led to some weakening in demand, which was also seen yesterday in the US PMIs commentary. Looking forward, if we start to get more weak data, the market might continue to fall with the next target being the $78 price region. WTI Crude Oil Technical Analysis – Daily TimeframeOn the daily chart, we can see that Crude Oil broke below the key $83 support zone and the trendline and pulled back for a retest. This is where we can expect the sellers to step in with a defined risk above the red 21 moving average to position for a drop into the next major trendline around the $78 level. The buyers, on the other hand, will want to see the price rising back above the trendline to position for a rally into the $90 level. WTI Crude Oil Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have a downward trendline now which will act as resistance on the way up. This will add another layer of confluence for the sellers to pile in around these levels and position for a drop into the major trendline. The buyers, on the other hand, will want to see the price breaking above it to start targeting new highs. WTI Crude Oil Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that if we were to fall from these levels, the sellers will need to break below the strong $81 support to increase the bearish bets into new lows. The buyers, on the other hand, will likely step in at the support again to try another breakout to the upside. Upcoming EventsTomorrow we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

USD/JPY Analysis: Stability Around Intervention Levels - 24 April 2024

Apr 24, 2024 | 05:01 am

Despite daily Japanese warnings about the imminent date of intervention in the Forex currency markets to prevent further collapse of the Japanese yen exchange rate

USD/JPY: Simple trading tips for novice traders on April 24th (US session)

Apr 24, 2024 | 05:00 am

Trade analysis and advice on trading the Japanese yenIn line with our usual trading approach, there were no tests of the levels I indicated in the first half of the day near the annual maximum, which prevented entry into the market. Traders betting on the rise of the dollar are increasingly adhering to a strategy of buying on declines from good and solid levels, as only some believe in breaking the annual maximum and significant growth after that. I advise you to do the same, especially since there are no forthcoming statistics capable of leading to breakthroughs in maximums. Data on changes in US durable goods orders is expected, and that's about it. So, trading within the channel and buying on downward slips will be the most relevant option. As for the intraday strategy, I will rely more on scenario #2.Buy SignalScenario #1: Today, I plan to buy USD/JPY when the entry point reaches around 154.98 (green line on the chart), with the target of rising to the level of 155.15 (thicker green line on the chart). At around 155.15, I will exit purchases and open sales in the opposite direction (aiming for a movement of 30-35 pips in the opposite direction from the level). Counting on the pair's rise today will only work after very strong US statistics. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario #2: I also plan to buy USD/JPY today in case of two consecutive tests of the price at 154.87 when the MACD indicator is in the oversold zone. This will limit the downward potential of the pair and lead to a reversal of the market upwards. Expect a rise to the opposite levels of 154.98 and 155.15.Sell SignalScenario #1: I plan to sell USD/JPY today after updating the level of 154.87 (red line on the chart), which will lead to a rapid decline in the pair. The key target for sellers will be the level of 154.65, where I will exit sales and also immediately open purchases in the opposite direction (aiming for a movement of 20-25 points in the opposite direction from the level). Pressure on the pair will return in case of an unsuccessful breakout of the daily maximum. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decrease from it.Scenario #2: I also plan to sell USD/JPY today in case of two consecutive tests of the price at 154.98 when the MACD indicator is in the overbought zone. This will limit the upward potential of the pair and lead to a reversal of the market downwards. Expect a decline to the opposite levels of 154.87 and 154.65.On the Chart:Thin green line – entry price, at which the trading instrument can be bought. Thick green line – expected price, where you can place Take Profit or manually take profits, as further growth above this level is unlikely. Thin red line – entry price at which the trading instrument can be sold. Thick red line – expected price, where you can place Take Profit or manually take profits, as further decline below this level is unlikely. MACD indicator. When entering the market, it's important to follow overbought and oversold zones.Important. Beginner traders in the forex market should be very cautious when making decisions to enter the market. It's best to stay out of the market before important fundamental reports to avoid being caught in sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You need to place stop orders to lose your entire deposit quickly, especially if you do not use money management and trade with large volumes.Remember, for successful trading, you need to have a clear trading plan similar to the one presented above. Spontaneous trading decisions based on the current market situation are initially a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD Analysis: Upside Retracement Gains Face Threat - 24 April 2024

Apr 24, 2024 | 04:52 am

Since the start of trading this week, the EUR/USD Euro to US Dollar price has been on an upward retracement path.

GBP/USD: Simple trading tips for novice traders on April 24th (US session)

Apr 24, 2024 | 04:50 am

Trade analysis and advice on trading the British poundThe test of the price at 1.2423 in the first half came at a moment when the MACD indicator had descended significantly from the zero mark, limiting the further downward potential of the pair. For this reason, I did not sell. I couldn't wait for a retest of this price for scenario #2 to unfold. The absence of important statistics from the UK allowed the pound to hold at current levels and even partially offset the morning decline. Now attention should be turned to the report on changes in US durable goods orders, where weak indicators will allow pound buyers to regain all their positions and continue yesterday's trend. Strong data may harm the pair's upward potential. As for the intraday strategy, I will rely more on scenarios #1 and #2.Buy SignalScenario #1: Today, I plan to buy the pound when the entry point reaches around 1.2451 (green line on the chart) with the target of rising to the level of 1.2510 (thicker green line on the chart). At around 1.2510, I will exit purchases and open sales in the opposite direction (aiming for a movement of 30-35 points in the opposite direction from the level). Pound growth today can only be expected after weak US data within an upward correction. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it. Scenario #2: I also plan to buy the pound today in case of two consecutive tests of the price at 1.2421 when the MACD indicator is in the oversold zone. This will limit the downward potential of the pair and lead to a reversal of the market upwards. Expect a rise to the opposite levels of 1.2451 and 1.2510.Sell SignalScenario #1: I plan to sell the pound today after updating the level of 1.2421 (red line on the chart), which will lead to a rapid decline in the pair. The key target for sellers will be the level of 1.2364, where I will exit sales and immediately open purchases in the opposite direction (aiming for a movement of 20-25 points in the opposite direction from the level). Sellers will show themselves in case of a lack of activity from buyers after a slight upward correction and strong US data. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decrease from it.Scenario #2: I also plan to sell the pound today in case of two consecutive tests of the price at 1.2451 when the MACD indicator is in the overbought zone. This will limit the upward potential of the pair and lead to a reversal of the market downwards. Expect a decline to the opposite levels of 1.2421 and 1.2364.On the Chart:Thin green line – entry price, at which the trading instrument can be bought. Thick green line – expected price, where you can place Take Profit or manually take profits, as further growth above this level is unlikely. Thin red line – entry price, at which the trading instrument can be sold. Thick red line – expected price, where you can place Take Profit or manually take profits, as further decline below this level is unlikely. MACD indicator. When entering the market, it's important to follow overbought and oversold zones.Important. Beginner traders in the forex market should be very cautious when making decisions to enter the market. It's best to stay out of the market before important fundamental reports to avoid being caught in sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You need to place stop orders to lose your entire deposit quickly, especially if you do not use money management and trade with large volumes.And remember, for successful trading, you need to have a clear trading plan, similar to the one presented above. Spontaneous trading decisions based on the current market situation are initially a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD Analysis: Avoiding Further Collapse - 24 April 2024

Apr 24, 2024 | 04:33 am

Since yesterday's session, the British pound has been recovering against the euro and US dollar currencies, after data showed the strength of the economic recovery in April.

EUR/USD: Simple trading tips for novice traders on April 24th (US session)

Apr 24, 2024 | 04:32 am

Trade analysis and advice on trading the European currencyThere was no test of the levels I marked in the first half of the day. For this reason, it was not possible to find a suitable entry point into the market. Yes, the IFO data for Germany came out fairly good, allowing euro buyers to maintain their positions after a slight decline observed in the first half of the day. Now it's very important how traders will react to the US statistics, which, by the way, are not very significant, but positive dynamics in US durable goods orders may trigger a new euro sell-off in the second half of the day. Time will tell whether buyers can handle the pressure this time. As for the intraday strategy, I will rely more on scenarios #1 and#2.Buy SignalScenario #1: Today, I plan to buy euros when the price reaches around 1.0704 (green line on the chart), with the target of rising to the level of 1.0753. At 1.0753, I will exit the market and sell euros in the opposite direction, aiming for a movement of 30-35 points from the entry point. Euro growth today can only be expected after very weak US statistics. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just beginning to rise from it.Scenario #2: I also plan to buy euros today in case of two consecutive tests of the price at 1.0681 when the MACD indicator is in the oversold zone. This will limit the downward potential of the pair and lead to a reversal of the market upwards. Expect a rise to the opposite levels of 1.0704 and 1.0753.Sell SignalScenario #1: I will sell euros after reaching the level of 1.0681 (red line on the chart). The target will be the level of 1.0642, where I plan to exit the market and buy euros immediately in the opposite direction (aiming for a movement of 20-25 points in the opposite direction from the level). Pressure on the pair will return in case of inactivity of buyers near the daily maximum and strong US statistics. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decrease from it.Scenario #2: I also plan to sell euros today in case of two consecutive tests of the price at 1.0704 when the MACD indicator is in the overbought zone. This will limit the upward potential of the pair and lead to a reversal of the market downwards. Expect a decline to the opposite levels of 1.0681 and 1.0642.On the Chart:Thin green line – entry price, at which the trading instrument can be bought. Thick green line – expected price, where you can place Take Profit or manually take profits, as further growth above this level is unlikely. Thin red line – entry price at which the trading instrument can be sold. Thick red line – expected price, where you can place Take Profit or manually take profits, as further decline below this level is unlikely. MACD indicator. When entering the market, it's important to follow overbought and oversold zones.Important. Beginner traders in the forex market should be very cautious when making decisions to enter the market. It's best to stay out of the market before important fundamental reports to avoid being caught in sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You need to place stop orders to lose your entire deposit quickly, especially if you do not use money management and trade with large volumes.Remember, for successful trading, you need to have a clear trading plan similar to the one presented above. Spontaneous trading decisions based on the current market situation are initially a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD: trading plan for the US session on April 24th (analysis of morning deals). The pound retains hope

Apr 24, 2024 | 04:21 am

In my morning forecast, I focused on the level of 1.2423 and planned to make decisions based on it for market entry. Let's take a look at the 5-minute chart and analyze what happened there. The decline and the formation of a false breakout around 1.2423 led to a signal to buy the pound in continuation of yesterday's bullish trend. However, as you can see on the chart, a significant surge in the pair did not materialize. The technical picture remained unchanged for the second half of the day.For opening long positions on GBP/USD:In my forecast, I mentioned that in the absence of activity at 1.2423, it's better to refrain from buying. And that's exactly what happened: although bulls defended this range against the backdrop of the absence of important statistics, what to do next remains an open question. Ahead is only data on changes in the volume of durable goods orders in the US, so further pair decline is not ruled out - especially in the event of good statistics, which buyers of the dollar have been lacking lately. In the event of a pair decline, a lot will depend on the behavior of traders at the 1.2423 level, which has already been tested once today. Only a repeated false breakout there will provide a buying entry point with the aim of rising to the resistance at 1.2478, formed at the end of yesterday. A breakout and a test from top to bottom of this range will restore the chance for GBP/USD recovery, leading to new purchases and allowing it to reach 1.2532. If the pair breaks above this range, we can expect a surge towards 1.2575, where I plan to take profit. In the scenario of GBP/USD decline and the absence of buyers at 1.2423 in the second half of the day, which is more likely, sellers will regain control of the market, allowing for further significant pair decline along the trend. In this case, I'll look for purchases around 1.2383. The formation of a false breakout will be a suitable option for market entry. I plan to open long positions on GBP/USD immediately on the rebound from 1.2340 with the aim of a correction of 30-35 points within the day.For opening short positions on GBP/USD:Bears have every chance to continue the pair decline, but to do this, they need to break through 1.2423. If US data disappoints and we see an increase in GBP/USD, I'll postpone selling until testing resistance at 1.2478. A false breakout there will confirm the presence of major sellers in the market, leading to another decline in GBP/USD towards 1.2423. A breakout and a reverse test from the bottom to the top of this range will increase pressure on the pair, giving bears an advantage and another selling entry point with the aim of retesting 1.2383. The ultimate target will be at a minimum of 1.2340, where I'll take profit. In the scenario of a GBP/USD rise and the absence of bears at 1.2478 in the second half of the day, bulls will have the opportunity to continue the correction upwards towards the resistance at 1.2532. I'll also sell there only on a false breakout. In case of inactivity there as well, I recommend opening short positions on GBP/USD from 1.2575 with the expectation of a pair rebound downwards by 30-35 points within the day.In the COT report (Commitment of Traders) for April 16th, there was a sharp decrease in long positions and an increase in short positions. Pound buyers continue to leave the market, and there are objective reasons for this: recent inflation data from the UK and the US indicated the need for further action to combat rising prices, which will surely compel central banks to maintain a tough stance. Considering that the UK economy is suffering from all of this much more than the US economy, it's not surprising why pressure on the British pound has sharply increased. New statements from regulator representatives have also negatively affected the bullish prospects for the pound. Add to all this the need to maintain a tough stance by the Federal Reserve, and it's unlikely that we can expect a strong bullish market in the GBP/USD pair. The latest COT report states that long non-commercial positions decreased by 8,200 to 71,800, while short non-commercial positions increased by 11,433 to 63,181. As a result, the spread between long and short positions decreased by 1,334.Indicator Signals:Moving Averages:Trading is conducted below the 30 and 50-day moving averages, indicating a bearish market.Note: The author considers the period and prices of moving averages on the hourly H1 chart, which differs from the general definition of classic daily moving averages on the daily D1 chart.Bollinger Bands:In case of a decline, the lower boundary of the indicator will act as support around 1.2340.Description of Indicators:Moving average (determines the current trend by smoothing volatility and noise). Period 50. Marked on the chart in yellow.Moving average (determines the current trend by smoothing volatility and noise). Period 30. Marked on the chart in green.MACD indicator (Moving Average Convergence/Divergence). Fast EMA period 12. Slow EMA period 26. SMA period 9.Bollinger Bands. Period 20.Non-commercial traders - speculators, such as individual traders, hedge funds, and large institutions, use the futures market for speculative purposes and meet certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open positions of non-commercial traders.The total non-commercial net position is the difference between the short and long positions of non-commercial traders.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD: trading plan for the US session on April 24th (analysis of morning deals). The euro continues to buy around 1.0688

Apr 24, 2024 | 04:20 am

In my morning forecast, I pointed out the level of 1.0688 and planned to make decisions based on it for market entry. Let's take a look at the 5-minute chart and analyze what happened there. The decline and the formation of a false breakout led to a signal to buy euros. However, significant pair growth did not materialize, prompting an exit from the market and a review of the technical picture.For opening long positions on EUR/USD:The data released in the first half of the day from Germany managed to please traders, which allowed stopping the bearish market around 1.0688. However, as you can see on the chart, active buying following yesterday's trend has yet to occur and, most interestingly, is unlikely to happen. For a more active pair decline, good data on changes in the volume of durable goods orders in the US is required, although this indicator is unlikely to have a significant impact on the currency market. Given the current challenges faced by buyers, it's best to act as slowly as possible. In the event of further pair decline, the formation of a false breakout around 1.0666 would be suitable for purchases, with the aim of attempting growth to 1.0700 - the resistance formed during the first half of the day. However, only a breakout and a new downward movement within this range will strengthen the pair, with a chance of a surge towards 1.0726. The ultimate target will be at a maximum of 1.0754, where I'll take a profit. In the scenario of a further EUR/USD decline and lack of activity around 1.0666, just above the moving averages playing in favor of buyers, the pressure on the euro within the bearish trend will return. In this case, I'll enter the market only after the formation of a false breakout around the next support level of 1.0627 - the intermediate level. I plan to open long positions immediately on the rebound from 1.0601 with the aim of an ascending correction of 30–35 points within the day.For opening short positions on EUR/USD:Euro sellers have every chance for further pair declines. For this, it would be nice for them to demonstrate strength around 1.0700, the test of which may occur as part of buyers' efforts to regain control of the market even before the release of statistics. The formation of a false breakout would be an excellent scenario for entering short positions with the target of declining to around 1.0666. A breakout and consolidation below this range, together with a reverse test from bottom to top, will provide another selling point, with the pair moving towards 1.0627, which will bring back the bearish trend. I expect more active involvement from major buyers there. The ultimate target will be at a minimum of 1.0601, where I'll take a profit. In the event of an upward movement of EUR/USD in the second half of the day, as well as the absence of bears at 1.0700, which cannot be ruled out after weak US statistics, bulls will try to continue the correction. In this case, I'll postpone selling until testing the next resistance at 1.0726. I'll also sell there, but only after an unsuccessful consolidation. I plan to open short positions immediately on the rebound from 1.0754, with the aim of a downward correction of 30-35 points.In the COT report (Commitment of Traders) for April 16th, there was an increase in both long and short positions. Obviously, after the ECB meeting and the dovish tone of its policymakers, as well as after the latest inflation data in the US, which continued to rise, it's difficult to imagine that euro buyers will be active in the near future. Obviously, the higher the chances of the Federal Reserve maintaining a tough stance, the stronger the US dollar will become against a number of other world currencies. For this reason, I bet on further development of the bullish trend for the US dollar and a decline in the euro. The COT report indicates that non-commercial long positions increased by 3,493 to 178,912, while non-commercial short positions jumped by 23,992 to 166,688. As a result, the spread between long and short positions increased by 226.Indicator Signals:Moving Averages:Trading is carried out around the 30 and 50-day moving averages, indicating a sideways market.Note: The author considers the period and prices of moving averages on the hourly H1 chart, which differs from the general definition of classic daily moving averages on the daily D1 chart.Bollinger Bands:In case of a decline, the lower boundary of the indicator will act as support around 1.0685.Description of Indicators:Moving average (determines the current trend by smoothing volatility and noise). Period 50. Marked on the chart in yellow.Moving average (determines the current trend by smoothing volatility and noise). Period 30. Marked on the chart in green.MACD indicator (Moving Average Convergence/Divergence). Fast EMA period 12. Slow EMA period 26. SMA period 9.Bollinger Bands. Period 20.Non-commercial traders - speculators, such as individual traders, hedge funds, and large institutions, use the futures market for speculative purposes and meet certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open positions of non-commercial traders.The total non-commercial net position is the difference between the short and long positions of non-commercial traders.The material has been provided by InstaForex Company - www.instaforex.com

GBPJPY Technical Analysis

Apr 24, 2024 | 03:52 am

GBPThe BoE left interest rates unchanged as expected but with Haskel and Mann this time voting for a hold instead of a hike. The employment report missed expectations with a big jump in the unemployment rate although the wage growth increased.The UK CPI beat expectations with Services inflation remaining sticky, which continues to support the BoE’s patient stance.The latest UK PMIs showed the Services PMI beating expectations and the Manufacturing PMI missing forecasts and slipping back into contraction. The UK Retail Sales missed expectations across the board.The market expects the first rate cut in August.JPYThe BoJ finally exited the negative interest rates policy as expected at the last meeting raising interest rates by 10 bps bringing the rate to a target between 0.00-0.10%. Moreover, the central bank scrapped the yield curve control and the ETF purchases, while maintaining QE in place.The latest Unemployment Rate missed expectations although it continues to hover around cycle lows.The Japanese PMIs improved further for both the Manufacturing and Services measures although the former remains in contractionary territory.The latest Japanese wage data came in line with expectations.The Japanese CPI came in line with expectations.The market expects another rate hike from the BoJ this year although the timing remains uncertain.GBPJPY Technical Analysis – Daily TimeframeOn the daily chart, we can see that GBPJPY fell once again into the lower bound of the channel where the buyers piled in to push the price back into the highs. The pair continues to get rejected from the 193.00 resistance and this led to a rangebound price action. The buyers will need to break through the level to increase the bullish bets into new highs, while the sellers will look for a break below the lower bound of the channel to position for a drop into the 187.96 level. GBPJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more clearly the range between the 193.00 resistance and the 190.00 support. The market participants will likely continue to play the range by selling at resistance and buying at support until we get a catalyst to trigger a breakout on either side. GBPJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the latest push higher diverged with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it might be a signal for another reversal from the resistance into the support. The sellers should step in around these levels with a defined risk above the resistance to position for a break below the lower bound of the channel with a better risk to reward setup. The buyers, on the other hand, should wait to buy around the support. Upcoming EventsTomorrow we will see the latest US Jobless Claims figures. On Friday we conclude the week with the BoJ Rate Decision, the Tokyo CPI and later in the day, the US PCE report. This article was written by FL Contributors at www.forexlive.com.

Durable goods orders. USA, 14:30 (GMT+2)

Apr 24, 2024 | 03:30 am

At 14:30 (GMT+2) in the United States, March data on the volume of orders for durable goods with a service life of more than three years is due. The indicator is a leading indicator of industrial activity. The total volume of orders in March may adjust from 1.3% to 2.5%, and the core volume will be consolidated at 0.3%, supporting the American dollar. Read more

Retail sales. Canada, 14:30 (GMT+2)

Apr 24, 2024 | 03:30 am

At 14:30 (GMT+2), February data on retail sales will be presented in Canada. The indicator monthly records the volume of all goods retailers sold based on samples of stores of different types and sizes. It is an important indicator of consumer spending and affects gross domestic product (GDP). The rate may adjust from −0.3% to 0.1% in February, and the core value from 0.5% to 0.0%, supporting the Canadian dollar. Read more

Euro edges lower despite stronger German business confidence

Apr 24, 2024 | 03:19 am

The euro is slightly lower on Wednesday. In the European session, EUR/USD is trading at 1.0685, down 0.16%. Germany shows signs of optimism Germany’s Ifo Business Climate index rose to 89.4 in April, up from a revised 87.9 in March and above the market estimate of 88.9. The index is still in negative territory (100 […]

Gold Analysis: Gold Faces Profit-Taking - 24 April 2024

Apr 24, 2024 | 03:12 am

XAUUSD gold price fell below the $2320 level per ounce on Wednesday, under the influence of declining demand for safe-haven assets.

Nasdaq Composite Technical Analysis

Apr 24, 2024 | 02:45 am

Yesterday, the Nasdaq Composite extended the rally following the weaker than expected US PMIs. The commentary was a mixed bag though as there was good news on the inflation front but bad news on the labour market side. The market evidently focused on the fact that it reduced the chances of a more hawkish interest rates path for now which triggered a relief rally. Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Nasdaq Composite yesterday extended the rally and eventually closed the gap with the blue 8 moving average as the market came into better balance after the last week’s selloff. We can see that there’s also the 38.2% Fibonacci retracement level adding confluence to the moving average. This is where we can expect the sellers to step in with a defined risk above the Fibonacci level to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 15929 resistance.Nasdaq Composite Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the sellers will have an even better risk to reward setup around the 15929 resistance where they will find the confluence of the red 21 moving average and the 50% Fibonacci retracement level. The buyers will want to break above that resistance zone to increase the bullish bets into a new all-time high. Nasdaq Composite Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we now have a minor trendline defining the bullish momentum with the blue 8 moving average adding extra confluence. We can expect the buyers to lean on the trendline to keep bidding the market up into the 15929 resistance. The sellers, on the other hand, will want to see the price breaking below the trendline to increase the bearish bets into new lows. Upcoming EventsTomorrow we get the US Q1 GDP and the latest US Jobless Claims figures. On Friday, we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

Gold Technical: Is the bull run over after its worst daily decline in 2 years?

Apr 24, 2024 | 02:37 am

This is a follow-up analysis of our prior report, “Gold Technical: At risk of mean reversion corrective decline after 19% gain” published on 15 April 2024. Click here for a recap. The price actions of Gold (XAU/USD) have shaped the mean reversion decline after a test on the US$2,420 intermediate resistance. It tumbled by -2.7% […]

EUR/USD Forecast: Rangebound and Tight - 24 April 2024

Apr 24, 2024 | 02:13 am

The EUR/USD was all over the place during the early hours on Tuesday as we continued to consolidate in general.

USD/CAD Analysis: Sentiment Getting Tested as Known Values Reemerge - 24 April 2024

Apr 24, 2024 | 01:50 am

The USD/CAD is near the 1.36775 mark as of this writing, this after the currency pair has managed to sustain lower increments attained in early trading this morning.

USD/JPY Forecast: Dips are Opportunities - 24 April 2024

Apr 24, 2024 | 01:50 am

The US dollar continues to squeeze higher against the Japanese yen, as the interest rate differential continues to be a major driver.

NZD/USD Analysis: Slight Bounce Upwards but Lower Range Still Lingers - 24 April 2024

Apr 24, 2024 | 01:40 am

The currency pair has managed to produce upwards momentum since touching a low on Friday.

USD/NOK Forecast: US Dollar Pulls Back Against Norwegian Krone - 24 April 2024

Apr 24, 2024 | 01:24 am

The US dollar has pulled back a bit against the Norwegian krone during the early hours on Tuesdayץ

GBP/USD Forecast: Attempts to Turn the Trend - 24 April 2024

Apr 24, 2024 | 01:23 am

The British pound has rallied a bit during the Tuesday session as we are testing the crucial 1.24 level.

Copper Technical Analysis

Apr 24, 2024 | 01:22 am

Copper has been supported amid a global growth impulse in Q1 due to rate cuts expectations, more PBoC easing and stronger economic data. Yesterday, we got the first bad news as the US PMIs missed expectations by a big margin and the commentary was generally downbeat. Moreover, the recent repricing in interest rates with higher Treasury yields and the US Dollar, might have dampened the optimistic views and be the first signs of another slowdown. The next set of data in May will give us some better clarity. Copper Technical Analysis – Daily TimeframeOn the daily chart, we can see that Copper eventually broke through the key 4.35 level and extended the rally into a new cycle high at 4.57. From a risk management perspective, the buyers will have a much better risk to reward setup around the previous resistance turned support at the 4.35 level where they will also find the confluence of the red 21 moving average and the 38.2% Fibonacci retracement level. Alternatively, if the price were to break lower, they will find another good support around the trendline where there’s also the 61.8% Fibonacci retracement level for confluence. Copper Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price bounced on a minor trendline recently and it’s now finding some resistance around the red 21 moving average. If the price were to break below the trendline, the sellers will pile in to target a drop into the 4.35 level, and upon a further break lower, the major trendline around the 4.20 level. Copper Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price broke above another minor downward trendline that was defining the pullback into the trendline around the 4.41 level. The buyers piled in on a breakout to position for a rally into a new cycle high. If we were to get a pullback, we can expect the buyers to lean on the upward minor trendline where they will also find the confluence of the red 21 moving average and the 61.8% Fibonacci retracement level. Upcoming EventsTomorrow we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

Silver Forecast: Bounces after Plunge Lower - 24 April 2024

Apr 24, 2024 | 01:16 am

The silver market fell initially during the trading session on Tuesday but has seen enough buying to turn things around and let the market.

GBP/CHF Forecast: British Pound Recovers Against Swiss Franc - 24 April 2024

Apr 24, 2024 | 01:10 am

The British pound has rallied significantly during the course of the trading session on Tuesday to break above the 1.13 CHF level.

S&P 500 Forecast: Continues to Attempt a Recovery - 24 April 2024

Apr 24, 2024 | 01:01 am

The S&P 500 initially dipped a bit during the trading session on Tuesday, only to turn around and show signs of strength again.

Ethereum Forecast: Continues to Recover from Pullback - 24 April 2024

Apr 24, 2024 | 01:00 am

Ethereum rallied slightly during the early trading session on Tuesday, only to turn around and show signs of life again.

EUR/JPY Forex Signal: Euro Breaks Barrier Against the Japanese Yen - 24 April 2024

Apr 24, 2024 | 00:51 am

The euro rallied significantly during the trading session on Tuesday, to break above the ¥165 level.

EUR/USD Forex Signal: Break and Retest Pattern Points to a Reversal - 24 April 2024

Apr 24, 2024 | 00:32 am

The EUR/USD pair bounced back after the mixed European and US flash manufacturing and services activity data.

BTC/USD Forex Signal: Bitcoin Has Upside Amid a Risk-On Sentiment - 24 April 2024

Apr 24, 2024 | 00:10 am

Bitcoin price remained in a tight range on Wednesday morning even as the risk-on sentiment continued.

EURUSD Technical Analysis

Apr 24, 2024 | 00:10 am

USDThe Fed left interest rates unchanged as expected at the last meeting with basically no change to the statement. The Dot Plot still showed three rate cuts for 2024 and the economic projections were upgraded with growth and inflation higher and the unemployment rate lower.The US CPI beat expectations for the third consecutive month, while the US PPI came in line with forecasts.The US NFP beat expectations across the board although the average hourly earnings came in line with forecasts.The US PMIs missed expectations in April with the commentary citing lower inflationary pressures but also increased layoffs. The US Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures.The market expects the first rate cut in September. EURThe ECB left interest rates unchanged as expected and opened the door for a rate cut in June.The recent Eurozone CPI missed expectations.The labour market remains historically tight with the unemployment rate hovering at record lows.The latest Eurozone PMIs beat expectations on the Services side while the Manufacturing one missed dropping further in contraction.The market expects the ECB to cut rates in June. EURUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that EURUSD eventually pulled back to retest the 1.07 resistance zone where we can find the confluence of the 38.2% Fibonacci retracement level and the red 21 moving average. This is where we can expect the sellers to step in with a defined risk above the resistance to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the trendline around the 1.08 handle. EURUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the recent price action might have formed a bearish flag, although the price will need to break below the bottom trendline to confirm it. This should strengthen the resistance zone as we have also the top trendline adding extra confluence. The sellers will look for a drop into the bottom trendline targeting a break below it, while the buyers will want to see a breakout to the upside to invalidate the bearish setup and position for a rally into the 1.08 handle. EURUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the recent price action and we can notice that we have another important zone around the 1.0690 level where the price found both a resistance on the way up and a support on the way down. Moreover, there’s also the red 21 moving average acting as dynamic support. This is where the buyers might want to step in with a defined risk below the level to position for a breakout and a rally into the 1.08 handle. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the bottom trendline around the 1.0640 level. Upcoming EventsTomorrow we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. See the video below This article was written by FL Contributors at www.forexlive.com.

GBP/JPY Daily Outlook

Apr 24, 2024 | 00:07 am

Daily Pivots: (S1) 191.45; (P) 192.15; (R1) 193.47; More.. GBP/JPY is still bounded in range below 193.51 and intraday bias remains neutral. Further rally is expected with 189.97 support intact. On the upside, firm break of 193.51 will resume larger up trend to 195.86 long term resistance. Nevertheless, decisive break of 189.97 will indicate that […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

BTC/USD Forecast: Long Term Bulls - 24 April 2024

Apr 24, 2024 | 00:04 am

Bitcoin has gone back and forth during the early hours on Tuesday as we continue to see the market look somewhat consolidation based.

EUR/JPY Daily Outlook

Apr 24, 2024 | 00:03 am

Daily Pivots: (S1) 164.98; (P) 165.36; (R1) 166.09; More… Intraday bias in EUR/JPY remains on the upside for the moment. Current up trend should target 169.96 key resistance next. On the downside, break of 164.39 minor support will turn intraday bias neutral again first. But outlook will continue to stay bullish as long as 162.26 […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

EUR/GBP Daily Outlook

Apr 23, 2024 | 23:58 pm

Daily Pivots: (S1) 0.8578; (P) 0.8611; (R1) 0.8630; More… Intraday bias in EUR/GBP is turned neutral first with current retreat. On the upside, decisive break of medium term trend line resistance (now at 0.8649) will solidify the bullish case of trend reversal, and target 0.8764 resistance next. However, sustained break of 55 4H EMA (now […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

EUR/AUD Daily Outlook

Apr 23, 2024 | 23:55 pm

Daily Pivots: (S1) 1.6468; (P) 1.6516; (R1) 1.6545; More… Outlook is mixed up by deeper than expected fall from 1.6679. On the downside, firm break of 1.6368 support will revive that case that rebound from 1.6127 has completed at 1.6742. Fall from there is seen as the third leg of the pattern from 1.7062. Deeper […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

EUR/CHF Daily Outlook

Apr 23, 2024 | 23:52 pm

Daily Pivots: (S1) 0.9722; (P) 0.9741; (R1) 0.9780; More… The strong break of 55 4H EMA suggest that EUR/CHF’s pull back from 0.9847 has completed at 0.9563 already. Intraday bias is back on the upside for retesting 0.9847 high. Decisive break there will resume larger rally from 0.9252. On the downside, below 0.9708 minor support […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

AUD/USD Forex Signal: Forecast After the Australia Inflation Data

Apr 23, 2024 | 23:51 pm

The AUD/USD pair rose slightly on Wednesday morning after the closely watched Australian consumer inflation report.

GBP/USD Forex Signal: Pound Sterling’s Comeback Set to be Brief

Apr 23, 2024 | 23:44 pm

The GBP/USD exchange rate bounced back sharply after the strong UK flash composite PMI and a hawkish statement by Huw Pill, a senior Bank of England (BoE) official.

IFO business climate. Germany, 10:00 (GMT+2)

Apr 23, 2024 | 23:00 pm

At 10:00 (GMT+2), the April German business climate index from the Institute for Economic Research (IFO), based on a survey of managers of 7.0K enterprises in the manufacturing industry, construction sector, wholesale and retail trade, will be published. The value may increase from 87.8 points to 88.9 points, supporting the euro. Read more

Business expectations index. Germany, 10:00 (GMT+2)

Apr 23, 2024 | 23:00 pm

At 10:00 (GMT+2), the April business expectations index in Germany will be published, which measures business sentiment and business conditions in the country through a survey of representatives of 7.0K companies. A decrease is predicted from 87.5 points to 84.7 points, putting pressure on the euro. Read more

USDCHF Technical Analysis

Apr 23, 2024 | 22:57 pm

USDThe Fed left interest rates unchanged as expected at the last meeting with basically no change to the statement. The Dot Plot still showed three rate cuts for 2024 and the economic projections were upgraded with growth and inflation higher and the unemployment rate lower.The US CPI beat expectations for the third consecutive month, while the US PPI came in line with forecasts.The US NFP beat expectations across the board although the average hourly earnings came in line with forecasts.The US PMIs missed expectations in April with the commentary citing lower inflationary pressures but also increased layoffs. The US Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures.The market expects the first rate cut in September. CHFThe SNB cut interest rates by 25 bps bringing the policy rate to 1.50% vs. 1.75% prior.The latest Switzerland CPI missed expectations by a big margin.The Unemployment Rate remains steady at cycle lows.The Manufacturing PMI improved further while the Services PMI saw a big drop. Both the measures are in contraction.The market expects the SNB to cut rates again in June.USDCHF Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCHF has been consolidating around the key resistance at 0.9112. From a risk management perspective, the buyers will have a much better risk to reward setup around the trendline where they will also find the red 21 moving average and the 38.2% Fibonacci retracement level for confluence. The sellers, on the other hand, will want to see the price breaking lower to invalidate the bullish setup and increase the bearish bets into new lows.USDCHF Technical Analysis – 4-hour TimeframeOn the 4-hour chart, we can see more clearly the rangebound price action that has been going on for almost a month. The reason for this is that the market has already priced in the cuts for the SNB and the less dovish path for US interest rates. That means that we need a catalyst to change future expectations in some way. For now, the market will likely keep on bouncing between the 0.9075 support and the 0.9150 resistance until we get a breakout.USDCHF Technical Analysis – 1-hour TimeframeOn the 1-hour chart, we can see more closely the range with just one spike below it caused by the Israeli retaliation against Iran last Friday, which was faded as the market sniffed the de-escalation. So, we are back in trading inside the range with the market participants continuing to sell around the resistance and buy around the support. Upcoming EventsTomorrow we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

Consumer price index. New Zealand, 03:30 (GMT+2)

Apr 23, 2024 | 16:30 pm

At 03:30 (GMT+2), the Q1 consumer price index in New Zealand will be published – the main indicator of inflation in the country, reflecting changes in retail prices for a certain “basket” of goods and services: food, transport, utility costs, healthcare, and so on. It affects the Reserve Bank of New Zealand’s monetary policy decisions. The figure may rise from 0.6% to 0.8% QoQ and fall from 4.1% to 3.4% YoY. Read more

Trade balance. New Zealand, 00:45 (GMT+2)

Apr 23, 2024 | 14:00 pm

At 00:45 (GMT+2), New Zealand will publish March data on the trade balance – an indicator that records the difference between the amount of payments for exported and imported goods. The negative trend is likely to continue from the current –218.0M New Zealand dollars to –505.0M New Zealand dollars MoM, putting pressure on the national currency. Read more

USDCAD stretches to a key support target defined by a cluster of technical levels

Apr 23, 2024 | 12:03 pm

The USDCAD has followed the USD lower and in the process is now stretching to a key cluster of support defined by:A swing area between 1.3654 and 1.3668204 moving average on the four hour chart at 1.366550% midpoint of the April trading range at 1.36612That cluster between 1.36541 and 1.3668 is key for the short term barometer. Staying above is more bullish, moving below would increase the bearish bias. That fight will be resolved soon. Do you like USDCAD buying? This is the dip.Do you like USDCAD selling? Break below 1.3654 to increase the bearish bias. This article was written by Greg Michalowski at www.forexlive.com.

API weekly crude oil stock. USA, 22:30 (GMT+2)

Apr 23, 2024 | 11:30 am

At 22:30 (GMT+2), a weekly report on the amount of oil reserves, gasoline, and distillate volumes from the American Petroleum Institute (API) will be published. The last time, the statistics recorded a correction to 4.090M barrels of crude oil, and the trend continuation may put pressure on oil prices. Read more

USDJPY increases the 100 hour MA as a key downside support target

Apr 23, 2024 | 11:24 am

The USDJPY has two key level in play. ON the topside the 155.00 level is being touted at a level that the BOJ does not want to see the USDJPY move above. It may just be the "market" speaking, but there is chatter that the central bank also does not want the pair moving above that level. The central bank will meet at the end of the week. The other level in play is the 100 hour MA. That level has been tested on a number of bars in the US session and support buyers have entered near that level on dips, increasing the levels importance. That level comes in at 154.57 currently.The resistance there 155.00. Support near 154.57. The traders have their bookends to lean against, or buy or sell on a break above or below. This article was written by Greg Michalowski at www.forexlive.com.

EURUSD has a cap near the 38.2% retracement, but buyers are pushing.

Apr 23, 2024 | 09:50 am

The EURUSD of higher after the weaker US data today and in the process tested the 30.2% retracement of the April trading range. That level comes in at 1.0709. The high price reached 1.07107 just above the retracement level before rotating modestly to the downside.What next?For buyers, the 38.2% retracement is a key level to get to and through. If it can, the 100 bar moving average on a four hour chart and a swing area up to 1.0722 to 1.0732 is the next target that it broke it would increase the bullish bias.For sellers, the best case area would be to have the cap against the 38.2% retracement to continue to hold at 1.0709. If the price can then get and stay below 1.0694 (the February low) and then break below 1.0655 – 1.0675 swing area, the sellers would have successfully thwarted the buyers attempt to take back control.. This article was written by Greg Michalowski at www.forexlive.com.

US broader indices up over 1%. S&P up 1.01%. NASDAQ index up 1.43%

Apr 23, 2024 | 08:57 am

There are a slew of earnings scheduled to be released this week, including Alphabet, Meta Platforms, Tesla, Intel. Below is a list of the major earnings on the schedule:Key earnings this week:Tuesday: After the close :Tesla, Visa, Texas InstrumentsWednesday: Boeing, AT&T, General Dynamics, Boston Scientific. After the close: Meta Platforms, IBM, Ford, Chipotle, ServiceNow, Lamb ResearchThursday: American Airlines, Caterpillar, Southwest, Bristol-Myers Squibb. After close Microsoft, Alphabet, Intel, Western Digital, T-Mobile, Gilead.Friday: Exxon Mobil, Chevron, Colgate-Palmolive.Today, stocks are up for the second consecutive day helped by lower yields on a softer-less inflationary economy. S&P global manufacturing and service data came in weaker than expectations. The Richmond Fed manufacturing data was also on the weak/contractionary side. Yields are lower with the 5-year yield down around -3.7 basis points and the 10-year yield down -3.3 basis points.The combination has stocks moving higher for the second consecutive day. The S&P index is up 1.01%. The NASDAQ is up 1.44%.Technically, looking at the daily chart of the S&P index above, it fell below the 50% midpoint of the 2024 trading range on Friday at 4973.48. The price on Friday closed below that level at 4953.56 (Barash), but fell short of the 100-day MA (blue line on the chart above) currently at 4944.56.Yesterday the price rebounded, taking some of the pressure off of the downside in the process. The price bottomed for the day at 4969.40 before rebounding and closing above the 50% retracement level at 5010.59. Today the momentum has continued with the price moving back above the broken 38.2% retracement at 5042.24. That level is now a close risk for buyers looking for more upside. On the top side, the 50-day moving average comes in at 5119.28 and is the next upside target. The price is still a good distance away from that level with a high price today at only 5068.82.Looking at the NASDAQ and on the daily chart below, its price low did fall below its 100 day moving average last week. That was the first time since November 10 (see blue line at 15515.03). The price also fell below the 61.8% tracing of the 2024 trading range at 15264.98. Yesterday, the price bottomed right near that retracement level before moving higher. Today the price has moved above its 50% midpoint of the 2024 trading range at 15508.22, and also the 100-day moving average of 15515.01.Moving back above those two key technical levels has shifted the short-term bias to the upside. Traders looking for more upside would now not want to see the price move back below each of those technical levels (down to 15508.22). The next upside time comes at the broken 38.2 at 15751.45. Above that is the 50-day moving average at 16055.26.Need this say, the earnings this week will be key for both these broader indices. Buyers are trying to take that control at least in the short term, but they will need to hold technicals support to keep the upside probing in play. This article was written by Greg Michalowski at www.forexlive.com.

NZDUSD extends to the upside on the back of a lower dollar today

Apr 23, 2024 | 08:37 am

The NZDUSD has moved higher today on the back of weaker US data (lower USD), low yields, and risk-on sentiment from rising stocks. Technically, the price has been able to move above a swing area between 0.5933 and 0.59415 and the 38.2% retracement of the April 2024 trading range is 0.59396. Those levels are now close support. If the buyers are to take and keep control, they need to stay above those levels. On the top side, the 50% of the April trading range comes in at 0.5966. The 100-bar moving average on the 4-hour chart is just below that level at 0.5962. Those are the next key targets on further upside momentum. This article was written by Greg Michalowski at www.forexlive.com.

AUDUSD reacts to the weaker US data. Pair moves higher as yields move lower/stocks higher.

Apr 23, 2024 | 08:01 am

The AUDUSD buyer took the price higher after the weaker ISM flash data and Richmond Fed manufacturing data. The prehire has now taken the price above the 38.2% retracement of the move down from the April high to the April low. The level comes in at 0.6469 and is now close support. Staying above is more bullish. The price also moved away from a swing area between 0.6442 and 0.6455 . For buyers looking for more upside, that area is a more conservative risk.On the top side there is some tough resistance coming against the 100 bar moving average on the four hour chart and the 50% retracement of the April trading range. Both those levels come in at 0.65028. I would expect that there would be some selling against that level with stops on a break above.Stops moving to the upside are also helping the pair on risk-on flows. The NASDAQ and is now up 1.5% while the S&P index is up 1.15%. This article was written by Greg Michalowski at www.forexlive.com.

The USDCHF is not doing much in trading today, but the buyers are trying to take control.

Apr 23, 2024 | 06:39 am

The USDCHF price action is not doing much today. The price has been moving up and down and in the process, the price has been trading above and below the 100 and 200 hour MAs . However, in more recent trading in the US session, the 100-hour MA at 0.9112 has held support. Can the buyers keep control against the MA now?Watch the 0.9112 level for clues. Stay above is more bullish. This article was written by Greg Michalowski at www.forexlive.com.

Kickstart the FX trading day for April 23 w/a technical look at EURUSD, USDJPY and GBPUSD

Apr 23, 2024 | 06:07 am

In the kickstart video, I take a look at the three major currency pairs, the EURUSD, USDJPY and GBPUSD, and outline the technical levels in play.The EURUSD moved higher in training today but did find resistant sellers against the swing below going back to February 2024. That level was the old below for the year until a few weeks ago when broke. Staying below that level at 1.0694, keeps the sellers more in control.The USDJPY inched to a new 30+ year high reaching a 154.855. The 155.00 is considered a level that the Bank of Japan might look to intervene to slow the JPYs decline. Having said that, the 100-hour moving average below at 154.57 is not been tested. The current price trades at 154.82. It would take a move below the 100-hour moving average to increase bearish bias.Speaking of the 100-hour moving average, that moving average was tested in early US trading in the GBPUSD. That law comes at 1.2406. Going forward today, it would take a move above that level to give the buyers more confidence. Absent that, and the sellers are still in more control This article was written by Greg Michalowski at www.forexlive.com.

New home sales. USA, 16:00 (GMT+2)

Apr 23, 2024 | 05:00 am

At 16:00 (GMT+2), the US will publish March data on home sales on the primary market. The indicator records the number of new residential buildings sold during the past month and is one of the most important indicators of the American construction market. It may increase from 662.0K to 668.0K, supporting the American dollar. Read more

Manufacturing and service PMI. USA 15:45 (GMT+2)

Apr 23, 2024 | 04:45 am

At 15:45 (GMT+2), April data on business activity indices in the US industry and services sector will be published. The indicators reflect the state of business activity in the manufacturing and service industries based on a survey of purchasing and supply managers of leading enterprises while assessing the attitude of purchasing and supply managers to the current economic situation and prospects for further development. Manufacturing PMI may change from 51.9 points to 52.0 points and for the services PMI from 51.7 points to 52.0 points. Read more

USD/BRL Analysis: Move Lower After Long-Term Speculative Highs Tested

Apr 23, 2024 | 04:36 am

The USD/BRL ended yesterday’s trading near the 5.1667 ratio, which is a high price level for the currency pair still.

XAU/USD Gold Price Analysis Today: Gold Exposed to Profit-Taking Sales

Apr 23, 2024 | 04:13 am

Gold prices settled around $2300 per ounce (XAUUSD) on Tuesday's trading, hovering near their lowest levels in about three weeks as fears of a wider Middle East

USD/JPY Analysis: Prices Around 34-Year Highs

Apr 23, 2024 | 04:01 am

In a record-breaking upward trend, the USD/JPY surged to around the 154.85-yen resistance, hitting a 34-year low and prompting a senior official to issue fresh

GBP/USD Analysis: Price Breaks New Psychological Level

Apr 23, 2024 | 03:48 am

The pound sterling fell towards $1.23, reaching its lowest level since mid-November, as investors recalibrated their expectations for the timing of the Bank

EUR/USD Analysis: Will it Break the 1.05 Support Level Soon?

Apr 23, 2024 | 03:25 am

The EUR/USD is expected to trade higher this week, although the bigger picture is still one of weakness at the 1.05 psychological support level.

Building permits. USA, 14:00 (GMT+2)

Apr 23, 2024 | 03:00 am

At 14:00 (GMT+2), the US will publish data on the number of building permits issued. The indicator records monthly changes in the number of applications registered by the American government for the construction of real estate, being one of the most important sector indicators. The value may change from 1.524M to 1.458M, putting pressure on the American dollar. Read more

Manufacturing and service PMI. UK, 10:30 (GMT+2)

Apr 22, 2024 | 23:30 pm

At 10:30 (GMT+2), April data on business activity indices in the UK manufacturing and services sectors will be published. The indicators reflect the state of business activity in the national manufacturing and service industries based on a survey of purchasing and supply managers of leading national enterprises. At the same time, their attitude to the current economic situation and prospects for further development is assessed. The manufacturing PMI may consolidate at 50.3 points, services PMI may drop from 53.1 points to 53.0 points, and the composite PMI may increase from 52.8 points to 52.9 points. Read more

Manufacturing and service PMI. EU, 10:00 (GMT+2)

Apr 22, 2024 | 23:00 pm

At 10:00 (GMT+2), April data on business activity indices in the manufacturing and services sectors of the EU countries will be published. The indicators reflect the state of business activity in the manufacturing and service industries based on a survey of purchasing and supply managers of leading enterprises while assessing the attitude of purchasing and supply managers to the current economic situation and prospects for its further development. The manufacturing PMI may increase from 46.1 points to 46.5 points, the services PMI from 51.5 points to 51.8 points, and the composite PMI change from 50.3 points to 49.7 points. Read more

Manufacturing and service PMI. Germany, 09:30 (GMT+2)

Apr 22, 2024 | 22:30 pm

At 09:30 (GMT+2), April data on business activity indices in the manufacturing and service sectors of Germany will be published. The indicators reflect the state of business activity in the national manufacturing and service industries based on a survey of purchasing and supply managers of leading national enterprises while assessing the attitude of purchasing and supply managers to the current economic situation and prospects for further development. The manufacturing PMI may increase from 41.9 points to 42.8 points, the services PMI from 50.1 points to 50.6 points, and the composite PMI may change from 47.7 points to 47.0 points. Read more

Market Insights Podcast – BOJ, AU inflation, US PCE and US Magnificent 7 stocks earnings in the focus

Apr 22, 2024 | 18:29 pm

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. Firstly, Australia’s monthly CPI (March) out on Wednesday (24 Apr) is expected to come in at a similar annualized pace of 3.4% as printed in February, its lowest reading since November 2021. Another set of soft inflation […]

Manufacturing and service PMI. Japan, 02:30 (GMT+2)

Apr 22, 2024 | 15:30 pm

At 02:30 (GMT+2), April data on business activity indices in the manufacturing and service sectors of Japan will be published. They reflect the state of business activity in the manufacturing and service industries based on a survey of purchasing and supply managers of leading enterprises while assessing the attitude of purchasing and supply managers to the current economic situation and prospects for its further development. The manufacturing PMI may correct from 48.2 points to 48.0 points, and the services PMI from 54.1 points to 54.9 points. Read more

Consumer Confidence. EU, 16:00 (GMT+2)

Apr 22, 2024 | 05:00 am

At 16:00 (GMT+2), April data on the consumer confidence index will be published in the Eurozone. The indicator is calculated based on a survey of 2.3K households that evaluate the prospects for the economy. This is a leading indicator for consumer spending, its high values indicate consumer optimism, and vice versa. If in April the index continues its negative dynamics from the current -14.9 points, this will put pressure on the position of the European currency. Read more

SPX 500: How low can the correction go?

Apr 22, 2024 | 04:12 am

The S&P 500 has recorded three consecutive weekly losses since its recent all-time high level of 5,265 printed on 28 March 2024. Last week’s decline of -3.05% was its worst weekly performance since early March 2023. A clear break below its upward-sloping 50-day moving average put its medium-term uptrend phase in jeopardy. The current multi-week […]

Raw Materials Price Index. Canada, 14:30 (GMT+2)

Apr 22, 2024 | 03:30 am

At 14:30 (GMT+2), the March commodity price index will be published in Canada. Unlike the index of prices for manufactured goods, this indicator includes purchase items that are not produced in the country, and all costs incurred by the buyer of raw materials, including the goods themselves, transportation costs, net taxes paid, customs duties, are involved in its calculation. If the value continues to show negative dynamics from 2.1% MoM and from -4.7% YoY, this will act as a driver of the depreciation of the Canadian dollar. Read more

New Housing Price Index. Canada, 14:30 (GMT+2)

Apr 22, 2024 | 03:30 am

At 14:30 (GMT+2), the new housing price index for March will be published in Canada; it allows analyzing the state of the national real estate market and assessing the impact of dynamics on the economy as a whole. The value is likely to be fixed at 0.1%, pushing the Canadian dollar quotes to an uptrend. Read more

Industrial Orders Index from the Confederation of British Industrialists (CBI). UK, 12:00 (GMT+2)

Apr 22, 2024 | 01:00 am

At 12:00 (GMT+2), April data on the index of industrial orders from the Confederation of British Industrialists (CBI) will be published in the UK. It is calculated on the basis of a survey of representatives of leading British enterprises and is an important indicator of the state of British business. If the index continues its negative dynamics from the current -18.0 points, this may put pressure on the pound. Read more

Consumer Confidence. Turkey, 09:00 (GMT+2)

Apr 21, 2024 | 22:00 pm

At 09:00 (GMT+2), Turkey will publish April data on the consumer confidence index, reflecting the degree of confidence in the strength of the national economy. If the indicator continues its positive dynamics from the current 79.4 points, this may support the lira's position. Read more

Rightmove Group Ltd. House Price Index. UK, 08:00 (GMT+2)

Apr 21, 2024 | 21:00 pm

At 08:00 (GMT+2) in the UK, the house price index for April from the research company Rightmove Group Ltd. will be published, recording the change in the average cost of houses for sale. If it continues its negative dynamics from the current 0.8%, this may put pressure on the pound's position. Read more

Baker Hughes oil rig count. USA, 19:00 (GMT+2)

Apr 19, 2024 | 08:00 am

At 19:00 (GMT+2), data on the number of active oil rigs from Baker Hughes will be published. The weekly report records changes in the amount of oil production capacity in the United States. The number of towers was last down to 506 units, and a continuation of this trend could support oil prices. Read more

Euro edges higher, ECB eyes June cut

Apr 19, 2024 | 07:14 am

Euro recovers after dip The euro fell as much as 0.30% earlier but has recovered and edged higher. In the North American session, EUR/USD is trading at 1.0666, up 0.21%. The euro remains under pressure from the strong US dollar. Last week, EUR/USD fell 1.8% and dropped as low as 1.0601 this week, its lowest […]

USD/JPY jumpy as Japan’s core CPI eases

Apr 19, 2024 | 04:54 am

The Japanese yen showed some promise earlier, gaining as much as 0.48% against the US dollar as it rose to 153.59. However, it has pared those gains and is trading in Europe at 154.58, down 0.04%. Japan’s core CPI falls to 2.6% Japan’s nationwide CPI, which excludes fresh food, rose 2.6% y/y in March, down […]

GBP/USD edges higher after flat retail sales

Apr 19, 2024 | 02:35 am

The British pound dipped 0.30% earlier today but has managed to recover the losses. In the European session, GBP/USD is trading at 1.2451, up 0.12%. Retail sales misses estimate The UK release retail sales were flat in March, after a revised 0.1% gain in February and missing the market estimate of 0.3%. Fuel sales were […]

Producer price index. Germany, 08:00 (GMT+2)

Apr 18, 2024 | 21:00 pm

At 08:00 (GMT+2), Germany will publish the March producer price index, which is the main indicator of inflation in the country, reflecting the monthly change in prices for goods and services provided by producers, and has a significant impact on the decisions of regulators in the field of monetary policy. The figure is likely to adjust from –0.4% to 0.0% MoM and from –4.1% to –3.8% YoY, supporting the euro. Read more

Retail sales. UK, 08:00 (GMT+2)

Apr 18, 2024 | 21:00 pm

At 08:00 (GMT+2), March data on retail sales will be published in the UK. The indicator monthly records the volume of all goods sold by retailers, based on samples of retail stores of different types and sizes. It is an important indicator of consumer spending and has a significant impact on gross domestic product (GDP). The rate is expected to adjust from 0.0% to 0.3% MoM and from –0.4% to –0.7% YoY, while the core figure is likely to fall from 0.2% to −0.1% MoM and from −0.5% to −0.9% YoY, putting pressure on the pound. Read more

Nationwide Core Consumer Price Index. Japan, 01:30 (GMT+2)

Apr 18, 2024 | 14:30 pm

At 01:30 (GMT+2), the March national core consumer price index will be published, recording changes in the cost of goods and services, except food and energy. It is a key way to determine purchasing trends and inflation in Japan. It is expected to decline from 2.8% to 2.7% YoY. Read more

Consumer Confidence Index from GfK Group. UK, 01:01 (GMT+2)

Apr 18, 2024 | 14:01 pm

At 01:01 (GMT+2), data on the consumer confidence index from GfK Group will be published in the UK. The indicator evaluates the spending of the country’s residents, which is part of economic activity. The negative dynamics are expected to slow down from −21.0 points to −19.0 points, putting pressure on the pound. Read more

GBP/USD eyes retail sales

Apr 18, 2024 | 08:33 am

The British pound is having a quiet week and that trend has continued on Thursday . In the North American session, GBP/USD is trading at 1.2450, down 0.04%. Will UK retail sales improve? The UK release retail sales for March on Friday. The market forecast for March is 0.7% y/y after a decline of 0.4% […]

US, Japan express concern over Japanese yen

Apr 18, 2024 | 06:45 am

The Japanese yen is almost unchanged on Thursday. In the North American session, USD/JPY is trading at 154.44, up 0.03%. It’s a light data calendar today. US unemployment claims were unchanged at 212,000 and the Philly Fed Manufacturing index surged to 15.5 in April, up from 3.5 in March and crushing the market estimate of […]

Existing Home Sales. USA, 16:00 (GMT+2)

Apr 18, 2024 | 05:00 am

At 16:00 (GMT+2), March data on sales in the secondary housing market in the United States will be published, which reflect the number of existing residential buildings sold during the past month, and are one of the most important indicators of the construction market. The figure is expected to decrease from 4.38 million to 4.20 million. Read more

Australian dollar shrugs off soft job numbers

Apr 18, 2024 | 03:55 am

The Australian dollar is steady on Thursday. In the European session, AUD/USD is trading at 0.6442, up 0.12%. Australia’s employment declines Australia’s job growth hit the breaks in March and fell by 6,600. This missed the market estimate of a gain of 7,700 and follows a blowout gain of 116,500 in February. Still, the drop […]

Initial Jobless Claims. USA, 14:30 (GMT+2)

Apr 18, 2024 | 03:30 am

At 14:30 (GMT+2), data on Initial Jobless Claims in the USA will be released. The indicator measures the number of people who applied for unemployment benefits for the first time in the past week. These data are collected by the Department of Labor and published in a weekly report. Initial Jobless Claims indicator is used to measure the state of the labor market, since an increase in the indicator means that fewer people are hired. A correction is expected from 211.0 thousand to 214.0 thousand. Read more

Trade Balance. Switzerland, 08:00 (GMT+2)

Apr 17, 2024 | 21:00 pm

At 08:00 (GMT+2), March data on Trade Balance in Switzerland will be published. This indicator captures the difference between the amount of payments for exported and imported goods. The indicator is projected to decrease from the current 3.662 billion francs to 3.220 billion francs, which may put pressure on the exchange rate of the Swiss national currency. Read more

AUD/USD steadies ahead of employment data

Apr 17, 2024 | 08:34 am

The Australian dollar has stabilized on Wednesday, after a 2.2% decline over the past three days. In the North American session, AUD/USD is trading at 0.62254, up 0.37% but remains close to five-month lows. Australian job growth expected to slide Australia’s employment is expected to post a small gain of 7,200 in March after a […]

NZ dollar rebounds on sticky inflation report

Apr 17, 2024 | 07:16 am

The New Zealand dollar has bounced back with strong gains on Wednesday, ending a nasty slide of 3.4% which started last week. In the North American session, NZD/USD is trading at 0.5907, up 0.45%. New Zealand inflation falls less than expected New Zealand’s CPI continued to ease in the first quarter but the markets were […]

GBP/USD rises as UK inflation higher than expected

Apr 17, 2024 | 04:46 am

The British pound has rebounded after sliding 2.1% over the past week. In the European session, GBP/USD is trading at 1.2461, up 0.28%. UK inflation drops to 3.2% Inflation in the UK continues to decline but the March release was not as strong as expected. Inflation eased to 3.2% y/y, down from 3.4% in February […]

EUR/CHF Technical: Bullish exhaustion condition detected after 2-month of rallies

Apr 17, 2024 | 02:24 am

A bolder dovish ECB increases the likelihood of a yield premium shrinkage of Eurozone sovereign bonds over Switzerland sovereign bonds. The recent 2-month of rallies seen in the EUR/CHF have been overstretched with bearish momentum conditions flashed out. EUR/CHF is at risk of shaping a short-term mean reversion decline within a medium-term uptrend phase. Watch […]

NZ dollar slips ahead of New Zealand inflation

Apr 16, 2024 | 08:42 am

The New Zealand dollar is down for a third straight day and has plunged 3.4% in less than a week. In the North American session, NZD/USD is trading at 0.5881, down 0.36%. New Zealand inflation expected to fall to 4.3% New Zealand’s inflation rate has been dropping and the trend is expected to continue on […]

Canadian dollar extends losses as Canada’s inflation rises

Apr 16, 2024 | 07:16 am

The Canadian dollar is down for a fifth straight day and has slipped 1.9% during that time. In the North American session, USD/CAD is trading at 1.3840, up 0.37%. Canada’s inflation rises to 2.9% Canada’s inflation rate for March rose to 2.9% y/y, ticking up from 2.8% in February and above the market forecast of […]

Currency war and geopolitical risk are deadly concoctions for risk assets

Apr 16, 2024 | 04:00 am

The odds have inched higher for a currency war scenario where the Chinese yuan may be weakened further to drive export growth due to its latest decelerating growth trend in China’s retail sales and persistent weak housing prices. Export-oriented countries may be forced to enact “beggar-thy-neighbour” typed monetary policies to deliberately weaken their respective currencies. […]

GBP/USD dips after weak employment data

Apr 16, 2024 | 03:10 am

The British pound dropped 0.30% after today’s UK employment report but has recovered most of these losses. In the European session, GBP/USD is trading at 1.2452, up 0.05%. UK job growth slides, unemployment rises The UK employment report was weaker than expected. Job growth took a hard hit in the three months to February as […]

Private Area Login

POPULAR MT4 TOOLS

Forex Analysis, Reviews, Signals and Forecasts

The Latest Forex Analysis and Reviews: The Ultimate Resource for Technical and Fundamental Analysis, Forex Signals, and Forex Forecasts.