Forex Analysis, Reviews, Signals and Forecasts ☀️

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

Apr 23, 2024 | 11:24 am

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

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

Apr 23, 2024 | 09:50 am

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

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

Apr 23, 2024 | 08:57 am

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

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

Apr 23, 2024 | 08:37 am

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

Trading Signals for EUR/USD for April 23-25, 2024: buy above 1.0681 (21 SMA - 3/8 Murray)

Apr 23, 2024 | 08:20 am

EUR/USD is trading around 1.0698, above 3/8 Murray, and within the uptrend channel forming since April 16. We can see on the chart that the price is located within the 21 SMA and the uptrend channel, bouncing every time it approaches 2/8 Murray.In case there is a technical correction towards the 3/8 level Murray (1.0681) in the next few hours, it could be seen as an opportunity to buy with the target at the 200 EMA located at 1.0762.EUR/USD is above good support around 1.0657 and 1.0650. If this area is tested in the next few days, it will be seen as a good point to buy during a technical rebound. From this level, we could expect EUR/USD to reach 1.0803.While the euro is trading above 2/8 Murray (1.0620), the outlook will remain bullish in the short term and any technical correction will be seen as a signal to buy.The material has been provided by InstaForex Company - www.instaforex.com

Analysis for the EUR/USD pair on April 23rd. Euro currency prepares for another decline

Apr 23, 2024 | 08:14 am

The wave analysis of the 4-hour chart for the EUR/USD pair remains unchanged. At the moment, we observe the construction of the presumed wave 3 in 3 or c of the downward trend section. If this is indeed the case, the decline in quotes will continue for quite some time, as the first wave of this section completed its construction around the 1.0450 mark. Therefore, the third wave of this trend section should end lower.The market continues to slowly decrease demand for the euro currency, although, the news background fully supports the US dollar. An unsuccessful attempt to break through the 1.0955 mark, which is equivalent to 61.8% according to Fibonacci, indicated the completion of the construction of wave 2 in 3 or c. Therefore, there is potential for a decline in the pair, and it is significant.Is there a probability of changing the wave analysis? There is always one. However, if since October 3rd of last year, we have been observing a new upward trend section, then the last downward wave does not fit into any structure, which cannot be. Therefore, an upward section is possible only with a significant complication of the wave analysis.Correction will not stop the downward trend. The EUR/USD pair rate increased by 10 basis points on Tuesday. Over the past 5–6 working days, not only has market activity been minimal, but there has also been no clear direction in the movement of the pair. In other words, a new sideways movement of a local nature has formed. Both last week and this week, the news background is very weak. Throughout Tuesday and the following three days, there will be quite a few economic publications but very few important data. Essentially, the GDP report in the US is the only one of interest. All other reports can be considered secondary.Today, data on business activity was released in the European Union. In the services sector, the index rose from 51.5 points to 52.9, much higher than market expectations. In the manufacturing sector, on the contrary, the index decreased from 46.1 points to 45.6, although the market expected an increase in this indicator. Therefore, demand for the euro currency can grow slowly. Market participants paid more attention to the services sector but, at the same time, could not completely ignore the manufacturing sector.In Germany, the picture was very similar. The manufacturing sector increased from 41.9 points to 42.2, although the market expected an increase to 42.8. The services sector increased from 50.1 to 53.3, with much weaker market expectations. However, in general, these two indices reflected the same picture as in the European Union. The manufacturing sector remains significantly below the key 50.0 mark, so industrial production volumes will continue to decline, reducing (or not allowing) GDP volumes.General conclusions: Based on the analysis of the EUR/USD, the construction of a downward set of waves continues. Waves 2 or b and 2 in 3 or from are completed, so I expect the continuation of the construction of the impulsive downward wave 3 in 3 or from with a significant decrease in the pair. I continue to consider sales with targets around the calculated mark of 1.0463, as the news background remains in favor of the dollar. The necessary signal for sale near the 1.0880 mark was formed (an unsuccessful attempt to break through).On a larger wave scale, it can be seen that the presumed wave 2 or b, which in length exceeded 61.8% according to Fibonacci from the first wave, may be completed. If this is indeed the case, then the scenario with the construction of wave 3 or from and the decline of the pair below the 4-figure mark has begun to be realized.The main principles of my analysis:Wave structures should be simple and understandable. Complex structures are difficult to play; they often bring changes.If there is confidence in what is happening in the market, it is better to avoid entering it.There is never a hundred percent certainty in the direction of movement. Remember about Stop Loss protective orders.Wave analysis can be combined with other types of analysis and trading strategies.The material has been provided by InstaForex Company - www.instaforex.com

Analysis for the GBP/USD pair on April 23rd. Sellers failed to take the mark of 1.2313 on the first attempt

Apr 23, 2024 | 08:13 am

The wave analysis for the GBP/USD pair remains quite complex but may become clearer in the coming weeks. A successful attempt to break the Fibonacci level of 50.0% indicates the market's readiness to build a downward wave 3 or C. If this wave indeed continues its formation, the wave pattern will become much simpler, and the threat of complicating the wave analysis will disappear.As I have already noted, the wave pattern should be simple and understandable for effective trading. There needs to be more simplicity and clarity in recent months. For a long time, the pair has been in a sideways trend and only now has real chances of forming an impulsive downward wave.In the current situation, my readers can expect the formation of wave 3 or C, with targets located below the low of wave 1 or A. Therefore, the pound should decline by at least 300–400 basis points. With such a decline, wave 3 or C will be relatively small, and I expect a much larger drop in quotes. The news background supports the US dollar, and after breaking through the 1.2469 mark (50.0% Fibonacci), the psychological barrier has been lifted from the sellers.The pound is not ready to decline without news support. The GBP/USD pair rate increased by 75 basis points on Tuesday. Partly, the increase in demand for the British currency was caused by a positive report on business activity in the service sector for April. However, I also draw my readers' attention to the fact that the second indicator (for the manufacturing sector) slowed down from 50.3 points to 48.7. Therefore, the overall package of statistics from Britain cannot be considered positive. The strengthening of the pound may also be associated with an unsuccessful attempt to break the 1.2313 mark, corresponding to 61.8% Fibonacci. It's no secret that no pair can constantly fall into a downtrend. Yesterday, the price encountered a strong level, so we saw a retreat from the reached lows. However, this does not affect the current wave analysis and the formation of a downward wave 3 or C.In America today, business activity indices were also released. And here, things were much worse than in Britain. Both business activity indices showed a decrease. In the service sector, from 51.7 points to 50.9, and in the manufacturing sector, from 51.9 points to 49.9. The market clearly did not expect such a decrease in indicators in prosperous America, so demand for the US dollar sharply declined in the second half of the day. I don't believe these reports will put an end to further dollar strengthening, but business activity indices are considered "leading indicators" of the state of the economy. If they fall, there is a high probability that the economy will slow down. The US economy has been slowing down in the last two quarters, but it is not critical yet. However, if this situation continues in the future, GDP may start approaching zero.General Conclusions.The wave pattern of the GBP/USD pair still suggests a decline. At the moment, I am still considering selling the pair with targets below the 1.2039 mark, as wave 3 or C is beginning its formation. A successful attempt to break the 1.2472 mark, corresponding to 50.0% Fibonacci, indicates the long-awaited readiness of the market to build a downward wave.On a larger wave scale, the wave pattern is even more eloquent. The descending correctional segment of the trend continues its formation, and its second wave has taken on an elongated form - to 76.4% of the first wave. An unsuccessful attempt to break this mark could have led to the beginning of the formation of wave 3 or C.The main principles of my analysis:Wave structures should be simple and understandable. Complex structures are difficult to play and often bring about changes.If there is confidence in what is happening in the market, it is better to avoid entering it.There is never a hundred percent certainty in the direction of movement. Remember about Stop Loss protective orders.Wave analysis can be combined with other types of analysis and trading strategies.The material has been provided by InstaForex Company - www.instaforex.com

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

Apr 23, 2024 | 08:01 am

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

USD/JPY: Simple trading tips for novice traders on April 23rd (US session)

Apr 23, 2024 | 07:47 am

Analysis of transactions and tips on trading the Japanese yenThere were no tests of the levels I indicated in the first half of the day, which did not allow us to enter the market. Not surprisingly, even after good statistics on Japan's economic activity, dollar buyers continue to show themselves, keeping trade near the annual maximum. However, they also refrain from taking more active actions, as they fear the intervention of the Central Bank of Japan and interventions from the regulator. As for the second half of the day, only good figures on the index of business activity in the manufacturing sector and the service sector, as well as good indicators on home sales in the primary market and the Fed-Richmond manufacturing index, which should be much better than economists' forecasts, will be able to help dollar buyers. Only in this case, the dollar will be able to update the annual maximum. It is best to act within the framework of a side channel. As for the intraday strategy, I will rely more on scenarios No. 1 and No. 2.Buy signalScenario No. 1: I plan to buy USD/JPY today when I reach the entry point in the area of 154.86 (green line on the chart) in order to grow to the level of 155.28 (thicker green line on the chart). In the area of 155.28, I will exit purchases and open sales in the opposite direction (counting on a movement of 30-35 points in the opposite direction from the level). It will be possible to count on the pair's growth today only after very strong statistics on activity in the United States. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to grow from it.Scenario No. 2: I also plan to buy USD/JPY today in the case of two consecutive price tests of 154.71 at a time when the MACD indicator will be in the oversold area. This will limit the pair's downward potential and lead to an upward reversal of the market. We can expect an increase to the opposite levels of 154.86 and 155.28.Sell signalScenario No. 1: I plan to sell USD/JPY today after updating the level of 154.71 (the red line on the chart), which will lead to a rapid decline in the pair. The key goal of sellers will be the level of 154.25, where I will exit sales, as well as immediately open purchases in the opposite direction (counting on a movement of 20–25 points in the opposite direction from the level). The pressure on the pair will return in the event of an unsuccessful breakdown of the daily maximum. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just beginning its decline from it.Scenario No. 2: I also plan to sell USD/JPY today in the case of two consecutive price tests of 154.86 at a time when the MACD indicator will be in the overbought area. This will limit the upward potential of the pair and lead to a downward reversal of the market. We can expect a decline to the opposite levels of 154.71 and 154.25.What's on the chart:The thin green line is the entry price at which you can buy a trading instrument.The thick green line is the estimated price where you can place Take profit or fix profits yourself, since further growth is unlikely above this level.The thin red line is the entry price at which a trading instrument can be sold.The thick red line is the estimated price where you can place Take profit or fix profits yourself since further decline is unlikely below this level.The MACD indicator. When entering the market, it is important to be guided by overbought and oversold zones.Important. Novice traders in the forex market need to make decisions about entering the market very carefully. Before the release of important fundamental reports, it is best to stay out of the market to avoid falling into sharp fluctuations in the exchange rate. If you decide to trade during the news release, always place stop orders to minimize losses. You need to place stop orders to lose your entire deposit quickly, especially if you do not use money management but trade in large volumes.Remember that for successful trading, it is necessary to have a clear trading plan, following the example of the one I presented above. Making spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD: Simple trading tips for novice traders on April 23rd (US session)

Apr 23, 2024 | 07:33 am

Trade Analysis and Tips for Trading the British PoundThe price test at 1.2356 in the first half of the day coincided with the moment when the MACD indicator began to move up from the zero mark, confirming the correct entry point for buying the pound. As a result, the pair rose by 25 points, but that's where it ended. We have yet to reach the target level of 1.2409. Strong statistics on activity in the UK services sector allowed the pound to recover slightly after yesterday's sell-off, but the pair's rise quickly turned into a fall as major sellers did not leave the market. During the American session, the situation may worsen for the pound as strong US data is expected. Pay attention to figures on the business activity index in the manufacturing sector, the business activity index in the services sector, and the composite PMI index of the US. Strong manufacturing activity and activity in the services sector will lead to a new sell-off of GBP/USD. Weak data will only allow for a small correction of the pound within the downward trend. 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 1.2368 (green line on the chart), with a target of rising to the level of 1.2415 (thicker green line on the chart). At the level of 1.2415, I will exit the purchases and open sales in the opposite direction (counting on a movement of 30–35 points in the opposite direction from the level). Pound growth today can be expected after weak US data within the ascending correction. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario #2: Today, I also plan to buy the pound in case of two consecutive tests of the price at 1.2335 when the MACD indicator is in the oversold zone. This will limit the downward potential of the pair and lead to a reversal of the market upward. Expect a rise to the opposite levels of 1.2368 and 1.2415.Sell SignalScenario #1: Today, I plan to sell the pound after updating the level of 1.2335 (red line on the chart), which will lead to a rapid decline in the pair. The key target for sellers will be the level of 1.2290, where I will exit sales and also immediately open purchases in the opposite direction (counting on a movement of 20–25 points in the opposite direction from the level). Sellers will show themselves in the absence of buyer activity after a small upward correction and strong US data. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario #2: Today, I also plan to sell the pound in case of two consecutive tests of the price at 1.2368 when the MACD indicator is in the overbought zone. This will limit the upward potential of the pair and lead to a reversal of the market downward. Expect a decline to the opposite levels of 1.2335 and 1.2290.Chart Information:Thin green line - entry price, at which the trading instrument can be bought. Thick green line - the estimated price where Take Profit can be set, or profits can be fixed independently, as further growth above this level is unlikely. Thin red line - entry price at which the trading instrument can be sold. Thick red line - the estimated price where Take Profit can be set, or profits can be fixed independently, as further decline below this level is unlikely. MACD indicator. When entering the market, it is important to follow the overbought and oversold zones.Important. Beginner traders in the forex market need to be very cautious when making entry decisions. It is best to stay out of the market before important fundamental reports are released to avoid being caught in sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You need to place stop orders to avoid losing your entire deposit, especially if you do not use money management and trade with large volumes.And remember, for successful trading, you need to have a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are initially a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

EUR/JPY Mid-Day Outlook

Apr 23, 2024 | 06:43 am

Daily Pivots: (S1) 164.55; (P) 164.82; (R1) 165.25; More… EUR/JPY’s breach of 165.33 resistance argues that larger up trend is resuming. Intraday bias is back on the upside. Further rally would be seen to 169.96 key resistance next. Nevertheless, break of 164.39 minor support will turn intraday bias neutral again first. In the bigger picture, […] The post EUR/JPY Mid-Day Outlook appeared first on Action Forex.

EUR/USD Mid-Day Outlook

Apr 23, 2024 | 06:40 am

Daily Pivots: (S1) 1.0628; (P) 1.0650; (R1) 1.0675; More… Range trading continues in EUR/USD and intraday bias remains 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 bigger picture, […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

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

Apr 23, 2024 | 06:39 am

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

USD/CHF Mid-Day Outlook

Apr 23, 2024 | 06:36 am

Daily Pivots: (S1) 0.9103; (P) 0.9113; (R1) 0.9131; More…. USD/CHF is still bounded in consolidation 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 23, 2024 | 06:33 am

Daily Pivots: (S1) 154.57; (P) 154.71; (R1) 154.98; More… Intraday bias in USD/JPY remains mildly on the upside as up trend is extending. However, considering bearish divergence condition in 4H MACD, strong resistance should be seen from 155.20 fibonacci level to bring correction on first attempt. On the downside, break of 153.58 support will turn […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

GBP/USD Mid-Day Outlook

Apr 23, 2024 | 06:25 am

Daily Pivots: (S1) 1.2303; (P) 1.2347; (R1) 1.2395; More… Intraday bias in GBP/USD is turned neutral first with current recovery, and some consolidations would be seen first. Upside of recovery should be limited by 1.2538 support turned resistance. On the downside, below 1.2298 will resume the fall from 1.2892 to 1.2036 support next. In the […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

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

Apr 23, 2024 | 06:07 am

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

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

Apr 23, 2024 | 05:14 am

As the North American session begins, the GBP is the strongest of the major currencies. The NZD is the weakest. The USD is mostly lower to start the US trading day.The price of USDJPY reached to another high going back to 1990 with the price moving closer to 155.00 at 154.855. The current price is just below that level at 154.78.Flash PMI data was released in Europe today. Most country data BEAT expectations.France:Manufacturing PMI: Actual 44.9, Forecast 46.9, Previous 46.2 (BEAT)Services PMI: Actual 50.5, Forecast 48.9, Previous 48.3 (BEAT)Germany:Manufacturing PMI: Actual 42.2, Forecast 42.8, Previous 41.9 (BEAT)Services PMI: Actual 53.3, Forecast 50.6, Previous 50.1 (BEAT)Eurozone:Manufacturing PMI: Actual 45.6, Forecast 46.5, Previous 46.1 (BEAT)Services PMI: Actual 52.9, Forecast 51.8, Previous 51.5 (BEAT)United Kingdom:Manufacturing PMI: Actual 48.7, Forecast 50.3, Previous 50.3 (MISSED)Services PMI: Actual 54.9, Forecast 53.0, Previous 53.1 (BEAT) The US last estimates will be released at 9:45 AM ET with expectations of 52.0 versus 51.9 last month for the manufacturing, and 52.0 versus 51.7 last month for the services. New home sales will also be released today (at 10 AM ET). Their dictations are 668K vs 662K last month. Richmond Fed manufacturing index is expected at -7 versus -11 last month (it too will be released at 10 AM ET). The flow of earnings releases got stronger today ahead of Tesla, Visa, and Texas Instruments after the close. The following were released so far today:Freeport-McMoRan Inc (FCX)Adjusted EPS: $0.32 (BEAT) expected: $0.27Revenue: $6.30 billion (BEAT) expected: $5.66 billionLockheed Martin Corp (LMT)Adjusted EPS: $6.33 (BEAT) expected: $5.81Revenue: $17.20 billion (BEAT) expected: $15.99 billionFree Cash Flow: $1.26 billion (BEAT) expected: $1.16 billionSherwin-Williams Co (SHW)Adjusted EPS: $2.17 (MISSED) expected: $2.21Revenue: $5.37 billion (MISSED) expected: $5.51 billionKimberly-Clark Corp (KMB)EPS: $1.91 (BEAT) expected: $1.63Revenue: $5.15 billion (BEAT) expected: $5.09 billionPhilip Morris (PM)Adjusted EPS: $1.50 (BEAT) expected: $1.41Revenue: $8.79 billion (BEAT) expected: $8.47 billionRTX Corp (RTX)EPS: $1.34 (BEAT) expected: $1.23Revenue: $19.31 billion (BEAT) expected: $18.41 billionHalliburton Co (HAL)Adjusted EPS: $0.76 (BEAT) expected: $0.74Revenue: $5.804 billion (BEAT) expected: $5.67 billionGeneral Motors Co (GM)EPS: $2.62 (BEAT) expected: $2.15Revenue: $43 billion (BEAT) expected: $41.88 billionPulteGroup Inc (PHM)EPS: $3.10 (BEAT) expected: $2.36Revenue: $3.8 billion (BEAT) expected: $3.58 billionJetBlue Airways Corp (JBLU)Adjusted EPS: -$0.43 (BEAT) expected: -$0.52Revenue: $2.2 billion (MET) expected: $2.2 billionGeneral Electric Co (GE)EPS: $0.82 (BEAT) expected: $0.66Revenue: $15.2 billion (MISSED) expected: $15.34 billionKey earnings this week:Tuesday: After the close :Tesla, Visa, Texas InstrumentsWednesday: Boeing, AT&T, General Dynamics, Boston Scientific. After the close: Meta Platforms, IBM, Ford, Chipotle, ServiceNow, Lamb ResearchThursday: American Airlines, Caterpillar, Southwest, Bristol-Myers Squibb. After close Microsoft, Alphabet, Intel, Western Digital, T-Mobile, Gilead.Friday: Exxon Mobil, Chevron, Colgate-Palmolive.A snapshot of the other markets as the North American session begins currently shows.:Crude oil is trading down $-0.59 or -0.72% at $81.30. At this time yesterday, the price was at $81.66. The high price overnight reached up to $85.64.Gold is trading down -$23.50 or -1.05% at $230.41. At this time yesterday, the price was higher at $2357.63. Silver is trading down -$0.13 or -0.90% at $26.94. At this time yesterday, the price was at $27.72. It's high price overnight reached as high as $28.93Bitcoin currently trades at $66,051 At this time yesterday, the price was trading at $66,091In the premarket, the US major indices are trading mostly higher:Dow Industrial Average futures are implying a gain of 50.25 points. Yesterday, the index rose 253.58 or 0.67% at 38239.99S&P futures are implying a gain of 10.90 points. Yesterday, the index rose 43.35 points or 0.87% at 5010.59Nasdaq futures are implying a gain of 44.86 points. Yesterday, the index rose 169.30 points or 1.11% at 15451.31The European indices are trading higher ahead of the US open:German DAX, +0.99%France CAC , +0.44%UK FTSE 100, +0.196%Spain's Ibex, +1.37%Italy's FTSE MIB, +1.42% (delayed 10 minutes)Shares in the Asian Pacific markets were mostly higherJapan's Nikkei 225, +0.30%China's Shanghai Composite Index, -0.74%Hong Kong's Hang Seng index, + 1.92%Australia S&P/ASX index, +0.45%Looking at the US debt market, yields are trading higher:2-year yield 4.997%, +2.7 basis points. At this time yesterday, the yield was at 4.999%5-year yield 4.690%, +3.0 basis points at this time yesterday, the yield was at 4.623%10-year yield 4.648%, +2.7 basis points. At this time yesterday, the yield was at 4.660%30-year yield 4.750%, +2.6 basis points. At this time yesterday, the yield was at 4.754%Looking at the treasury yield curve spreads moved more inverted:The 2-10 year spread is at -34.8 basis points. At this time yesterday, the spread was at -33.9 basis pointsThe 2-30 year spread is at -24.7 basis points. At this time yesterday, the spread was at -24.5 basis pointsEuropean benchmark 10-year yields are lower: This article was written by Greg Michalowski at www.forexlive.com.

NZDUSD Technical Analysis

Apr 23, 2024 | 05:07 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 bounced again on the key support zone around the 0.5870 level. From a risk management perspective, the sellers will have a much better risk to reward setup around the major trendline where they will also find the 61.8% Fibonacci retracement level for confluence. The buyers, on the other hand, will want to see the price breaking higher to turn the trend around and start targeting the 0.64 resistance zone. NZDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the latest leg lower into the support diverged with the MACD which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it might be a signal for 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. The sellers, on the other hand, should pile in around these levels to position for a drop back into the support targeting a break below it. NZDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price continues to print higher lows as it trades towards the neckline. This signals that the bullish trend is intact on this timeframe and buyers are pushing into a breakout. If the price were to break below the most recent higher low at 0.5995, then the bullish trend would be invalidated and the sellers will start to pile in more aggressively to push the pair into new lows. Upcoming EventsToday we get the US Flash PMIs. On Thursday we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

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

Apr 23, 2024 | 05:00 am

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

EUR/USD: Simple trading tips for novice traders on April 23rd (US session)

Apr 23, 2024 | 04:53 am

Trade Analysis and Tips for Trading the European CurrencyThe price test at 1.0660 in the first half of the day coincided with the moment when the MACD indicator was beginning to move up from the zero mark, confirming the signal to buy the euro. As a result, the pair rose by more than 30 points. Good data on activity in the private sectors of Eurozone countries and a situation in the manufacturing sector of Germany that is more or less decent, or rather not worse than it was, allowed the signal to buy the euro to be realized in the first half of the day. During the American session, the situation may lean towards buyers of the US dollar, as strong data related to economic activity is expected. Attention should be paid to figures on the manufacturing sector business activity index, the services sector business activity index, and the composite PMI index of the US, as well as figures on the volume of home sales in the primary market. Strong manufacturing activity along with a rising housing market - here is the recipe for a strong US dollar. If the data disappoints, euro buyers will make another attempt to renew the daily maximum. As for the intraday strategy, I will rely more on scenarios #1 and #2.Buy SignalScenario #1: Today, I plan to buy the euro when the price reaches around 1.0674 (green line on the chart), with a target of rising to the level of 1.0719. At the point of 1.0719, I will exit the market and also sell the euro in the opposite direction, counting on a movement of 30-35 points from the entry point. Euro growth today can only be expected after very weak statistics from the US. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario #2: Today, I also plan to buy the euro in case of two consecutive tests of the price at 1.0644 when the MACD indicator is in the oversold zone. This will limit the downside potential of the pair and lead to a reversal of the market upward. Expect a rise to the opposite levels of 1.0674 and 1.0719.Sell SignalScenario #1: I will sell the euro after reaching the level of 1.0644 (red line on the chart). The target will be the level of 1.0601, where I plan to exit the market and buy the euro immediately in the opposite direction (counting on a movement of 20–25 points in the opposite direction from the level). Pressure on the pair will return in the absence of buyer activity near the daily maximum and strong statistics from the US. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario #2: Today, I also plan to sell the euro in case of two consecutive tests of the price at 1.0674 when the MACD indicator is in the overbought zone. This will limit the upside potential of the pair and lead to a reversal of the market downward. Expect a decline to the opposite levels of 1.0644 and 1.0601.Chart Information:Thin green line - entry price, at which the trading instrument can be bought.Thick green line - the estimated price where Take Profit can be set, or profits can be fixed independently, as further growth above this level is unlikely. Thin red line - entry price at which the trading instrument can be sold. Thick red line - the estimated price where Take Profit can be set, or profits can be fixed independently, as further decline below this level is unlikely. MACD indicator. When entering the market, it is important to follow the overbought and oversold zones.Important. Beginner traders in the forex market need to be very cautious when making entry decisions. It is best to stay out of the market before important fundamental reports are released to avoid being caught in sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You need to place stop orders to avoid losing your entire deposit, especially if you do not use money management and trade with large volumes.And remember, for successful trading, you need to have a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are initially a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD: trading plan for the US session on April 23rd (analysis of morning deals). The pound continues to decline

Apr 23, 2024 | 04:45 am

In my morning forecast, I paid attention to the 1.2388 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 growth and formation of a false breakdown in the area of 1.2388 led to a sell signal for the pound, which resulted in a drop in the pair by more than 30 points. In the afternoon, the technical picture was revised.To open long positions on GBP/USD, it is required:The strong data on activity in the UK services sector and the weak report on the reduction in manufacturing activity were received positively, since the British economy is still based more on services. This provoked purchases of the pound, but the euphoria did not last long. The growth was perceived by sellers as an excellent entry point into short positions. In the afternoon, there is a lot of data related to activity in the American economy, so there should be movement. The index of business activity in the manufacturing sector, the index of business activity in the service sector and the composite PMI index will be the warm-up, after which figures on home sales in the primary market and the Fed-Richmond manufacturing index will be released. Strong data will lead to a larger sell-off of the pound on trend, so be careful with purchases. In the case of a decline in the pair, much will depend on the behavior of traders at the level of 1.2340, where only the formation of a false breakdown will give an entry point to buy in order to grow to the resistance of 1.2383 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 1.2432. In the case of an exit above this range, we can talk about a breakthrough to 1.2482, where I'm going to fix profits. In the scenario of a fall in GBP/USD and the absence of buyers at 1.2340 in the afternoon, sellers will regain control of the market, having 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 1.2301. 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 1.2265 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 1.2383, where the moving averages are located slightly lower, playing on their side. The formation of a false breakdown there will make sure that large sellers are present in the market, which, together with strong data, will lead to a further fall in GBP/USD and an excellent entry point into short positions in order to test the nearest resistance of 1.2340. 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 1.2301. The ultimate target will be a minimum of 1.2265, where I will take a profit. In the event of GBP/USD's rise and absence of bears at 1.2383 in the second half of the day, bulls will have the opportunity to build a good correction with upward movement towards the resistance at 1.2432. I will also sell there only on a false breakout. If there is no activity there either, I suggest opening short positions on GBP/USD from 1.2482, counting on a pair's rebound downwards by 30-35 points within the day.In the COT report (Commitment of Traders) for April 16th, there was a sharp reduction in long positions and an increase in short positions. Pound buyers continue to leave the market, and there are objective reasons for this: the released data on inflation in the UK and the US indicated the need for further efforts to combat price increases, which will surely force central banks to continue to adhere to a tough stance. Given that the UK economy suffers from all this much more than the US economy, it is not surprising why pressure on the British pound has sharply increased. New statements from regulator representatives also negatively affected the bullish prospects for the pound. Add to all this the need to maintain a tough stance by the Federal Reserve, and it is unlikely that a strong bullish market in the GBP/USD pair should be expected. The latest COT report states that long non-commercial positions decreased by 8,200 to 71,800, while short non-commercial positions increased by 11,433 to 63,181. As a result, the spread between long and short positions decreased by 1,334.Indicator signals:Moving 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 H1 chart and differ from the general definition of classic daily moving averages on the daily D1 chart.Bollinger BandsIn case of a decline, the lower boundary of the indicator, around 1.2340, will act as support.Indicator Descriptions:Moving average (determines the current trend by smoothing out volatility and noise). Period 50. Marked in yellow on the chart.Moving average (determines the current trend by smoothing out 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, use the futures market for speculative purposes and meet certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open positions of non-commercial traders.The net non-commercial position is the difference between[…]

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

Apr 23, 2024 | 04:45 am

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

USD/BRL Analysis: Move Lower After Long-Term Speculative Highs Tested - 23 April 2024

Apr 23, 2024 | 04:36 am

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

EUR/USD: trading plan for the US session on April 23rd (analysis of morning deals). The euro has shown rapid growth

Apr 23, 2024 | 04:28 am

In my morning forecast, I pointed out the level of 1.0689 and planned to make decisions regarding market entry based on it. Let's take a look at the 5-minute chart and analyze what happened there. The rise and the formation of a false breakout led to a signal to sell the euro, resulting in a pair's decline of more than 30 points. The technical picture was slightly revised for the second half of the day.To open long positions on EUR/USD, the following is required:Fairly good data on activity within the eurozone in April this year prompted purchases of the European currency. However, as you can see on the chart, traders seized this moment and quickly took profit from the entire rise, maintaining chances for further euro decline even after the release of US statistics. By the way, the same data is expected for the eurozone. Growth in the manufacturing sector's business activity index, the services sector's business activity index, and the composite PMI index, as well as decent results in terms of new home sales volume in the primary market, will all contribute to returning to the development of the bearish market. So, be extremely cautious with euro purchases. In the event of a pair's decline, the formation of a false breakout around 1.0659 would be suitable for buying, counting on another attempt to rise to 1.0689. However, only a breakout and a new high-to-low move within this range will strengthen the pair with a chance of a surge to 1.0726. The ultimate target will be a maximum of 1.0754, where I'll take profit. In the case of EUR/USD's decline and lack of activity around 1.0659, where the moving averages are located, playing on the buyers' side, pressure on the euro within the bearish trend framework will return. I will enter the market only after the formation of a false breakout around the next support at 1.0627 - the intermediate level. I plan to open long positions immediately on the rebound from 1.0601 with a target of a 30-35 point intraday upward correction.To open short positions on EUR/USD, the following is required:Euro sellers, despite the pair's rise, still have every chance of further decline. For this, it would be good for them to regain control over 1.0659, but the formation of a false breakout around the resistance of 1.0689, similar to what I discussed earlier, will also be suitable. This will be an excellent scenario for entering short positions, and a breakout and consolidation below 1.0659, along with a reverse bottom-up test, will provide another selling point with the pair moving towards 1.0627, returning the bearish trend. There, I expect more active participation from major buyers. The ultimate target will be a minimum of 1.0601, where I'll take a profit. In the event of EUR/USD's upward movement in the second half of the day, as well as the absence of bears at 1.0689, which cannot be ruled out after weak US statistics, bulls will try to continue the correction. In this case, I'll postpone sales until testing the next resistance at 1.0726. I'll also sell there, but only after an unsuccessful consolidation. I plan to open short positions immediately on the rebound from 1.0754, with a target of a 30-35 point downward correction.In the COT report (Commitment of Traders) for April 16th, there was an increase in both long and short positions. Obviously, after the European Central Bank meeting and the dovish tone of its policymakers, as well as after the latest inflation data in the US, which continued to rise, it isn't easy to imagine that buyers of the European currency will show activity in the near future. Obviously, the higher the chances of maintaining a tough stance by the Federal Reserve, the stronger the US dollar will become against a number of other world currencies. For this reason, I bet on the further development of the bullish trend for the US dollar and the decline of the euro. The COT report indicates that long non-commercial positions increased by 3,493 to 178,912, while short non-commercial positions jumped by 23,992 to 166,688. As a result, the spread between long and short positions increased by 226.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 H1 chart and differ from the general definition of classic daily moving averages on the daily D1 chart.Bollinger BandsIn case of a decline, the lower boundary of the indicator, around 1.0645, will act as support.Indicator Descriptions:Moving average (determines the current trend by smoothing out volatility and noise). Period - 50. Marked in yellow on the chart.Moving average (determines the current trend by smoothing out 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, use the futures market for speculative purposes and meet certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open positions of non-commercial traders.The net non-commercial position is the difference between the short and long positions of non-commercial traders.The material has been provided by InstaForex Company - www.instaforex.com

XAU/USD Gold Price Analysis Today: Gold Exposed to Profit-Taking Sales - 23 April 2024

Apr 23, 2024 | 04:13 am

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

AUDUSD Technical Analysis

Apr 23, 2024 | 04:05 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. AUDThe RBA left interest rates unchanged as expected at the last meeting and finally dropped the tightening bias.The last Monthly CPI report came in line with expectations although the underlying inflation measure increased from the prior month.The latest labour market report missed expectations.The wage price index surprised to the upside as wage growth in Australia remains strong.The latest Australian PMIs showed the Manufacturing PMI almost jumping back into expansion while the Services PMI ticked slightly lower remaining in expansion.The market expects the first rate cut in February 2025.AUDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that AUDUSD fell below the 0.64 handle but eventually bounced back to retest the previous lows where we can also find the 38.2% Fibonacci retracement level for confluence. This is where we can expect the sellers to step in with a defined risk above the Fibonacci level to position for a drop into the 0.6272 level. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 0.65 resistance zone where we have also the red 21 moving average for confluence. AUDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the latest leg lower diverged with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it led to a pullback into the resistance around the 0.6475 level. If the price were to break higher, the chances for a reversal will increase and we could see a quick rally into the 0.6520 resistance. AUDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor upward trendline defining the current bullish momentum with the red 21 moving average acting as dynamic support. The buyers are leaning on this trendline to keep bidding up the pair into new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in and position for a drop into new lows. Upcoming EventsToday we get the US Flash PMIs. Tomorrow, we have the Australian CPI data. On Thursday we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

USD/JPY Analysis: Prices Around 34-Year Highs - 23 April 2024

Apr 23, 2024 | 04:01 am

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

EUR/USD. April 23rd. Bulls and bears are in balance

Apr 23, 2024 | 03:56 am

The EUR/USD pair continued to trade horizontally between the levels of 1.0619 and 1.0696 on Monday. The sideways movement has been maintained for seven days now. During all this time, bears and bulls cannot decide what to do next. The information background is weak, but it continues to indicate the advantage of bearish traders. Thus, the consolidation of the pair's rate below the corrective level of 127.2%-1.0619 will allow expecting further decline towards the next Fibonacci level of 161.8%-1.0519. A rebound of quotes from the level of 1.0619 will work in favor of the euro and some growth towards the level of 1.0696. The wave situation remains unchanged. The last completed upward wave failed to break the peak of the previous wave (from March 21st), and the last downward wave broke the last low (from April 2nd) and has been forming for 10 days now. 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, the new upward wave must break the peak of the previous wave (from April 9th). Or the next downward wave (which has yet to start) failed to break the last low from April 16th.There was no information background on Monday, and it was noticeable by the traders' inaction. Bears remain in a more advantageous position since, in 2024, the gap between the ECB and the Fed rates may increase. FOMC members have indicated in the last two weeks that they will not rush to ease monetary policy if inflation in the US does not decrease. The Fed is inclined to keep rates at their current level until the consumer price index begins to slow down again. Also, some Fed officials do not rule out the possibility of further tightening monetary policy. Thus, the Fed's policy will remain "hawkish" much longer than the ECB's. On the 4-hour chart, the pair experienced a decline to the corrective level of 23.6%-1.0644 and consolidation below it. However, two "bullish" divergences in the CCI indicator and the RSI indicator dropping below 20 worked in favor of the euro and initiated growth towards the corrective level of 38.2%-1.0765. Consolidation of quotes below the level of 1.0644 again will allow counting on a decline towards the corrective level of 0.0%-1.0450. The trend remains "bearish," but a sideways movement has formed on the hourly chart.Commitments of Traders (COT) report:In 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. In the second column, we see that the number of short positions increased from 92 thousand to 167 thousand over the past 3 months. During the same period, the number of long positions decreased from 211 thousand to 179 thousand. Bulls have dominated the market for too long, and now they need a strong information background to resume the "bullish" trend. However, the information background has only been supporting bears lately. The euro could have lost much more ground over the past few weeks.News calendar for the US and the Eurozone:Eurozone - Germany Services Business Activity Index (07:30 UTC).Eurozone - Germany Manufacturing Business Activity Index (07:30 UTC).Eurozone - Services Business Activity Index (08:00 UTC).Eurozone - Manufacturing Business Activity Index (08:00 UTC).US - Services Business Activity Index (13:45 UTC).US - Manufacturing Business Activity Index (13:45 UTC).US - New Home Sales (14:00 UTC).On April 23rd, the economic events calendar contains many interesting entries. The influence of the information background on traders' sentiment today may be of moderate strength.Forecast for EUR/USD and trader recommendations:Sales of the pair are possible today upon consolidation below the level of 1.0619 on the hourly chart with a target of 1.0519. Or upon bounce from the level of 1.0696 with a target of 1.0619. Purchases of the euro are possible upon a rebound from the level of 1.0619 on the hourly chart with a target of 1.0696.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD. April 23rd. The bears continue to attack

Apr 23, 2024 | 03:49 am

On the hourly chart, the GBP/USD pair on Monday completed a decline to the level of 1.2300, rebounded off it, and returned to the Fibonacci level of 61.8% (1.2363). The rebound of quotes from the level of 1.2363 worked in favor of the American currency and the resumption of the decline towards the level of 1.2300. Bears continue to advance on the market as they have been dormant for a long time. During this "long time," the information background repeatedly supported the dollar. However, traders only worked out some of this information. Now the British pound may continue the process of decline even without the information background. The wave situation remains unchanged. 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) and is still forming. Thus, the trend for the GBP/USD pair remains "bearish," and there are no signs of its completion. The first sign of bulls transitioning to an advance could be a breakout of the peak from April 9, but bulls need to cover a distance of about 380 points to the zone of 1.2705–1.2715. It is unlikely that a trend change to "bullish" should be expected in the coming days. At the moment, even the last downward wave has not completed its formation.On Monday, there was no information background, but today, business activity indices in the UK will be released within an hour. According to economists' estimates, the indices will stay the same in April, but there is always a chance that the forecasts need to be corrected. Considering the strength of the bears in recent weeks, I do not expect a strong rise in the British pound, even with higher business activity index values than expected by traders. Today, the pair may return to the level of 1.2300. In the future, I expect the British pound to continue to decline. On the 4-hour chart, the pair made a reversal in favor of the American and resumed the downward process towards the corrective level of 50.0%-1.2289. The descending trend channel characterizes the current mood of traders as "bearish." A rebound of quotes from the level of 1.2289 will allow expecting some growth of the British pound towards the level of 1.2450. Consolidation of the pair's rate below the level of 1.2289 will strengthen the positions of the bears, which will target the level of 1.2035.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 weakened in recent weeks. The gap between the number of long and short contracts is practically absent now: 72 thousand against 63 thousand.The prospects for a decline in the British pound are preserved. Over the last 3 months, the number of long contracts has increased from 62 thousand to 72 thousand, and the number of short contracts has increased from 47 thousand to 63 thousand. This explains the relatively 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. Bears have demonstrated their weakness and complete unwillingness to advance over the past few months, but inflation reports in the US and the UK may give them new strength.News calendar for the US and the UK:UK - Services Business Activity Index (08:30 UTC).UK - Manufacturing Business Activity Index (08:30 UTC).US - Services Business Activity Index (13:45 UTC).US - Manufacturing Business Activity Index (13:45 UTC).US - New Home Sales (14:00 UTC).On Tuesday, the economic events calendar contains several interesting entries in the US and the UK. The influence of the information background on market sentiment today may be of moderate strength.Forecast for GBP/USD and trader recommendations:Sales of the British pound were possible upon closing on the hourly chart below the support zone of 1.2363–1.2370, with targets at 1.2300 and 1.2238. The first target has been hit. Purchases of the pair were possible yesterday upon a rebound from the level of 1.2300 with a target of 1.2363. This target has also been hit. New purchases - upon a new rebound from the level of 1.2300 or upon closing above the resistance zone of 1.2363–1.2370.The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD Analysis: Price Breaks New Psychological Level - 23 April 2024

Apr 23, 2024 | 03:48 am

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

EUR/USD Analysis: Will it Break the 1.05 Support Level Soon? - 23 April 2024

Apr 23, 2024 | 03:25 am

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

USD/SGD Analysis: Range Ignites Speculative Volatility for Traders - 23 April 2024

Apr 23, 2024 | 03:09 am

The USD/SGD did come down from the high water marks and went into the weekend near the 1.36160 vicinity.

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

Apr 23, 2024 | 03:00 am

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

Gold edges lower as Middle East tensions ease

Apr 23, 2024 | 02:56 am

The yellow metal continues to decline, plunging investors into gloom and prompting them to reassess their trading strategies. However, some analysts are confident that the precious metal will rebound in the near future, viewing its decline as a natural step before another rally. The optimism of experts bolsters investors, although some market players remain skeptical about the near-term prospects of gold. On Monday, April 22, the precious metal sharply fell amid reduced geopolitical risks and decreased demand for safe-haven assets. As a result, gold lost more than 2.7%. According to estimates, gold's decline at the end of the day was the most significant since June 2022. The metal depreciated amid easing tensions in the Middle East. Such a development reduced the risk premium in the market. At the moment, gold continues to trade downwards after the sharpest decline in two years. The catalyst for the current downtrend in the precious metal was the de-escalation of the conflict between Israel and Iran. Against this backdrop, many experts are pessimistic about the near-term prospects of gold. They believe that investors will turn to other sources of capital preservation. According to some specialists, prices for the precious metal may break below the $2,300 per ounce level and then plummet to $2,200 per ounce. Analysts recommend preparing for a significant decline in the yellow metal amid extremely overbought conditions, as indicated by the RSI on the daily chart. Currency strategists at ABN AMRO Bank have maintained their forecast, according to which gold will lose heavy losses, diving to $2,000 per ounce by the end of 2024. The bank's specialists cite excessively high current prices, dollar strengthening, liquidation of assets in gold ETFs, and the absence of a physical gold shortage in the global market as reasons. The current drop in the yellow metal (by more than 2.7%) is considered by experts to be the most significant in the last two years. Gold futures quotes on the New York Comex exchange plummeted to $2,346.4 per ounce at the end of Monday's trading, reaching the lowest level since April 5, 2024. On Tuesday, April 23, the precious metal declined by 0.85% and then fell by another 1.3%. Currently, gold is trading at the level of $2,316.45 per ounce. The precious metal was also weighed down by the high likelihood that the Federal Reserve would maintain a tight monetary policy much longer than expected in early 2024. The focus of market attention is on the publication of the key inflation indicator in the United States - the Core Personal Consumption Expenditures Price Index, which the regulator pays special attention to when assessing risks. The release of this report is scheduled for Friday, April 26. According to preliminary forecasts, the indicator decreased to 2.6% year-on-year in March. Recall that its February value was 2.8% year-on-year. Many investors are counting on some easing of geopolitical tensions. At the same time, market participants are switching to riskier assets such as stocks. According to CFTC data, the volume of major market players' long positions in gold futures and options is at a four-year high. The reason for profit-taking was the fairly rapid decline in the value of the precious metal. In addition, in recent months, gold has appreciated despite a steep rally in the greenback. In the current situation, the risks of a deep correction in the precious metal are increasing. However, according to some analysts, there are favorable factors contributing to further gans in gold. Tailwinds for the yellow metal will be the US Federal Reserve's rate cuts, global instability, and the growing US government debt. Against this backdrop, even economists at Bank of America, who are skeptical about the prospects of the precious metal, expect its price to rise to $3,000 by 2025. Analysts at Citi Bank are also bullish on gold, expecting it to gain in the next 6–18 months. Many investors adhere to this position, asserting that the likely record of $3,000 per ounce will be surpassed in a couple of years. Improvement in forecasts for gold prices in 2024 boosts investor optimism. It is worth noting that these forecasts anticipate an increase in the value of the metal in the near future. Confidence in such a scenario allows market players to weather the current market woes and prepare for an upcoming rise in gold. The material has been provided by InstaForex Company - www.instaforex.com

AUD/USD Forex Signal: Inverse Head and Shoulders Pattern Forms - 23 April 2024

Apr 23, 2024 | 02:55 am

The AUD/USD exchange rate continued its recovery this week as global risks eased, triggering a risk-on sentiment.

EUR/USD Forex Signal: Bearish Flag Pattern Forms - 23 April 2024

Apr 23, 2024 | 02:47 am

The EUR/USD exchange rate remained in a tight range as traders focused on the next actions by the European Central Bank (ECB) and the Federal Reserve.

BTC/USD Forex Signal: Bitcoin Price Could Retest $70k After Halving - 23 April 2024

Apr 23, 2024 | 02:40 am

Bitcoin has staged a strong recovery in the past few days as investors cheered last Friday’s halving event.

Nasdaq Composite Technical Analysis

Apr 23, 2024 | 02:39 am

Yesterday, the Nasdaq Composite ended the day positive amid a lack of bearish catalysts. It might have been one of those times when no news is good news as the geopolitical fears around the Israel-Iran escalation waned. It might also have been just a dead-cat bounce after an oversold market. Nevertheless, the US PMIs and the US PCE this week will be market moving catalysts, and it’s likely that more inflationary pressures could weigh on prices again given the recent shift in the Fed’s stance. Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Nasdaq Composite yesterday bounced near the 15162 support and rallied into the 15453 resistance where we can also find the blue 8 moving average for confluence. This is where we can expect the sellers to step in with a defined risk above the resistance to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and position for a rally back into the 15929 level. Nasdaq Composite Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more clearly the rally into the 15453 resistance with the price rejecting the blue 8 moving average. 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 had a trendline defining the bearish momentum with the red 21 moving average acting as dynamic resistance. The price yesterday broke through it, which might be an early signal of a change in sentiment although we will need to see a continuation to confirm it. In fact, if the price were to fall back below the trendline, we can expect the sellers to pile in and position for a drop into new lows. Conversely, if the price were to continue higher, the buyers will likely increase the bullish bets into the 15929 resistance. Upcoming EventsToday we have the US Flash 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 Forex Signal: Death Cross Pattern Points to More Downside - 23 April 2024

Apr 23, 2024 | 02:32 am

The GBP/USD exchange rate slipped for the third straight day on heightened Bank of England (BoE) interest rate cut hopes.

USD/CAD Forecast: Canadian Dollar Strengthens on Monday - 23 April 2024

Apr 23, 2024 | 01:38 am

The US dollar initially tried to rally against the Canadian dollar on Monday but gave back gains as it looks like we are going to continue to pullback.

EUR/GBP Forecast: Euro Punishes the British Pound - 23 April 2024

Apr 23, 2024 | 01:34 am

The euro is shot straight up in the air during the trading session on Monday, breaking well above the 200-Day EMA against the British pound.

DAX Forex Signal: DAX Shows Signs of Life - 23 April 2024

Apr 23, 2024 | 01:15 am

The German DAX gapped to the upside during the early hours on Monday, as it looks like we are trying to recover.

USDCAD Technical Analysis - We are near key resistance levels

Apr 23, 2024 | 01:12 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 came close to the top of the one-year range around the 1.3862 level but eventually rolled off back into the 1.37 handle. We can see that from a risk management perspective, the buyers will have a much better risk to reward setup around the 1.3620 level where we can find the confluence of the previous resistance turned support and the 61.8% Fibonacci retracement level. The sellers, on the other hand, will want to see the price breaking below the major trendline to turn the trend around and target a drop all the way back to the bottom of the range around the 1.3225 level. USDCAD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price yesterday broke below the minor upward trendline turning the bias more bearish and opening the door for a drop into the 1.3620 support. We now have a minor downward trendline and the red 21 moving average defining the current bearish momentum. This is where we can expect the sellers to step in with a defined risk above the trendline to position for a drop into the 1.3620 support 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 new highs. USDCAD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have also the Fibonacci retracement levels on this timeframe adding some extra confluence to the bearish setup around the trendline. Watch out for the US Flash PMIs data today because it will be a market moving event.Upcoming EventsToday we get the US Flash PMIs. Tomorrow, we have the Canadian Retail Sales. On Thursday we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

Silver Forecast: Silver Plunges to Kick off the Week - 23 April 2024

Apr 23, 2024 | 01:02 am

Silver markets have plunged drastically to kick off the week, as we have finally seen the lack of momentum take apart this market.

Forex forecast 04/23/2024: EUR/USD, GBP/USD, Oil, SP500 and Bitcoin from Sebastian Seliga

Apr 23, 2024 | 00:59 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 00:13 Totay's key events: HCOB Germany Manufacturing PMI, S&P Global/CIPS UK Manufacturing PMI, Building Permits, S&P Global Services PMI, New Home Sales 02:22 EUR/USD 04:27 GBP/USD 06:08 OIL 07:50 SP500 09:51 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

CAC Forecast: Starts off the Week with a Bang - 23 April 2024

Apr 23, 2024 | 00:55 am

The French CAC has been all over the place during the trading session on Monday, buyers were more than willing to step in and pick up the equity market in France.

EUR/USD: trading tips for beginners for European session on April 23

Apr 23, 2024 | 00:51 am

Overview of trading and tips on EUR/USDThe price test of 1.0639 in the afternoon occurred at a time when the MACD indicator sharply fell from the zero mark, which limited the pair's downward potential - especially when it is trading in the sideways channel. After a short period of time, this level was tested once again and this happened when the MACD was in the oversold area and recovered from there. As a result, the pair rose by more than 20 pips. In the absence of Eurozone and US data on Monday, it isn't surprising that the euro spent the day mostly in a sideways channel.Today, the situation may significantly change, but for this to happen, the data's values must turn out to be sharply different from economists' forecasts. Today, traders may focus on the pan-Eurozone HCOB PMIs for April, and the Composite PMI. The bears will be active if the reports turn out to be weak, which will strengthen the downward trend and push the price to monthly lows. Good data may stop the euro from falling. 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 1.0660 plotted by the green line on the chart, aiming for growth to the level of 1.0695. At the level of 1.0695, 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 1.0639 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 1.0660 and 1.0695.Sell signalsScenario No 1. I plan to sell the euro after EUR/USD reaches the level of 1.0639 plotted by the red line on the chart. The target will be the level of 1.0611, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the upward direction from the level). Pressure on EUR/USD will increase if it fails to consolidate in the area of the daily high and weak PMI data. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario No 2. I am also going to sell the euro today in case of two consecutive price tests of 1.0660 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 1.0639 and 1.0611.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 23

Apr 23, 2024 | 00:51 am

Overview of trading and tips on GBP/USDThe price test of 1.2309 in the afternoon occurred at a time when the MACD indicator had significantly dropped from the zero mark, which limits the pair's downward potential - especially considering how much the pound had already lost in the morning. The second test of 1.2309 happened when the market was searching for the low, which also coincided with the moment when the MACD indicator started to recover from the oversold territory, which confirmed the correct entry point to buy the pound. As a result, the pair rose by more than 40 pips. Weak figures on the balance of industrial orders exerted pressure on the pound, while the absence of US data helped the pair recover. Today, investors will focus on the UK PMI data. Weak values will fuel a pound sell-off. If the figures coincide with economists' forecasts or surpass them, the pair may correct higher. 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 1.2356 plotted by the green line on the chart, aiming for growth to 1.2409 plotted by the thicker green line on the chart. In the area of 1.2409, I'm going to close long positions and open short ones in the opposite direction (expecting a movement of 30-35 pips in the opposite direction from the level). You can only count on the pound's growth today if the UK releases good Services PMI 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 also plan to buy the pound today in case of two consecutive tests of the price of 1.2323 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 1.2356 and 1.2409.Sell signalsScenario No. 1. I plan to sell the pound today after testing the level of 1.2323 (the red line on the chart), which will lead to a rapid decline in GBP/USD. The key target for sellers will be 1.2277, where I am going to close short positions and also open long positions in the opposite direction (expecting a movement of 20-25 pips in the upward direction from that level). You can sell the pound after the pair fails to consolidate near the local high and if the UK releases weak data. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario No. 2: I also plan to sell the pound today in case of two consecutive tests of 1.2356 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 1.2323 and 1.2277.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 23

Apr 23, 2024 | 00:51 am

Overview of trading and tips on USD/JPYThe tests of the levels I identified did not materialize in the afternoon. Yesterday, the absence of US data deterred dollar buyers around the annual high, which they failed to break out of. Today, Japan released decent data on manufacturing activity, which contracted at a less active pace than the previous month. The services sector is doing just fine, but the yen chose to ignore all of this. However, the longer the pair stays around the annual high without attempting to break out of it, the higher the chances of a USD/JPY downturn and a good corrective phase. 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 154.86 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 154.63 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 154.86 and 155.29.Sell signalsScenario No. 1. I plan to sell USD/JPY today only after testing the level of 154.63 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 154.25, 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 154.86 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 154.63 and 154.25.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

USDJPY Technical Analysis

Apr 23, 2024 | 00:11 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 either direction. 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. 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 can expect the sellers to step in around the top of the range with a defined risk above it to position for a drop into the trendline. The buyers, on the other hand, will likely pile in in case the price breaks higher, although they will have a much better risk to reward setup around the trendline. Upcoming EventsToday we get the US Flash PMIs. On Thursday we will see the latest US Jobless Claims figures. On Friday we conclude the week with the BoJ Rate Decision, the Tokyo CPI and later in the day, the US PCE report. See the video below This article was written by FL Contributors at www.forexlive.com.

Hot forecast for EUR//USD on April 23, 2024

Apr 23, 2024 | 00:02 am

The EUR/USD pair is moving around the base of the downward cycle, where a sideways range has formed. The support level is at 1.0600, while the peak of this sideways range may reach the value of 1.0700.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 for EUR/USD to leave this range, the price must settle beyond one of the levels. In terms of technical analysis, this could strengthen trading positions in the direction of a breakout.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

GBP/JPY Daily Outlook

Apr 22, 2024 | 23:56 pm

Daily Pivots: (S1) 190.46; (P) 191.08; (R1) 191.84; More.. No change in GBP/JPY’s outlook. Intraday bias stays 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 […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

EUR/JPY Daily Outlook

Apr 22, 2024 | 23:54 pm

Daily Pivots: (S1) 164.55; (P) 164.82; (R1) 165.25; More… Range trading continues in EUR/JPY and intraday bias stays neutral. 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 […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

EUR/GBP Daily Outlook

Apr 22, 2024 | 23:52 pm

Daily Pivots: (S1) 0.8607; (P) 0.8626; (R1) 0.8645; More… Intraday bias in EUR/GBP remains on the upside and outlook is unchanged. Fall from 0.8764 has probably completed already. Further rally would be seen to medium term trend line resistance (now at 0.8649). Decisive break there will solidify this bullish case and target 0.8764 resistance next. […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

EUR/AUD Daily Outlook

Apr 22, 2024 | 23:47 pm

Daily Pivots: (S1) 1.6479; (P) 1.6556; (R1) 1.6597; More… Intraday bias in EUR/AUD remains neutral at this point. For now, 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 resistance […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

EUR/CHF Daily Outlook

Apr 22, 2024 | 23:42 pm

Daily Pivots: (S1) 0.9695; (P) 0.9711; (R1) 0.9732; More… No change in EUR/CHF’s outlook and intraday bias stays neutral. 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 […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

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

Apr 22, 2024 | 23:30 pm

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

Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday April 23, 2024.

Apr 22, 2024 | 23:03 pm

With the appearance of Bearish 123 pattern which followed by the intersection of Death Cross from MA 20 with MA 50 give the sufficient information if this commodity asset in the near future has the potential to depreciated weakness downward to the level 2257,30 as the main target, and if the momentum as well as the volatility is supporting then the level of 2216,56 will be the next target to be aimed, but all the scenario will become invalid if on the way to those targets suddenly there is a strengthening correction which breaks above the level 2430,98.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of Intraday Price Movement of Natural Gas Commodity Asset, Tuesday April 23, 2024.

Apr 22, 2024 | 23:03 pm

From what we see on the 4-hour chart, the Natural Gas commodity asset shows a Bullish 123 pattern, the level of the Bullish Fair Value Gap area and the intersection of the Golden Cross between MA 20 and 50, which indicates that Buyers are quite dominant at the moment so as long as there is no significant correction makes #NG weaken until it falls below level 1,676, then #NG has the potential to appreciate upwards to level 1,833 as the main target and if the momentum and volatility are good enough then it is possible that level 1,924 will be the next target to be aimed at.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

GBPUSD Technical Analysis - Key levels in sight

Apr 22, 2024 | 23:02 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. GBPThe BoE left interest rates unchanged as expected but with Haskel and Mann this time voting for a hold instead of a hike. The employment report missed expectations with a big jump in the unemployment rate although the wage growth increased.The UK CPI beat expectations with Services inflation remaining sticky, which continues to support the BoE’s patient stance.The latest UK PMIs showed the Services PMI missing expectations slightly and the Manufacturing PMI beating. The UK Retail Sales missed expectations across the board.The market expects the first rate cut in August.GBPUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that GBPUSD pulled back into the broken support turned resistance around the 1.25 handle and extended the selloff into the 1.23 handle where we got a small bounce. We can notice that the price is again 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. GBPUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price is diverging with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it could be a signal for a pullback into the minor black trendline where we can also find the confluence of the Fibonacci retracement levels and the red 21 moving average. This is where we can expect the sellers to step in with a defined risk above the trendline to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and position for a rally into the major trendline around the 1.25 handle. GBPUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the bearish setup around the 1.24 handle. Watch out for the UK and the US PMIs today as they will be market moving events and will likely trigger the outlined setups. Upcoming EventsToday we get the UK and the US Flash PMIs. On Thursday we will see the latest US Jobless Claims figures, while on Friday we conclude the week with the US PCE report. This article was written by FL Contributors at www.forexlive.com.

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

Apr 22, 2024 | 23:00 pm

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

EUR/USD Daily Outlook

Apr 22, 2024 | 22:52 pm

Daily Pivots: (S1) 1.0628; (P) 1.0650; (R1) 1.0675; More… Intraday bias in EUR/USD remains neutral as range trading continues. 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 bigger picture, […] The post EUR/USD Daily Outlook appeared first on Action Forex.

GBP/USD Daily Outlook

Apr 22, 2024 | 22:50 pm

Daily Pivots: (S1) 1.2303; (P) 1.2347; (R1) 1.2395; More… Intraday bias in GBP/USD remains on the downside at this point. Current fall from 1.2892 is in progress 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 Daily Outlook appeared first on Action Forex.

USD/CHF Daily Outlook

Apr 22, 2024 | 22:47 pm

Daily Pivots: (S1) 0.9103; (P) 0.9113; (R1) 0.9131; More…. Intraday bias in USD/CHF remains neutral at this point. Consolidation from 0.9151 could extend, but further 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 post USD/CHF Daily Outlook appeared first on Action Forex.

USD/JPY Daily Outlook

Apr 22, 2024 | 22:44 pm

Daily Pivots: (S1) 154.57; (P) 154.71; (R1) 154.98; More… Intraday bias is mildly on the upside in USD/JPY with breach of 154.77 resistance. Larger up trend is extending. However, considering bearish divergence condition in 4H MACD, strong resistance should be seen from 155.20 fibonacci level to bring correction on first attempt. On the downside, break […] The post USD/JPY Daily Outlook appeared first on Action Forex.

USD/CAD Daily Outlook

Apr 22, 2024 | 22:41 pm

Daily Pivots: (S1) 1.3673; (P) 1.3713; (R1) 1.3739; More… No change in USD/CAD’s outlook as retreat from 1.3845 is extending. Intraday bias stays neutral at this point. 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 […] The post USD/CAD Daily Outlook appeared first on Action Forex.

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

Apr 22, 2024 | 22:30 pm

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

Key events on April 23: fundamental analysis for beginners

Apr 22, 2024 | 22:26 pm

Analysis of macroeconomic reports: A significant number of macroeconomic events are scheduled for Tuesday. The UK, the US, and the wider Eurozone area will see updates to Purchasing Managers Index (PMI) figures. These indices are more important for the European countries, as the US releases its own ISM indices, which the market values more than the standard S&P indices for the US. Therefore, today's European PMI data can influence market sentiment in the morning.However, it is important to remember that business activity indices are not the most important indicators of economic health. The market may show a minor reaction in the absence of significant deviations from forecasted values.Analysis of fundamental events: From Tuesday's fundamental events, only a speech by Huw Pill from the Bank of England stands out. The BoE typically faces more questions than the European Central Bank or the Federal Reserve, so Pill may share information that traders are not yet aware of. However, we should not expect an immediate market reaction to Pill's statements. Speeches by central bank officials typically have a background effect on market sentiment. The British pound should continue to decline regardless. Meanwhile, the euro is currently in a sideways channel, and it will be difficult to break out of this area today.General conclusion:Today, novice traders should pay attention to the PMI data. The values of these reports may coincide or almost coincide with the forecasts. In this case, one should not expect a market reaction.Basic rules of a trading system: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

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.

Trading Signals for GOLD (XAU/USD) for April 23-25, 2024: buy above $2,293 (oversold - rebound)

Apr 22, 2024 | 22:19 pm

Gold is trading around 2,305 under strong bearish pressure and below 5/8 Murray. The metal is likely to continue falling in the coming hours and find good support around 2,266 or even around 4/8 Murray located at 2,250.Gold is oversold and the eagle indicator is giving a slightly bullish signal, but if bearish pressure prevails and gold breaks below the downtrend channel forming since April 5, it could reach the 200 EMA located at 2,266.There is a support zone between 2,255 and 2,266. Gold could find a good point for a technical rebound on the condition of a decline and a daily close below 2,290. Then, we could sell with the target at 2,250. Below the psychological level of 2,300, the bearish pressure could intensify or ease above this level.On the contrary, if gold continues to bounce as seen in the H4 chart and consolidates above 5/8 Murray located at 2,312, we could expect the recovery towards the 21 SMA located at 2,366.Gold left a gap at around 2,391. Therefore, if it consolidates above 2,360, the outlook could remain bullish and the instrument could reach the psychological level of 2,400 and thus, cover the GAP.Our trading plan for the next few hours is to look for opportunities to buy above 2,290, with targets at 2,330, 2,266, and finally 2,395. The eagle indicator is giving a positive signal which supports our bullish strategy.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD and GBP/USD: Technical analysis on April 23

Apr 22, 2024 | 21:43 pm

EUR/USDHigher TimeframesNo significant changes over the past 24 hours. Consolidation continues, so uncertainty persists. The daily short-term trend has moved closer to the price chart. Today, it can be found at 1.0680, practically within the consolidation area. In case of upward movement, the next resistances are located around 1.0732-56 (daily + weekly Fibonacci Kijuns). If the bears manage to leave the consolidation area by breaking the current support level (1.0611), then traders will focus on the support of the lower boundary of the weekly cloud.H4 – H1The uncertainty found in higher time frames causes the pair to revolve around the weekly long-term trend (1.0649). Trading above this mark increases the chances of an upward movement, with the classic Pivot levels serving as reference points for the intraday rise (1.0674 - 1.0696 - 1.0720). A breakout (1.0649) and trading below this mark could create a favorable environment for the bears. In case the pair falls, the bears will focus on breaking through the support levels of the classic Pivot points (1.0628 - 1.0604 - 1.0582).***GBP/USDHigher TimeframesYesterday, the previous day's low was updated and the pair continued to decline. The nearest reference point is the monthly support level (1.2265). If market sentiment changes and the bulls try to recover their positions, they will encounter resistance levels such as 1.2395 (weekly Fibonacci Kijun), 1.2437 (daily short-term trend), and 1.2464 (monthly short-term trend).H4 – H1The bears have the advantage on the lower time frames, but the pair is in the correction area and has settled above the central Pivot level of the day (1.2345). If the bears become active and the corrective phase ends, traders may focus on the support levels of the classic Pivot points, which are located at 1.2299 - 1.2252 - 1.2206. If the pair corrects higher, the bulls may push the price to the key level that is responsible for the current balance of forces, the weekly long-term trend (1.2417), and today, the intermediate resistance on this path may be R1 (1.2392).***The technical analysis of the situation uses:Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levelsLower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)The material has been provided by InstaForex Company - www.instaforex.com

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 this made 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, 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 then, 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 it falls further.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 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 that we've 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 Federal Reserve 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 Fed decides to do so. After all, 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 from 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 BoE does 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.

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

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.

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.

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

Apr 22, 2024 | 05:00 am

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

SPX 500: How low can the correction go?

Apr 22, 2024 | 04:12 am

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

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

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

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

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

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?

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.

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

USD/ZAR Analysis: A Slight Turn Lower After Speculative Surge Upwards

Apr 22, 2024 | 00:18 am

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

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.

USD/MXN Analysis: Higher Values Seen but Bearish Values Being Traced

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

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

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

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.

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.

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

Apr 21, 2024 | 22:00 pm

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

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

Apr 21, 2024 | 21:00 pm

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

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.

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

Apr 19, 2024 | 08:00 am

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

Euro edges higher, ECB eyes June cut

Apr 19, 2024 | 07:14 am

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

USD/JPY jumpy as Japan’s core CPI eases

Apr 19, 2024 | 04:54 am

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

GBP/USD edges higher after flat retail sales

Apr 19, 2024 | 02:35 am

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

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

Apr 18, 2024 | 21:00 pm

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

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

Apr 18, 2024 | 21:00 pm

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

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

Apr 18, 2024 | 14:30 pm

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

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

Apr 18, 2024 | 14:01 pm

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

GBP/USD eyes retail sales

Apr 18, 2024 | 08:33 am

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

US, Japan express concern over Japanese yen

Apr 18, 2024 | 06:45 am

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

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

Apr 18, 2024 | 05:00 am

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

Australian dollar shrugs off soft job numbers

Apr 18, 2024 | 03:55 am

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

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

Apr 18, 2024 | 03:30 am

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

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

Apr 17, 2024 | 21:00 pm

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

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

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

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

NZ dollar slips ahead of New Zealand inflation

Apr 16, 2024 | 08:42 am

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

Canadian dollar extends losses as Canada’s inflation rises

Apr 16, 2024 | 07:16 am

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

Currency war and geopolitical risk are deadly concoctions for risk assets

Apr 16, 2024 | 04:00 am

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

GBP/USD dips after weak employment data

Apr 16, 2024 | 03:10 am

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

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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