Forex Analysis, Reviews, Signals and Forecasts ☀️

AUD/USD Daily Report

Apr 22, 2024 | 22:24 pm

Daily Pivots: (S1) 0.6423; (P) 0.6439; (R1) 0.6465; More… AUD/USD’s recovery from 0.6361 continues today but stays below 0.6480 support turned resistance. Intraday bias remains neutral first. Upside is still expected to be limited by 0.6480 support turned resistance to bring another decline. On the downside, break of 0.6361 will resume the fall from 0.6870 […] The post AUD/USD Daily Report appeared first on Action Forex.

Forecast for USD/JPY on April 23, 2024

Apr 22, 2024 | 20:12 pm

USD/JPYEconomic reports from Japan should have supported the yen, but speculative investor sentiment towards carry trades and the dollar's local strength continue to pull the Japanese currency to new lows against the dollar. Yesterday, the price settled above the price channel line on the daily time frame and opened the nearest target at 155.80.To overcome such a trend, the Bank of Japan must intervene. They talked about it (at the central bank) when the pair was three figures lower. Perhaps the time has come. Or perhaps the pair may still reach the target of 155.80. The situation is extremely risky for the bulls. If the price consolidates below 154.25, the next target will be 151.95.A divergence is forming on the 4-hour chart. Simultaneously, with it, the signal line of the oscillator is turning down from the zero line. Perhaps this is a false reversal signal, as they have become more frequent in the last month, but eventually, but at some point the signal should turn out to be correct.The MACD indicator line has already come very close to the target level of 154.25, which is already a sign that the price may forcefully break through the reinforced support and fall further. Intervention could happen as soon as tomorrow. If it doesn't happen tomorrow, we will continue to wait for it in the coming days.The material has been provided by InstaForex Company - www.instaforex.com

Forecast for GBP/USD on April 23, 2024

Apr 22, 2024 | 20:12 pm

GBP/USDThe British pound worked through the target range of 1.2287-1.2307 yesterday and moved out of it, approaching the resistance level at 1.2370. However, we didn't expect the price to overcome the range on its first attempt; we were actually expecting a correction. The Marlin oscillator moved upward as a sign of support. However, Marlin is forming a shallow bottom, and its reversal looks more like a discharge, a release of tension before further decline.The optimal corrective level appears to be at 1.2427. Next, we expect a price reversal towards the lower line of the price channel below the level of 1.2200. On the 4-hour chart, the price is gathering strength to overcome the level of 1.2370. Consolidation above it opens up the target of 1.2427.This level is strong because it is supported by the approaching MACD line. From this level, we expect a bearish price reversal. The Marlin oscillator, with a transition to the positive territory, will help the price rise, but it has numerous resistance levels to deal with.The material has been provided by InstaForex Company - www.instaforex.com

Forecast for EUR/USD on April 23, 2024

Apr 22, 2024 | 20:12 pm

EUR/USDYesterday, the euro held the candle body in the range of 1.0636/56, and even closed the day slightly lower. However, the Marlin oscillator continued to rise on the daily chart, pulling the price towards leaving the range, presumably towards the level of 1.0696. Overcoming this resistance will allow the price to correct higher towards the target level of 1.0724, which is the April 2 low.But the signal line of the oscillator faces resistance, and it may turn downwards. If this happens, the euro will not rise above the intermediate level of 1.0696. On the 4-hour chart, the price moves above the upper boundary of the range at 1.0656 and will soon encounter resistance from the MACD indicator line (1.0671), which coincides with yesterday's high. This is the first resistance as the price makes its way towards 1.0696. The Marlin oscillator is moving down, almost horizontally, in a narrow channel. After such a pattern, the price is expected to move upwards. We're waiting for the correction to end.The material has been provided by InstaForex Company - www.instaforex.com

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 […]

Outlook for EUR/USD on April 23. Boring Monday went off without a hitch

Apr 22, 2024 | 18:11 pm

Analysis of EUR/USD 5M EUR/USD traded mostly sideways with low volatility on Monday. We have seen the same movement for six days now, so we have formed a channel that illustrates the current direction. It is moderately upward but very close to sideways. The euro has stopped falling, but no one expects the pair to drop every day. The fundamental and macroeconomic background still suggests that the dollar will rise, so we expect the euro to fall in any case.On Monday, European Central Bank President Christine Lagarde delivered a speech, but, as we warned you, she did not announce anything important. This is clearly evident in the pair's volatility, which was less than 40 pips. It is clear that if Lagarde had shared important information, the market reaction would have followed. Instead, we saw another "boring Monday", although in reality, the pair has been almost flat for a week now. Since yesterday the price reversed near the lower boundary of the channel, today it may move towards the upper boundary. However, we will remind you that price movements within a sideways channel are often random and unpredictable.Since volatility was low, it was difficult to expect strong signals during the day. The pair stayed within the 1.0646-1.0669 range throughout the European trading session, and it only managed to settle below this mark during the opening of the US session. However, the pair did not sharply fall as the price did not even fall by 15 pips. Therefore, the trade could be manually closed at breakeven closer to the evening when it became clear that the pair would no longer show any movement.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, EUR/USD resumed its downward trend but has remained in a flat pattern for a week now. Since expectations for a Fed rate cut in 2024 have significantly decreased, the US dollar can and should continue to rise for a couple more months at least. Especially in light of the upcoming European Central Bank rate cut in June. Practically all the factors suggest downward movement for the pair. The market needs to take a break for some time, but we do not expect upward movements to be stronger than the correction.On April 23, 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 (1.0745) and Kijun-sen (1.0646) lines. 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 Tuesday, Services and Manufacturing PMI data will be published in Germany, the European Union, and the United States. US indexes are less significant for the market than European ones because the United States has its own ISM indexes. Therefore, we only expect a market reaction in the morning if the actual values differ from the forecast by more than 0.2-0.3 points.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 23. The pound resumed its decline without delay

Apr 22, 2024 | 18:11 pm

Analysis of GBP/USD 5M GBP/USD unexpectedly fell on Monday. The British pound had been in a flat state for four months, and volatility has been particularly low for several months. However, the last two days have been out of the ordinary. The British currency sharply fell on Friday, when there was only the UK retail sales report among relatively important events, and also on Monday, when there was absolutely no news at all. Nevertheless, the pound's recent decline is the most logical movement of all that the market has ever seen. The pound has been trading very high for a long time considering the fundamental and macroeconomic background. Now it's time to "pay back debts". We believe that the British currency can and should continue to fall in almost any case. Even without news, reports, or central bank officials' speeches.After another week of the flat phase, the downtrend has resumed. As the market's confidence in a Fed rate cut diminishes, there is no reason to maintain a high demand for the pound. The Bank of England has plenty of reasons to lower its rate before the Federal Reserve decides to do so. Inflation in the US continues to rise. The first Fed rate cut may even happen in 2025.On Monday, we can only highlight two trading signals. First, the pair bounced off the level of 1.2349, and then it surpassed it. Unfortunately, the trading signals were not the best, but traders could still stay in short positions since Friday when the price breached the range of 1.2429-1.2445, marking the end of the weekly flat. It was not the most obvious decision, but the pound's decline on Monday was not something everyone could anticipate in advance. The buy signal did not bring profits, and the sell signal could only bring profit if the trade was manually closed during the US session.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 300-400 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. As a result, even the BoE may lower its key rate sooner, and this will weigh on the pound. Since the pair has breached the level of 1.2349, the pound may start a new downward movement on Tuesday, especially if there is a rebound from this level.As of April 23, 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 (1.2556) and Kijun-sen (1.2391) 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 Tuesday, Services and Manufacturing PMI data will be published in the UK and the US. British reports are more important, but the values of these reports must differ from forecasts for the market to react.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

BTC/USD Forecast: Bitcoin Likely to Continue Consolidating for a While - 23 April 2024

Apr 22, 2024 | 18:00 pm

Bitcoin continues to power higher during the Monday session as it looks like we are willing to step in and continue the overall consolidation.

USD/JPY Forecast: Greenback Continues to Punish the Yen - 23 April 2024

Apr 22, 2024 | 18:00 pm

The US dollar continues to pressure the yen to the upside and as I look at the chart, it's easy to see that the market has shown itself to be very resilient.

S&P 500 Forecast: S&P 500 Continues to Look for Floor - 23 April 2024

Apr 22, 2024 | 18:00 pm

The S&P 500 has shown itself to be somewhat bullish to kick off the week and that does make a certain amount of sense considering just how sold off we had gotten.

NASDAQ 100 Forecast: Looking for Buyers - 23 April 2024

Apr 22, 2024 | 18:00 pm

The Nasdaq 100 rallied a bit during the early hours on Monday, as it looks like we are trying to bounce a bit from the massive sell-off that we had seen previously.

Gold Forecast: Gold Market Gets Crushed - 23 April 2024

Apr 22, 2024 | 18:00 pm

Gold has fallen rather significantly during the course of the trading session on Monday, as it looks like we are going to perhaps take a bit of a breather in the uptrend.

Less reason to expect the dollar to weaken

Apr 22, 2024 | 16:00 pm

The net long USD position increased by $7.8 billion to $25.5 billion over the reporting week, hitting a 5-year high. Speculative positioning remains firmly bearish, with no signs of slowing down. The euro suffered the greatest losses, losing $2.8 billion, along with the Canadian dollar and the British pound.Market repositioning is linked to revisions of forecasts for the first Federal Reserve rate cut and the prospect of heightened geopolitical escalation. US retail sales have been strong, and some of the apparent slowdown in January and February has been corrected, making the assumption that strong US consumer activity and signs of resilient inflation are keeping interest rates from falling for the foreseeable future relevant again.Federal Reserve Chair Powell supported the recent price action in the U.S. interest rate market, saying that the latest string of inflation reports show "lack of progress" and adds that "it's appropriate to allow restrictive policy further time to work. We have time to let the incoming data guide our decisions on policy."The first estimate of the US GDP for the first quarter will be released on Thursday. It is expected to be around 2.25% y/y or slightly higher, with the Atlanta Fed's GDPNow model forecasting 2.9%, which is above consensus.The situation looks pretty clear. The Fed's task was to contain inflation by limiting economic activity, but there are no results yet – inflation is trying to accelerate, just like the economy. Therefore, there is no basis for expecting interest rate cuts, which inevitably raises yields. Last week, 10-year U.S. Treasuries briefly hit 4.695%, the highest since November, and CME futures see the first rate cut in September and no more than two cuts this year.We expect that the corrective phase in the dollar index will be short-lived, and after a pause, the US dollar will broadly show strength in the currency market. There are hardly any grounds to expect a reversal.The material has been provided by InstaForex Company - www.instaforex.com

The dollar is armed

Apr 22, 2024 | 15:55 pm

Highest yields and demand for safe haven assets. These are the two key ingredients for a stronger USD in 2024. At the beginning of the year, few believed that the USD index could rise. By the end of April, only a few bears are sticking to their forecasts. For instance, Bank of America predicts the EUR/USD will stabilize at 1.07 in the second quarter, before appreciating to 1.10 in the third quarter and 1.12 in the fourth quarter. They say that the European Central Bank's anticipated rate cuts are factored into current pricing.However, BofA also said that further delays in Federal Reserve rate cuts might push EUR/USD below 1.05 or even towards parity. On the contrary, if inflation might remain elevated globally, it will put major central banks on pause and put pressure on the US dollar. Allow me to disagree with this.Dynamics of major world currencies against the US dollarThe American economy stands above all others. The IMF revised its forecast for 2024 U.S. growth to 2.7%, which is twice as fast as its closest competitor in the G7. The US is capable of withstanding high interest rates. Can others do the same? I highly doubt it. The longer borrowing costs remain at a high level, the higher the risks of recession in the eurozone or Britain. It's not surprising that members of the Governing Council are talking about the need to ease the European Central Bank's monetary policy in June. Failure to do so in time could cause irreparable damage to their own economies.The resilience of the US GDP is due to higher productivity, artificial intelligence technologies, migration, and a free fiscal policy. Bloomberg respondents see gross domestic product expanding by 2.4% on average in 2024. The figure looks understated compared to the Atlanta Fed GDPNow Estimate of +2.9%. Not to mention Goldman Sachs' forecast of +3.1%.A strong economy cannot have low inflation and low interest rates. The rally in Treasury bond yields is the US dollar's guiding star in 2024. And it risks continuing as the market increasingly talks about the Fed possibly resuming its monetary tightening cycle.Dynamics of the dollar and US bond yieldsAccording to the dollar smile theory, the greenback outperforms when things are either going very well or very badly in the United States. Currently, the EUR/USD bears are benefiting from American exceptionalism. But if the Fed's rival central banks keep rates unchanged for a long time, the USD index will take on increased risks of a recession in the global economy.Technically, on the daily chart, the fact that the bulls can't win back the pin bar and stay above the lower boundary of the fair value range of 1.0655-1.0945 were the first signs of their weakness. The market is returning to a downtrend, and in such conditions, traders should consider selling towards 1.05.The material has been provided by InstaForex Company - www.instaforex.com

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

GBP/USD: Simple trading tips for novice traders on April 22nd (US session)

Apr 22, 2024 | 10:22 am

Analysis of Trades and Trading Advice on the British PoundThe test of the price at 1.2371 in the first half coincided with the moment when the MACD indicator started moving down from the zero mark, confirming the correct entry point for selling the pound further along the downtrend, which resumed at the end of last week. As a result, the pair fell to 1.2328 - the target support level, allowing them to pull approximately 50 points of profit from the market. News that the UK economy may face serious problems in the second quarter of this year continues to negatively impact pound buyers, discouraging them from entering the market. Unfortunately, there are again no US statistics in the second half of the day and no planned speeches by Fed representatives, which may keep trading within a downtrend with a significant advantage for pound sellers. 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 1.2344 (green line) with a growth target of 1.2386 (thicker green line on the chart). At 1.2386, I will exit the purchases and open sales in the opposite direction (expecting a movement of 30-35 points in the opposite direction from the level). Today, the pound's rise can only be expected within an ascending correction after the market finds the bottom. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting its growth from it.Scenario #2: I also plan to buy the pound today in case of two consecutive tests of the price at 1.2309, at a moment when the MACD indicator is in the oversold zone. This will limit the downside potential of the pair and lead to a reverse market turnaround upwards. We can expect growth towards the opposite levels of 1.2344 and 1.2386.Sell SignalScenario #1: Today, I plan to sell the pound after updating the level of 1.2309 (red line on the chart), leading to a rapid decline in the pair. The key target for sellers will be the level of 1.2265, where I will exit sales and immediately open purchases in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Sellers will show themselves after a slight upward correction if buyer activity is lacking. Important! Before selling, ensure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario #2: I also plan to sell the pound today in case of two consecutive tests of the price at 1.2344, at a moment when the MACD indicator is in the overbought zone. This will limit the upside potential of the pair and lead to a reverse market turnaround downwards. We can expect a decline towards the opposite levels of 1.2309 and 1.2265.On the Chart:Thin green line - entry price, at which you can buy the trading instrument;Thick green line - the anticipated price where you can place Take Profit or independently close the profit, as further growth above this level is unlikely; Thin red line - entry price, at which you can sell the trading instrument; Thick red line - the anticipated price where you can place Take Profit or independently close the profit, as further decline below this level is unlikely; MACD indicator. You must guide yourself by the overbought and oversold zones when entering the market.Important. Beginner traders in the Forex market must be very cautious when deciding to enter the market. It is best to stay out of the market before the release of 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 can quickly lose your deposit without placing stop orders, especially if you do not use money management and trade in large volumes. Remember that for successful trading, you need to have a clear trading plan similar to the one I have presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD: Simple trading tips for novice traders on April 22nd (US session)

Apr 22, 2024 | 10:05 am

Analysis of Deals and Trading Advice on the European CurrencyThe test of the price at 1.0660 in the first half of the day occurred when the MACD indicator started moving down from the zero mark, confirming the sell signal for the euro. As a result, the pair dropped by more than 20 points, constituting a significant portion of intraday volatility. The absence of statistics on the eurozone kept trading within the channel, which currently doesn't give an advantage to either side. Unfortunately, there is no data in the second half of the day, and there are no scheduled speeches by Fed representatives, which may keep trading within a sideways channel with a slight advantage for buyers, as bears may quickly lose steam. As for the intraday strategy, I will rely more on scenarios #1 and #2.Buy SignalScenario #1: I plan to buy the euro when the price reaches around 1.0657 (green line on the chart) with a growth target of 1.0685. At 1.0685, I will exit the market and sell the euro in the opposite direction, expecting a movement of 30-35 points from the entry point. Today, the rise in the euro can only be expected with a small upward correction. Important! Before buying, ensure that the MACD indicator is above the zero mark and is just starting its upward movement from it.Scenario #2: I also plan to buy the euro today in case of two consecutive tests of the price at 1.0639, at a moment when the MACD indicator is in the oversold zone. This will limit the downside potential of the pair and lead to an upward reverse market turnaround. We can expect growth towards the opposite levels of 1.0657 and 1.0685.Sell SignalScenario #1: I will sell the euro after reaching 1.0639 (red line on the chart). The target will be the level of 1.0611, where I plan to exit the market and buy the euro immediately in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Pressure on the pair will return in case of a lack of buyer activity around the daily minimum. Important! Before selling, ensure that the MACD indicator is below the zero mark and is just starting its downward movement from it.Scenario #2: I also plan to sell the euro today in case of two consecutive tests of the price at 1.0657, at a moment when the MACD indicator is in the overbought zone. This will limit the upside potential of the pair and lead to a reverse market turnaround downwards. We can expect a decline towards the opposite levels of 1.0639 and 1.0611.On the Chart:Thin green line - entry price, at which you can buy the trading instrument;Thick green line - the anticipated price where you can place Take Profit or independently close the profit, as further growth above this level is unlikely; Thin red line - entry price, at which you can sell the trading instrument; Thick red line - the anticipated price where you can place Take Profit or independently close the profit, as further decline below this level is unlikely; MACD indicator. When entering the market, you must guide yourself by the overbought and oversold zones.Important. Beginner traders in the Forex market need to be very cautious when deciding to enter the market. It is best to stay out of the market before the release of 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 can quickly lose your deposit without placing stop orders, especially if you do not use money management and trade in large volumes. Remember that for successful trading, you need to have a clear trading plan similar to the one I have presented above. Spontaneous trading decisions based on the current market situation are inherently 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 22nd (analysis of morning deals). The pound continues to fall

Apr 22, 2024 | 09:37 am

In my morning forecast, I paid attention to the 1.2340 level and planned to make decisions on entering the market from it. Let's look at the 5-minute chart and figure out what happened there. The 1.2340 breakout occurred without a reverse test, so I was unable to get a suitable entry point into short positions there during the pair's decline. In the afternoon, the technical picture was revised.To open long positions on GBP/USD, it is required:The pound continues to experience problems, as talks about interest rates, which took a slightly different turn at the end of last week, do not give traders peace of mind. The theory that the Bank of England can further harm the economy through high borrowing costs is not unfounded, especially given the latest data on retail sales in the UK. So it is not surprising why the pound returned to the fall, continuing the April bear market. Given that we do not have any statistics on the US ahead, most likely, the pressure on the pair will remain, so be very careful with long positions against the trend. Much will depend on the behavior of traders at the level of 1.2304, where only the formation of a false breakdown will give an entry point to buy in order to grow to the resistance of 1.2346, formed at the end of the first half of the day. A breakout and a top-down test of this range will return the chance of a GBP/USD recovery, which will lead to new purchases and allow you to get to 1.2388. There are moving averages that play on the sellers' side. In the case of an exit above this range, we can talk about a breakthrough to 1.2435, where I'm going to fix profits. In the scenario of a fall in GBP/USD and the absence of buyers at 1.2304 in the afternoon, sellers will have the opportunity to continue a major drop in the pair further along the trend. In this case, I will look for purchases in the area of 1.2265. The formation of a false breakdown there will be a suitable option for entering the market. It is possible to open long positions on GBP/USD immediately on a rebound from 1.2190 in order to correct 30-35 points within a day.To open short positions on GBP/USD, you need:The bears have every chance to continue the pair's decline. To do this, you need to protect the new resistance of 1.2346, where the formation of a false breakdown will make sure that large sellers are present in the market, which will lead to a further fall in GBP/USD and an excellent entry point into short positions. The target will be the nearest resistance of 1.2304, which is very little left before the test. A breakout and a reverse test from the bottom up of this range will increase the pressure on the pair, giving the bears an advantage and another entry point to sell with the aim of updating 1.2265. A longer-range target will be a minimum of 1.2190, where I will record profits. With the option of GBP/USD growth and the absence of bears at 1.2346 in the afternoon, which is unlikely, the bulls will have the opportunity to build a small correction at the beginning of the week with an upward movement to the resistance area of 1.2388, where the moving averages are located. I will also sell there only on a false breakout. In the absence of activity there, I recommend opening short positions on GBP/USD from 1.2435 in anticipation of the pair's downward rebound by 30-35 points within the day.The COT report (Commitment of Traders) for April 9 showed a sharp reduction in both long and short positions. Pound buyers exited the market faster than sellers, and there are objective reasons for this: the first and main reason is the high inflationary pressure in the US, which will maintain demand for the dollar, exerting serious pressure on risky assets, including the British pound. The second reason is the soft policy of the Bank of England, which has yet to go anywhere. New statements from the regulator's representatives may negatively affect the bullish prospects for the pound, especially after the clear position of the ECB last week, which consisted of reducing rates in the eurozone as early as this summer. In addition to all this, the Federal Reserve needs to maintain a tough stance, and it is hardly worth counting on a strong bullish market in the GBP/USD pair. The latest COT report states that non-commercial long positions decreased by 18,352 to 80,000, while non-commercial short positions decreased by 3,190 to 51,748. As a result, the spread between long and short positions increased by 1,704.Indicator Signals:Moving AveragesTrading is conducted below the 30 and 50-day moving averages, indicating a bearish market.Note: The period and prices of moving averages considered by the author are on the hourly chart H1 and differ from the general definition of classical daily moving averages on the daily chart D1.Bollinger BandsIn case of a decline, the lower boundary of the indicator, around 1.2340, will act as support.Description of Indicators:Moving average (determines the current trend by smoothing volatility and noise). Period - 50. Marked in yellow on the chart;Moving average (determines the current trend by smoothing volatility and noise). Period - 30. Marked in green on the chart;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 using the futures market for speculative purposes and meeting certain requirements;Long non-commercial positions represent the total long open positions 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 non-commercial traders' short and long positions.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within

Apr 22, 2024 | 09:23 am

In my morning forecast, I drew attention to the level of 1.0645 and planned to make decisions regarding market entry based on it. Let's look at the 5-minute chart and figure out what happened there. There was a decline, but a false breakout did not occur because the pair didn't test this level by a couple of points. The technical picture remained unchanged for the second half of the day.For opening long positions on EUR/USD, the following is required:Due to the lack of important statistics for the eurozone and low volatility, suitable entry points into the market were not found. The second half of the day promises to be the same, as there are no scheduled US data releases, and the economic calendar is empty. There are also no speeches by Federal Reserve representatives, which will certainly affect traders' actions without new guidelines. As for intraday trading, I intend to rely on the morning plan. A false breakout formation around 1.10645 would be suitable for purchases, expecting another attempt to rise to 1.0688, which failed in the first half of the day. A breakout and update above this range will strengthen the pair with a chance to surge to 1.0726. The ultimate target will be a maximum of 1.0754, where I will take profit. In the case of a decline in EUR/USD and lack of activity around 1.0645, where the moving averages favoring buyers are slightly above, pressure on the euro within the bearish trend will return. In such a case, I will enter the market only after a false breakout formation around the next support at 1.0605 - the monthly low. I plan to open long positions immediately on a rebound from 1.0569 with a target of a 30-35 point upward correction within the day.For opening short positions on EUR/USD, the following is required:Despite the lack of activity around 1.0645, euro sellers still have a good chance of further decline. For this, it would be nice for them to regain control over 1.0645. Still, a false breakout formation around the resistance at 1.0688 would also be a perfect scenario for entering short positions. A breakout and consolidation below 1.0645 and a reverse test from bottom to top will provide another selling point with the pair's movement towards 1.0605, returning the bearish trend. There, I expect more active involvement of large buyers. The ultimate target will be a minimum of 1.0569, where I will take profit. In case of upward movement of EUR/USD in the second half of the day, and also in the absence of bears at 1.0688, which is unlikely, bulls will try to continue the correction. In such a scenario, I will postpone sales until testing the next resistance at 1.0726. I will also sell there, but only after an unsuccessful consolidation. I plan to open short positions immediately on a rebound from 1.0754 with a 30-35 point downward correction target.In the COT report (Commitment of Traders) for April 9, there was a reduction in both long and short positions. The European Central Bank meeting, the soft tone of policymakers, and the significant drop in the euro that followed indicate the problems that risk asset buyers are facing and will continue to face. Considering that the position of the Federal Reserve will remain tight for a longer period, there is no expectation of a return of demand for the euro. For this reason, I rely 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 fell by 12,839 to 175,419, while non-commercial short positions decreased by 28,768 to 142,696. As a result, the spread between long and short positions increased by 1,451.Indicator Signals:Moving AveragesTrading is conducted around the 30 and 50-day moving averages, indicating a sideways market.Note: The period and prices of moving averages considered by the author are on the hourly chart H1 and differ from the general definition of classical daily moving averages on the daily chart D1.Bollinger BandsIn case of a decline, the lower boundary of the indicator, around 1.0645, will act as support.Description of Indicators:Moving Average (determines the current trend by smoothing volatility and noise). Period 50. Marked in yellow on the chart.Moving Average (determines the current trend by smoothing volatility and noise). Period 30. Marked in green on the chart.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 using the futures market for speculative purposes and meeting certain requirements.Long non-commercial positions represent the total long open positions 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 non-commercial traders' short and long positions.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD. April 22nd. Christine Lagarde's speech will set the tone for the week

Apr 22, 2024 | 08:51 am

On Friday, the EUR/USD pair rebounded from the corrective level at 127.2%-1.0619, favoring the European currency and initiating a new upward movement towards the Fibonacci level of 100.0% at 1.0696. Looking closely, throughout last week, traders were engaged in a tug-of-war between the levels of 1.0619 and 1.0696. Thus, at the moment, we observe a new sideways movement. Consolidation of quotes above the level of 1.0696 will work in favor of the euro and continue the upward movement towards the corrective level of 76.4% at 1.0764. The wave situation remains unchanged. The last completed upward wave failed to break the peak of the previous wave (from March 21), and the last downward wave broke the last low (from April 2). Thus, we are dealing with a "bearish" trend, and at the moment, there is no sign of its completion. For such a sign to appear, a new upward wave must break the peak of the previous wave (from April 9). Or the next downward wave (which has yet to start) fails to break the last low from April 16.The news background on Friday was very weak. Throughout the current week, bear traders havestill need to received the necessary information to continue selling the euro. The problem lies in the strong level of 1.0619. It acts as a psychological level for traders, below which bears will gain even greater dominance than they have now. Thus, even speeches by Jerome Powell, several of his colleagues, and several ECB Monetary Policy Committee members did not help the dollar continue its upward movement. Several times,, bears triedunsuccessfully to break through the level of 1.061uccessful. Nevertheless, the news background can still be considered "bearish." The question is only when the level of 1.0619 will be broken. Bulls currently have nothing to oppose, as the Fed will not ease monetary policy even in June. And when the first interest rate cut will occur now is unknown.On the 4-hour chart, the pair fell to the corrective level at 23.6%-1.0644 and consolidated below it. However, two "bullish" divergences on the CCI indicator and the RSI indicator falling below 20 worked in favor of the euro and initiated growth towards the corrective level at 38.2%-1.0765. Consolidation of quotes below the level of 1.0644 again allows counting on a decline towards the corrective level of 0.0%-1.0450. The trend remains "bearish."Commitments of Traders (COT) Report:During the last reporting week, speculators opened 3493 long contracts and 23992 short contracts. The sentiment of the "Non-commercial" group remains "bullish" but continues to weaken rapidly. The total number of long contracts held by speculators now stands at 179 thousand, while short contracts amount to 167 thousand. The situation will continue to change in favor of bears. The second column shows that the number of short positions has increased from 92 thousand to 167 thousand over the past three months. Over the same period, long positions decreased from 211 thousand to 179 thousand. Bulls have dominated the market for too long, and now they need a strong news background to resume the "bullish" trend. However, the news background has only been supporting bears lately. The European currency could have lost many more positions over the past weeks.News Calendar for the US and EU:EU – Speech by ECB President Christine Lagarde (15:30 UTC).On April 22, the economic events calendar contains only one entry, but an important one. The influence of the news background on traders' sentiment today may be moderate in strength but only in the second half of the day.Forecast for EUR/USD and Trader Advice:Sales of the pair are possible today upon consolidation below the level of 1.0619 on the hourly chart, with targets at 1.0519. Or upon a rebound from the level of 1.0696 with a target of 1.0619. Purchases of the euro were possible on Friday upon a rebound from the level of 1.0619 on the hourly chart with a target of 1.0696. Currently, they can be held.The material has been provided by InstaForex Company - www.instaforex.com

Cable sinks to a five-month low. What's next

Apr 22, 2024 | 07:34 am

Cable carved out a range from roughly 1.25-1.28 from December to early March in what was a slog of a market as we all weighed whether the BOE would keep its hawkish stance and the Fed would signal rate cuts.For a brief moment in March, it looked like the pair would break higher but it was quickly sucked back down and that was the first sign that sellers were in control.The fundamentals eventually took over as UK inflation faded and US growth/inflation continued to steam ahead. That's ultimately led to broad US dollar strength and cable hasn't been spared. The break below 1.2500 was strong at first and it consolidated for a week at 1.2430, retesting 1.25000 several times. However it Friday the break continued and it's now extended down to 1.2316. What's next?A 300-pip range deserves a 300-pip break. Given today's fall on light newsflow, there's a signal to sell that certainly is underscored by the poor sentiment in broader markets. There isn't much support until 1.2200 which should be interim support. Eventually, I think we go and retest the Oct/Nov lows near 1.2100.For now though, this move looks a bit stretched. There isn't a strong catalyst to press the pound lower or the US dollar higher. We will get some data on US GDP and PCE later this week that could be a driver. We also get the S&P Global PMIs tomorrow and those are good forward-looking indicators. I'll be looking for any hints there on relative economic shifts. This article was written by Adam Button at www.forexlive.com.

GBP/USD. April 22nd. The bulls continue to retreat

Apr 22, 2024 | 07:21 am

On the hourly chart, the GBP/USD pair on Friday rebounded from the corrective level of 50% (1.2464), favoring the American currency and falling towards the support zone at 1.2363–1.2370. A rebound of quotes from this zone will favor the British pound and some growth towards 1.2464. Consolidation of quotes below the zone of 1.2363–1.2370 increases the probability of further decline towards the next level at 1.2300.The wave situation still needs to raise questions. The last completed upward wave failed to break the last peak (from March 21), and the last downward wave broke the low of the previous wave (from April 1). Thus, the trend for the GBP/USD pair remains "bearish," and there are no signs of its completion. The first sign of the bulls turning offensive could be the breakout of the peak from April 9, but bulls need to cover a distance of about 350 points to the zone of 1.2705–1.2715, so it is unlikely that a trend change to "bullish" can be expected in the nearest days. At the moment, even the last downward wave has not completed its construction.On Friday, only one report could attract traders' attention – the report on retail sales volumes in March in Great Britain. Traders received information about zero growth in retail trade volumes and a 0.3% month-on-month decrease in retail sales, excluding fuel sales. Both values were weaker than traders' expectations, which caused another retreat of the bulls from the market. Although the British pound has been falling for a month and a half, I still believe it has much greater potential for decline. The sideways movement was completed by quotes breaking through the lower line. For several months in a row, bull traders expected support from the Fed in the form of an interest rate cut; however, neither in March nor (now it is obvious) in June, a monetary policy will be softened. Against this background, bears can continue to attack.On the 4-hour chart, the pair reversed in favor of the British pound after forming two "bullish" divergences on the CCI indicator, but the growth was minimal. Both divergences have already been canceled, and no new emerging divergences are observed. The descending trend channel characterizes the current sentiment of traders as "bearish," which allows us to expect new attacks by bears towards the corrective level at 50.0%-1.2289. Bulls can count only on a small growth within the channel.Commitments of Traders (COT) Report:The sentiment of the "Non-commercial" trader category for the last reporting week has become less "bullish." The number of long contracts held by speculators decreased by 8200 units, while the number of short contracts increased by 11433 units. The overall sentiment of major players remains "bullish" but has been weakening in recent weeks. The gap between long and short contracts is practically absent: 72 thousand versus 63 thousand.Prospects for a decline remain for the British pound. Over the past 3 months, the number of long positions has increased from 62 thousand to 72 thousand, and the number of short positions has increased from 47 thousand to 63 thousand. This explains the fairly weak decline of the British pound. Over time, bulls will start to get rid of buy positions or increase sell positions, as all possible factors for buying the British pound have already been worked out. In recent months, bears have demonstrated their weakness and complete unwillingness to go on the offensive, but inflation reports in the US and Great Britain may give them new strength.News Calendar for the US and Great Britain:On Monday, the economic events calendar contains a few interesting entries. The influence of the news background on the market sentiment will be absent today.Forecast for GBP/USD and Trader Advice:Sales of the British pound will be possible upon closing on the hourly chart below the support zone of 1.2363–1.2370, with targets at 1.2300 and 1.2238. Purchases are more interesting today, but the growth potential of the British pound is limited, and the news background is absent. Nevertheless, options for purchases can be considered upon a rebound from the zone of 1.2363–1.2370 with a target of 1.2464. However, bulls are unlikely to be able to push the pair to this level.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD Mid-Day Outlook

Apr 22, 2024 | 06:52 am

Daily Pivots: (S1) 1.0618; (P) 1.0648; (R1) 1.0686; More… EUR/USD is staying in consolidation from 1.0601 and intraday bias stays neutral. Upside of recovery should be limited by 1.0723 support turned resistance. Break of 1.0601 will resume the fall from 1.1138 to 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536 next. In the […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

USD/CHF Mid-Day Outlook

Apr 22, 2024 | 06:42 am

Daily Pivots: (S1) 0.9032; (P) 0.9084; (R1) 0.9156; More…. USD/CHF is extending the consolidation pattern from 0.9151 and intraday bias stays neutral. 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 Mid-Day Outlook appeared first on Action Forex.

USD/JPY Mid-Day Outlook

Apr 22, 2024 | 06:40 am

Daily Pivots: (S1) 153.93; (P) 154.30; (R1) 155.02; More… Intraday bias in USD/JPY stays neutral and outlook is unchanged. On the upside, break of 154.77 will resume larger up trend. But 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 […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

GBP/USD Mid-Day Outlook

Apr 22, 2024 | 06:32 am

Daily Pivots: (S1) 1.2336; (P) 1.2402; (R1) 1.2437; More… GBP/USD’s decline extends further to as low as 1.2301 so far today. Intraday bias stays on the downside for 161.8% projection of 1.2892 to 1.2538 from 1.2708 at 1.2207 next. On the upside, above 1.2391 minor resistance will turn intraday bias neutral and bring consolidations first, […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US dollar index on

Apr 22, 2024 | 05:12 am

GBP/USDAnalysis:The daily chart scale of the major pair of the British pound since last summer demonstrates the formation of a horizontal descending correction. By now, quotes have reached the boundaries of a strong potential reversal zone. The wave structure has developed a stretched flat correction since the beginning of March. Last week, the price of the major broke through strong resistance, turning it into support.Forecast:Pressure on the resistance zone is expected in the next couple of days. Then, a reversal and a resumption of the bearish trend can be anticipated. When the direction changes, a brief breakthrough of the upper resistance boundary is possible. The calculated support represents the lower limit of the expected weekly movement of the pair.Potential Reversal ZonesResistance:1.2420/1.2470Support:1.2250/1.2200Recommendations:Buying: There won't be conditions for such deals in the upcoming week.Selling: Will become relevant after the appearance of confirmed reversal signals around the resistance zone.AUD/USDAnalysis:The price fluctuations of the main pair of the Australian dollar have been determined by a descending wave algorithm since December last year. Since April, quotes have been forming the final part of the wave (C). Last week, the price broke through strong support, but it has become resistance. An intermediate pullback has been developing on the chart since last week.Forecast:In the upcoming week, gradual movement of the Aussie quotes from the calculated resistance zone towards support is expected. A breakthrough beyond the indicated boundaries within the upcoming week is unlikely. Pressure on the resistance zone is possible in the first few days.Potential Reversal ZonesResistance:0.6450/0.6500Support:0.6290/0.6240Recommendations:Buying: Possible with fractional volumes within individual sessions. Resistance boundaries limit the potential.Selling: This can be used in trading transactions after confirmed reversal signals appear around the calculated resistance zone.USD/CHFAnalysis:From a short-term perspective, the current wave of the Swiss franc since the end of December last year has been upwards. The wave completes a larger bearish structure of the weekly timeframe. The wave structure has entered its final phase. The lower boundary of a powerful potential reversal zone of the weekly timeframe passes near the calculated resistance.Forecast:Continuation of the overall bullish trend of the franc's price movement is expected in the upcoming week. A brief decline towards the support area is not excluded in the next couple of days. A breakout of its lower boundary is unlikely. The highest volatility is expected towards the end of the week.Potential Reversal ZonesResistance:0.9250/0.9300Support:0.9000/0.8950Recommendations:Buying: Carry a high degree of risk and may incur losses.Selling: This will become relevant for trading transactions after corresponding confirmed signals appear around the resistance zone.EUR/JPYAnalysis:An ascending trend dominates on a large-scale chart of the euro/Japanese yen pair. The unfinished segment of the main course started on April 12th. Recently, the price has been forming a correction before a powerful upward breakthrough. At the end of last week, an ascending segment with reversal potential began to form on the chart.Forecast:A flat mood of price fluctuations can be expected in the next couple of days. A downward vector is probable, with a decrease in price no further than the calculated support boundaries. In the second half of the week, the probability of increased volatility, reversal, and resumption of active price growth increases.Potential Reversal ZonesResistance:165.40/165.90Support:163.70/163.20Recommendations:Selling: These are risky and may incur losses.Buying: These can be used in trading after corresponding signals around the support zone appear.AUD/JPYAnalysis:For the past four years, the direction of movement of the Australian dollar/Japanese yen pair has been set by a bullish trend. The last unfinished segment of movement is currently downward. Its structure resembles a shifting plane. At the time of the analysis, quotes are at the lower edge of the powerful resistance zone of the weekly timeframe. There are no signs of an imminent reversal on the chart.Forecast:At the beginning of the upcoming week, renewed pressure on the resistance zone is highly likely. A brief breakout of the upper boundary is not excluded. In the second half, the probability of a reversal and the beginning of a downward movement of the pair increases.Potential Reversal ZonesResistance:100.00/100.50Support:96.80/96.30Recommendations:Buying: Have low potential and are highly risky.Selling: This will become relevant after confirming that signals around the resistance zone appear.US dollar indexBrief Analysis:An ascending wave algorithm sets the direction of movements of the North American dollar index since the end of December last year. The structure is forming the final part (C). It appears to be completed, but there are no signals of a change in course on the chart. Last week, after contacting the lower boundary of strong resistance, quotes drifted sideways, forming an intermediate pullback.Weekly Forecast:An increase in the US dollar exchange rate can be expected in the next couple of days. A transition to sideways drift, and the formation of a reversal are highly likely to be around the calculated resistance. The beginning of a decline in the index can be expected towards the end of the week.Potential Reversal ZonesResistance:106.60/106.80Support:105.70/105.50Recommendations:The period of strengthening the dollar and selling national currencies in majors is nearing its end. Buying national currencies in major pairs may become the main direction for trading after the appearance of corresponding reversal signals around the resistance zone.Notes: In simplified wave analysis (SWA), all waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed on each timeframe. Dotted lines indicate expected movements.Attention: The wave algorithm does not consider the duration of instrument movements in time!The material has been provided by InstaForex Company - www.instaforex.com

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

Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 22nd

Apr 22, 2024 | 04:25 am

EUR/USDAnalysis:Quotes of the European currency in the main pair have been forming a horizontal descending pennant since July of last year. The final part (C) is developing within the wave structure. Major quotes have pressed the upper level of a powerful potentially reversal zone. Last week, the price drifted, forming an intermediate retracement.Forecast:In the coming days, a general sideways movement of the euro is expected. After a likely rebound from the resistance zone, a reversal and resumption of the pair's decline are expected. When changing direction, a temporary breach of the upper boundary of the zone cannot be ruled out. An increase in volatility can be expected closer to the weekend.Potential Reversal ZonesResistance:1.0730/1.0780Support:1.0500/1.0450Recommendations:Selling: there are no conditions for such transactions in the pair market.Buying: may become the main direction of trading deals after confirmed signals appear in the support area.USD/JPYAnalysis:Since July of last year, the position of the Japanese yen has weakened relative to the American currency. On the chart, the last unfinished section along the main course has been accounted for since March 8th. Major quotes last week pressed the accumulation zone of resistance levels on various chart scales. Before continuing the course growth, the wave structure needs to consolidate at the level as a correction.Forecast:In the upcoming weekly period, a continuation of the general horizontal course of price movement is expected. In the coming days, a downward vector is more likely, with a decrease in price to the calculated support zone. By the end of the week, a resumption of price growth can be expected. The calculated resistance zone acts as the boundary of the weekly course.Potential Reversal ZonesResistance:155.90/156.40Support:153.20/152.70Recommendations:Buying: will become relevant after the appearance of confirmed reversal signals in the support area of the trading systems you use.Selling: possible within individual sessions with reduced lot size. The potential is limited by support.GBP/JPYAnalysis:On the chart of the British pound/Japanese yen, the ascending wave of the weekly scale continues to dominate. At the end of last month, the price reached another resistance level, along which it later formed an intermediate correction. The potential of the ascending section from April 12th has a reversal potential.Forecast:A short-term downward retracement is not excluded in the first half of the upcoming week, with a decrease in the support zone. An attempt to pressure the support zone cannot be ruled out. It is likely to stay within its lower boundary. Increased activity, reversal, and resumption of price growth can be expected by the end of the week.Potential Reversal ZonesResistance:193.70/194.20Support:190.00/189.50Recommendations:Selling: risky, can lead to deposit loss.Buying: can be used in trading after confirmed reversal signals appear in the support area.USD/CADAnalysis:The lack of a pronounced trend on the chart of the main pair of the Canadian dollar is caused by the formation of an ascending plane since July last year. An intermediate retracement is forming from last week within the final unfinished section (C) up to date. Calculated zones are located at the boundaries of a wide potential reversal zone on a weekly scale.Forecast:In the nearest week, a continuation of the general sideways direction of the price movement course is expected within the price corridor between the nearest opposing zones. In the first few days, a downward vector is more likely. By the end of the week, an increase in quotes of the pair can be expected.Potential Reversal ZonesResistance:1.3870/1.3920Support:1.3700/1.3650Recommendations:Selling: has low potential and may need to be more profitable for the deposit.Buying: this will become relevant after confirming signals appear in the support area on your trading systems.NZD/USDAnalysis:The main direction of price fluctuations on the chart of the major pair of the New Zealand dollar shows a downward wave algorithm since July of last year. The final part (C) is forming within the structure. Quotes reached the upper boundary of powerful potential reversal zones of the weekly timeframe. The ascending section from April 19th has a reversal potential.Forecast:At the beginning of the upcoming week, pressure on the support zone is expected. A temporary breach of its lower boundary is possible. Further, a change in direction and resumption of the upward price movement can be expected.Potential Reversal ZonesResistance:0.6030/0.6080Support:0.5860/0.5810Recommendations:Selling: has no potential, may lead to losses.Buying: will become relevant after confirmed reversal signals appear in the support area.GoldQuotes of the gold index continue to update record values. After breaking through another resistance level, the gold chart drifted along the 25 price figure. After completing the correction, the instrument's growth will continue.Forecast:At the beginning of the upcoming week, a flat movement setting is expected, with an attempt to exert pressure on the resistance zone again. In the second half, there is a high probability of forming a reversal and the beginning of a price decrease. The lower boundary of the expected weekly course demonstrates the calculated support.Potential Reversal ZonesResistance:2420.0/2470.0Support:2305.0/2295.0Recommendations:Buying: has low potential and may be risky.Selling: premature until clear reversal signals appear on your trading systems.Explanations: In simplified wave analysis (SWA), all waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed on each TF. Dotted lines indicate expected movements.Attention: The wave algorithm does not consider the duration of instrument movements over time!The material has been provided by InstaForex Company - www.instaforex.com

Video market update for April 22, 2024

Apr 22, 2024 | 04:21 am

Potential for the further drop on NAS100The material has been provided by InstaForex Company - www.instaforex.com

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 […]

Nasdaq Composite Technical Analysis

Apr 22, 2024 | 04:04 am

Last week, the Nasdaq Composite got under pressure amid geopolitical fears and a general risk off sentiment. The latest developments saw Israel retaliating against Iran but the latter downplaying the airstrikes. This episode might be behind our backs, although it’s worth to keep an eye on it if it were to become a concern again. On the macro side, the Fedspeak turned more hawkish, especially in the latter part of the week as the inflation progress looks to be stalled. Overall, the last week had plenty of bearish catalysts weighing on the market, so we will probably need some positive data on the inflation front this week to turn the sentiment around.Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Nasdaq Composite broke through another key level at 15453 and extended the selloff into the 15162 support. We can also notice that the price got a bit overstretched as depicted by the distance from the blue 8 moving average. In such instances, we can generally see a pullback into the moving average or some consolidation before the next move. The buyers might start to pile in more aggressively around these levels to position for a rally into a new all-time high with a better risk to reward setup. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into next support at 14477. Nasdaq Composite Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got overstretched on this timeframe as well. The buyers might want to start piling in around these levels or wait for a catalyst which could be either the Flash US PMIs tomorrow or the US PCE on Friday. The sellers should continue to sell the rallies though to position for the ultimate target around the 14477 level. There’s not much else to glean from this chart, so we need to zoom in to see some more details. Nasdaq Composite Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a trendline defining the current downward momentum where we can find the red 21 moving average for confluence. If we get a pullback, we can expect the sellers to step in around the trendline with a defined risk above it to position for new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in and position for a rally into the 15929 level. Upcoming EventsThis week is a bit empty on the data front with just a few notable releases. We begin tomorrow with the US PMIs. On Thursday, 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.

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

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

USD/TRY Forecast: Turkish Treasury Tightens Tax Evasion Measures - 22 April 2024

Apr 22, 2024 | 03:20 am

The US dollar against the Turkish lira pair recorded a rise during the European trading this Monday morning.

USD/JPY Analysis: Eyes Are Turning Towards BoJ - 22 April 2024

Apr 22, 2024 | 03:00 am

The Bank of Japan's policy decision will be closely scrutinized this week for clues on the future path of Japanese interest rates.

I am buying this dip, IMHO, at TSLA stock before its earnings tommorrow. Here's how.

Apr 22, 2024 | 02:52 am

I am eyeing Tesla stock before tommorow's earnings report, and starting to buy nowAs equity traders, we're always on the lookout for opportunities that promise a good return against measured risk. Tesla Inc. (TSLA), the innovative electric vehicle and clean energy company, presents such an opportunity. Ahead of its earnings release tomorrow, post-market close, let's delve into why Tesla stock might be gearing up for a favorable entry point.Tesla's stock performance has been a rollercoaster of highs and lows. Since its all-time peak — where the company's value skyrocketed by over 100% — the price has corrected significantly, hovering around 52% below that zenith. This correction has captured the attention of traders looking for discounted entries into high-potential stocks.The technical perspective at TSLA stock, see my videoFrom a technical analysis standpoint, there's an interesting setup forming. Tesla's price action is approaching the lower band of a Pitchfork pattern, coinciding with a gap formed post the earnings announcement on January 23. These technical indicators often attract traders who look for historical patterns to repeat themselves.A net of buy orders predefined and ready, with the Levitan MethodMost traders do not know the Levitan method for dip buying so here goes... Although they might see this as an auspicious moment to consider entry as the downtrend is in play, that is clear. As the video shows a range where we target our buys, one might look to initiate a position at $142.61, closely aligned with the current premarket price. The plan involves scaling into the position — buying more shares at calculated lower points — and employing a disciplined stop-loss and take-profit strategy to manage risk.A contrarian bet with calculated riskOne could argue that much of the negative news surrounding Tesla might already be priced in. If true, this contrarian approach might just pay off handsomely, especially for those willing to endure short-term volatility for long-term gains. With a stop loss set at 5% below the entry point and a take-profit target at a hefty 35% above, the risk-reward ratio stands at an attractive 7:1.Long-term optimism but sharp risk managementWhile traders might decide to take partial profits along the way, holding a portion of Tesla stock for the long haul could be wise. If Tesla were to revisit its all-time high — a prospect that is not out of the question — the upside could be substantial.You can enlarge the below image to see the details of the buying method and trade plan or TSLA stock.Trade Plan for TSLA using the Levitan MethodIdentify Potential Dip Points: Analyze the stock chart of TSLA to identify potential dip points below the current market price where demand may increase, using technical analysis indicators and historical price levels.Determine Buy Levels and Shares: Plan to enter three separate buy orders at these dip points, with the number of shares based on a Fibonacci series. For instance:First Buy Order: 33 shares (33 x 1)Second Buy Order: 66 shares (33 x 2)Third Buy Order: 99 shares (33 x 3)Calculate Weighted Average Entry Price: If all three buy orders are filled, calculate the weighted average price of the shares purchased. This price will serve as the reference point for setting stop loss and take profit levels.Set Stop Loss and Take Profit: Set a stop loss at 5% below the weighted average entry price to limit potential losses. Set a take profit level at 35% above the average entry price to lock in profits, aiming for a 7:1 reward-to-risk ratio.Adjustments and Partial Profits: Traders may choose to take partial profits at a 2:1 reward-to-risk ratio if the price reaches a 20% gain. Additionally, consider leaving a portion of the position (e.g., 20%) to potentially benefit from long-term growth in TSLA stock.Risk Management: Allocate a specific portion of the trading budget to this strategy, and do not exceed it to manage risk effectively.Monitor the Trade: Keep a close eye on TSLA’s price action, news, and overall market sentiment, ready to adjust the trade plan as needed.Document and Review: Record the details of all trades and review them regularly to refine the strategy over time.Investing in Tesla right now is a classic contrarian bet, rooted in technical analysis and a belief in the company's market position. As with all trading, there's an inherent risk, and it's crucial to trade based on one’s own research and risk tolerance. For those with an appetite for risk and an eye for potential, Tesla's dip could be a launching pad for significant returns. Stay tuned to ForexLive.com for further analysis and updates on this developing story.Remember, trade at your own risk. This article is not financial advice but rather a perspective on market opportunities based on current conditions. Always conduct thorough research or consult with a financial advisor before engaging in equity trading. This article was written by Itai Levitan at www.forexlive.com.

Dow Jones Technical Analysis

Apr 22, 2024 | 02:46 am

Last week, the Dow Jones got under pressure amid geopolitical fears and a general risk off sentiment. The latest developments saw Israel retaliating against Iran but the latter downplaying the airstrikes. This episode might be behind our backs, although it’s worth to keep an eye on it if it were to become a concern again. On the macro side, the Fedspeak turned more hawkish, especially in the latter part of the week as the inflation progress looks to be stalled. Overall, the last week had plenty of bearish catalysts weighing on the market, so we will probably need some positive data on the inflation front this week to turn the sentiment around. Dow Jones Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Dow Jones has been trading inside a rising channel and continued to diverge with the MACD for a long time. This is generally a sign of weakening momentum often followed by pullbacks or reversals. Recently, we got a breakout which opened the door for a bigger correction into the 37128 level. The sellers managed to break the second key support level and will now target a drop into the third and last one at 37128. The buyers, on the other hand, will need to break the current downward trend to start targeting new highs. Dow Jones Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got stuck in a consolidation just beneath the second key level. We also got a break above the downward trendline which might be an early signal for a bigger pullback. The buyers will need the price to break above the 38043 level to increase the chances for a bullish move and position for a rally into the 38464 resistance. The sellers, on the other hand, will likely step in around the 38043 level with a defined risk above it to position for a drop into the 37128 support. Dow Jones Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more clearly the resistance zone around the 38043 level with several rejections from it. The moving averages on this timeframe have crossed to the upside and we have a divergence with the MACD, which could be another early signal for a bullish move into the 38464 resistance. If the price were to break higher and reach the 38464 zone, we can expect the sellers to pile in more aggressively there as they will have an even better risk to reward setup to target a drop into the 37128 support. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into a new all-time high. Upcoming EventsThis week is a bit empty on the data front with just a few notable releases. We begin tomorrow with the US PMIs. On Thursday, 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.

GBP/USD Analysis: Geopolitical Tensions to Exacerbate Losses - 22 April 2024

Apr 22, 2024 | 02:42 am

According to forex trading platforms, GBP/USD has plummeted to a five-month low of 1.2366 support after Israel launched a series of airstrikes on multiple military targets inside Iran.

EUR/USD Analysis: Bearish Dominance Continues - 22 April 2024

Apr 22, 2024 | 02:06 am

Throughout last week's trading, the EUR/USD attempted to rebound but its gains were limited and failed to surpass the 1.0700 level.

Gold Analysis: How Far Will Gold's Gains Reach? - 22 April 2024

Apr 22, 2024 | 01:39 am

The strong breakout in gold prices in recent months has been noticeable. But the reason is not its rapid vertical rise to impressive record highs.

Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga

Apr 22, 2024 | 01:26 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 00:16 Totay's key events: PBoC Loan Prime Rate, Trade Balance, CBI Industrial Trends Orders, BCB Focus Market Readout, New Housing Price Index, ECB President Lagarde Speaks 01:39 EUR/USD 04:32 GBP/USD 06:52 USD/JPY 09:10 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

S&P 500 Technical Analysis

Apr 22, 2024 | 01:23 am

Last week, the S&P 500 got under pressure amid geopolitical fears and a general risk off sentiment. The latest developments saw Israel retaliating against Iran but the latter downplaying the airstrikes. This episode might be behind our backs, although it’s worth to keep an eye on it if it were to become a concern again. On the macro side, the Fedspeak turned more hawkish, especially in the latter part of the week as the inflation progress looks to be stalled. Overall, the last week had plenty of bearish catalysts weighing on the market, so we will probably need some positive data on the inflation front this week to turn the sentiment around. S&P 500 Technical Analysis – Daily TimeframeOn the daily chart, we can see that the S&P 500 continues to rollover with the trend now looking clearly bearish as the price keeps on printing lower lows and lower highs with the moving averages being crossed to the downside. The price has now reached another key support level at 4946. This is where we can expect the buyers to step in with a defined risk below the level to position for a rally into the new highs. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the next support at 4846.S&P 500 Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that from a risk management perspective, the sellers will have a much better risk to reward setup around the previous support now turned resistance at 5057 where they will also find the confluence of the red 21 moving average and the 38.2% Fibonacci retracement level. The buyers, on the other hand, will want to see the price breaking above the resistance to invalidate the bearish setup and position for a rally into a new all-time high. S&P 500 Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor black trendline defining the current downward momentum with the red 21 moving average acting as dynamic resistance. This is where we can expect the sellers to step in again if we get a pullback into the trendline to position for a break below the 4946 support. The buyers, on the other hand, will want to see the price breaking higher to pile in and target a rally into the 5057 resistance. Upcoming EventsThis week is a bit empty on the data front with just a few notable releases. We begin tomorrow with the US PMIs. On Thursday, 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.

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

GBP/CHF Forecast: British Pound Has a Wild Ride Against the Franc - 22 April 2024

Apr 22, 2024 | 00:40 am

I continue to watch the British Pound against the Swiss franc overall, as this is a pair that I think could enter the headline soon.

S&P 500 Forecast: Continues to Drift Lower - 22 April 2024

Apr 22, 2024 | 00:30 am

The S&P 500 continues to drift lower overall.

GBP/JPY Daily Outlook

Apr 22, 2024 | 00:25 am

Daily Pivots: (S1) 190.16; (P) 191.44; (R1) 192.58; More.. Intraday bias in GBP/JPY remains neutral as consolidations from 193.51 could extend further. On the upside, firm break of 193.51 will resume larger up trend to 195.86 long term resistance. Nevertheless, decisive break of 190.02 will indicate that it’s at least correcting the rise from 178.32, […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

EUR/JPY Daily Outlook

Apr 22, 2024 | 00:22 am

Daily Pivots: (S1) 163.51; (P) 164.27; (R1) 165.52; More… Intraday bias in EUR/JPY stays neutral for the moment. Consolidation from 165.33 could extend further. On the upside, firm break of 165.33 will resume larger up trend towards 169.96 key resistance next. However, decisive break of 162.59 will argue that it’s at least correcting the rise […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

EUR/USD: trading tips for beginners for European session on April 22

Apr 22, 2024 | 00:21 am

Overview of trading and tips on EUR/USDThe price test of 1.0664 in the afternoon occurred at a time when the MACD indicator was just starting to move up from the zero mark, which confirmed the correct entry point to buy the euro. As a result, the pair rose by more than 25 pips, and that was the end of it. The market ignored the rise in producer prices in Germany, and the euro continued to recover after a major sell-off during the Asian session. In the absence of US data, the pair was under pressure by the middle of the US session, but there were no significant changes. The bears failed to take the initiative, for which they will have to fight today. Besides the consumer confidence indicator for Eurozone countries, there are no other reports today, so we are unlikely to see frantic market movements. Market volatility will likely stay low, as well as trading volume, which, theoretically, should help buyers of risk assets, including the euro, in keeping control of the situation. But be cautious about buying on a breakout above the upper boundary of the sideways channel. 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 1.0677 plotted by the green line on the chart, aiming for growth to the level of 1.0711. At the level of 1.0711, 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 on the condition of good eurozone data. 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 1.0660 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 1.0677 and 1.0711.Sell signalsScenario No 1. I plan to sell the euro after EUR/USD reaches the level of 1.0660 plotted by the red line on the chart. The target will be the level of 1.0632, 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. 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 1.0677 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 1.0660 and 1.0632.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 22

Apr 22, 2024 | 00:21 am

Overview of trading and tips on GBP/USDThe price test of 1.2454 in the afternoon occurred at a time when the MACD indicator was just starting to move up from the zero mark, which confirmed the correct entry point to buy the pound. However, despite the bulls' efforts, the pair did not sharply rise. The weak UK retail sales data did not have much impact on the pair in the morning, but disagreements within the Bank of England about when and how to lower interest rates, which will have costly consequences for the economy, intensified pressure on the pound by the end of the US session. Today, the UK will only release a report on the balance of industrial orders from the Confederation of British Industry, which may only have a minor impact on the market. For this reason, the pair will remain under pressure, especially if the bulls fail to regain control of the daily high. 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 1.2401 plotted by the green line on the chart, aiming for growth to 1.2440 plotted by the thicker green line on the chart. In the area of 1.2440, 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 count on the pound's growth today if the bulls are active around last week's low. 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 1.2371 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 1.2401 and 1.2440.Sell signalsScenario No. 1. I plan to sell the pound today after it revisits the level of 1.2371 (the red line on the chart), which will lead to a rapid decline in GBP/USD. The key target for sellers will be 1.2328, where I am going to close short positions and also immediately 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. 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 1.2401 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 1.2371 and 1.2328.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 22

Apr 22, 2024 | 00:21 am

Overview of trading and tips on USD/JPYThe tests of the price levels I identified in the afternoon did not materialize. The pair managed to recover its losses, and it stayed near the daily high during the US session. It is unlikely that amid the lack of important US data, buyers will somehow take the initiative at the current levels. Today, hardly anything significant will happen in the market unless the Bank of Japan intervenes. The absence of data paralyzed market activity, which keeps the pair in a narrow range with low trading volume and low volatility. 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 154.79 plotted by the green line on the chart, aiming for growth to 155.29 plotted by the thicker green line on the chart. In the area of 155.29, 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 154.32 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 154.79 and 155.29.Sell signalsScenario No. 1. I plan to sell USD/JPY today only after testing the level of 154.32 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 153.93, 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 154.79 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 154.32 and 153.93.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

EUR/USD Forecast: Euro Continues to Consolidate Despite Volatility - 22 April 2024

Apr 22, 2024 | 00:20 am

The euro has gone back and forth during the course of the trading session on Friday.

EUR/GBP Daily Outlook

Apr 22, 2024 | 00:19 am

Daily Pivots: (S1) 0.8569; (P) 0.8593; (R1) 0.8637; More… Intraday bias in EUR/GBP remains on the upside at this point. Fall from 0.8764 has probably completed already. Further rally would be seen to medium term trend line resistance (now at 0.8650). On the downside, below 0.8596 minor resistance will turn intraday bias neutral again first. […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

USD/ZAR Analysis: A Slight Turn Lower After Speculative Surge Upwards - 22 April 2024

Apr 22, 2024 | 00:18 am

From Tuesday onwards and throughout last week the USD/ZAR hovered mostly above the 19.00000 level.

EUR/AUD Daily Outlook

Apr 22, 2024 | 00:16 am

Daily Pivots: (S1) 1.6551; (P) 1.6616; (R1) 1.6672; More… Intraday bias in EUR/AUD is turned neutral again with current retreat. But further rally will remain mildly in favor as long as 1.6368 support holds. Corrective fall from 1.6742 could have completed with three waves down to 1.6368. Above 1.6678 will target a retest on 1.6742 […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

EUR/CHF Daily Outlook

Apr 22, 2024 | 00:11 am

Daily Pivots: (S1) 0.9606; (P) 0.9662; (R1) 0.9758; More… Intraday bias in EUR/CHF remains neutral at this point. On the upside, firm break of 0.9721 resistance will argue that correction from 0.9847 has completed already, and turn intraday bias back to the upside for retesting 0.9847. However, break of 0.9563 will bring deeper fall to […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

BTC/USD Forecast: Bitcoin Finds Major Support - 22 April 2024

Apr 22, 2024 | 00:10 am

The bitcoin market has been all over the place during the trading session on Friday.

Gold Technical Analysis

Apr 22, 2024 | 00:07 am

Gold got stuck in a consolidation around the highs as a mix of geopolitical and macro drivers led to a rangebound price action. Last week, Israel eventually decided to proceed with a limited retaliation against Iran. Iran downplayed the airstrikes, which could be a sign that they do not want to escalate things further. We might finally put that episode behind our backs. On the macro side, the real yields have risen notably in the past couple of weeks, which is generally a negative driver for the Gold market. That was not the case this time and it’s not yet clear if it’s just because of geopolitical fears or something else. If it was indeed just because of geopolitical fears, we might start to see the price rolling over, so the technical levels and the next data will be crucial to monitor. Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that Gold got stuck in a consolidation just beneath the 2400 level. 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 confluence of the 38.2% Fibonacci retracement level and the red 21 moving average. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets and target a bigger drop into the next trendline around the 2100 level. Gold Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price has been diverging with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it led to pullbacks into the minor black trendline where the buyers kept on leaning onto to position for new higher highs. This morning, we got a breakout, so the chances for a drop into the major trendline increased. The sellers will start to pile in with a defined risk above the most recent swing high to position for a fall into the trendline. The buyers, on the other hand, will want to see the price rising back above the minor trendline to position for a rally into a new all-time high. Gold Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a strong resistance zone around the 2400 level where the price got rejected from several times last week, except the spike caused by the Israeli retaliation. We can see that we now have a minor downward trendline where we can also find the confluence of the red 21 moving average and the 61.8% Fibonacci retracement level. If we get a pullback from the current levels, we can expect the sellers to lean on the trendline to position for a drop into the major trendline with a better risk to reward setup. 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. Upcoming EventsThis week is a bit empty on the data front with just a few notable releases. We begin tomorrow with the US PMIs. On Thursday, we get the US Q1 GDP and the latest US Jobless Claims figures. On Friday, 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.

AUD/USD Forecast: Australian Dollar Recovers After Massive Selloff - 22 April 2024

Apr 22, 2024 | 00:00 am

The Australian dollar plunged overnight as we continue to see a lot of US dollar strength in general.

Hot forecast for EUR//USD on April 22, 2024

Apr 22, 2024 | 00:00 am

The volume of short positions on EUR/USD fell around the support level of 1.0600. As a result, there was a rebound, and the euro recovered approximately 0.5% of its value.On the 4-hour chart, the RSI hovered along the 50 mid line, indicating uncertainty among market participants.On the same time frame, the Alligator's MAs are intersecting each other, which points to a stagnant phase.OutlookIn this situation, we can see a slowdown in the downward cycle, which resulted in a stagnant phase within the 1.0600/1.0700 range. In order to leave this range, the price must settle beyond one of the levels.Complex indicator analysis indicates a flat phase in the short- and long-term timeframes.The material has been provided by InstaForex Company - www.instaforex.com

USD/MXN Analysis: Higher Values Seen but Bearish Values Being Traced - 22 April 2024

Apr 22, 2024 | 00:00 am

The USD/MXN quickly recovered its equilibrium and went into the weekend near values it was traversing last Tuesday.

USD/NOK Forex Signal: Krone Shows Signs of Choppiness on Friday - 22 April 2024

Apr 21, 2024 | 23:48 pm

The market is kind of hanging around just above the 11 Norwegian Krona level. And I think at this point, we continue to go sideways.

USD/JPY Forecast: US Dollar Recovers Drastically Against the Yen - 22 April 2024

Apr 21, 2024 | 23:40 pm

The US dollar initially plunged overnight against the Japanese yen as the Israelis attacked the Iranians.

Bitcoin technical analysis, bulls looking fine

Apr 21, 2024 | 23:39 pm

Welcome to my latest BTCUSD technical update at ForexLive.com. In this Bitcoin-focused analysis, we delve into the intricacies of Bitcoin's price movements and provide strategic insights for both traders and investors. Below, we highlight key observations and trading tips from our analysis. Don't miss our accompanying video for a visual guide through the technical landscape.Bitcoin technical analysis video shows this wonderful mapChannel dynamics and BTCUSD movements 📉📈Recent patterns: We observed a significant double bottom pattern at the lower band of the BTCUSD channel, which has proven to be a strong reversal signal. The bounce from this point suggests a bullish sentiment in the Bitcoin market.Channel overview: The current trading channel is defined by clear upper and lower bands, with the recent price action respecting these boundaries. The upper band has been touched twice, forming a speculative channel that needs cautious interpretation.Mid-level breakthrough: Bitcoin has recently breached the mid-level of the trading channel, enhancing the bullish outlook. This breakthrough is an encouraging sign for potential upward momentum.Key technical indicators for Bitcoin 🛠️EMA focus: The 20 EMA (Exponential Moving Average) is a critical indicator widely utilized by algorithms and professional trading firms. Currently, Bitcoin's price is adhering to this moving average on the 4-hour chart, indicating a strong trend-following signal.Fibonacci levels: We've applied Fibonacci retracement levels specifically to the channel. The 50% Fibonacci level is now acting as a pivotal point, with the 61.8% level at around $67,000 possibly serving as the next target for partial profit-taking.Trading strategy tips for BTCUSD ⚡Potential entry points: For those looking to go long on Bitcoin, watching for a touch or near approach to the 20 EMA could provide a strategic entry point. Setting an alert for this event may enhance timing for entering trades.Price trajectory and targets: We anticipate movement towards the $71,000 to $72,000 range as Bitcoin tests the upper channel boundary. This journey might witness intermediate retracements but showcases the potential for significant gains.Market considerations and risks for Bitcoin trading 🌐External influences: It's important to keep an eye on broader market indices like NASDAQ, which can influence Bitcoin's price dynamics. A rebound in these indices starting the week of April 22 could also support a rise in Bitcoin prices.Bearish scenarios: Should the price drop below the lower channel band around $59,750, control would shift to the bears, altering the current bullish perspective.Concluding thoughts on BTCUSD analysis 💡Bitcoin's market is dynamic, and while current trends suggest bullish control, entry should be approached with caution, especially for new investors. The double bottom formation and subsequent 18% retracement offer a robust basis for potential upward movement. However, markets are unpredictable, and continuous monitoring is essential.Thank you for tuning into our analysis. Trade Bitcoin at your own risk and always stay updated with ForexLive for the latest in price actions and market dynamics. Happy trading! This article was written by Itai Levitan at www.forexlive.com.

NASDAQ 100 Forecast: Plunges After Israeli Strike on Iran - 22 April 2024

Apr 21, 2024 | 23:34 pm

The Nasdaq 100 fell rather hard during the early hours on Friday as the Israelis attacked the Iranians and of course you can expect a lot of people ran for cover.

Gold Forecast: Continues to Absorb Inflows - 22 April 2024

Apr 21, 2024 | 23:17 pm

Gold rallied a bit during the trading session on Friday, which is not a huge surprise considering that it's been in an uptrend.

EUR/USD Daily Outlook

Apr 21, 2024 | 23:11 pm

Daily Pivots: (S1) 1.0618; (P) 1.0648; (R1) 1.0686; More… Intraday bias in EUR/USD remains neutral and more consolidations could be seen above 1.0601. Upside of recovery should be limited by 1.0723 support turned resistance. Break of 1.0601 will resume the fall from 1.1138 to 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536 next. […] The post EUR/USD Daily Outlook appeared first on Action Forex.

GBP/USD Forecast: British Pound Continues to Drop - 22 April 2024

Apr 21, 2024 | 23:09 pm

The British Pound initially tried to rally a bit against the US dollar during the trading session on Friday, but then plunged as Israel attacked Iran.

USD/JPY Daily Outlook

Apr 21, 2024 | 23:08 pm

Daily Pivots: (S1) 153.93; (P) 154.30; (R1) 155.02; More… Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 154.77 will resume larger up trend. But 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, […] The post USD/JPY Daily Outlook appeared first on Action Forex.

GBP/USD Daily Outlook

Apr 21, 2024 | 23:05 pm

Daily Pivots: (S1) 1.2336; (P) 1.2402; (R1) 1.2437; More… Intraday bias in GBP/USD remains on the downside at this point. Decisive break of 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354 will extend the fall from 1.2892 to 161.8% projection at 1.2207 next. On the upside, above 1.2467 minor resistance will turn bias […] The post GBP/USD Daily Outlook appeared first on Action Forex.

USD/CHF Daily Outlook

Apr 21, 2024 | 23:02 pm

Daily Pivots: (S1) 0.9032; (P) 0.9084; (R1) 0.9156; More…. Intraday bias in USD/CHF remains neutral as consolidation from 0.9151 is extending. 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 […] The post USD/CHF Daily Outlook appeared first on Action Forex.

USD/CAD Daily Outlook

Apr 21, 2024 | 22:59 pm

Daily Pivots: (S1) 1.3714; (P) 1.3760; (R1) 1.3795; More… Intraday bias in USD/CAD stays neutral at this point. Pull back from 1.3845 could extend lower, but downside should be contained by 1.3660 support to bring another rally. On the upside, firm break of 1.3845 will resume the whole rally from 1.3716 to 1.3976 key resistance. […] The post USD/CAD Daily Outlook appeared first on Action Forex.

Russell 2000 Technical Analysis

Apr 21, 2024 | 22:57 pm

Last week, the Russell 2000 got under pressure amid geopolitical fears and a general risk off sentiment. The latest developments saw Israel retaliating against Iran but the latter downplaying the airstrikes. This episode might be behind our backs, although it’s worth to keep an eye on it if it were to become a concern again. On the macro side, the Fedspeak turned more hawkish, especially in the latter part of the week as the inflation progress looks to be stalled. Overall, the last week had plenty of bearish catalysts weighing on the market, so we will probably need some positive data on the inflation front this week to turn the sentiment around.Russell 2000 Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Russell 2000 broke through the key support zone around the 2020 level extending the selloff into new lows with the price now trading near the key 1920 support zone. The buyers will likely step in around these levels with a defined risk below the support to position for a rally into new highs. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the next support at 1820. Russell 2000 Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that from a risk management perspective, the sellers will have a much better risk to reward setup around the downward trendline where they will also find the confluence of the 50% Fibonacci retracement level and the red 21 moving average. 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 – 1 hour TimeframeOn the 1 hour chart, we can see that the recent price action formed what looks like a descending wedge. Moreover, the price is diverging with the MACD which is generally a sign of weakening momentum often followed by pullbacks or reversals. This might be a good signal for a reversal into the trendline. If the price were to break above the upper bound of the wedge, we can expect the buyers to pile in and target a rally into new highs. The sellers, on the other hand, will likely lean on the upper bound of the wedge to position for a drop into the 1920 support zone. Upcoming EventsThis week is a bit empty on the data front with just a few notable releases. We begin tomorrow with the US PMIs. On Thursday, 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.

AUD/USD Daily Report

Apr 21, 2024 | 22:44 pm

Daily Pivots: (S1) 0.6376; (P) 0.6404; (R1) 0.6447; More… Intraday bias in AUD/USD remains neutral as consolidation from 0.6361 is extending. Upside of recovery should be limited by 0.6480 support turned resistance to bring another decline. On the downside, break of 0.6361 will resume the fall from 0.6870 to 100% projection of 0.6870 to 0.6442 […] The post AUD/USD Daily Report appeared first on Action Forex.

GBP/USD Forex Signal: More Downside as Bears Prevail - 22 April 2024

Apr 21, 2024 | 22:42 pm

The British pound continued its strong sell-off on Monday morning as all signs pointed to a Bank of England (BoE) rate cut as soon as in its next meeting.

EUR/USD Forex Signal: Forecast as the Euro Crash Fades - 22 April 2024

Apr 21, 2024 | 22:35 pm

The EUR/USD pair stabilized last week.

BTC/USD Forex Signal: Bitcoin Sits and Waits for Next Catalyst - 22 April 2024

Apr 21, 2024 | 22:29 pm

Bitcoin price held steady on Monday after the network went through its fourth halving during the weekend.

AUD/USD Forex Signal: Hammer Pattern Points to More Upside - 22 April 2024

Apr 21, 2024 | 22:22 pm

The Australian dollar was flat against the greenback on Monday morning as traders refocused on Australia’s inflation report.

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

Trading plan for EUR/USD on April 22. Simple tips for beginners

Apr 21, 2024 | 21:27 pm

Analyzing Friday's trades:EUR/USD on 1H chart EUR/USD traded with low volatility on Friday. The hourly chart shows that the previous week was quite dull with low activity. The price mostly moved sideways, and the macroeconomic background was weak. Although there were several fundamental events that could have potentially triggered a new rise in the dollar and a fall in the euro, the market was not interested in opening more short positions at this stage. Therefore, the speeches by representatives of the Federal Reserve and the European Central Bank were mostly ignored. However, this might have been a mistake. For instance, Fed Chair Jerome Powell made it clear that the central bank does not intend to lower the key interest rate in June, as the market had expected. Powell said persistently elevated inflation will likely delay any Fed rate cut. Several of his colleagues shared the same sentiments. Therefore, the Fed will continue to show a hawkish stance. There is also a possibility that the Fed may eventually consider a rate hike this year.EUR/USD on 5M chart Two fairly good trading signals were generated on the 5-minute timeframe. During the Asian session, the price rebounded perfectly from the area of 1.0611-1.0618, after which it managed to rise to the level of 1.0668, which was later refined to 1.0678 by the end of the day. Therefore, novice traders could open long positions in the morning and close them at the beginning of the US session. Short positions could be opened around the level of 1.0668 based on the signal, but the pair did not sharply fall until the market closed. Therefore, this would have been a small profit. Overall, both trades were profitable, but due to the low volatility, the profit was not substantial.Trading tips on Monday:On the hourly chart, the downtrend persists. We believe that the euro should fall further, as it is still too high, and in general, the trend is headed downwards. The recent macro data have demonstrated the strength of the US economy and that it is unlikely for the Fed to lower rates in the near future. The euro can only count on corrective growth.Today, the euro may continue to trade within the sideways channel of 1.0611-1.0678. If the price breaks out of this range, it may form a short-term trend for the coming days, which traders can use.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 Monday, we can highlight European Central Bank President Christine Lagarde's speech. We do not expect any important statements from her, but the market may show a minor reaction.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

Trading plan for GBP/USD on April 22. Simple tips for beginners

Apr 21, 2024 | 21:27 pm

Analyzing Friday's trades:GBP/USD on 1H chart The GBP/USD pair surprisingly showed a downward movement on Friday. Although there weren't many surprises, as the UK retail sales report turned out weaker than expected, and in general, the pound should be falling at this time even without the help of macro data. Initially, the price bounced off the level of 1.2387, so it might have seemed that the flat would persist. However, in the last 6-7 hours of the working week, the pair formed a new downward movement and broke through this level. Therefore, the British pound may continue to fall further.The only report of the day did not support the British pound. But overall, the UK has been showing weak economic reports for a long time now, while those for the US have been quite strong. In addition, the Bank of England may start to ease monetary policy even before the Federal Reserve, as inflation is rising in the US while it is falling in the UK. Therefore, we believe that the pound should continue to fall under any circumstances.GBP/USD on 5M chart Several trading signals were formed on the 5-minute timeframe. Overnight, the price bounced off the level of 1.2387, but by the opening of the European session, it managed to show a sharp rise. Therefore, novice traders might have missed this signal. However, during the US session, there was a rebound from the level of 1.2457, after which the price dropped to the range of 1.2372-1.2387. Traders could have earned around 60 pips if they executed this signal.Trading tips on Monday:On the hourly chart, the GBP/USD pair has excellent prospects for forming a downward trend. After breaking below 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 movements from the pair. Today, novice traders can look for new sell signals below the range of 1.2372-1.2387. The market is not in a rush to sell the pair, but the pound is gradually depreciating over time, which is a good sign. There will be few significant events this week, so we expect low volatility, and we may not see intraday trend movements every day.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 important or secondary events planned in the UK and the US. Most likely, we are in for another "boring Monday".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

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

Technical Analysis of Daily Price Movement of USD/IDR Exotic Currency Pairs , Monday April 22, 2024.

Apr 21, 2024 | 20:51 pm

Based on the daily chart of the exotic currency pair USD/IDR, there is potential for correction of the weakening of the United States Dollar against the Garuda currency (Rupiah) as indicated by the appearance of the Ascending Broadening Wedge pattern and deviations between price movements on the chart and the Stochastic Oscillator indicator so that it is based on facts This exotic currency pair USD/IDR has the potential to close the gap below it in the next few days, where as long as there is no continuous strengthening again until it breaks above the level of 16284.16 then USD/IDR has the opportunity to go to level 15837.51 as the main target and if the momentum and volatility supports then level 15551.30 will be the next target to aim for.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset , Monday April 22 2024.

Apr 21, 2024 | 20:51 pm

With the appearance of Descending Broadening Wedge pattern on the 4 hour chart, Crude Oil commodity asset gives the clue that in the near future #CL has the potential to have a strengthening correction upward, as long as there is no continuing weakness which is down below the level 80,29, then #CL has the potential to return strong to the level 83,92 as the main target and if the volatility and momentum is strong enough, then the level 84,88 will be the next target.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD Weekly Forecast: After Nosedive the Potential of a New Range Emerges

Apr 21, 2024 | 02:24 am

The EUR/USD finished the week of trading near the 1.06520 mark, on last Monday the EUR/USD also was around this price vicinity.

Weekly Forex Forecast – Gold, Silver, USD/CAD, AUD/JPY, USD/JPY, Cocoa

Apr 21, 2024 | 01:16 am

Hawkish remarks from Fed Chair Powell and ongoing tension in the Middle East saw the US Dollar continue to gain while stocks and most commodities sold off firmly, excepting precious metals.

WTI Crude Oil Weekly Forecast: Lesson Learned via Lower Price as News Sounds

Apr 21, 2024 | 00:39 am

The price of WTI Crude Oil started last week around the 85.000 ratio, this after the previous weekend’s loud developments between Iran and Israel.

Pairs in Focus - Silver, DAX, Gold, NASDAQ 100, GBP/CHF, Bitcoin, GBP/JPY, USD/CAD

Apr 20, 2024 | 23:54 pm

Get the weekly Forex forecast for major currency pairs for the week of April 22-27, 2024 here.

EUR/USD Weekly Outlook

Apr 20, 2024 | 04:42 am

EUR/USD edged lower to 1.0601 last week but turned sideway since then. Initial bias remains neutral this week for consolidations. Upside should be limited by 1.0723 support turned resistance. Break of 1.0601 will resume the fall from 1.1138t o 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536 next. In the bigger picture, price […] The post EUR/USD Weekly Outlook appeared first on Action Forex.

USD/JPY Weekly Outlook

Apr 20, 2024 | 04:39 am

USD/JPY rose further to 154.77 last week but retreated since then. Initial bias stays neutral this week first. Break of 154.77 will resume larger up trend. But 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 […] The post USD/JPY Weekly Outlook appeared first on Action Forex.

GBP/USD Weekly Outlook

Apr 20, 2024 | 04:34 am

GBP/USD’s decline from 1.2892 continued lower last week despite interim recovery. Initial bias is on the downside this week for 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354. Firm break there will target 161.8% projection at 1.2207 next. On the upside, above 1.2467 minor resistance will turn bias neutral and bring consolidations first, […] The post GBP/USD Weekly Outlook appeared first on Action Forex.

USD/CHF Weekly Outlook

Apr 20, 2024 | 04:30 am

USD/CHF edged higher to 0.9151 last week but turned sideway since then. Initial bias stays neutral this week for more consolidations. But 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 Weekly Outlook appeared first on Action Forex.

The weekend FX technical report for the week starting April 22, 2024

Apr 19, 2024 | 17:47 pm

In this vieeo, I take a look at all the major currencies vs the USD and outline the bias (bullish or bearish), risks and targets. Be aware and prepared for the new trading week.Below is the start and end times for each pair. Introduction 0:00 to 2:05EURUSD: 2:05 to 4:55USDJPY: 4:55 to 8:00GBPUSD: 8:00 to 11:55USDCHF: 11:55 to 15:50USDCAD: 15:50 to 19:00AUDUSD: 19:00 to 22:53NZDUSD: 22:52 to 25:30 This article was written by Greg Michalowski at www.forexlive.com.

Gold on pace to close at a record level today

Apr 19, 2024 | 10:34 am

The price of gold is on pace to close at a new record level today. A. How close level is $2832.30 on Monday, April 15. The low this week was on Monday at $2324.42. The point today at $2417.89 was the highest price for the week. The high intraday price was reached last Friday at $2431.78.For the tree week the price is currently up around 2.37%.Looking at the hourly chart below, the price action has been up and down this week, but the 200-hour MA has been a good job stalling the falls recently. It would take a move below that MA level - and staying below - to increase the bearish bias. This article was written by Greg Michalowski at www.forexlive.com.

Another flush lower in stocks

Apr 19, 2024 | 09:20 am

With key earnings being releases next week, the Nasdaq is flushing more to the downside. The NASDAQ index is now down -1.61% or -251 points at 15350.76.In the process, the price is running away from its 100 day moving average of 15489.71 and the 50% midpoint of the 2024 trading range at 15508.22. Bearish.Shares of Nvidia are breaking and falling away from the 50-day MA at 841.39. The price has not traded materially below the 50 day MA since November 2023. Next week, is pivotal with a number of large-cap stocks reporting including. Monday:VerizonSAPTuesday:GMTeslaVisaTexas InstrumentsWednesday:BoeingAT&TGeneral DynamicsMeta PlatformsIBMFordChipotleServiceNowThursday:American AirlinesCaterpillarSouthwest AirlinesBristol-Myers SquibbMicrosoftAlphabetIntelFridayExxon MobilChevron This article was written by Greg Michalowski at www.forexlive.com.

As London traders look to exit, the GBPUSD is pushing lower

Apr 19, 2024 | 08:42 am

As London traders look for the exits, the GBPUSD has rotated back to the downside. The price is currently trading at 1.2405. The low for the day was at 1.2388 reached shortly after the Israeli attack on Iran. That is also the low for the trading week.The subsequent bounce off of that low, took the price of the GBPUSD back up toward its 50% midpoint of the pair's move up from the October 2023 low at 1.24646. The high price today reached 1.2467 just above that midpoint level before rotating back to the downside over the last two hours of trading. Finding willing sellers nearly 50% midpoint, keeps the sellers more in control.The price of the GBPUSD has also moved back below an old swing area between 1.24278 and 1.24497. That also increases the bearish bias.What next?Get below the low for the day 1.2388 and traders will look toward the 61.8% retracement of the same move higher from the October 2023 low. That level comes in at 1.23635. Move below that level and sellers can probe even lowerWith the 50% midpoint holding resistance today, getting and staying above that level is now needed to disappoint the sellers/bears.Sellers are in control in the GBPUSD. This article was written by Greg Michalowski at www.forexlive.com.

NZDUSD finds swing area support this week and also swing area resistance.

Apr 19, 2024 | 08:31 am

The NZDUSD has found a swing area support this week between 0.5851 and 0.58699. The trader also found swing area resistance at another swing area between 0.5933 and 0.5941. Those extremes helped to confined the ups and downs this week. Admittedly, with the price trading to new lows for the year and the lows going back to November, the sellers are more in control. However the support swing area held on three separate runts the downside, suggesting that buyers are interested at the area.In this video I take a look at the pair from a technical perspective and outline the key levels in play. This article was written by Greg Michalowski at www.forexlive.com.

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

NASDAQ index down another 1% today

Apr 19, 2024 | 07:50 am

The NASDAQ index is down near 1% in trading today. The tech heavy index is now down 6 straight trading days. Nvidia shares are down -3.03%. Amazon is down -1.49%. Meta Platforms is down -2.42%. Apple is down -1.06%. If you want to buy a dip, the market is dipping.The index is now down -4.35% for the week. That's the largest decline going back to March 6, 2023, when shares fell -4.71%. The Nasdaq is on pace for the 4th week in a row lower. The price has moved down around 6.76% from its all-time high.Technically, the price has traded below the 50% of the 2024 trading range at 15508.22, and also below its 100-day moving average of 15491.05. This article was written by Greg Michalowski at www.forexlive.com.

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 […]

USDCHF falls sharply and rebound sharply on Isreal's retaliation. What next?

Apr 19, 2024 | 06:49 am

The USDCHF fell sharply after the Israeli attack on Iran overnight. That move to the downside tested the broken 38.2% retracement of the move down from the 2022 high at 0.9025, and bounced as report of the extent of the attack were reported. The subsequent reversal to the upside so the pair moved back up to target resistance at 0.9095 and find willing sellers. The pair has defined its technical trading range. In this video I outline the moves and the technical levels in play and explain why. This article was written by Greg Michalowski at www.forexlive.com.

Kickstart your FX trading for April 19 w/ a technical look at the EURUSD, USDJPY & GBPUSD

Apr 19, 2024 | 06:10 am

There is increased volatility after Israel's retaliation against the Iran's weekends drone attack. The EURUSD and GBPUSD moved lower (higher USD) initially, but has since rebounded. The USDJPY fell on flight into the relative safety of the JPY initially after the report, but as stocks have rebounded so has the USDJPY.In this video I take a look at the technicals that are driving the three major currency pairs. In it, I take a look at the EURUSD, USDJPY and GBPUSD and outline bias and risk defining levels in play. It is Friday, the calendar is void of any economic data. Focus will be on the headlines and any weekend risk for retaliation. This article was written by Greg Michalowski at www.forexlive.com.

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

Apr 19, 2024 | 05:11 am

The CHF is the strongest (flight to safety) and the NZD is the weakest (risk off)as the North American session begins. The USD is mixed with the greenback losing -0.34% vs the CHF and gaining +0.25% vs the NZD. Other than that, the major currencies are within 0.14% of the closing levels from yesterday to start the trading day with the EUR, GBP, JPY and CAD trading near unchanged in the US morning snapshot. The modest moves come despite Israel's limited retaliatory strike against Iran following Iran's significant drone and missile attack on its territory last weekend. The Israel response targeted the Isfahan area in central Iran, where nuclear facilities and an air base are located. Despite reports of explosions and the activation of air-defense systems across Iranian provinces, Iranian state media downplayed the incident, indicating no substantial damage or disruptions at nuclear sites. Reports are that the U.S. was informed of the attack just before its launch, but was not involved. This action by Israel seemed aimed at avoiding a larger conflict escalation and Iran's reaction has so far been limited, which has investors hoping the conflict tension is over. US stocks have moved lower in overnight trading on the back of the Israel strike, but has rebounded from the lowest levels. The Dow futures implied a decline of over 300 points but is now down about -60 points now. The S&P is on pace for its 3rd weekly decline. The Nasdaq index is on pace for its 4th straight weekly decline and given the premarket decline, on pace to the worst week since March 2023. After the close yesterday, Netflix beat earnings and revenues expectations, and also showed strong new customer numbers, but the stock is still down over around -5.5% in pre-market trading as investors worry about the future. The company announced they would stop reporting membership numbers starting Q1 2025 and projected revenues lower than analysts expectation for the current quarter - both are not sitting well with investors. The major earnings today, are not impressing investors:American Express Co AXPEPS: 3.33 reported vs. 2.95 expected – BEATRevenue: 15.8 billion reported vs. 15.79 billion expected – BEATShares are trading down -1.15% in premarket tradingProcter & Gamble Co PGCore EPS: 1.52 reported vs. 1.41 expected – BEATRevenue: 20.2 billion reported vs. 20.41 billion expected – MISSEDShares are trading down -4.14% in premarket tradingSchlumberger SLBEPS: 0.75 reported vs. 0.75 expected – METRevenue: 8.71 billion reported vs. 8.69 billion expected – BEATShares are trading down -1.45% premarket trainingNext week is a key release week with Tesla,Visa, Boeing, Meta, IBM, Ford, Chipotle, Intel, Microsoft, Alphabet, Exonn Mobile and Chevron all scheduled to report. As for today, there are no key economic releases scheduled in Canada or the US. Today is the last day before the quiet period starts for the Fed ahead of their May 1 interest-rate decision.A Reuters poll released overnight, indicated that while no economists expect the Bank of Japan (BOJ) to raise interest rates before the end of June 2024, there is some anticipation of rate hikes later in the year. Specifically, 21 out of 61 economists predict a rate increase in the third quarter, and 17 out of 55 foresee it in the fourth quarter of 2024. The consensus median forecast places the upper end of the overnight call rate at 0.25% in the fourth quarter, where it is expected to remain until late 2025.In a more detailed breakdown from a subset of 36 economists, 19% predict a BOJ rate hike in July 2024, but the majority, about 36%, anticipate this will happen in October 2024. Another 31% believe the rate increase will occur in 2025 or later.Meanwhile, ECBs Simkus said that it is possible the ECB will lower rates three or four times and rate cuts could be back to back. A number of ECB officials indicated that they are focused on June for a rate cut, but add the caveat that it is still being data dependent. They are also chirping that the ECB is not Fed dependent.A snapshot of the other markets as the North American session begins currently shows.:Crude oil is trading down $-0.48 or -0.58% at $81.62. At this time yesterday, the price was at $81.67. The high price overnight reached up to $85.64.Gold is trading down -$2.50 or -0.10% at $2376.02. At this time yesterday, the price was higher at $2382.41. It's high price reached up to $2417.89, before rotating back to the downside.Silver is trading down -$0.13 or -0.49% at $28.07. At this time yesterday, the price was at $28.43. It's high price overnight reached as high as $28.93Bitcoin currently trades at $65,051 which is well off the low at $59,629 and after the reports of the strike by Israel. At this time yesterday, the price was trading at $62,800In the premarket, the US major indices are trading mostly lower:Dow Industrial Average futures are implying a fall of -61 points. Yesterday, the index rose 22.07 points or 0.06% at 37775.39S&P futures are implying a fall of -7.37 points. Yesterday, the index fell -11.11 points or -0.22% at 5011.11Nasdaq futures are implying a fall of -45.23 points. Yesterday, the index fell -81.87 points or -0.52% at 15601.50The European indices are trading lower ahead of the US open:German DAX, -0.65%France CAC , -0.17%UK FTSE 100, -0.83%Spain's Ibex, -0.55%Italy's FTSE MIB, -0.15% (delayed 10 minutes)Shares in the Asian Pacific markets were lower after the Israeli attack on IranJapan's Nikkei 225, -2.66%China's Shanghai Composite Index, -0.29%Hong Kong's Hang Seng index, -0.99%Australia S&P/ASX index, -0.98%Looking at the US debt market, yields are trading lower:2-year yield 4.966%, -2.6 basis points. At this time yesterday, the yield was at 4.931%5-year yield 4.639%, -4.7 basis points. At this time yesterday, the yield was at 4.615%10-year yield 4.589%, -5.7 basis points. At this time yesterday, the yield was at 4.584%30-year yield 4.687%, -5.7 basis points. At this time yesterday, the yield was at 4.699%Looking at the treasury yield curve spreads moved more inverted:The 2-10 year spread is at -37.6[…]

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 […]

USDCAD Technical Analysis - Key levels to watch for a pullback

Apr 19, 2024 | 04:47 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 ISM Manufacturing PMI beat expectations by a big margin with the prices component continuing to increase, while the US ISM Services PMI missed with the price index dropping to the lowest level in 4 years.The US Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures.The market now expects the first rate cut in September. CADThe BoC left interest rates unchanged at 5.00% as expected changing a line in the statement that indicated less concern about inflation and thus the possibility of a cut in June if the trend remains intact.The latest Canadian CPI came in line with expectations although the underlying inflation measures eased further.On the labour market side, the latest report missed expectations across the board although we saw an uptick in wage growth which is something that the BoC is watching closely.The Canadian Manufacturing PMI improved slightly in March while the Services PMI weakened further. Both the measures remain in contractionary territory. The market expects the first rate cut in June.USDCAD Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCAD pulled back into the blue 8 moving average and bounced as the buyers stepped in to position for a rally into new highs. From a risk management perspective, the buyers will have a much better risk to reward setup around the 38.2% Fibonacci retracement level and even better around the 61.8% Fibonacci retracement level as they will also find the confluence of the previous resistance now turned support. USDCAD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that besides the 38.2% Fibonacci retracement level, we can also find a trendline adding confluence around the 1.37 handle. This is where we can expect the buyers to step in with a defined risk below the trendline to position for a rally into new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in and target a drop into the 61.8% Fibonacci retracement level. USDCAD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price has been diverging with the MACD, which is generally a sign of a weakening momentum often followed by pullbacks or reversals. The price broke below the trendline support, so we have higher chances to see a drop all the way down to the major trendline. We have a black counter-trendline acting as resistance now, so if the price gets there, we can expect the sellers to step in to position for a drop into the major trendline. If the price were to break to the upside though, the buyers will likely pile in to position for a rally into new highs. This article was written by FL Contributors at www.forexlive.com.

Nasdaq Composite Technical Analysis

Apr 19, 2024 | 03:41 am

Yesterday, the Nasdaq Composite ended another day negative with the buyers struggling to find some footing. It could have been a mix of hawkish Fed’s Williams comments where he didn’t rule out a rate hike if the data called for such a move, and some jitteriness due to some rumours of an Israeli retaliation in the following 24/48 hours. Tonight, Israel did retaliate as it carried out airstrikes on Iran, but eventually it was seen as a limited retaliation with even Iran downplaying it. This might finally put this thing behind our backs, and we could see some positive risk sentiment today. Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Nasdaq Composite is now getting very close to the key 15453 level. We can also notice that the price got a bit overstretched as depicted by the distance from the blue 8 moving average. In such instances, we can generally see a pullback into the moving average or some consolidation before the next move. Nasdaq Composite Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got overstretched on this timeframe as well. If we were to get a final push into the 15453 level, we can expect the buyers to step in with a defined risk below it to position for a rally back into the 15929 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the next support at 15162. Nasdaq Composite Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a trendline defining the current downward momentum where we can find the red 21 moving average for confluence. If we get another pullback, we can expect the sellers to step in around the trendline with a defined risk above it to position for new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in and position for a rally into the 15929 level. This article was written by FL Contributors at www.forexlive.com.

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 […]

NZDUSD Technical Analysis

Apr 19, 2024 | 02:25 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 ISM Manufacturing PMI beat expectations by a big margin with the prices component continuing to increase, while the US ISM Services PMI missed with the price index dropping to the lowest level in 4 years.The US Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures.The market now expects the first rate cut in September. NZDThe RBNZ kept its official cash rate unchanged as expected with no change as the central bank continues to state that the OCR will need to remain at restrictive level for a sustained period.The latest New Zealand inflation data printed in line with expectations supporting the RBNZ’s patient stance.The labour market report beat expectations across the board with lower than expected unemployment rate and higher wage growth. The Manufacturing PMI improved in February remaining in contraction while the Services PMI increased further holding on in expansion. The market expects the first cut in August.NZDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that NZDUSD is struggling to break below the key support zone around the 0.5870 level. This is where we can expect the buyers to pile in with a defined risk below the zone to position for a rally into the major trendline. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the low at 0.5780, although they will have a much better risk to reward setup around the trendline where they will also find the 61.8% Fibonacci retracement level for confluence. NZDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we got a spike lower tonight following the news of Israeli retaliation against Iran but the market faded the move completely as Iran downplayed the airstrikes. We can also notice that we have a strong divergence 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 a bigger reversal, and it might even end up being a double bottom with the major trendline as the target. In fact, the buyers will likely increase the bullish bets into the major trendline if the price were to break above the neckline at 0.5933. NZDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more clearly the divergence with the MACD which has been going on since the 0.60 handle. We can also notice that we have a minor resistance zone around the 0.59 handle where we can also find the red 21 moving average for confluence. This is where the sellers are likely to step in with a defined risk above the level to position for a break below the key support zone. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs. This article was written by FL Contributors at www.forexlive.com.

USDJPY Technical Analysis

Apr 19, 2024 | 01:06 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 ISM Manufacturing PMI beat expectations by a big margin with the prices component continuing to increase, while the US ISM Services PMI missed with the price index dropping to the lowest level in 4 years.The US Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures.The market now expects the first rate cut in September. 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.USDJPY Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDJPY got stuck in some consolidation just beneath the 155.00 handle as the market might be awaiting some new catalyst to push into new highs. From a risk management perspective, the buyers will have a much better risk to reward setup around the previous resistance now turned support where we can also find the confluence of the trendline and the 38.2% Fibonacci retracement level. The sellers, on the other hand, will want to see the price breaking lower to invalidate the bullish setup and position for a drop into the next major trendline around the 146.00 handle. USDJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have another trendline where the buyers can lean onto in case of a pullback where they will also find the 38.2% Fibonacci retracement level for confluence. The sellers, on the other hand, will want to see the price breaking lower to position for a drop into the 151.92 support zone and then target a break below it.USDJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the rangebound price action between the 153.90 support and the 154.80 resistance. We got a spike lower tonight following the Israeli retaliation against Iran, but the move was completely erased as Iran downplayed the airstrikes. We might now continue to see the market playing the range with selling pressure around the resistance and buying pressure around the support until we get a catalyst for a breakout. See the video below This article was written by FL Contributors at www.forexlive.com.

EURUSD Technical Analysis

Apr 18, 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 ISM Manufacturing PMI beat expectations by a big margin with the prices component continuing to increase, while the US ISM Services PMI missed with the price index dropping to the lowest level in 4 years.The US Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures.The market now 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 broke the key 1.07 support and extended the drop into the 1.06 handle as the divergence between the Fed and the ECB became stronger. The pair this week pulled back to retest the broken support now turned resistance and fell back to the lows as we got a hawkish Fed’s Williams comment and the Israeli strike against Iran tonight. The sellers will want to see the price breaking the lows to increase the bearish bets into the 1.05 support zone, while the buyers will look for a break above the 1.07 resistance to start targeting the 1.10 handle. EURUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price diverged with the MACD around the 1.06 handle, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, we got a pullback into the 1.07 resistance zone before another drop as the sellers stepped in with a defined risk above the Fibonacci level to target new lows. The buyers might want to pile in around the lows to position for a rally back into the resistance targeting a break above it. EURUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the recent price action with the pair getting near the lows. Iran downplayed the Israeli strike tonight, so we might put this geopolitical event behind our backs. The market could react with some positive risk sentiment today, so the buyers might try to position for a rally back into the resistance. A break below the low though would invalidate the bullish setup and likely trigger more selling. This article was written by FL Contributors at www.forexlive.com.

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

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

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

More selling US stocks. NASDAQ approaching a key technical area.

Apr 18, 2024 | 10:59 am

The US stocks are moving back toward session lows. The NASDAQ in that this really trading at 15615. The low price reached 15595.74. At current levels the price is down -0.43%.As the price was lower, it is getting closer to a key technical support level defined by the 50% midpoint of the 2024 trading range. That level comes in at 15508.22. Close to that level is the rising 100-day moving average at 15478.89. The price has not been below its 100 day moving average since November 10, 2023.That area should be a tough nut to crack on a test.The S&P index is currently down -0.20%. For the training weekFor the trading week, the NASDAQ index is on pace for its worst week since September 18, 2023. Is currently down -3.42%. The S&P index is down -2.19% which is its worst week since October 23, 2023.The Dow is the best performer, but it is still lower -0.67% on the week This article was written by Greg Michalowski at www.forexlive.com.

USD moves to a new session high. EURUSD falls to 100 hour MA target.

Apr 18, 2024 | 10:44 am

The EURUSD has moved lower and is testing its 100-day moving average of 1.06421. A move below that level would tilt the bias even more to the sellers. Buyers earlier in the day tried to extend higher but could not get to the next target near 1.0694, nor the 38.2% retracement of the move down from last week's high,, to this week's low (1.0709).Looking at the USDCHF, it too is extending to test its 100-hour MA (blue line on the chart below). That moving average surely comes into 0.91199 . A move above that level and staying above is needed to increase its bullish bias.The USDJPY is also extending to new highs and looks toward the highs from earlier this week between 154.69 and 154.78. The NZDUSD price is breaking below its 100 hour MA and moving to a new low for the day. The 100 hour MA comes in at 0.5912. Stay below is more bearish....The next target comes in at 0.5892. The low from yesterday and for the week came in at 0.58569. That was the lowest level since November 15, 2023. This article was written by Greg Michalowski at www.forexlive.com.

USDCAD retraces most of the gains for the week and returns to swing area target

Apr 18, 2024 | 09:42 am

The USDCAD on Monday but bounced into Tuesday and Wednesday's trading. The high price for the week did enter into a swing area going back to October and November 2023 between 1.38397 and 1.3855. From there, buyers turn to sellers in the process since retraced most of the gains and trades back between a swing area support level again going back to October/November but at a lower level between 1.3735 and 1.3765. The price decline has stalled within that swing area as the market accesses the next "shove". The video outlines the technicals in play and explains why.... This article was written by Greg Michalowski at www.forexlive.com.

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

Unemployment Rate. Australia, 03:30 (GMT+2)

Apr 17, 2024 | 16:30 pm

At 03:30 (GMT+2), March unemployment data will be published in Australia, which records the percentage of the number of registered unemployed over the age of 18 to the total working-age population. The indicator is expected to adjust from 3.7% to 3.9%. Read more

Employment Change. Australia, 03:30 (GMT+2)

Apr 17, 2024 | 16:30 pm

At 03:30 (GMT+2), March employment data will be published in Australia, recording the change in the number of employed citizens. The indicator is expected to decrease from 116.5 thousand to 7.2 thousand. The realization of the forecast can put pressure on the Australian currency. Read more

Beige Book. USA, 20:00 (GMT+2)

Apr 17, 2024 | 09:00 am

At 20:00 (GMT+2), the US Federal Reserve System (US Fed) will publish the Beige Book economic report. It characterizes the state of the economy in the twelve federal districts of the country and contains information on all types of industry, agriculture, corporate and consumer spending, the real estate market, and other indicators at the moment. The document is published eight times a year before scheduled meetings of the US Federal Open Market Committee (FOMC). 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 […]

Bank of England Governor Andrew Bailey speaks. UK, 18:00 (GMT+2)

Apr 17, 2024 | 07:00 am

At 18:00 (GMT+2), the head of the Bank of England, Andrew Bailey, will give a speech, in which investors hope to hear comments on the steps already taken in the field of monetary policy aimed at slowing the rate of record inflation, as well as forecasts for the development of the national economy in the context of global instability. Read more

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

Apr 17, 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 from the current 5.841M barrels to 0.900M barrels is expected, supporting oil quotes. Read more

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 […]

Consumer price index. EU, 11:00 (GMT+2)

Apr 17, 2024 | 00:00 am

At 11:00 (GMT+2), March data on the consumer price index of EU countries will be published. It is the main indicator of inflation and determines changes in retail prices for a certain “basket” of goods and services: food, transport, utility costs, healthcare, etc. It has a significant impact on the decisions of regulators in monetary policy. It may change from 0.6% to 0.8% MoM and from 2.6% to 2.4% YoY, while the core reading may rise from 0.7% to 1.1% MoM and decrease from 3.1% to 2.9% YoY. Read more

Consumer price index. UK, 08:00 (GMT+2)

Apr 16, 2024 | 21:00 pm

At 08:00 (GMT+2), March data on the consumer price index will be published in the UK. It is the main indicator of inflation in the country and determines changes in retail prices for a certain “basket” of goods and services (food, transport, utility costs, healthcare, etc.), and also has a significant impact on decisions on monetary policy. It may change from 3.4% to 3.1% YoY and from 0.6% to 0.7% MoM. Read more

Trade balance. Japan, 01:50 (GMT+2)

Apr 16, 2024 | 14:50 pm

At 01:50 (GMT+2), March trade balance data will be published in Japan. This indicator records the difference between the amount of payments for exported and imported goods, and its increase is a positive factor for the yen. The negative dynamics may accelerate from −379.4B yen to −810.2B yen, putting pressure on the yen. Read more

Consumer price index. New Zealand, 00:45 (GMT+2)

Apr 16, 2024 | 14:00 pm

At 00:45 (GMT+2), the Q1 consumer price index will be published in New Zealand, which is 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 has a significant influence on the decisions of regulators in monetary policy. It may increase from 0.5% to 0.6% QoQ and consolidate at 4.7% YoY. Read more

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

Apr 16, 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 continuation of the correction from 3.034M barrels may put pressure on oil quotes. Read more

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 […]

Fed Chairman Jerome Powell speaks. USA, 19:15 (GMT+2)

Apr 16, 2024 | 08:15 am

At 19:15 (GMT+2), the head of the US Federal Reserve System (US Fed), Jerome Powell, will give a speech. The official can share his vision of the current situation in the American economy against ongoing geopolitical tensions and hint at the regulator’s further actions in the monetary policy. Read more

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 […]

Industrial production. USA, 15:15 (GMT+2)

Apr 16, 2024 | 04:15 am

At 15:15 (GMT+2), March data on industrial production will be published in the United States. The indicator records changes in the volume of output of industrial goods and utilities in the country. Its calculation considers the manufacturing and mining industries, as well as the electric power industry. It may change from 0.1% to 0.4% MoM, supporting the American dollar. Read more

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. […]

Consumer price index. Canada, 14:30 (GMT+2)

Apr 16, 2024 | 03:30 am

At 14:30 (GMT+2) in Canada, March data on the consumer price index will be published, which is 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, and also significantly influences the decisions of regulators in the field of monetary policy. It may change from 0.3% to 0.7% MoM and from 2.8% to 3.1% YoY. Read more

Building permits. USA, 14:30 (GMT+2)

Apr 16, 2024 | 03:30 am

At 14:30 (GMT+2), the US will publish March data on the number of building permits issued. The indicator records monthly changes in the number of applications registered by the US government for the construction of real estate and is one of the most important indicators of the sector. It may change from 1.524M to 1.514M, putting pressure on the American dollar. Read more

Housing starts. USA, 14:30 (GMT+2)

Apr 16, 2024 | 03:30 am

At 14:30 (GMT+2), the US will present March data on the number of new houses, the construction of which began in the reporting month. It is one of the most important indicators of the American construction market. It may decrease from 1.521M to 1.480M, putting pressure on the American dollar. Read more

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 […]

Market Insights Podcast – Pause in oil rally, UK and Japan inflation, China Q1 GDP are the focus for this week

Apr 15, 2024 | 18:38 pm

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. Firstly, the possible scenarios on the trajectory oil prices after its 13% rally seen in the past month amid geopolitical tensions in Middle East with fears of tic-for-tact retaliation moves between Israel and Iran. Secondly, the adverse […]

GBP/USD eyes UK employment release

Apr 15, 2024 | 08:12 am

The British pound is steady on Monday. In the North American session, GBP/USD is trading at 1.2445, up 0.05%. US retail sales climb 0.7% US consumers continue to shop and spend as March retail sales was stronger than expected. Retail sales rose 0.7% m/m, up from a revised 0.9% gain in February and above the […]

Euro ends slide as industrial production rebounds

Apr 15, 2024 | 05:14 am

The euro has stabilized on Monday after sustaining sharp losses on Friday. In the European session, EUR/USD is trading at 1.0656, up 0.14%. The US dollar posted strong gains last week against the majors and surged 1.8% against the euro, which fell to a six-month low. Eurozone industrial production rebounded 0.8% m/m in February following […]

NZ dollar slides to five-month low

Apr 15, 2024 | 03:13 am

The New Zealand dollar has stabilized on Monday after as sharp decline of 1% on Friday. In the European session, NZD/USD is trading at 0.5945, up 0.14%. The New Zealand dollar dropped as low as 0.5927 earlier, its lowest point since November 14. NZ Services PSI declines New Zealand’s services sector had a dismal March, […]

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