Forex Analysis, Reviews, Signals and Forecasts

468x60

Are you looking for the best and most reliable source of forex information and guidance? Do you want to stay updated on the latest market trends, news, and opportunities? Do you want to learn from the experts and improve your trading skills and performance? If you answered yes to any of these questions, then you have come to the right place. Welcome to Forex Analysis, Reviews, Signals and Forecasts, the ultimate webpage that scours the entire web for the most relevant and useful forex content. Here, you will find everything you need to know about forex trading, from technical and fundamental analysis, to reviews, signals, opinions and forecasts to help you make better trading decisions and achieve your trading goals. Whether you are a beginner or an expert, you will find something valuable and interesting on this webpage.

 

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

  • Initial jobless claims. USA, 14:30 (GMT+2)

    Mar 28, 2024 | 04:30 am

    At 14:30 (GMT+2), the US will present data on the number of initial unemployment claims. The indicator measures the number of people who applied for the first time during the past week. Statistics are collected by the national Ministry of Labor and published in a weekly report. The number of benefit claims is used to measure the health of the employment sector, as an increase in the number means that fewer people are hired. A correction from 210.0K to 214.0K is expected. Read more

    Read more...
  • Gross domestic product. USA, 14:30 (GMT+2)

    Mar 28, 2024 | 04:30 am

    At 14:30 (GMT+2), data on US Q4 gross domestic product (GDP) will be published. It is the main indicator reflecting the state of the national economy and considers domestic consumption, investment, government spending, and exports. It is expected to adjust from 4.9% to 3.2% QoQ, and the deflator may change from 3.3% to 1.7%, putting pressure on the American dollar. Read more

    Read more...
  • Gross domestic product. Canada, 14:30 (GMT+2)

    Mar 28, 2024 | 04:30 am

    At 14:30 (GMT+2), January data on the gross domestic product (GDP) of Canada will be published. It is the main indicator reflecting the state of the national economy and considers domestic consumption, investment, government spending, and exports. It is expected to rise from 0.0% to 0.4% MoM. Read more

    Read more...
  • Gold Technical Analysis

    Mar 28, 2024 | 03:52 am

    Gold has been pretty resilient this week as it erased most of the losses from the prior week. The lack of important economic data most likely played a role as well as the market didn’t have anything to push it further to the downside. In fact, in the big picture, Gold should remain supported as we head into the easing cycle, but in the short term, the price action is driven by the repricing of rate cuts. Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that Gold erased almost all of the losses from the prior week. From a risk management perspective though, the buyers will have a much better risk to reward setup around the 2142 level where we can 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 below the 2142 level to position for a drop into the trendline around the 2080 support. Gold Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the latest leg higher diverged with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, the target for the pullback should be the support zone around the 2142 level. A break below that zone should confirm the reversal and trigger a selloff into the major trendline. For now, the price is supported by the minor upward trendline where the buyers continue to lean onto to position for new higher highs. The sellers will want to see the price breaking below the trendline to position for a drop into the support targeting a break below it with a better risk to reward setup. Gold Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we had an important level at 2200 which has been a strong resistance for the recent bullish wave. The breakout triggered a rally as the buyers piled in to target a retest of the all-time. If the price pulls back into the resistance now turned support, we can expect the buyers to step in again. The sellers, on the other hand, will likely lean on the all-time to position for a drop into the 2142 support. Upcoming EventsToday we get the latest US Jobless Claims figures, while tomorrow we conclude with the US PCE report and Fed Chair Powell. Strong data is likely to weigh on Gold, while weak figures should give it a boost. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • Australian dollar slides after weak retail sales report

    Mar 28, 2024 | 03:50 am

    The Australian dollar is down sharply and has fallen to a three-week low. In the European session, AUD/USD is trading at 0.6491, down 0.66%. Australia’s retail sales rise 0.3% Australia’s retail sales slipped in February to 0.3% m/m, a sharp drop from the 1.1% gain in January and shy of the market forecast of 0.4%. […]

    Read more...
  • AUD/USD Forex Signal: Aussie Showing Relative Weakness - 28 March 2024

    Mar 28, 2024 | 03:48 am

    Support zone between $0.6480 and $0.6488 likely to be pivotal today.

    Read more...
  • Crude Oil Forecast: Continued Support - 28 March 2024

    Mar 28, 2024 | 03:22 am

    The WTI crude oil market has initially fallen during the trading session on Wednesday but found plenty of support at a major support level in the form of $80.

    Read more...
  • Cocoa Analysis: Speculatively Scorching & Dangerously Alluring Still - 28 March 2024

    Mar 28, 2024 | 03:10 am

    If you are new to the Cocoa story the gain may look rather intriguing but not get much interest beyond a slight shrug of the shoulder.

    Read more...
  • USD/PKR Analysis: Intriguing Incremental Steady Pegged Currency Range - 28 March 2024

    Mar 28, 2024 | 03:01 am

    The USD/PKR has actually turned in a rather fascinating move lower.

    Read more...
  • Video market update for March 28, 2024

    Mar 28, 2024 | 02:51 am

    Potential for the further rally on Dollar Index... The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • CAC Forecast: Continues to Look Extraordinarily Strong - 28 March 2024

    Mar 28, 2024 | 02:41 am

    The French stock market has been extraordinarily strong for some time as the market is now stretching toward recent highs again.

    Read more...
  • Forex forecast 03/28/2024: EUR/USD, GBP/USD, USD/JPY, USDX and Bitcoin from Sebastian Seliga

    Mar 28, 2024 | 02:36 am

    We introduce you to the daily updated section of Forex analytics where you will find reviews from forex experts, up-to-date monitoring of financial information as well as online forecasts of exchange rates of the US dollar, euro, ruble, bitcoin, and other currencies for today, tomorrow and this trading week.Video Agenda: 00:00 INTRO 00:12 Totay's key events: GDP, Initial Jobless Claims, Pending Home Sales, German Retail Sales, Michigan Consumer Sentiment, U.S. Baker Hughes Oil Rig Count 02:07 GBP/USD 03:32 EUR/USD 04:22 USDX 05:26 USD/JPY 06:37 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

    Read more...
  • EUR/JPY Forecast: Euro Pulls Back Against Yen Via Jawboning - 28 March 2024

    Mar 28, 2024 | 02:33 am

    The euro has pulled back a bit against the Japanese yen during the trading session on Wednesday.

    Read more...
  • S&P 500 Technical Analysis

    Mar 28, 2024 | 02:33 am

    Yesterday, the S&P 500 finished the day positive as the lack of bearish catalysts continues to support the market. In fact, the path of least resistance remains to the upside as growth and employment stay resilient, and the Fed continues to signal three rate cuts this year even if inflation reaccelerates a bit. S&P 500 Technical Analysis – Daily TimeframeOn the daily chart, we can see that the S&P 500 has been diverging with the MACD for a long time. This is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it led to pullbacks into the red 21 moving average and the trendline where the dip-buyers kept on stepping in to position for the rallies into new highs. The sellers might want to wait for the price to break below the trendline before even considering going short in this market. S&P 500 Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that from a risk management perspective, the buyers will have a much better setup around the trendline where we can also find the confluence with 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 invalidate the bullish setup and position for a bigger correction to the downside.S&P 500 Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price bounced on the 38.2% Fibonacci retracement level but didn’t fall all the way back to the trendline. We can also notice that we have an important level at 5230 where the price reacted to several times. If we get a retest of this level, we can expect the buyers to step in to position for even higher prices.Upcoming EventsToday we get the latest US Jobless Claims figures, while tomorrow we conclude with the US PCE report and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • EUR/GBP Forex Signal: Euro Continues to Fight with the British Pound - 28 March 2024

    Mar 28, 2024 | 02:23 am

    The euro has gone back and forth for the fourth day in a row against the British pound, showing extreme amounts of pressure.

    Read more...
  • Nasdaq 100: Deteriorating market breadth does not bode well for the bulls

    Mar 28, 2024 | 01:55 am

    The price actions of Nasdaq 100 have reached the lower limit of a major resistance zone at 18,435/620. Heightened over-concentration risk from Nvidia as its current year-to-date returns of 87% contributed to 55% of Nasdaq 100’s year-to-date return of 10.50% as of 27 March. Nasdaq 100’s market breadth indicators have started to deteriorate which increases […]

    Read more...
  • AUD/USD Forecast: Australian Dollar Continues to Drift - 28 March 2024

    Mar 28, 2024 | 01:45 am

    The Aussie dollar has fallen a bit during the trading session on Wednesday.

    Read more...
  • SP 500 Forecast: Continues to Show Volatility - 28 March 2024

    Mar 28, 2024 | 01:33 am

    The S&P 500 has been very noisy during the early hours on Wednesday, shooting higher but then selling off.

    Read more...
  • NASDAQ 100 Forecast: Continues to Look Bullish - 28 March 2024

    Mar 28, 2024 | 01:23 am

    The Nasdaq 100 has risen slightly during the early hours on Wednesday as we continue to see more of a buy on the dips market going forward.

    Read more...
  • EURUSD Technical Analysis

    Mar 28, 2024 | 01:17 am

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The US Consumer Confidence missed expectations although the labour market details improved.The market expects the first rate cut in June.EURThe ECB left interest rates unchanged as expected at the last meeting revising inflation and growth expectations downwards and maintaining the usual data dependent language.The recent Eurozone CPI beat expectations.The labour market remains historically tight with the unemployment rate hovering at record lows.The latest Eurozone PMIs beat expectations on the Services side while the Manufacturing one missed dropping further in contraction.The market expects the ECB to cut rates in June. EURUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that EURUSD recently fell back into the 1.08 handle following strong US data. The sellers are looking at the 1.0723 level, but they will need to break the 1.08 level first to trigger a selloff into those lows. The trend recently turned bearish as the price started to print lower lows and lower highs, and the moving averages crossed to the downside. This should give the sellers some conviction for a move into new lows. EURUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more closely the key support around the 1.08 handle with the price recently bouncing on it before eventually falling back to it after a rejection of the 38.2% Fibonacci retracement level. This is where we can expect the buyers to step in with a defined risk below the support to position for a rally back into the 1.10 handle. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 1.0723 level. EURUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the recent price action into the support has been pretty choppy. This might be a signal of weakening momentum. We will likely need a catalyst to break below the support zone and next week we will have plenty of it. For now, we might start ranging around these levels awaiting new data to push on either side. A break above the minor black trendline should see the buyers increase the bullish bets into new highs as the sellers start to take some profits off the table. Upcoming EventsToday we get the latest US Jobless Claims figures, while tomorrow we conclude with the US PCE and Fed Chair Powell. See the video below This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • USD/JPY Forecast: Aims for 155 Yen - 28 March 2024

    Mar 28, 2024 | 01:16 am

    We initially did try to rally, but the members of the Bank of Japan came out and did their usual jaw boning about monitoring currency fluctuations.

    Read more...
  • BTC/USD Forecast: Bullish but Steady - 28 March 2024

    Mar 28, 2024 | 01:03 am

    Bitcoin has been very bullish for a while now, although the last couple of days have been a little bit calmer than the ones we've seen previously.

    Read more...
  • Hot forecast for GBP/USD on March 28, 2024

    Mar 28, 2024 | 01:01 am

    Let's call a spade a spade - the market is stagnant. This is mostly due to the empty economic calendar, which is quite standard for the final week of the month. Usually, it is accompanied by other events like speeches by central bank representatives. However, this time, it just so happened that the meetings of key central banks took place literally the week before, and everything that could affect the market had already been said. The only thing you can pay attention to today is the final GDP data for both the US and the UK. However, final estimates usually have no impact because they simply confirm previous estimates, which the market has already taken into account. Only in the rare case of a discrepancy between the final estimates and the preliminary ones does the market show some reaction. So most likely, the market will continue to tread water. The volume of short positions on the GBP/USD pair decreased around the level of 1.2600, leading to a slowdown in the downward cycle.On the four-hour chart, the RSI moved near the 50 middle line, thus reflecting a possible flat.On the same time frame, the Alligator's MAs are headed downwards, indicating residual signs of the downward cycle.OutlookIn order for the pound to fall further, the price must settle below the level of 1.2600 by the end of the day. In this case, it could extend the current corrective cycle. The alternative scenario considers the area around the level of 1.2600 as support, allowing for a rebound in the range of 1.2600/1.2650.In terms of complex indicator analysis, indicators suggest trading in the range of 1.2600/1.2650 in the short term and intraday periods.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • M3 money supply. EU, 11:00 (GMT+2)

    Mar 28, 2024 | 01:00 am

    At 11:00 (GMT+2), February data on the M3 money supply aggregate in the EU will be published. The indicator measures the value of all foreign currency and liquid monetary assets in the hands of the population, being an important indicator of inflation in the country, the growth of which may lead to higher interest rates by financial regulators. It is expected to rise from 0.1% to 0.3% YoY. Read more

    Read more...
  • Gold Forecast: Fighting the Highs - 28 March 2024

    Mar 28, 2024 | 00:57 am

    Gold markets rallied rather significantly in the early hours on Wednesday, but as soon as futures traders came on, they got hammered again.

    Read more...
  • Unemployment rate. Germany, 10:55 (GMT+2)

    Mar 28, 2024 | 00:55 am

    At 10:55 (GMT+2), March unemployment data will be published in Germany. This indicator records the percentage of registered unemployed people over 18 years to the total working-age population. The rate is expected to remain at 5.9% in March. Read more

    Read more...
  • Unemployment change. Germany, 10:55 (GMT+2)

    Mar 28, 2024 | 00:55 am

    At 10:55 (GMT+2), Germany will publish March data on changes in the number of unemployed citizens. The rising trend reflects weakness in the national labor market and has a negative impact on consumer spending and, therefore, economic growth. It is expected that the March figure will drop from 11.0K to 10.0K. Read more

    Read more...
  • GBP/USD Forex Signal: Pound at Risk Ahead of US PCE Report - 28 March 2024

    Mar 28, 2024 | 00:37 am

    The GBP/USD exchange rate moved sideways on Thursday morning.

    Read more...
  • EUR/USD Daily Outlook

    Mar 28, 2024 | 00:31 am

    Daily Pivots: (S1) 1.0813; (P) 1.0826; (R1) 1.0841; More… Intraday bias in EUR/SD remains neutral a this point. Risk will stay on the downside as long as 55 4H EMA (now at 1.0848) holds. Below 1.0801 will resume the fall from 1.0980 to retest 1.0694 first. Break there will resume the decline from 1.1138 and […] The post EUR/USD Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/USD Forex Signal: Extremely Bearish Below 1.0800 Ahead of PCE Data - 28 March 2024

    Mar 28, 2024 | 00:29 am

    The EUR/USD pair continued its downward trend on Wednesday morning.

    Read more...
  • GBP/USD Daily Outlook

    Mar 28, 2024 | 00:28 am

    Daily Pivots: (S1) 1.2617; (P) 1.2629; (R1) 1.2653; More… Intraday bias in GBP/USD remains neutral for the moment. Risk stays on the downside as long as 55 4H EMA (now at 1.2667) holds. Below 1.2574 will resume the fall from 1.2892 to 1.2517 structural support first. Decisive break there will suggest that rise from 1.2036 […] The post GBP/USD Daily Outlook appeared first on Action Forex.

    Read more...
  • USD/CHF Daily Outlook

    Mar 28, 2024 | 00:26 am

    Daily Pivots: (S1) 0.9019; (P) 0.9046; (R1) 0.9064; More…. Intraday bias in USD/CHF remains on the upside at this point. Sustained trading above 100% projection projection of 0.8550 to 0.8884 from 0.8728 at 0.9062 will target 0.9243 key medium term resistance next. On the downside, below 0.8964 minor support will turn intraday bias neutral and […] The post USD/CHF Daily Outlook appeared first on Action Forex.

    Read more...
  • USD/JPY Daily Outlook

    Mar 28, 2024 | 00:24 am

    Daily Pivots: (S1) 150.91; (P) 151.44; (R1) 151.85; More… Intraday bias in USD/JPY remains neutral for the moment. On the downside, break of 150.25 support should confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 149.01). Nevertheless, sustained break of 151.93 key resistance will confirm long term […] The post USD/JPY Daily Outlook appeared first on Action Forex.

    Read more...
  • BTC/USD Forex Signal: Cup and Handle Forms on the Weekly Chart - 28 March 2024

    Mar 28, 2024 | 00:22 am

    Bitcoin price lost momentum as concerns about regulations in the US continued.

    Read more...
  • AUD/USD Daily Report

    Mar 28, 2024 | 00:14 am

    Daily Pivots: (S1) 0.6518; (P) 0.6529; (R1) 0.6545; More…. Intraday bias in AUD/USD remains neutral and outlook is unchanged. Risk will remain on the downside as long as 0.6633 resistance holds. Firm break of 0.6503 support will indicate that larger fall from 0.6870 is ready to resume, and turn bias to the downside for 0.6442 […] The post AUD/USD Daily Report appeared first on Action Forex.

    Read more...
  • USD/CAD Daily Outlook

    Mar 28, 2024 | 00:12 am

    Daily Pivots: (S1) 1.3552; (P) 1.3580; (R1) 1.3595; More… Outlook in USD/CAD is unchanged and intraday bias remains neutral. On the upside, decisive break of 1.3612 resistance will resume whole rise from 1.3176 towards 1.3897 resistance. On the downside, firm break of 1.3419 support will argue that rebound from 1.3176 has completed. Near term outlook […] The post USD/CAD Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/GBP Daily Outlook

    Mar 28, 2024 | 00:10 am

    Daily Pivots: (S1) 0.8559; (P) 0.8572; (R1) 0.8579; More… Intraday bias in EUR/GBP remains neutral for the moment. With 0.8529 support intact, further rally is in favor. Rebound from 0.8497 is seen as at least correcting the fall from 0.8764. Above 0.8601 will target 161.8% projection of 0.8497 to 0.8577 from 0.8503 at 0.8632. In […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/AUD Daily Outlook

    Mar 28, 2024 | 00:08 am

    Daily Pivots: (S1) 1.6547; (P) 1.6585; (R1) 1.6608; More… EUR/AUD is extending consolidation from 1.6742 and intraday bias stays neutral. Near term outlook will remain cautiously bullish as long as 1.6439 support holds. On the upside, above 1.6677 will target 1.6742 first. Decisive break there will resume whole rise from 1.6127 and target 1.6844 resistance […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/CHF Daily Outlook

    Mar 28, 2024 | 00:06 am

    Daily Pivots: (S1) 0.9771; (P) 0.9796; (R1) 0.9810; More.. Intraday bias in EUR/CHF remains on the upside for the moment. Rise from 0.9252 is in progress towards 1.0095 key resistance next. On the downside, break of 0.9689 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat. In […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

    Read more...
  • GBP/JPY Daily Outlook

    Mar 28, 2024 | 00:03 am

    Daily Pivots: (S1) 190.59; (P) 191.07; (R1) 191.62; More….. Intraday bias in GBP/JPY remains neutral as consolidation continues below 193.51. Outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend to 61.8% projection of 178.32 to 191.29 from 187.94 at 195.95, which is close […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

    Read more...
  • KOF leading indicators. Switzerland, 10:00 (GMT+2)

    Mar 28, 2024 | 00:00 am

    At 10:00 (GMT+2), the March index of leading economic indicators from the Swiss Economic Institute (KOF) will be published, which considers 12 indicators related to consumer confidence, production, new orders, and the real estate market and also reflects the development outlook for the next six months. A correction from 101.6 points to 102.0 points is predicted, supporting the franc. Read more

    Read more...
  • Russell 2000 Technical Analysis

    Mar 27, 2024 | 23:57 pm

    Yesterday, the Russell 2000 finished the day positive as the lack of bearish catalysts continues to support the market. In fact, the path of least resistance remains to the upside as growth and employment stay resilient, and the Fed continues to signal three rate cuts this year even if inflation reaccelerates a bit. Russell 2000 Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Russell 2000 rallied back to the cycle high around the 2115 level. We can also notice that the price continues to diverge with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. This is where we can expect the sellers to step in with a defined risk above the cycle high to position for a drop back into the 2020 support. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs. Russell 2000 Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got overstretched recently 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. In this case, we got the pullback into the moving average where the buyers stepped in for a rally back into the cycle highs. Russell 2000 Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the latest leg higher is diverging with the MACD right at the cycle high. This should give the sellers a bit more confidence for a move lower as it could be a signal at least for a pullback into the trendline. If the price were to pull back, the buyers will likely lean on the trendline to position for a break above the cycle 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 the 2020 support. Upcoming EventsToday we get the latest US Jobless Claims figures, while tomorrow we conclude with the US PCE report and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • EUR/JPY Daily Outlook

    Mar 27, 2024 | 23:35 pm

    Daily Pivots: (S1) 163.32; (P) 163.87; (R1) 164.30; More… Intraday bias in EUR/JPY remains neutral for the moment. Strong support is still expected from 55 4H EMA (now at 163.58) to bring rebound. On the upside, break of 165.33 will resume larger up trend to 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71. […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

    Read more...
  • Retail sales. Germany, 09:00 (GMT+2)

    Mar 27, 2024 | 23:00 pm

    At 09:00 (GMT+2), February data on retail sales will be published in Germany. The indicator records the monthly quantity of all goods retailers sold based on a sample 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). It is expected that it will adjust from –0.4% to 0.4% MoM and from –1.4% to –0.9%, supporting the euro. Read more

    Read more...
  • Gross domestic product. UK, 09:00 (GMT+2)

    Mar 27, 2024 | 23:00 pm

    At 09:00 (GMT+2), data on the UK Q4 gross domestic product (GDP) will be published – the main indicator reflecting the state of the national economy, considering domestic consumption, investment, government spending, and exports. It is expected that the indicator will accelerate the negative dynamics from −0.1% to −0.3% QoQ and drop from 0.3% to −0.2% YoY. Read more

    Read more...
  • Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday March 28 2024.

    Mar 27, 2024 | 22:01 pm

    Although on the 4 hour chart of Nasdaq 100 index is moving sideways and ranging, but with the price movement breaking down WMA 20 Shift 2 followed by the appearance of the Bearish 123 pattern followed by several Bearish Ross Hooks (RH) gives an indication that in the near future #NDX has the potential to weaken down to level 18161.1 if this level is successful If it is broken below, #NDX has the potential to continue its decline to the level of 17996.8 as the main target and if the momentum and volatility are supportive then the next level to be aimed at is 17816.8, but if on its way to the target levels mentioned suddenly there will be a correction strengthening, especially if the strengthening correction succeeds in breaking above level 18398.3, then all the downside scenarios that have been described earlier will become invalid and cancel automatically.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Technical Analysis of Intraday Price Movement Ripple Cryptocurrency, Thursday March 28 2024.

    Mar 27, 2024 | 22:01 pm

    On the 4 hour chart of Ripple cryptocurrency, there is seems Rising Wedge pattern which happens to be a trendline above also shows the price deviation between those Cryptocurrency price with the confirmation of Awesome Oscillator indicator price movement which is below WMA 30 Shift 2, and also has the downward slope. Then, it can be confirmed that in the near future, Ripple will be weaken down although it can be there is a strengthening correction, but as long as those correction does not exceed the level 0,6333, then Ripple will continue its downward to the level 0,5986 as the main target and 0,5831 as the next target.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • EUR/USD and GBP/USD: Technical analysis on March 28

    Mar 27, 2024 | 21:42 pm

    EUR/USDHigher TimeframesYesterday, the bears failed to confirm and continue the decline initiated the day before. As a result, the attraction and influence of weekly levels (1.0829-39) restrain the development of the situation, which may contribute to the formation of consolidation. The remaining benchmarks of this market segment today maintain their positions, so the manifestation of activity may lead to their testing. Thus, bears still await support in the area of 1.0796 (weekly medium-term trend + lower boundary of the daily cloud), while on the path of bulls, the resistance zone of 1.0862-76 remains.H4 – H1On lower timeframes, the advantage remains on the side of the bears. The market continues to explore key levels, which today are at the levels of 1.0826 (central pivot point of the day) – 1.0840 (weekly long-term trend). Overcoming key levels can change the balance of power. In the case of movement development, other benchmarks today will meet the market at 1.0797 – 1.0783 (support of classic levels) and 1.0855 – 1.0870 (resistance of classic pivot points).***GBP/USDHigher TimeframesThe continuation of an active descent did not occur. The market is consolidating around the lower boundary of the daily Ichimoku cloud (1.2629). If uncertainty is replaced by activity from one side, movement development can receive an impulse. For bulls, it will be important first to rise and interact with the upper boundary of the daily cloud (1.2662), the daily short-term trend (1.2688), and the weekly short-term trend (1.2705). The interests of bears will be directed towards passing through the supports of the monthly short-term trend (1.2589) and the weekly levels (1.2552-66).H4 – H1On lower timeframes, the pound continues to test the attraction zone of key levels, which today are within 1.2639-26 (central pivot point + weekly long-term trend). Trading below key levels maintains the main advantage on the bears' side. Bearish benchmarks today are at the levels of 1.2611 – 1.2590 – 1.2575 (support levels of classic pivot points). Bullish benchmarks today are at 1.2647 – 1.2662 – 1.2683 (resistance levels of classic pivot points).***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

    Read more...
  • Forecast for USD/JPY on March 28, 2024

    Mar 27, 2024 | 20:49 pm

    USD/JPYThe USD/JPY pair continues to consolidate between the levels of 150.80 and 151.95. Time plays on the dollar's side here, as the time spent on consolidation at the peaks increases the likelihood of further growth. In addition, the Marlin oscillator is moving to the right in the uptrend territory.However, the bears have a chance to take control of the situation by pushing the price below the level of 150.80. Today, there is a reason for this - the final estimate of US GDP numbers for Q4. However, this report could also support the dollar, so the price has an equal chance of breaking above the resistance at 151.95. Consolidation above this level will open up the target of 154.25.If the market suddenly feels the risk of such growth prospects, as the Bank of Japan recently warned of currency intervention, then the yen has a chance to stay in the current range, waiting for more significant events to break upwards. The USD/JPY pair has the unique ability to develop a narrow-range, sideways trend for several months.However, if the yen consolidates below the level of 150.80, it may reach 149.72. Next, the price will have to deal with the MACD line.On the 4-hour chart, the price has fallen below the balance indicator line. The Marlin oscillator is in the downtrend territory. These circumstances increase the probability of an attempt to break below the support at 150.80, towards which the MACD line is approaching. Therefore, overcoming the support at 150.80, according to the data from the two timeframes, has a slightly higher probability than breaking through 151.95.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Forecast for GBP/USD on March 28, 2024

    Mar 27, 2024 | 20:49 pm

    GBP/USDThe British pound is slightly stuck on the balance indicator line on the daily chart. However, the price refuses to give up, as it still tries to break this support so it can consolidate below the target level of 1.2596.If it succeeds, it will open the target of 1.2500 - the December 2023 low. On the 4-hour chart, the price is consolidating between the support level of 1.2596 and the balance indicator line. The Marlin oscillator, after briefly entering the positive territory, is returning back to the downtrend territory. A breakthrough above the MACD line (1.2670) will extend the complicated correction for several days.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Forecast for EUR/USD on March 28, 2024

    Mar 27, 2024 | 20:49 pm

    EUR/USDYesterday, the balance indicator line prevented the euro from falling further on the daily chart. This morning, the price is trying to break through this support once again. Overall, the price is facing a strong and wide range, which prevents the bears from attacking - 1.0788-1.0808 - from MA144 to the balance line. Overcoming such an obstacle opens up the possibility of the pair falling to 1.0632 - the October 2023 low.On the 4-hour chart, the balance indicator line also prevented the price from rising. The signal line of the Marlin oscillator turned down from the zero line this morning. If today's US GDP data doesn't turn out to be a disappointment, the dollar has a good chance of rising by the end of the day.At this stage of the overvalued US stock market, there is another reason for its correlation with the national currency, which we have been mentioning more and more lately - if the S&P 500 starts to fall under its own weight, which could even be triggered by weak GDP data, the euro could also fall as a result of market participants moving away from risk.The euro may stop falling if the price overcomes the MACD line around the 1.0855 mark, after which there is a risk that it could further rise towards the target level of 1.0905.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • What's in store for us for the rest of the week?

    Mar 27, 2024 | 19:32 pm

    Monday, Tuesday, and Wednesday were only memorable for a few events. Although, to be more accurate, these days were not memorable for anything specific, but they could have been. Speeches by Christine Lagarde and Philip Lane did not provide any new information. Speeches by Madis Muller and Piero Cipollone only confirmed the European Central Bank's intentions to start the rate cut process in the foreseeable future, namely in June. Based on this, the news background did not affect the euro. Market participants pushed the pair a bit higher in the first half of the week, which is a typical corrective wave within a larger-scale wave.In the UK, Catherine Mann, a member of the Bank of England's Monetary Policy Committee, spoke, but her comments did not yield any important information. Mann only said that the markets are pricing in 'too many' cuts, expecting the central bank to take active actions to lower the rate. Buyers could have used these words as a reason to open new long positions, but fortunately, it did not happen. I say "fortunately" because the corrective wave 2 or b on GBP/USD has become too complicated, and we certainly don't need a new extension. However, at the same time, sellers are still not in a rush to build wave 3 or c. The pound sterling remains in a suspended state, and the scales could tip in either direction. In America, Raphael Bostic said that he expects just one rate cut in 2024, while Austan Goolsbee expects three. However, Goolsbee will not participate in the Federal Reserve's voting until the end of the year. Therefore, Bostic's opinion is more valuable. And his statement could have increased demand for the US dollar, but if it did, it was not significant. In addition, the US released a report on durable goods orders, the value of which turned out to be better than market expectations, but at the same time, the January value was revised downward.For the last two days of the week, we have GDP reports for the fourth quarter in the UK and the US, as well as Fed Chair Jerome Powell's speech in the evening on Friday. In America, several minor reports will be released, which the market will likely ignore. Even GDP reports may be ignored, as the final estimates may coincide with the initial and revised ones. Based on all of the above, I expect the week to end as boringly as its first half.Wave analysis for EUR/USD:Based on the conducted analysis of EUR/USD, I conclude that a bearish wave set is being formed. Wave 2 or b is complete, so in the near future, I expect an impulsive downward wave 3 or c to form with a significant decline in the instrument. An internal corrective wave is currently being formed, which could have already ended. I am considering short positions with targets near the 1.0462 mark, which corresponds to 127.2% according to Fibonacci. Wave analysis for GBP/USD:The wave pattern of the GBP/USD instrument suggests a decline. I am considering selling the instrument with targets below the 1.2039 level, because I believe that wave 3 or c will start sooner or later. However, unless wave 2 or b ends, the instrument can still rise to the level of 1.3140, which corresponds to 100.0% Fibonacci. The construction of wave 3 or c may have already started, but the quotes haven't moved far away from the peaks, so we cannot confirm this. Key principles of my analysis:Wave structures should be simple and understandable. Complex structures are difficult to work with, and they often bring changes.If you are not confident about the market's movement, it would be better not to enter it.We cannot guarantee the direction of movement. Don't forget about Stop Loss orders.Wave analysis can be combined with other types of analysis and trading strategies.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Trading plan for EUR/USD on March 28. Simple tips for beginners

    Mar 27, 2024 | 19:32 pm

    Analyzing Wednesday's trades:EUR/USD on 1H chart EUR/USD showed "stunning" volatility on Wednesday. The range from the day's high to the low was only 29 pips. However, we already warned you that volatility would significantly drop this week, as the previous week had a strong fundamental background, whereas this time it is extremely weak. And so it happened. Even the economic reports have virtually no impact because all the data is secondary of importance. And in any case, what difference does it make whether they have an impact or not if the market is practically standing still?On Wednesday, there was generally no macroeconomic background. The price remains below the trend line, thus the downtrend persists. We are convinced that the euro will resume the decline, but novice traders can see for themselves the current nature of the movement: 3-4 days of low volatility, 1-2 more or less attractive trading opportunities.EUR/USD on 5M chart One sell signal was generated on the 5-minute timeframe. At some point during the European session, the price bounced off the level of 1.0838, after which it managed to fall by about 20 pips. There were no signals to close the deal, so it could be closed manually anywhere closer to the evening. The profit on it amounted to 10-15 pips. Better than nothing.Trading tips on Thursday:On the hourly chart, EUR/USD continues to move downward, which corresponds to the fundamental background. We believe that the euro should fall anyway, as the price is still too high, and the global trend is downward. Unfortunately, the market doesn't always want to trade the pair in a logical manner, and from time to time, we observe unreasonable growth. Moreover, the movements are quite weak.You can try trading on the rebound from the levels of 1.0797 and 1.0838. We don't expect strong movements on Thursday, so we don't expect breakthroughs from above and below the price ranges.The key levels on the 5M chart are 1.0568, 1.0611-1.0618, 1.0668, 1.0725, 1.0785-1.0797, 1.0838-1.0856, 1.0888-1.0896, 1.0940, 1.0971-1.0981, 1.1011, 1.1043, 1.1091. On Thursday, Germany will release reports on retail sales and the unemployment rate. The US docket will feature the jobless claims, the final estimate of Q4 GDP, and the final Consumer Sentiment Index from the University of Michigan for March. We expect low volatility.Basic trading rules:1) Signal strength is determined by the time taken for its formation (either a bounce or level breach). A shorter formation time indicates a stronger signal.2) If two or more trades around a certain level are initiated based on false signals, subsequent signals from that level should be disregarded.3) In a flat market, any currency pair can produce multiple false signals or none at all. In any case, the flat trend is not the best condition for trading.4) Trading activities are confined between the onset of the European session and mid-way through the U.S. session, after which all open trades should be manually closed.5) On the 30-minute timeframe, trades based on MACD signals are only advisable amidst substantial volatility and an established trend, confirmed either by a trendline or trend channel.6) If two levels lie closely together (ranging from 5 to 15 pips apart), they should be considered as a support or resistance zone.How to read charts:Support and Resistance price levels can serve as targets when buying or selling. You can place Take Profit levels near them.Red lines represent channels or trend lines, depicting the current market trend and indicating the preferable trading direction.The MACD(14,22,3) indicator, encompassing both the histogram and signal line, acts as an auxiliary tool and can also be used as a signal source.Significant speeches and reports (always noted in the news calendar) can profoundly influence the price dynamics. Hence, trading during their release calls for heightened caution. It may be reasonable to exit the market to prevent abrupt price reversals against the prevailing trend.Beginning traders should always remember that not every trade will yield profit. Establishing a clear strategy coupled with sound money management is the cornerstone of sustained trading success.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Trading plan for GBP/USD on March 28. Simple tips for beginners

    Mar 27, 2024 | 19:32 pm

    Analyzing Wednesday's trades:GBP/USD on 1H chart The GBP/USD pair showed absolutely no movement on Wednesday. The price moved along the level of 1.2611 amid low volatility. In general, we have been talking about low volatility practically every day because for two consecutive months, the major currency pairs seem to be doing us a favor. But, nevertheless, we have to try to work with what we have. For now, the descending channel remains relevant, so in case the price breaks below the level of 1.2611, we can expect the pound to fall further. However, we would like to remind you that the recent movements looks like a decent trend on the hourly chart, while we have a total flat on the 24-hour timeframe, which has been ongoing for 4 months. And it is not yet clear whether this will end anytime soon.The economic calendar was generally empty on Wednesday. There were no important or insignificant speeches. Therefore, it is not surprising that the pair barely crawled by about 30 pips. The pound continues to trade lazily, illogically, remains overbought, and is unreasonably expensive.GBP/USD on 5M chart On the 5-minute timeframe, the price bounced from the support area of 1.2605-1.2611 twice, which generated two buy signals. In the first case, the price was up by 15 pips, and even less in the second case. Therefore, novice traders could only open one long position - the second signal simply duplicated the first one. It was impossible to incur a loss on the trade because there were no sell signals. The trade should have been manually closed closer to the evening, so it was even possible to earn about 10 pips profit on it.Trading tips on Thursday:On the hourly chart, the downtrend persists. Unfortunately, the market continues to trade sluggishly, which at the very least confuses traders, especially beginners. Nevertheless, the British currency has been gradually declining, which is somewhat encouraging. If the price consolidates above the channel again, it will undermine the prospects of a downward movement.On Thursday, we expect signals around the area of 1.2605-1.2611. We can only work with rebounds from it or wait for a breakthrough, which may slightly strengthen the current movement and provoke a new decline. But in any case, we are talking about very weak movements. Even when GDP reports will be released in the United States and the United Kingdom.The key levels on the 5M chart are 1.2372-1.2387, 1.2457, 1.2502, 1.2544, 1.2605-1.2611, 1.2648, 1.2691, 1.2725, 1.2787-1.2791, 1.2848-1.2860, 1.2913, 1.2981-1.2993. On Thursday, final estimates of GDP numbers for Q4 will be released in both Britain and the United States. However, the market may also show a very weak reaction to these events.Basic trading rules:1) Signal strength is determined by the time taken for its formation (either a bounce or level breach). A shorter formation time indicates a stronger signal.2) If two or more trades around a certain level are initiated based on false signals, subsequent signals from that level should be disregarded.3) In a flat market, any currency pair can produce multiple false signals or none at all. In any case, the flat trend is not the best condition for trading.4) Trading activities are confined between the onset of the European session and mid-way through the U.S. session, after which all open trades should be manually closed.5) On the 30-minute timeframe, trades based on MACD signals are only advisable amidst substantial volatility and an established trend, confirmed either by a trendline or trend channel.6) If two levels lie closely together (ranging from 5 to 15 pips apart), they should be considered as a support or resistance zone.How to read charts:Support and Resistance price levels can serve as targets when buying or selling. You can place Take Profit levels near them.Red lines represent channels or trend lines, depicting the current market trend and indicating the preferable trading direction.The MACD(14,22,3) indicator, encompassing both the histogram and signal line, acts as an auxiliary tool and can also be used as a signal source.Significant speeches and reports (always noted in the news calendar) can profoundly influence the price dynamics. Hence, trading during their release calls for heightened caution. It may be reasonable to exit the market to prevent abrupt price reversals against the prevailing trend.Beginners should always remember that not every trade will yield profit. Establishing a clear strategy coupled with sound money management is the cornerstone of sustained trading success.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Retail sales. Australia, 02:30 (GMT+2)

    Mar 27, 2024 | 16:30 pm

    At 02:30 (GMT+2), Australia will release February retail sales data, a key indicator of consumer spending that has a significant impact on the country’s gross domestic product (GDP). The indicator records the monthly volume of all goods retailers sold based on samples of stores of different types and sizes. A correction from 1.1% to 0.4% MoM is expected, putting pressure on the Australian dollar. Read more

    Read more...
  • Record S&P close fueled by late day buying; Nasdaq trails

    Mar 27, 2024 | 13:10 pm

    The major US stock indices are closing higher helped by a late day buying spree. The S&P closed at a record high (its 21st this year). The small-cap Russell 2000 was the biggest mover after rising 2.13% on the day.Although the S&P index closed at a record high level, it did not reach its intraday high of 5261.10 reached on March 21. The high price today reached 5249.26The final numbers are showing:Dow industrial average rose 477.75 points or 1.22% at 39760.09S&P index rose 44.91 points or 0.86% have 5248.48NASDAQ index rose 83.81 points or 0.51% at 16399.51The small-cap Russell 2000 rose 44.185 points or 2.13%. There was the largest gain since February 15. This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • Dollar increases handicap in Big Ten currency race

    Mar 27, 2024 | 12:43 pm

    It's the end of the quarter, the perfect time to review investment portfolios. Rebalancing them could trigger unexpected movements in financial markets. Credit Agricole believes it will weaken the positions of the U.S. dollar, but the 5-month rally in U.S. stock indices, the longest since 2013, suggests otherwise. Investors may cash in on their long positions in stocks. The main beneficiaries of the deteriorating global risk appetite will be EUR/USD bears.S&P 500 DynamicsMarkets grow on expectations, and the U.S. dollar is no exception. Traders eagerly await personal consumption expenditure index data, a preferred inflation indicator for the Federal Reserve. According to Bloomberg experts, in February, it should accelerate from 2.4% to 2.5% annually and from 0.3% to 0.4% month-on-month. As a result, the 3-month and 6-month indicators will both rise, postponing the date of the Fed's declaration of victory over high prices.The higher U.S. inflation climbs, the more confident the Fed's hawks become. For instance, Atlanta Fed President Raphael Bostic predicts only one rate cut in 2024. Derivatives are counting on three acts of monetary expansion, although the probability of its start in June over the past couple of days has dropped from 75% to 70%.U.S. Inflation DynamicsThis circumstance, combined with the retreat of U.S. stock indices from record highs and rising Treasury bond yields, creates a favorable environment for EUR/USD sellers. However, perhaps it's just a case of buying the U.S. dollar on rumors. As March and the first quarter draw to a close, might there be a sell-off of the dollar on facts? In that case, Credit Agricole's investment portfolio rebalancing scenario could come to fruition.However, according to HSBC, it's not worth fixating on just one Fed. The bank notes that this was the case until mid-March, but decisive actions by the Bank of Japan and the Swiss National Bank shifted investors' focus to other regulators. While the BoJ abandoned its negative rate policy, the SNB didn't wait for the Fed or the ECB and took the initiative itself. As a result, the Forex market started discussing the topic of convergence in monetary policy, from which the U.S. dollar can derive the greatest benefits.Indeed, when other central banks lower rates, their currencies should weaken. When this process becomes widespread, investors seek refuge in a strong economy and find it in the United States. Bloomberg experts forecast a 2.2% growth in the U.S. GDP in 2024, which is incomparable to the ECB's estimate of only 0.6% GDP expansion in the eurozone.Technically, on the EUR/USD daily chart, the unsuccessful attempt by the bulls to storm the fair value at 1.085 indicates buyer weakness. It makes sense to hold and increase short positions formed from this level on a breakthrough of support at 1.08.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • GBPUSD under 100hr MA but holding above key support levels

    Mar 27, 2024 | 12:41 pm

    The GBPUSD last Friday moved below its 200-day MA (at 1.2590), and the low of a swing area between 1.2594 to 1.26137. That should have led to more selling momentum, but that did not happen. The price recovered higher. On Monday, there was a try in the first 4-hour bar (on the chart above) but once again, momentum failed.Since then, the price has reestablished its price action higher but above and below its 100 day MA (blue line at 1.26397 currently). The high price reached 1.2667 on Tuesday, but closed the day at 1.2627 - below the key 100-day MA. Today, the price action has been able to stay entirely below the key 100-day MA. However, the lows for the day have been within the swing area down to 1.2594 and above the 200-day MA at 1.25902. The current price is at 1.2633. So technically close resistance is now at 1.26397 or the 100 day MA, and close support is below at the 200-day MA at 1.2590. Going forward, it will take a move outside those levels (higher or lower) to tilt the bias either more to the upside or more to the downside. In between those levels, and the technical bias is more neutral with buyers and sellers battling it out and waiting for the next shove. .However, with the price lower, the advantage to the sellers with risk focus buyers leaning against support (with a stop on a break below). This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • USDJPY receives strong resistance at 100-hour MA amid volatile trading environment

    Mar 27, 2024 | 12:04 pm

    The USDJPY has experienced upward movement, reaching towards an earlier identified topside target at the 100-hour moving average (MA) located at 151.435. Despite this ascent, sellers present at the MA level have successfully resisted further gains by the buyers. During the US trading session, the pair peaked at 151.419, slightly below the 100-hour MA, showcasing the stiff resistance at this level. The day's lowest price point was 151.019, narrowly above the last Friday's corrective low of 150.997, indicating a tight trading range.Should the pair sustain a position above 151.435, it would signify a strengthened bullish sentiment among traders. Conversely, a dip below 150.997 could tilt the market sentiment towards bearishness.Notably, the pair made a significant move during the Asian session by surpassing both the 2023 high of 151.91 and the 2022 high of 151.945, marking the highest level since 1990. However, the peak was short-lived, only reaching 151.967, indicating a minimal break above these highs before experiencing a pullback.The re-engagement of the previous highs, along with today's peak, suggests a volatile trading environment. A further descent will not only require breaking below the 151.00 mark but also navigating through the significant resistance zone formed between February and early March, spanning 150.718 to 150.88. This area encompasses the 100-hour MA and the 38.2% retracement of the rise from the March 18 low at 150.796. Unless the price falls below this critical zone, the bearish momentum is considered insufficient to overturn the current buyer-dominated market dynamic. The buyers would still be in full control. This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • EURUSD price action analysis: key levels and targets to watch

    Mar 27, 2024 | 10:59 am

    The EURUSD is trading in a narrow trading range in the US session. The low was reached at 1.08102. The high in the US session reached 1.08251That keeps the pair below the falling 100 hour MA at 1.08314, the 200 day MA at 1.0836 and the 50% midpoint of the move up from the mid-Feb low. That level comes in at 1.08374. If the buyers are to take more control, they would need to push the price above that area - and stay above.On the downside, the low today was still above the 61.8% of the same move higher at 1.08036 and also above a swing area down to 1.07955. Going forward, getting and staying below that area is needed to increase the bearish bias. Chances are, the next move is not in the cards today. However, Fed's Waller will speak at 6 PM near the start of the new trading day. The US core PCE will be released on Friday which may be the next window for a fundamental shove. PS. Friday is also Good Friday with Europe closed, so it might be conducive to a less-liquid typr of move. For now watching the extremes between 1.0795 and 1.08373 as the bookend support and resistance levels that need to be broken to tilt the bias more in favor of the sellers or buyers. This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • US 10-year yields are in an interesting spot

    Mar 27, 2024 | 10:21 am

    US 10-year yields are at a two-week low, down 4.6 bps to 4.188% and at the lows of the day. That comes after a strong seven-year auction to follow up on yesterday's firm 5-year result.The auction sizes this week are huge but the demand is there, at least in terms of quarter-end flows.The fall today took out the 200-day moving average at 4.20% but that hasn't been a particularly important level. More important is that this week's test of 4.35% was rejected. However there is also a series of higher lows on the chart, creating an up-sloping trendline that's being tested.Here's BMO: "The opening gap from early-February remains our ultimate target and comes in at 4.020% to 4.034%. Eventually, this gap will be filled – the only open question is whether it’s a Q1 or Q2 event."So what breaks the range? It has to be economic data. Today we will hear from the Fed's Waller and there are some worries he could be hawkish, the best bet is he puts the focus back on the incoming numbers, starting with PCE on Friday.Beyond that we will get non-farm payrolls and the latest round of ISM numbers. So far, it's tough to find any real signs of economic weakness but there have been some anecdotal reports of weaker spending on restaurants, and hotels. Those are often the first to go.On the upside, it's all about inflation. If growth and prices stay sticky, then the Fed could abandon the rate cutting bias and then we could run all the way up to 4.75%, though the upside would (IMO) be more pronounced if the inflation data continues to come in high and the Fed ignores it. This article was written by Adam Button at www.forexlive.com.

    Read more...
  • EUR/USD. Analysis for March 27th. The euro declines amid empty calendar

    Mar 27, 2024 | 08:25 am

    The wave analysis of the 4-hour chart for the EUR/USD pair remains unchanged. Over the past year, we have only seen three-wave structures of a larger scale, which constantly alternate with each other. The construction of another three-wave structure continues - a downward one, which began on July 18 of last year. The presumed wave 1 is complete; wave 2 or b has been complicated three or four times but is now also complete.The uptrend phase may still resume, but its internal structure would be unreadable in this case. I strive to identify unambiguous wave structures that do not tolerate ambiguous interpretations. If the current wave analysis is correct, the market has moved on to forming wave 3 since December 28. At the moment, wave 2 in 3 or b is complete. If this is true, then the quote decline will continue. An unsuccessful attempt to break the level of 1.0956, which is equivalent to 50.0% according to Fibonacci, also indicates the completion of the corrective wave.Euro Maintains a Bearish SentimentThe EUR/USD pair rate declined by 15 basis points on Wednesday. The range of movements has become even lower compared to Monday, Tuesday, and the entire previous week. However, the news background was strong last week, while in the first three days of this week, the market did not receive any important news. ECB Governing Council members continue to hint at a rate cut in June in every possible way, but what's new in this information? Ms. Christine Lagarde announced two months ago that the regulator would have enough information in early summer to consider lowering interest rates. FOMC members continue to mention different dates suitable for the first easing, mentioning different numbers of easing rounds planned for 2024. But what's new in this information for the market?I prefer to rely on the Fed's official statement from March 20 soon. It was stated that achieving the target inflation rate is in doubt, and the number of planned rate cuts in 2025 has been reduced by one round. Everything indicates that the market has jumped too far ahead and has already managed to play out more rate cuts by the Fed than the American central bank originally planned. If this is the case (and it is), demand for the US currency should gradually increase, as the "hawkish" policy will continue much longer than the market expected.General ConclusionsBased on the analysis of EUR/USD, the construction of a bearish set of waves continues. Wave 2 or b has taken on a completed form, so I expect to continue building a downward impulsive wave 3 or c with a significant decline in the pair. I continue to consider sales with targets around the calculated mark of 1.0462, corresponding to 127.2% according to Fibonacci.On the senior wave scale, the presumed wave 2 or b, which by length was more than 61.8% according to Fibonacci from the first wave, may be complete. If this is the case, the scenario with the construction of wave 3 or c and a decline in the pair below the 4-figure level has begun to unfold.The main principles of my analysis:Wave structures should be simple and understandable. Complex structures are difficult to play out and often entail changes.If there is confidence in what is happening in the market, it is better to avoid entering it.There is never one hundred percent certainty 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

    Read more...
  • Aussie yawns after inflation remains unchanged at 3.4%

    Mar 27, 2024 | 08:22 am

    The Australian dollar continues to drift. In the European session, AUD/USD is trading at 0.6529, down 0.06%. Australian CPI softer than expected Australia’s inflation rate stayed steady at 3.4% y/y in February, unchanged for a third straight month. This was just shy of the market estimate of 3.5% and is the lowest inflation rate since […]

    Read more...
  • AUDUSD sellers pushed below trend line support but failed in what is an up and down day

    Mar 27, 2024 | 07:58 am

    In the video above, I take a look at the AUDUSD from a technical perspective. This week, the price action has been up and down volatile. Today, the low was pressed with the price moving down to test a lower upward sloping trend line. That trend line was broken on 2 separate occasions. Each failed. The trend line cuts across near 0.6515. It would take a break below - and staying below - to increase the bearish bias today and going forward..On the top side this week, the price has been able to extend above both its 100-day moving average at 0.6549. Each of the two times the price has been able to extend above that level, the buyers have failed and the price has rotated back to the downside. This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • Trading Signals for EUR/USD on March 27-29, 2024: buy above 1.0803 (1/8 Murray - 21 SMA)

    Mar 27, 2024 | 07:49 am

    Early in the American session, the Euro is trading around 1.0818, below the 21 SMA, and below the 200 EMA under bearish pressure but showing signs of exhaustion.The key level for the euro that acts as a good support is 1/8 Murray around 1.0803. Above this area, we could look for opportunities to buy with the target at the 2/8 Murray resistance around 1.0864.Since March 25, the eagle indicator has been giving a positive signal. Thus, we believe that the euro could recover in the coming days, but to do so, it should consolidate above 1.0826 (21 SMA). Then, EUR/USD could gain momentum and reach 1.0857 and even the top of the downtrend channel around 1.0890.With a fall below 1.0770, the euro could continue its decline and could even reach 0/8 Murray at 1.0742. the ultimate bearish target is the key level of 1.0700.We believe that in the next few hours, the euro could resume its bullish cycle, but to do so, we could look for opportunities to buy at current price levels or above 1.0803. Below this area, we should avoid buying or should place a stop loss because a downward acceleration could occur.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Trading Signals for BITCOIN (BTC/USD) on March 27-29, 2024: buy above $70, 200 (3/8 Murray - 21 SMA)

    Mar 27, 2024 | 07:30 am

    Bitcoin is trading around the psychological level of $70,000, showing some consolidation having reached the top of the uptrend channel forming since March 19.A sharp break of the pennant pattern could cause an upward movement that could reach the $73,000 area. Once surpassed, the crypto could climb the psychological level of $75,000.At current price levels, we can look for opportunities to buy with targets at 72,042 and 72,800. On the contrary, a technical bounce around 3/8 Murray and the 21 SMA will be seen as an opportunity to buy with the target at 73,200.A drop below $68,000 could change Bitcoin's trend and we could expect a bearish continuation towards the bottom of the uptrend channel around 65,500.Technically, Bitcoin is showing signs of a strong upward trend which is mirrored by the eagle indicator. Therefore, any technical correction or rebound in the coming days will be seen as an opportunity to buy.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • USDCAD backs off from ceiling area again

    Mar 27, 2024 | 07:18 am

    The USDCAD moved up to retest the swing area between 1.36049 and 1.36269. The high price today reached near the low of that ranges at 1.36071 before rotating back to the downside. The price is trading near session lows nos at 1.3578. Going forward that ceiling area will need to be broken to increase the bearish bias. On the downside, the low for the week came in at 1.3552. That is above the 50% of the range since the 2023 high at 1.35378. Also on the downside is a cluster of moving averages between its 100 or moving average on the four hour chart at 1.3532, down to the 200 day moving average 1.3491.Although the price is near its highs going back to December 2023, the ceiling remains a key resistance level that gives the sellers against it some comfort and also control at least in the short term. This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • Trading Signals for GOLD (XAU/USD) on March 27-29, 2024: sell below $2,193 (6/8 Murray - 21 SMA)

    Mar 27, 2024 | 07:09 am

    Early in the American session, gold is trading around 2,185.08 above the 21 SMA and below 6/8 Murray. Gold could continue with the technical correction if in the next few hours consolidates below 2,196 - 2,187 then he could reach the weekly pivot point which coincides with the 21 SMA around 2,172.According to the H4 chart, we currently observe that gold is making a technical correction after reaching 2,196 during the European session, an area that coincides with the top of the bearish trend channel. It could exert strong pressure in the next few hours and we could expect a further fall which could be seen as an opportunity to sell with the target at 2,170.In case gold makes a technical rebound around the support of 2,272, we could buy. Above this level, we could look for the opportunity to buy, but given that the instrument is trading under bearish pressure, we should be very careful because a break below this area could accelerate the fall of gold and it could reach the bottom of the uptrend channel around 2,160 and could even reach the 2,140 level.Our trading plan for the next few hours is to sell below 2,193 in case there is a pullback towards this area. Then, it will be a good point to sell or buy if there is a technical bounce around 2,172 with targets at 2,200 and 2,218.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • GBP/USD Analysis: Continues Bearish Trend - 27 March 2024

    Mar 27, 2024 | 06:59 am

    According to the performance in the forex market, the British Pound has shown more flexibility against the Euro and the US Dollar, with the probability of interest rate cuts in June reaching 80%.

    Read more...
  • USDCHF continues its run to the upside as the buyers keep the momentum going

    Mar 27, 2024 | 06:30 am

    The USDCHF is running higher again after basing against its broken 38.2% retracement of the move dale from the 2022 hi. The retracement comes in at 0.90254. The low today was a few pips short of that level before buyers stepped in and pushed the price higher. Staying above 0.90254 keeps buyers in firm control. The next target comes in at 0.91185. That is the low of the swing area between 0.91185 to 0.91469. In this video, I take a look at the technicals (a some fundamentals), that are leading the USDCHF to the upside. This article was written by Greg Michalowski at www.forexlive.com.

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

    Mar 27, 2024 | 06:30 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 −1.952M barrels to −0.900M barrels is expected, putting pressure on the oil quotes. Read more

    Read more...
  • GBP/USD: trading scenarios on March 27, 2024

    Mar 27, 2024 | 06:03 am

    The results of the Bank of England's March meeting and comments from its leaders exerted pressure on the pound and the GBP/USD pair.The next day, the pair tested key support levels for a breakthrough: 1.2565 (200 EMA on the daily chart) and 1.2545 (50 EMA on the weekly chart), separating the medium-term bullish market from the bearish one. Subsequently, GBP/USD managed to recover somewhat, rising from a local low of 1.2510 to the resistance zone at levels 1.2674 (200 EMA on the 1-hour chart), 1.2680 (50 EMA on the daily chart), and 1.2689 (200 EMA on the 4-hour chart).However, the corrective potential dried up near the 1.2667 mark, and GBP/USD resumed its decline. Thus, as of this writing, it was trading near the 1.2632 mark, declining towards the important support level of 1.2600 (144 EMA on the daily chart).At the same time, technical indicators such as OsMA, RSI, and Stochastic on the daily and weekly charts are favoring sellers, signaling the advantage of short positions.A breakout below the key support level of 1.2600 could be the first signal for new medium-term short positions, with the breakout of key support levels of 1.2565 and 1.2545 confirming this.Moreover, below the key resistance level of 1.2725, GBP/USD is in the long-term bearish market zone, giving preference to long-term short positions.In an alternative scenario, if GBP/USD resumes its rise, it will again head towards the resistance zone near levels 1.2674, 1.2680, and 1.2690. Their breakout could trigger further growth towards the key resistance level of 1.2725. Its breakout, in turn, will lead the pair into the long-term bullish market zone, which would be the first signal for long-term long positions.For now, the advantage lies with the shorts.Support levels: 1.2600, 1.25656, 1.2545, 1.2500Resistance levels: 1.2674, 1.2680, 1.2689, 1.2700, 1.2725, 1.2800, 1.2830, 1.2860, 1.2890, 1.2900, 1.3000, 1.3100, 1.3140Trading Scenarios:Main scenario: Sell Stop 1.2590. Stop-Loss 1.2655. Targets 1.25656, 1.2545, 1.2500Alternative scenario: Buy Stop 1.2655. Stop-Loss 1.2590. Targets 1.2674, 1.2680, 1.2689, 1.2700, 1.2725, 1.2800, 1.2830, 1.2860, 1.2890, 1.2900, 1.3000, 1.3100, 1.3140"Targets" correspond to support/resistance levels. This also does not mean that they will necessarily be reached, but they can serve as a guide when planning and placing trading positions.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • GBPJPY Technical Analysis

    Mar 27, 2024 | 06:02 am

    GBPThe BoE left interest rates unchanged as expected but with Haskel and Mann this time voting for a hold instead of a hike. The employment report missed expectations with an uptick in the unemployment rate and an easing in wage growth.The UK CPI missed expectations across the board but 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 market expects the first rate cut in June.JPYThe BoJ finally exited the negative interest rates policy as expected 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 as expected. The latest Unemployment Rate remained unchanged hovering around cycle lows.The Japanese PMIs improved further for both the Manufacturing and Services measures although the former remains in contractionary territory.The Japanese wage data beat expectations by a big margin.The Japanese CPI came in line with expectations.The market expects another rate hike from the BoJ this year although the timing remains uncertain.GBPJPY Technical Analysis – Daily TimeframeOn the daily chart, we can see that GBPJPY got rejected by the upper bound of the rising channel and extended the drop as the BoE made another step towards rate cuts with the hawkish members changing their vote from a hike to a hold. From a risk management perspective, the buyers will have a much better risk to reward setup around the lower bound of the channel. GBPJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price rejected the 38.2% Fibonacci retracement level and fell below the 191.00 support zone. The buyers will want to see the price rallying back above the support now turned resistance to position for a rally into the upper bound of the channel. The sellers, on the other hand, should continue to trade into the lower bound of the channel as long as the price stays below the Fibonacci level. GBPJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the recent price action might have formed a head and shoulders pattern right around the Fibonacci level. The break below the support, which was also the neckline, might have been the confirmation of the pattern. If we get a pullback into the support turned resistance for a retest, we can expect the sellers to step in with a defined risk above the resistance to position for a drop into the lower bound of the channel. The buyers, on the other hand, will want to see the price rising above the resistance to start targeting new highs. Upcoming EventsToday we have Fed’s Waller speaking. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the Tokyo CPI, the US PCE and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • Kickstart the FX trading day for March 27 w/a technical look at EURUSD, USDJPY and GBPUSD

    Mar 27, 2024 | 06:01 am

    Kickstart your FX trading day with a technical look at the three major currency pairs - the EURUSD, USDJPY and GBPUSD. For the EURUSD, the pair rose on Monday and Tuesday in the process pulled up toward its 100-day moving average at 1.0865 area. Sellers leaned against the level yesterday pushing the price back down, and back below its 50% midpoint of the move up from the February low and its 200-day moving average both near 1.0837. In trading today, the price stayed below those levels, keeping the sellers more in control. It would take a move above 1.08374 to shift the bias back to the upside.For the USDJPY, the pair moved to and above the highest levels going back to 1990 with a break of the 2023 high at 151.91 to 151.945. The high reached 151.967 and rotated lower. The price is back below the 100 hour MA at 151.43 which is now close resistance. . On the downside, a swing area between 150.718 to 150.88 including the rising 200-hour MA are the next targets to get thoa dn through to increase the bearish bias. The GBPUSD is back down testing the low swing area between 1.2594 to 1.26137, but is also below the 100 day MA at 1.26396. Staying below the 100-day MA keeps the sellers in play/in control, but it will also take a move below 1.2594 to increase the bearish bias (have to stay below that level). This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • EUR/USD Mid-Day Outlook

    Mar 27, 2024 | 05:57 am

    Daily Pivots: (S1) 1.0816; (P) 1.0840; (R1) 1.0856; More… Outlook in EUR/USD remains unchanged as consolidations continue above 1.0801. Intraday bias remains neutral and But risk will stay on the downside as long as 55 4H EMA (now at 1.0855) holds. Below 1.0801 will resume the fall from 1.0980 to retest 1.0694 first. Break there […] The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

    Read more...
  • GBP/USD Mid-Day Outlook

    Mar 27, 2024 | 05:50 am

    Daily Pivots: (S1) 1.2611; (P) 1.2639; (R1) 1.2657; More… No change in GBP/USD’s outlook as consolidation continues above 1.2574. Intraday bias stays neutral and risk remains on the downside as long as 55 4H EMA (now at 1.2675) holds. Below 1.2574 will resume the fall from 1.2892 to 1.2517 structural support first. Decisive break there […] The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

    Read more...
  • USD/CHF Mid-Day Outlook

    Mar 27, 2024 | 05:47 am

    Daily Pivots: (S1) 0.9004; (P) 0.9024; (R1) 0.9060; More…. USD/CHF’s rally continues today and met 100% projection projection of 0.8550 to 0.8884 from 0.8728 at 0.9062 already. Intraday bias remains on the upside at this point. Sustained trading above 0.9062 will target 0.9243 key medium term resistance next. On the downside, below 0.8964 minor support […] The post USD/CHF Mid-Day Outlook appeared first on Action Forex.

    Read more...
  • USD/JPY Mid-Day Outlook

    Mar 27, 2024 | 05:40 am

    Daily Pivots: (S1) 151.13; (P) 151.35; (R1) 151.64; More… Intraday bias in USD/JPY is turned neutral gain as it retreated after edging higher to 151.96. On the downside, break of 150.25 support should confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 148.93). Nevertheless, sustained break of […] The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

    Read more...
  • USD/JPY: Simple trading tips for novice traders on March 27th (US session)

    Mar 27, 2024 | 05:20 am

    Trade analysis and tips for trading the Japanese yenThe test of the price at 151.59 occurred when the MACD started moving down from the zero mark, confirming the entry point for selling the dollar. As a result, this led to a decline in the pair to the target level of 151.10, allowing them to pull out of the market with about 40 points of profit. Considering the absence of significant fundamental statistics for the US in the second half of the day, it is accepted that pressure on the dollar will persist - especially after an unsuccessful attempt to rise towards the annual maximum during the European session today. As for the intraday strategy, I will rely more on scenarios 1 and 2.Buy SignalScenario 1: Today, I plan to buy USD/JPY when the entry point reaches around 151.32 (green line on the chart), with a target of rising to 151.89 (thicker green line). At around 151.89, I will exit purchases and open sales in the opposite direction (expecting a movement of 30-35 points in the opposite direction from the level). Counting on the pair's rise today will only be possible after breaking through 151.32 and active actions by dollar buyers at this level. Important! Before buying, ensure the MACD indicator is above the zero mark and just starting to rise from it.Scenario 2: I also plan to buy USD/JPY today in case of two consecutive tests of the price at 151.01 when the MACD indicator is in oversold territory. This will limit the downward potential of the pair and lead to a reversal of the market upwards. Expect a rise to the opposite levels of 151.32 and 151.89.Sell SignalScenario 1: Today, I plan to sell USD/JPY after updating the level of 151.01 (red line on the chart), leading to a rapid decline in the pair. The key target for sellers will be 150.61, where I will exit sales and immediately open purchases in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Pressure on the pair will persist in case of unsuccessful growth and the return of buyers to the market, which will lead to a breakthrough of the lower boundary of a wider sideways channel. Important! Before selling, make sure that the MACD indicator is below the zero mark and just starting to decline.Scenario 2: I also plan to sell USD/JPY today in case of two consecutive tests of the price at 151.32 when the MACD indicator is in overbought territory. This will limit the upward potential of the pair and lead to a reversal of the downward market. Expect a decline to the opposite levels of 151.01 and 150.61.What's on the chart:Thin green line – entry price at which the trading instrument can be bought;Thick green line – the expected price where you can set Take profit or manually take profits, as further growth above this level is unlikely;Thin red line – entry price, at which the trading instrument can be sold;Thick red line – the expected price where you can set Take profit or manually take profits, as further decline below this level is unlikely;MACD indicator. When entering the market, following the overbought and oversold zones is important.Important. Beginner traders in the Forex market must be careful 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 can quickly lose your deposit without placing stop orders, especially if you do not use money management and trade in large volumes.And remember, for successful trading, you need to have a clear trading plan similar to the one I presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • GBP/USD: Simple trading tips for novice traders on March 27th (US session)

    Mar 27, 2024 | 05:15 am

    Trade analysis and tips for trading the British poundThe test of the price at 1.2628 in the first half of the day occurred when the MACD had risen significantly above the zero mark, limiting the further downward potential of the pair. For this reason, I did not buy the pound. Sometime later, there was another similar test, and the MACD was starting to move up from the zero mark, allowing entry into the market, but there was no significant upward movement. About 10 points and demand for the pound decreased. Considering that there is no data on the US in the second half of the day, the pound's rise may continue, but be careful with purchases at the daily maximum. The absence of buyer activity can lead to a pair reversal and rapid decline. 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 1.2645 (green line on the chart), with a target of rising to 1.2675 (thicker green line). At around 1.2675, I will exit purchases and open sales in the opposite direction (expecting a movement of 30-35 points in the opposite direction from the level). The pound's rise today can be expected to continue the morning trend, but active buyer actions are needed. Important! Before buying, ensure the MACD indicator is above the zero mark and just starting to rise from it.Scenario 2: I also plan to buy the pound today in case of two consecutive tests of the price at 1.2623 when the MACD indicator is in oversold territory. This will limit the downward potential of the pair and lead to a reversal of the market upwards. Expect a rise to the opposite levels of 1.2645 and 1.2675.Sell SignalScenario 1: Today, I plan to sell the pound after updating the level of 1.2652 (red line on the chart), leading to a rapid decline in the pair. The key target for sellers will be the level of 1.2622. I will exit sales and immediately open purchases in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Sellers will show themselves only against strong US consumer confidence data. Important! Before selling, make sure that the MACD indicator is below the zero mark and just starting to decline.Scenario 2: I also plan to sell the pound today in case of two consecutive tests of the price at 1.2671 when the MACD indicator is in overbought territory. This will limit the upward potential of the pair and lead to a reversal of the downward market. Expect a decline to the opposite levels of 1.2652 and 1.2622.What's on the chart:Thin green line – entry price, at which the trading instrument can be bought.Thick green line – the expected price where you can set Take Profit or manually take profits, as further growth above this level is unlikely.Thin red line – entry price at which the trading instrument can be sold.Thick red line – the expected price where you can set Take Profit or manually take profits, as further decline below this level is unlikely.MACD indicator. When entering the market, following the overbought and oversold zones is important.Important. Beginner traders in the forex market must be careful 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 can quickly lose your deposit without placing stop orders, especially if you do not use money management and trade in large volumes.And remember, for successful trading, you need to have a clear trading plan, similar to the one I presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • The JPY is the strongest and the CHF is the weakest as the NA session begins

    Mar 27, 2024 | 05:14 am

    As the North American session begins, the JPY is the strongest and the CHF is the weakest. The USD is mixed to modestly lower with the USDs decline vs the JPY the weakest (-0.34%). The EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD are all with 0.10% of the previous day's close in the morning snapshot. The USDJPY moved to the highest level going back the 1990 earlier today with the price extending above the 2022 high at 151.945 to a high of 151.967. However, the break did NOT lead to increased upside momentum, and the price reversed lower in the European morning session. The price is now back below the 100 hour MA at 151.428. The price on Monday and Tuesday did trade above and below that MA too, but could not extend back toward the high ceiling area from February and into early March (see chart below). The USDCHF continued its run to the upside and in the process moved away from the 38.2% of the move down from the November 2022 high. That level comes in at 0.90254. The low price today reached 0.90316 before moving higher. The price is trading near high at 0.9069 now. The next target area is 0.9118 and 0.91469. A snapshot of the other markets as the North American session begins currently shows:Crude oil is trading down -$0.35 or -0.43% at $81.27. At this time yesterday, the price was at $82.15Gold is trading up $11.03 or 0.50% at $2189.20. At this time yesterday, the price was at $2196.45Silver is trading up $0.10 or 0.43% at $24.54. At this time yesterday, the price was at $24.87Bitcoin currently trades at $70.2055. The low price yesterday reached $70,700. At this time yesterday, the price was trading at $67,025. The all-time high price reached last week reached $73,794. The high price today reached $66,631.In the premarket, the major indices are trading lower today after all three indices closed at record levels yesterday (again):Dow Industrial Average futures are implying a gain of 179.25 points. Yesterday the index fell -31.31 points or -0.08% at 39282.34S&P futures are implying a gain of 23.42 points yesterday, the index fell -14.61 points or -0.28% at 5203.57Nasdaq futures are implying a gain of 92.46 points. Yesterday, the index fell -68.77 points or -0.42% at 16315.70In the European equity markets, the major indices are trading mostly higher.German DAX, +0.47%France CAC , +0.29%UK FTSE 100, -0.25%Spain's Ibex, +0.62%Italy's FTSE MIB, +0.10% (delayed by 10 minutes).Shares in the Asian Pacific markets were mostly higher:Japan's Nikkei 225, +0.90%China's Shanghai Composite Index, -1.26%Hong Kong's Hang Seng index, -1.36%Australia S&P/ASX index, +0.51%Looking at the US debt market, yields are lower:2-year yield 4.586%, -1.0 basis points. At this time yesterday, the yield was at 4.599%.5-year yield 4.214%, -1.2 basis points. At this time yesterday, the yield was at 4.232%.10-year yield 4.221%, -1.0 basis points. At this time yesterday, the yield was at 4.241%.30-year yield 4.387% -1.3 basis points. At this time yesterday, the yield was at 4.402%Looking at the treasury yield curve spreads:The 2-10 year spread is at - 36.7 basis points. At this time yesterday, the spread was at -35.8 basis pointsThe 2-30 year spread is at - 20.2 basis points. At this time yesterday, the spread was at - 19.6 basis pointsEuropean benchmark 10-year yields are lower: This article was written by Greg Michalowski at www.forexlive.com.

    Read more...
  • Pressure on EUR and GBP returns

    Mar 27, 2024 | 05:10 am

    The euro resumed falling, as did the British pound. The statements of the representatives of the Federal Reserve, although not immediately, affected traders' appetite for risky assets. According to Lisa Cook, one of the governors of the Federal Reserve, the US Central Bank should take a cautious approach to lowering interest rates in order to give more time to slow inflation in some segments of the economy. Notably, the Fed, at its meeting last week, left rates unchanged at the highest level seen in the last twenty years. Officials also maintained their forecast of three rate cuts this year, which was interpreted in favor of easing policy, especially after Fed Chairman Jerome Powell said that the recent inflation spike was of little concern to him. Now, nine out of 19 Fed officials expect two rate cuts or less in 2024, with two of those officials predicting no change in rates at all."The risks to achieving our employment and inflation goals are moving into better balance," Cook said during a speech at an economics lecture at Harvard University. "Nonetheless, fully restoring price stability may take a cautious approach to easing monetary policy over time." Notably, the US economy continues to surprise analysts with its strength despite high borrowing costs. The labor market is also showing stability, with an average of 231,000 jobs created during the past six months. Last week, Fed officials revised their 2024 economic growth forecast to 2.1% from 1.4% in December. Meanwhile, a key gauge of inflation for February beat economists' expectations, rising more than anticipated. That pushed back market expectations for the first rate cut, which investors now expect to come in June. "The path of disinflation, as expected, has been bumpy and uneven, but a careful approach to further policy adjustments can ensure that inflation will return sustainably to 2 percent while striving to maintain the strong labor market," Cook said at Harvard University. Obviously, as long as the economy is strong, GDP continues to grow, albeit not as vigorously, companies are hiring, and people have jobs, it is unlikely that the regulator will be in a hurry to make policy changes. This creates the main prerequisites for the medium-term strengthening of the US dollar against a number of risky assets. As for the current technical picture of EUR/USD, demand for the euro decreased. Now, buyers need to think about taking the levels of 1.0835 and 1.0870. Only this will allow them to test 1.0905. From there, it is possible to climb to 1.0940, but it will be quite difficult to do this without support from the big players. The farthest target will be the high of 1.0980. In case of a decline, I expect any serious action from the big buyers to be around 1.0805. If there is no one there, it would be good to wait for an update of the 1.0760 low or open long positions from 1.0730. As for the current technical picture of GBP/USD, bears are about to take full control over the market. Therefore, bulls need to take the nearest resistance at 1.2625. This will allow targeting 1.2665. It will be difficult to break through above that point. The farthest target is seen at 1.2710, after which we can talk about a sharper rise up to 1.2760. In case of a deeper fall of the pair, bears will try to take control of 1.2575. If they succeed, a breakdown of the range will deal a serious blow to the bulls' positions and push GBP/USD to the 1.2535 low with the prospect of sliding to 1.2500. The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • EUR/USD: Simple trading tips for novice traders on March 27th (US session)

    Mar 27, 2024 | 05:07 am

    Trade analysis and tips for trading the European currencyIn the first half of the day, there were no trades at the levels I indicated due to very low euro volatility, which was expected due to the absence of significant fundamental statistics that could influence the market. For this reason, finding suitable entry points into the market was impossible. Unfortunately, during the American session, there was also no data capable of significantly moving the market, so I expected the same weak volatility with trading within a sideways channel. 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 1.0841 (green line on the chart), with a target of rising to 1.0864. At point 1.0864, I will exit the market and sell the euro in the opposite direction, expecting a movement of 30-35 points from the entry point. It is unlikely to count on the euro's rise today. It's better to act on selling further along the trend. Important! Before buying, ensure the MACD indicator is above the zero mark and just starting to rise from it.Scenario 2: I also plan to buy the euro today in case of two consecutive tests of the price at 1.0822 when the MACD indicator is in oversold territory. This will limit the downward potential of the pair and lead to a reversal of the market upwards. Expect a rise to the opposite levels of 1.0841 and 1.0864.Sell SignalScenario 1: I will sell the euro after reaching 1.0822 (red line on the chart). The target will be the level of 1.0804, where I plan to exit the market and buy the euro immediately in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Pressure on the pair will return without active buyer actions around the daily maximum. Important! Before selling, make sure that the MACD indicator is below the zero mark and just starting to decline.Scenario 2: I also plan to sell the euro today in case of two consecutive tests of the price at 1.0841 when the MACD indicator is in overbought territory. This will limit the upward potential of the pair and lead to a reversal of the downward market. Expect a decline to the opposite levels of 1.0822 and 1.0804.What's on the chart:Thin green line – entry price, at which the trading instrument can be bought.Thick green line – the expected price where you can set Take Profit or manually take profits, as further growth above this level is unlikely.Thin red line – entry price at which the trading instrument can be sold.Thick red line – the expected price where you can set Take Profit or manually take profits, as further decline below this level is unlikely.MACD indicator. When entering the market, following the overbought and oversold zones is important.Important. Beginner traders in the forex market must be careful 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 can quickly lose your deposit without placing stop orders, especially if you do not use money management and trade in large volumes.And remember, for successful trading, you need to have a clear trading plan similar to the one I presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for an intraday trader.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • NZDUSD Technical Analysis

    Mar 27, 2024 | 05:00 am

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The US Consumer Confidence missed expectations although the labour market details improved.The market expects the first rate cut in June.NZDThe RBNZ kept its official cash rate unchanged dropping the tightening bias and stating 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 finally broke through the key support zone around the 0.6050 level. The sellers will now target the 0.59 handle as there’s no other significant support until then. The buyers will need the price to rise back above the key 0.6050 level to start targeting new highs. NZDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have a trendline where we can also find the 38.2% Fibonacci retracement level for confluence. If we were to get a pullback, we can expect the sellers to lean on the trendline with a defined risk above it to position for a drop into new lows 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 start targeting the 0.6218 level. NZDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we might be forming a double bottom around the 0.5985 level, but the price will need to break above the 0.6030 neckline and the trendline to confirm it. Nevertheless, the buyers will likely start to position for a break above the trendline in advance with a break above the 0.6008 level as the trigger point for a bullish move. The sellers, on the other hand, will want to see the price breaking below the recent low to increase the bearish bets into the 0.59 handle. Upcoming EventsToday we have Fed’s Waller speaking where the market will want to see if he sounds hawkish after the recent economic data. Tomorrow, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • GBP/USD: trading plan for the US session on March 27th (analysis of morning deals). The pound attempts to show growth

    Mar 27, 2024 | 04:59 am

    In my morning forecast, I paid attention to the 1.2623 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 there led to a sell signal, but it never came to a fall. After a short period of time, the bulls achieved a breakdown and a reverse test of 1.2623, which forced them to exit short positions and open long ones. At the time of writing, I still haven't seen a sharp increase. In the afternoon, the technical picture was not revised.To open long positions on GBP/USD, it is required:In the absence of statistics for the UK, buyers of the pound have shown themselves, and as long as trading is conducted above 1.2623, you can count on the implementation of a buy signal. Given that there are also absolutely no statistics on the United States in the second half, there will be chances for bulls to grow. When the pair moves down, only the formation of a false breakdown in the area of 1.2623, where the moving averages are, will give an entry point with the aim of rising to the resistance of 1.2665, formed at the end of last week. A breakout and a top-down test of this range will strengthen the chance for further recovery of GBP/USD, which will lead to new purchases and allow you to get to 1.2708. In the case of an exit above this range, we can talk about a breakthrough to 1.2756, where I'm going to fix profits. In the scenario of GBP/USD falling and no buyers at 1.2623 in the afternoon, sellers will get a chance for a larger drop in the pound to the area of the monthly low of 1.2576. They will only buy there on a false breakout. It is possible to open long positions on GBP/USD immediately on a rebound from 1.2535 in order to correct 30-35 points within a day.To open short positions on GBP/USD, you need:Bears also have every chance of further trend building, but for this you need to return to the level of 1.2623, around which trading will continue further. If the pair grows, only the formation of a false breakdown in the area of a new resistance of 1.2665 will convince traders in the presence of large sellers, which will give an entry point into short positions counting on a decline and a support test of 1.2623. 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 1.2576, where I expect a more active manifestation of buyers. A longer-range target will be a minimum of 1.2535, where I will record profits. With the option of GBP/USD growth and the absence of bears at 1.2673 in the afternoon, the bulls will have the opportunity to continue the upward correction with an upward movement to the resistance area of 1.2708. I will also serve there only on a false breakdown. In the absence of activity there, I advise you to open short positions on GBP/USD from 1.2756, counting on the pair's rebound down by 30-35 points within the day.The COT report (Commitment of Traders) for March 19 showed a sharp reduction in long and short positions. The results of the Bank of England meeting were quite expected, and against this background, it is quite problematic to talk about the return of demand for the British pound. The soft position of the regulator, which continues to be viewed more and more with each meeting, harms the British pound, while the US dollar is in demand due to the Fed's tough position. Following the meeting, expectations that rates in the UK could be lowered much earlier only increased, which increased pressure on the British pound. The latest COT report stated that long non-commercial positions decreased by 20,680 to 102,605, while short non-commercial positions fell by 3,429 to 49,405. As a result, the spread between long and short positions decreased by 13,803.Indicator Signals:Trading is conducted around the 30 and 50-day moving averages, indicating a sideways market.Note: The period and prices of moving averages considered by the author are on the hourly chart H1 and differ from the general definition of classic daily moving averages on the daily chart D1.Bollinger BandsIn case of a decline, the lower boundary of the indicator, around 1.2620, will act as support.Description of Indicators:Moving average (determines the current trend by smoothing volatility and noise). Period – 50. Marked in yellow on the chart.Moving average (determines the current trend by smoothing volatility and noise). Period – 30. Marked in green on the chart.MACD indicator (Moving Average Convergence/Divergence). Fast EMA – period 12. Slow EMA – period 26. SMA – period 9.Bollinger Bands. Period – 20.Non-commercial traders – speculators such as individual traders, hedge funds, and large institutions using the futures market for speculative purposes and meeting specific requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open positions of non-commercial traders.The total non-commercial net position is the difference between non-commercial traders' short and long positions.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • EUR/USD: trading plan for the US session on March 27th (analysis of morning deals)

    Mar 27, 2024 | 04:52 am

    In my morning forecast, I focused on the level of 1.0834 and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened there. The rise and the formation of a false breakout led to a selling signal, but, as you can see on the chart, there was no significant downward movement due to the low volatility, which was expected. The technical picture remained unchanged for the second half of the day.For opening long positions on EURUSD, the following is required:There are no US statistics ahead of us, as there was in the morning for the Eurozone, so it isn't easy to count on anything. Most likely, if there is any movement, it will not be strong. The trend is downward, so I will rely on it and on buying after the pair declines, forming a false breakout around the support area of 1.0803. Only this will be a suitable option for long positions, counting on another correction towards 1.0834 – resistance formed due to yesterday's session, where moving averages, favoring sellers, intersect. Breaking and updating this range from top to bottom will strengthen the pair with a chance to surge to 1.0863. The ultimate target will be a maximum of 1.0903, where I will take profit. In the case of further decline of EUR/USD and lack of activity around 1.0803 in the second half of the day, pressure on the euro will only intensify, leading to further decline with the prospect of updating to 1.0763. I plan to enter the market there only after the formation of a false breakout. I will open long positions immediately on a rebound from 1.0735 with a target of an upward correction of 30-35 points within the day.For opening short positions on EURUSD, the following is required:Euro buyers try to return to the market, but it doesn't look easy. As long as trading is conducted below 1.0834, I will expect the realization of short positions based on the morning signal. In case of another pair's rise, the formation of a false breakout around 1.0834 will prove the presence of large sellers in the market and provide another entry point for short positions with the prospect of updating the new support at 1.0803. Breaking and consolidating below this range and a reverse test from bottom to top will provide another selling point with a plunge of the pair to around 1.0763, where buyers will start to act more actively. The ultimate target will be a minimum of 1.0735, where I will take profit. In case of upward movement of EUR/USD in the second half of the day and the absence of bears at 1.0834, buyers will have a chance to lock the pair in a sideways channel. In this case, I will postpone selling until the next resistance test at 1.0863. I will also sell there, but only after an unsuccessful consolidation. I plan to open short positions immediately on a rebound from 1.0903 with a target of a downward correction of 30-35 points.In the COT report (Commitment of Traders) for March 19, there was a decrease in long positions and an increase in short positions. Such results are unsurprising considering the recent Federal Reserve System meeting and the maintenance of unchanged policy. Meanwhile, representatives of the European Central Bank increasingly hint at active inflation reduction in the Eurozone, which will allow the regulator to approach monetary policy easing by summer. For this reason, I am betting on further development of the bullish trend on the US dollar and a decline in the euro. The COT report indicates that long non-commercial positions fell by 11,616 to 182,382, while short non-commercial positions jumped by 14,449 to 134,040. As a result, the spread between long and short positions decreased by 28,190.Indicator Signals:Moving AveragesTrading is conducted below the 30 and 50-day moving averages, indicating an attempt to decrease the euro.Note: The period and prices of moving averages considered by the author are on the hourly chart H1 and differ from the general definition of classic daily moving averages on the daily chart D1.Bollinger BandsIn case of a decline, the lower boundary of the indicator, around 1.0820, will act as support.Description of IndicatorsMoving average (determines the current trend by smoothing volatility and noise). Period 50. Marked in yellow on the chart.Moving average (determines the current trend by smoothing volatility and noise). Period 30. Marked in green on the chart.MACD indicator (Moving Average Convergence/Divergence). Fast EMA period 12. Slow EMA period 26. SMA period 9.Bollinger Bands. Period 20.Non-commercial traders - speculators such as individual traders, hedge funds, and large institutions using the futures market for speculative purposes and meeting certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open positions of non-commercial traders.The total non-commercial net position is the difference between non-commercial traders' short and long positions.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • Forecast for EUR/USD on March 27, 2024

    Mar 27, 2024 | 04:42 am

    The EUR/USD pair executed a rebound from the corrective level of 38.2%-1.0866 on Tuesday, a reversal in favor of the US dollar, and started a new decline toward the support zone of 1.0797–1.0801. A rebound of quotes from this zone will again favor the euro and some growth towards the level of 1.0866. Consolidating the pair's rate below the zone will increase the probability of further decline toward the next corrective level of 0.0%-1.0696.The wave situation remains quite clear. The last completed upward wave failed to break the peak of the previous wave (from March 8), and the next downward wave broke the low of the previous wave (from March 19). Thus, we are currently dealing with a "bearish" trend, and there is no sign of its completion. For such a sign to appear, the new upward wave must break the current last peak (from March 21). Until this moment, I expect the quotes to continue to fall.The information background on Tuesday needed to be stronger, but some data still became known. The report on durable goods orders in the US aroused the greatest interest among traders. It became known that after a disastrous January when order volume decreased by 6.9% m/m, a recovery period followed - plus 1.4%, which is even slightly above forecasts. Orders for durable goods, excluding transportation and defense, also showed positive dynamics. Thus, in the second half of the day, the bears got the opportunity to launch a new offensive, which happened. The majority of indicators and types of analysis indicate further growth of the US currency. I remind you that after the Fed meeting on March 20, the dollar's chances of success sharply increased as the regulator showed no intention to soften the monetary policy stance in the coming months.On the 4-hour chart, the pair reversed in favor of the US currency and started a new decline towards the Fibonacci level of 38.2%-1.0765. Consolidation above 1.0862 will favor the EU currency and increase the probability of further growth toward the next corrective level of 61.8%-1.0959. However, I do not expect such a development of events, as consolidation below the ascending trend corridor indicates the completion of the "bullish" trend.Commitments of Traders (COT) Report:During the last reporting week, speculators closed 11616 long contracts and opened 14449 short contracts. The sentiment of the "Non-commercial" group remains "bullish" but continues to weaken. The total number of Long contracts held by speculators now stands at 182 thousand, while Short contracts amount to 134 thousand. The situation will continue to change in favor of bears. The second column shows that the number of Short positions has increased from 83 thousand to 134 thousand over the past 2.5 months. Long positions decreased from 235 thousand to 182 thousand during the same period. Bulls have dominated the market for too long, and now they need a strong information background to resume the "bullish" trend. In the near future, I do not see such a background.News Calendar for the US and EU:On March 27, the economic events calendar contains only some important entries. The influence of the information background on traders' sentiment today will be absent.Forecast for EUR/USD and Trader Advice:Selling the pair was possible on a rebound from 1.0866 on the hourly chart, with targets at 1.0785–1.0801. These trades can be kept open now. New sales - consolidation below the zone of 1.0785–1.0801 with a target of 1.0696. Buying the pair was possible on a rebound from the zone of 1.0785–1.0801 on the hourly chart, with targets at 1.0866 and 1.0918. The first target has been reached. New purchases - on a new rebound from 1.0785–1.0801.The material has been provided by InstaForex Company - www.instaforex.com

    Read more...
  • USD/JPY Analysis: Strong Move Ahead - 27 March 2024

    Mar 27, 2024 | 04:32 am

    As mentioned before, the upward trend for the USD/JPY pair will remain intact.

    Read more...
  • EUR/USD Analysis: Tight Range Trading - 27 March 2024

    Mar 27, 2024 | 04:24 am

    Amid a holiday-dominated trading week with only the Fed's favorite inflation reading to watch, the EUR/USD currency pair is moving in tight ranges with a bearish bias.

    Read more...
  • USD/JPY slides to lowest level since 1990

    Mar 27, 2024 | 04:18 am

    The Japanese yen has edged higher on Wednesday. In the European session, USD/JPY is trading at 151.17, down 0.26%. Yen falls to 34-year low, will Tokyo intervene? The Bank of Japan raised interest rates last week for the first time since 2007. The move marked a sea-change in monetary policy. However, the tightening has not […]

    Read more...
  • Nasdaq Composite Technical Analysis

    Mar 27, 2024 | 03:52 am

    Yesterday, the Nasdaq Composite fell into the close ending the day negative as the market continues to consolidate awaiting better levels where to trade from and new information to price in. We are now near a key support zone and what happens here will be crucial especially if the data continues to surprise to the upside and Fed members continue to push back rate cuts. The path of least resistance remains to the upside but watch out for a breakout of the support as that could lead to profit taking and a wave of bearish bets. Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Nasdaq Composite has been diverging with the MACD for a long time. This is generally a sign of weakening momentum often followed by pullbacks or reversals. We continue to trade inside the rising wedge, so if the price were to break below the trendline, the sellers will have much more conviction to look for new lows with the base of the wedge at 14477 being the ultimate target. Nasdaq Composite Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price is near the bottom trendline where we can also find the confluence of the red 21 moving average and the 50% Fibonacci retracement level. This is where we can expect the buyers to step in with a defined risk below the trendline to position for a rally into a new all-time high. The sellers, on the other hand, will want to see the price breaking lower to position for a drop into new lows with the 15937 level as the first target. Nasdaq Composite Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the recent price action and the bullish setup around the trendline. What happens here will likely decide where the market will go in the next few weeks as a bounce should lead to new highs and a break trigger a selloff. Upcoming EventsToday we have Fed's Waller speaking. Tomorrow, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE report and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • Gold Analysis: Attempts to Break $2200

    Mar 27, 2024 | 03:48 am

    Despite the holidays, low liquidity, and wait-and-see mode, gold prices moved to the historical psychological resistance level of $2200 per ounce during yesterday's trading before stabilizing around $2178 per ounce at the start of a very quiet trading day.

    Read more...
  • Copper Technical Analysis

    Mar 27, 2024 | 02:32 am

    Copper retreated from the highs as the market will likely want to retest the previous resistance now turned support before continuing higher. On the fundamental side, not much has changed as the central banks are still intentioned to deliver the first rate cuts with the PBoC maintaining its dovish language. The recent economic data has been showing resilient growth and the leading indicators started to turn higher as the expectations of rate cuts boosted economic sentiment. As long as the current theme remains in place, we can expect the market to trend higher.Copper Technical Analysis – Daily TimeframeOn the daily chart, we can see that Copper is now near a key support zone around the 3.98 level where we can find the confluence of the trendline, the 50% Fibonacci retracement level and the red 21 moving average. This is where we can expect the buyers to step in with a defined risk below the trendline to position for a rally into new highs. The sellers, on the other hand, will want to see the price breaking lower to invalidate the bullish setup and increase the bearish bets into the 3.70 level. Copper Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see more closely the bullish setup around the support zone where the buyers will look for a bounce and the sellers for a break. If we do get a bounce, the sellers will likely lean on the downward trendline where they can position for a break below the major trendline with a better risk to reward setup. The buyers, on the other hand, will want to see the price breaking above the downward trendline to increase the bullish bets into new highs. Copper Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price is starting to diverge with the MACD as it approaches the key support zone. This is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, it could be another bullish signal for the buyers and should give them more confidence to pile in around these levels. If the price were to break lower though, it will be an even stronger signal of a continuation of the downtrend and we can expect the bearish momentum to increase.Upcoming EventsToday we have Fed’s Waller speaking where the market will want to see if he sounds hawkish after the recent economic data. Tomorrow, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. Weak data is likely to weigh on Copper, while strong figures should give it a boost. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • NASDAQ Forecast: Looking for Next Move

    Mar 27, 2024 | 02:02 am

    As you can see, the NASDAQ 100 has shown itself to be somewhat dead money over the last couple of days as we are trying to sort out what to do next.

    Read more...
  • Consumer confidence. EU, 12:00 (GMT+2)

    Mar 27, 2024 | 02:00 am

    At 12:00 (GMT+2), March EU consumer confidence index will be published based on a survey of 2.3K households that assess the prospects of the economy. It is a leading indicator for consumer spending, with high readings indicating consumer optimism and vice versa. It is expected that the March indicator will consolidate at –14.9 points, putting pressure on the euro. Read more

    Read more...
  • Silver Forecast: Eyes Stability at $24.50

    Mar 27, 2024 | 01:37 am

    Silver has gone back and forth during the trading session on Tuesday, as we continue to hang around the $24.50 level.

    Read more...
  • S&P 500 Forecast: Seeing Sideways Action

    Mar 27, 2024 | 01:29 am

    The S&P 500 was a bit choppy early during the trading session on Tuesday as we continue to look to the upside.

    Read more...
  • USD/CAD Analysis: Incremental Higher Price Action and a Wider Range

    Mar 27, 2024 | 01:29 am

    The USD/CAD is near the 1.35935 price as of this writing and continues to show an ability to incrementally climb higher.

    Read more...
  • BTC/USD Forecast: Navigating New Highs

    Mar 27, 2024 | 01:22 am

    Bitcoin seemed a bit stagnant during the early hours on Tuesday after shooting straight up in the air on Monday.

    Read more...
  • NZD/USD Analysis: Lows Touched as Important U.S Data Looms on Horizon

    Mar 27, 2024 | 01:20 am

    The NZD/USD has continued to incrementally linger near lows and signal that bearish behavioral sentiment remains the dominant force within the currency pair.

    Read more...
  • WTI Crude Oil Technical Analysis

    Mar 27, 2024 | 01:15 am

    Crude Oil recently managed to break above the 80$ resistance but found another strong resistance around the $83 level. The fundamentals remained pretty much unchanged. In fact, on the demand side the last month string of weaker economic data was replaced by stronger figures recently, with the latest US Manufacturing PMI still pointing to a reacceleration in activity. On the supply side, we still have the OPEC+ voluntary output cuts until the end of Q2 and the tensions in the Red Sea, although this is likely already priced in. WTI Crude Oil Technical Analysis – Daily TimeframeOn the daily chart, we can see that Crude Oil broke through the $80 level and extended the rally into the key resistance around the $83 level where we can also find the upper bound of the rising channel. This is where the sellers stepped in to position for a drop into the lower bound of the channel. The buyers will need to break this resistance to start targeting the next resistance around the $93 level. If the price continues to pull back from these levels, we can expect the buyers to lean on the black trendline where they will also find the red 21 moving average for confluence. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the lower bound of the channel. WTI Crude Oil Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price has been ranging between the $83 resistance and the $80.50 support where we have also the 38.2% Fibonacci retracement level for confluence. The buyers will likely continue to step in around the support to position for a break above the resistance with a better risk to reward setup. If the price were to break lower though, the buyers should lean on the trendline as they will have an even better risk to reward setup. WTI Crude Oil Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price is now trading right around the support zone. This is where the buyers will look for a bounce and will likely increase the bullish bets into the resistance if the price were to break above the $81.50 level. The sellers, on the other hand, will want to see the price breaking below the support to increase the bearish bets into new lows with the trendline as the first target. Upcoming EventsToday we have Fed’s Waller speaking where the market will want to see if he sounds hawkish after the recent economic data. Tomorrow, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. Weak data is likely to weigh on Crude Oil, while strong figures should give it a boost.See the video below This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • GBP/JPY Forex Signal: The Dragon Continues to Build a Base

    Mar 27, 2024 | 01:05 am

    The British pound has been slightly positive during the early hours on Tuesday against the Japanese Yen.

    Read more...
  • ZEW economic expectations. Switzerland, 11:00 (GMT+2)

    Mar 27, 2024 | 01:00 am

    At 11:00 (GMT+2), the Swiss March Economic Expectations Index from the Center for European Economic Research (ZEW) will be published, recording the difference between the proportion of institutional investors and analysts who are optimistic and pessimistic, and is an important indicator of business and economic conditions and well-being of the country. If the indicator continues its upward trend from the current 10.2 points, it may support the franc. Read more

    Read more...
  • EUR/USD Forecast: Range-Bound Trading Expected

    Mar 27, 2024 | 00:56 am

    The Euro rallied slightly in the early hours on Tuesday as we have now reached the 50 day EMA.

    Read more...
  • BTC/USD Forex Signal: Bearish Short-Term Price Action

    Mar 27, 2024 | 00:53 am

    A drop below $68,552 likely to signal a deeper pullback.

    Read more...
  • DAX Forecast: Continues to See Upward Momentum

    Mar 27, 2024 | 00:45 am

    The German DAX had another strong session on Tuesday as we continue to plow higher.

    Read more...
  • USDCHF Technical Analysis

    Mar 26, 2024 | 23:55 pm

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The US Consumer Confidence missed expectations although the labour market details improved.The market expects the first rate cut in June.CHFThe SNB cut interest rates by 25 bps bringing the policy rate to 1.50% vs. 1.75% prior.The latest Switzerland CPI beat expectations slightly although the Core measure eased further.The Unemployment Rate remains steady at cycle lows.The Manufacturing PMI rose slightly although it remains in contraction, while the Services PMI hold on in expansion.The central bank will likely cut interest rates again in June if inflation continues to fall.USDCHF Technical Analysis – Daily TimeframeOn the daily chart, we can see that USDCHF broke the key 0.8886 resistance following the SNB rate cut and extended the rally as the US data continued to surprise to the upside. 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 red 21 moving average and the previous resistance turned support. Such a big pullback is not in sight yet though as we will need weak US data to make it happen. USDCHF Technical Analysis – 4-hour TimeframeOn the 4-hour chart, we can see that we have the 38.2% Fibonacci retracement level right around the most recent swing low level at 0.8965. This is another good spot for the buyers to step in with a defined risk below the Fibonacci level in case the price pulls back. The sellers, on the other hand, will want to see the price breaking below the Fibonacci level to position for a drop into the trendline. USDCHF Technical Analysis – 1-hour TimeframeOn the 1-hour chart, we can see that the latest leg higher diverged with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, we have two possible supports for a pullback. The first one is around the 0.9015 level where we have the most recent swing high and the 38.2% Fibonacci retracement level of the latest leg higher. If the price were to break below this support, the sellers will target the next one around the 0.8965. Upcoming EventsToday we have Fed’s Waller speaking where the market will want to see if he sounds hawkish after the recent economic data. Tomorrow, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • GBP/JPY Daily Outlook

    Mar 26, 2024 | 23:36 pm

    Daily Pivots: (S1) 191.09; (P) 191.39; (R1) 191.67; More….. Intraday bias in GBP/JPY remains neutral for the moment. More consolidations could be seen but outlook will stay bullish as long as 187.94 support holds. On the upside, break of 193.51 will resume larger up trend to 61.8% projection of 178.32 to 191.29 from 187.94 at […] The post GBP/JPY Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/JPY Daily Outlook

    Mar 26, 2024 | 23:34 pm

    Daily Pivots: (S1) 163.94; (P) 164.17; (R1) 164.39; More… Intraday bias in EUR/JPY remains neutral for consolidations below 165.33. Downside of current retreat should be contained by 55 4H EMA (now at 163.57) to bring rebound. On the upside, break of 165.33 will resume larger up trend to 61.8% projection of 153.15 to 163.70 from […] The post EUR/JPY Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/GBP Daily Outlook

    Mar 26, 2024 | 23:31 pm

    Daily Pivots: (S1) 0.8568; (P) 0.8578; (R1) 0.8588; More… Intraday bias in EUR/GBP stays neutral at this point, and further rise is in favor with 0.8529 support intact. Rebound from 0.8497 is seen as at least correcting the fall from 0.8764. Above 0.8601 will target 161.8% projection of 0.8497 to 0.8577 from 0.8503 at 0.8632. […] The post EUR/GBP Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/AUD Daily Outlook

    Mar 26, 2024 | 23:29 pm

    Daily Pivots: (S1) 1.6551; (P) 1.6572; (R1) 1.6599; More… Intraday bias in EUR/AUD stays neutral first as range trading continues. Near term outlook will stay cautiously bullish as long as 1.6439 support holds. On the upside, above 1.6677 will target 1.6742 first. Decisive break there will resume whole rise from 1.6127 and target 1.6844 resistance […] The post EUR/AUD Daily Outlook appeared first on Action Forex.

    Read more...
  • EUR/CHF Daily Outlook

    Mar 26, 2024 | 23:27 pm

    Daily Pivots: (S1) 0.9748; (P) 0.9781; (R1) 0.9824; More.. EUR/CHF’s rally from 0.9252 resumed by breaking 0.9785 temporary top. Intraday bias is back on the upside. Further rise should be seen towards 1.0095 key resistance next. On the downside, break of 0.9689 support is needed to indicate short term topping. Otherwise, outlook will remain bullish […] The post EUR/CHF Daily Outlook appeared first on Action Forex.

    Read more...
  • Monthly consumer price index. Australia, 02:30 (GMT+2)

    Mar 26, 2024 | 16:30 pm

    At 02:30 (GMT+2), the Reserve Bank of Australia (RBA) will publish data on the weighted average consumer price index for February – one of the approaches to estimating core inflation, which is determined by the median price. The figure may adjust from 3.40% to 3.50% MoM, supporting the Australian dollar. Read more

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

    Mar 26, 2024 | 12:30 pm

    At 22:30 (GMT+2), a weekly report on the amount of oil reserves, gasoline, and distillate volumes from the American Petroleum Institute (API) will be published. Previously, the statistics recorded a correction to –1.519M barrels, and the trend continuation may support oil prices. Read more

    Read more...
  • USD/JPY shrugs after BoJ core inflation dips

    Mar 26, 2024 | 08:26 am

    The Japanese yen continues to have a quiet week. In the North American session, USD/JPY is trading at 151.36, down 0.03%. BoJ core inflation eases to 2.3% Bank of Japan core inflation fell to 2.3% in February, down from 2.6% in January and shy of the market estimate of 2.5%. The release further complicates the […]

    Read more...
  • AUDUSD Technical Analysis

    Mar 26, 2024 | 06:16 am

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The market expects the first rate cut in June.AUDThe RBA left interest rates unchanged as expected and finally dropped the tightening bias.The last Monthly CPI report missed expectations across the board which was a welcome development for the RBA.The latest labour market report missed expectations by a big margin.The wage price index surprised to the upside as wage growth in Australia remains strong.The latest Australian PMIs showed the Manufacturing PMI falling further into contraction while the Services PMI continue to increase and remain in expansion.The market expects the first rate cut in August.AUDUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that AUDUSD bounced on the key support zone around the 0.65 handle and pulled back into the moving averages. This is where we can expect the sellers to step in with a defined risk above the moving averages to position for a break below the key support zone and target the 0.6443 low. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 0.6623 resistance. AUDUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price got rejected recently from the red 21 moving average where we had also the 38.2% Fibonacci retracement level for confluence. This is where the sellers are stepping in to position for a drop into new lows. The buyers, on the other hand, will need the price to break above the Fibonacci level to start targeting new highs. AUDUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a counter-trendline defining the current short-term uptrend. This is where the buyers keep leaning onto to position for new highs with a better risk to reward setup. The sellers will want to see the price breaking below the trendline to invalidate the bullish setup and increase the bearish bets into new lows. Upcoming EventsToday we have the US Consumer Confidence report. Tomorrow, we have the Australian Monthly CPI data and later in the day Fed’s Waller speaking. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • CB consumer confidence. USA, 16:00 (GMT+2)

    Mar 26, 2024 | 06:00 am

    At 16:00 (GMT+2), the March consumer confidence index from the Conference Board will be published in the United States. It is based on a survey of 5.0K American households and considers their vision of the current and future economic situation. It is a leading indicator that predicts consumer spending that is part of economic activity. The value is expected to rise from 106.7 points to 106.9 points, supporting the American dollar. Read more

    Read more...
  • USDCAD Technical Analysis - Key support zone in sight

    Mar 26, 2024 | 05:02 am

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The market expects the first rate cut in June.CADThe BoC left interest rates unchanged at 5.00% as expected stating that further easing in underlying inflation is needed.The latest Canadian CPI missed expectations across the board with the underlying inflation measures falling.On the labour market side, the latest report beat expectations but we saw a fall in wage growth which is something that the BoC is watching closely.The Canadian PMIs improved in February although they remain both 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 tested once again the key 1.3620 level but failed to extend the rally above it. 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. USDCAD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the pair is now stuck in a range between the 1.3620 resistance and the 1.3450 support. Market participants will likely keep “playing the range” by selling at resistance and buying at support until we get a breakout supported by a fundamental catalyst. The price is now approaching a support zone around the 1.3550 level where we can find the confluence of the 38.2% Fibonacci retracement level and the red 21 moving average. This is where we can expect the buyers to step in with a defined risk below the support to position for a break above the 1.3620 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 1.3450 support. USDCAD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a counter-trendline defining the current short-term downtrend with the red 21 moving average acting as dynamic resistance. If the price were to break above the trendline, we can expect the buyers to pile in to position for a rally into the resistance targeting a breakout. Upcoming EventsToday we have the US Durable Goods Orders and the US Consumer Confidence report. Tomorrow, we have Fed’s Waller speaking. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

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

    Mar 26, 2024 | 04:30 am

    At 14:30 (GMT+2), US February data on the volume of orders for durable goods with a service life of more than three years will be published. The indicator is a leading one of industrial activity. Total orders in February are expected to adjust from –6.2% to 1.2% and core orders from –0.4% to 0.4%, supporting the American dollar. Read more

    Read more...
  • Australian dollar edges higher, CPI next

    Mar 26, 2024 | 04:11 am

    The Australian dollar has extended its gains on Tuesday. In the European session, AUD/USD is trading at 0.6557, up 0.26%. On today’s data calendar, the US will release two tier-1 events. Durable goods orders are expected to rebound with a 1.1% gain in February, after a 6.1% slide in January. The Consumer Board consumer confidence […]

    Read more...
  • EURUSD Technical Analysis

    Mar 26, 2024 | 03:43 am

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The market expects the first rate cut in June.EURThe ECB left interest rates unchanged as expected at the last meeting revising inflation and growth expectations downwards and maintaining the usual data dependent language.The recent Eurozone CPI beat expectations.The labour market remains historically tight with the unemployment rate hovering at record lows.The latest Eurozone PMIs beat expectations on the Services side while the Manufacturing one missed dropping further in contraction.The market expects the ECB to cut rates in June. EURUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that EURUSD sold off into the weekend as the US data surprised once again to the upside. The trend might have changed as the price continues to print lower lows and lower highs with the moving averages being crossed to the downside. The price bounced on the 1.08 handle as the selloff 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. EURUSD Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the pair bounced on a key support around the 1.08 handle and it’s now at the 38.2% Fibonacci retracement level. This is where we can expect the sellers to step in with a defined risk above the Fibonacci level to position for a drop back into the 1.08 support targeting a break below it. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 1.10 handle. EURUSD Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see more closely the key levels marked on the chart. We now have a counter-trendline and the red 21 moving average giving support for the buyers. If we were to get a pullback, the buyers will likely lean on the trendline to position for a rally into new highs. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into new lows. Upcoming EventsToday we have the US Durable Goods Orders and the US Consumer Confidence report. Tomorrow, we have Fed’s Waller speaking. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • Nasdaq Composite Technical Analysis

    Mar 26, 2024 | 02:27 am

    Yesterday, the Nasdaq Composite managed to close the day positive although the price continues to retreat towards the key support zone around the 16206 level. The lack of catalysts is leading to a slow and choppy price action with market participants waiting for new information to start positioning with more conviction.Nasdaq Composite Technical Analysis – Daily TimeframeOn the daily chart, we can see that the Nasdaq Composite has been diverging with the MACD for a long time. This is generally a sign of weakening momentum often followed by pullbacks or reversals. We continue to trade inside the rising wedge, so if the price were to break below the trendline, the sellers will have much more conviction to look for new lows with the base of the wedge at 14477 being the ultimate target. Nasdaq Composite Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that from a risk management perspective, the buyers will have a much better risk to reward setup around the bottom trendline where they will find the confluence of the red 21 moving average and the 50% Fibonacci retracement level. The sellers, on the other hand, will want to see the price breaking lower to start targeting new lows.Nasdaq Composite Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that the price broke out of the minor support zone around the 16370 level where we had the confluence of the minor trendline and the red 21 moving average. This should point to a drop into the 16206 support where the buyers will likely step in with more conviction to position for a rally into a new all-time high. The sellers, on the other hand, will want to see the price breaking lower to pile in more aggressively and start targeting new lows. Upcoming EventsToday we have the US Durable Goods and Consumer Confidence reports. Tomorrow, we have Fed's Waller speaking. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the US PCE report and Fed Chair Powell. This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • CHF/JPY Technical: On the brink of a potential major bearish breakdown (CHF weakness)

    Mar 26, 2024 | 01:55 am

    The surprise rate cut by SNB has reinforced the bearish momentum of CHF/JPY. CHF has weakened across the board against the G-10 currencies; it is the weakest against the EUR. Watch the 169.00 key short-term resistance on CHF/JPY with key support coming in at 166.55. This is a follow-up analysis of our prior report, “CHF/JPY […]

    Read more...
  • USDJPY Technical Analysis

    Mar 26, 2024 | 01:11 am

    USDThe Fed left interest rates unchanged as expected 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.Fed Chair Powell maintained a neutral stance as he said that it was premature to react to the recent inflation data given possible bumps on the way to their 2% target. The US CPI and the US PPI beat expectations for the second consecutive month.The US Jobless Claims beat expectations across the board.The latest US Manufacturing PMI beat expectations while the Services PMI missed slightly. Both the measures remain in expansion though. The market expects the first rate cut in June.JPYThe BoJ finally exited the negative interest rates policy as expected 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 as expected. The latest Unemployment Rate remained unchanged hovering around cycle lows.The Japanese PMIs improved further for both the Manufacturing and Services measures although the former remains in contractionary territory.The Japanese wage data beat expectations by a big margin.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 is consolidating just beneath a crucial resistance level at 151.92. In fact, we can notice that the pair has formed a big ascending triangle and a break above the resistance could trigger a strong move to the upside. We can expect the sellers to step in around these levels with a defined risk above the resistance to position for a drop all the way back to the bottom trendline of the triangle. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets and target new highs. USDJPY Technical Analysis – 4 hour TimeframeOn the 4 hour chart, we can see that the price recently broke out of the trendline that was defining the uptrend since the 146.50 level. We can also notice that we had a double top at the resistance level, but the price will need to break below the neckline at 150.26 to confirm it. This recent breakout should point to at least a pullback into the neckline, but the consolidation skewed the picture, so this might end up being a fake breakout. We need to zoom in to see some more details.USDJPY Technical Analysis – 1 hour TimeframeOn the 1 hour chart, we can see that we have a minor support zone around the 151.00 handle. The sellers will want to see the price breaking this support to pile in with more conviction into the neckline targeting a break below it. The buyers, on the other hand, will likely continue to step in around these levels and increase the bullish bets as soon as we get a break above the resistance. Upcoming EventsToday we have the US Durable Goods Orders and the US Consumer Confidence report. Tomorrow, we have Fed’s Waller speaking. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the Tokyo CPI, the US PCE and Fed Chair Powell. See the video below This article was written by FL Contributors at www.forexlive.com.

    Read more...
  • GfK consumer climate. Germany, 09:00 (GMT+2)

    Mar 25, 2024 | 23:00 pm

    At 09:00 (GMT+2), April data on the consumer climate index from GfK Group will be published in Germany. The indicator assesses the degree of confidence in the strength of the economy and is a leading indicator of household spending. The negative dynamics are expected to slow down from −29.0 points to −27.8 points, still putting pressure on the euro. Read more

    Read more...
  • Market Insights Podcast – Currency war risk, US PCE, AU monthly CPI on the watch

    Mar 25, 2024 | 19:04 pm

    OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. A relatively quieter week versus last week’s  major central banks’ galore as we head into the Easter holiday with several key events and economic data to take note. Firstly, risk of currency war is lingering around the […]

    Read more...
  • USD/JPY drifting at start of week

    Mar 25, 2024 | 07:29 am

    The Japanese yen is showing limited movement on Monday. In the North American session, USD/JPY is trading at 151.25, down 0.13%. Yen can’t find its footing Last week’s Bank of Japan was dramatic as the central bank raised interest rates for the first time since 2007. The move did not catch the markets completely by […]

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

    Mar 25, 2024 | 06:00 am

    At 16:00 (GMT+2), February data on home sales on the primary market will be published in the United States. 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. The value is expected to increase from 661.0K to 680.0K, supporting the American dollar. Read more

    Read more...
  • Australian dollar stabilizes, consumer sentiment next

    Mar 25, 2024 | 04:15 am

    The Australian dollar has started the week with slight gains, after sliding 0.86% on Friday. In the European session, AUD/USD is trading at 0.6530, up 0.24%. PBoC move sends Aussie sharply lower The Australian dollar ended the week with sharp losses after China’s central bank set the daily fixing of the Chinese yuan lower than […]

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

    Mar 25, 2024 | 04:00 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 and is one of the most important indicators of the sector. The value is expected to adjust from 1.489M to 1.518M, supporting the American dollar. Read more

    Read more...
  • Hang Seng Index: Potential currency war may kick start another bearish leg

    Mar 25, 2024 | 00:56 am

    A less dovish Fed with a surprise cut by SNB has triggered a bout of US dollar strength since last Thursday, 21 March. China’s central bank, PBoC responded with a lower-than-expected daily fixing on the onshore yuan (CNY) last Friday, 22 March which led the offshore yuan (CNH) to plunge by -0.8% against the US […]

    Read more...
  • Leading index. Japan, 07:00 (GMT+2)

    Mar 24, 2024 | 21:00 pm

    At 07:00 (GMT+2), Japan will publish an index of leading economic indicators, including an assessment of twelve indicators, such as orders in mechanical engineering and stock prices. The value is likely to be adjusted from 110.2 points to 109.9 points MoM, putting pressure on the yen. Read more

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

    Mar 22, 2024 | 09:00 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 oil production capacity in the United States. The number of towers last rose to 510, and a continuation of this trend may put pressure on oil prices. Read more

    Read more...
  • Cdn. dollar dips as retail sales disappoint

    Mar 22, 2024 | 06:24 am

      The Canadian dollar has extended its losses on Friday. USD/CAD is trading at 1.3569 in the North American session, up 0.29%. Canada’s retail sales slip in January Canada’s retail sales fell 0.3% m/m in January, revised from the earlier estimate of -0.4% and well off the 0.9% gain in December. The decline was driven […]

    Read more...
  • Fed’s chairman Powell speaks. USA, 15:00 (GMT+2)

    Mar 22, 2024 | 05:00 am

    At 15:00 (GMT+2), the head of the US Federal Reserve System (US Fed), Jerome Powell, will give a speech. The official can share his vision of the current situation in the American economy against ongoing geopolitical tensions and hint at the regulator’s further actions in the monetary policy. Read more

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

    Mar 22, 2024 | 04:30 am

    At 14:30 (GMT+2), January data on retail sales will be presented in Canada. The indicator monthly records the volume of all goods sold by retailers based on a sample of 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 January figure is expected to correct from 0.9% to –0.4% and the core value from 0.6% to –0.5%, putting pressure on the Canadian dollar. Read more

    Read more...
  • Pound drops to 1-month low after flat retail sales

    Mar 22, 2024 | 03:07 am

    The British pound has extended its losses on Friday. In the European session, GBP/USD is trading at 1.2600, down 0.45%. Earlier, the pound fell as low as 1.2584, its lowest level since March 20. UK retail sales unchanged in February UK retail sales were flat in February, after a revised 3.6% gain (m/m) in January. […]

    Read more...
  • CBI industrial trends. UK, 13:00 (GMT+2)

    Mar 22, 2024 | 03:00 am

    At 13:00 (GMT+2), March data on the index of industrial orders from the Confederation of British Industry (CBI) will be published in the UK. The indicator is calculated based on a survey of representatives of leading British enterprises and is an important indicator of the state of business in the country. The index may stay at −20.0 points. Read more

    Read more...
  • Business expectations. Germany, 11:00 (GMT+2)

    Mar 22, 2024 | 01:00 am

    At 11:00 (GMT+2), the March index of business expectations in Germany will be published, which measures business sentiment and business conditions in the country through a survey of representatives of 7.0K companies. An increase is predicted from the current 84.1 points to 84.6 points, supporting the euro. Read more

    Read more...
  • IFO business climate. Germany, 11:00 (GMT+2)

    Mar 22, 2024 | 01:00 am

    At 11:00 (GMT+2), the March German business climate index from the Institute for Economic Research (IFO), based on a survey of managers of 7.0K enterprises in the manufacturing industry, construction sector, wholesale and retail trade, will be published. The value is expected to increase from 85.5 points to 85.9 points, supporting the euro. Read more

    Read more...
  • Retail sales. UK, 09:00 (GMT+2)

    Mar 21, 2024 | 23:00 pm

    At 09:00 (GMT+2), February data on retail sales will be published in the UK. The indicator monthly records the volume of all goods sold by retailers. It is calculated 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 figure is expected to adjust from 3.4% to –0.3% MoM and from 0.7% to –0.8% YoY, while the core figure is likely to fall from 3.2% to −0.1% MoM and from 0.7% to −0.9% YoY, putting pressure on the pound. Read more

    Read more...
  • GfK consumer confidence. UK, 02:01 (GMT+2)

    Mar 21, 2024 | 16:01 pm

    At 02:01 (GMT+2), March 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

    Read more...
  • Nation core consumer price index. Japan, 01:30 (GMT+2)

    Mar 21, 2024 | 15:30 pm

    At 01:30 (GMT+2), the February national core consumer price index will be published, recording changes in the cost of goods and services, excluding food and energy. It is a key way to determine purchasing trends and inflation in Japan. YoY, the rate is expected to rise from 2.0% to 2.8%. Read more

    Read more...
  • Swiss franc slides after SNB lowers rates

    Mar 21, 2024 | 11:10 am

    The Swiss franc has tumbled on Thursday after the Swiss National Bank lowered interest rates. In the North American session, USD/CHF is trading at 0.8987, up 1.35% on the day. Earlier, the Swiss franc fell as low as 0.8994, its lowest level since November 23. SNB surprises with 0.25% rate cut There has been plenty […]

    Read more...
  • Pound edges lower ahead of BoE meeting

    Mar 21, 2024 | 04:09 am

    The British pound is slightly lower on Thursday. In the European session, GBP/USD is trading at 1.2766, down 0.16%. BoE expected to hold rates The markets will shift focus from the Federal Reserve, which maintained rates on Wednesday, to the Bank of England, which is holding its rate meeting later today. The BoE is widely […]

    Read more...
  • Cdn. dollar falls to three-month low as CPI slows

    Mar 20, 2024 | 07:57 am

    USD/CAD is trading at 1.3580 in the North American session, up 0.10%. The Canadian dollar is under pressure and dropped to a 3-month low on Tuesday, following Canada’s CPI release. Canada’s CPI falls to 2.8% Canada’s inflation rate continues to head lower and fell to 2.8% y/y in February. This was lower than the January […]

    Read more...
  • GBP/USD dips as UK inflation lower than expected

    Mar 20, 2024 | 04:11 am

    The British pound has extended its losses on Wednesday. In the European session, GBP/USD is trading at 1.2695, down 0.21%. The pound has been on a slide and is down about 1.2% since March 13. UK inflation falls by 3.4% Households in the UK haven’t had much to smile about when it comes to the […]

    Read more...
  • Gold Technical: A potential minor corrective pull-back in play as FOMC looms

    Mar 20, 2024 | 03:52 am

    Gold (XAU/USD) has traded in a tight range of 2% in the past two weeks after it printed a fresh all-time high of US$2,195 on 8 March. The biggest risk event for today will be the latest Fed FOMC’s dot plot projection on the trajectory of its Fed funds rate; a reduction to two cuts […]

    Read more...
  • USD/JPY soars as BoJ scraps negative rates

    Mar 19, 2024 | 07:51 am

    The Japanese yen has taken a tumble on Tuesday. In the North American session, USD/JPY is trading at 150.67, up 1.02%. BoJ lifts rates, end yield curve control The Bank of Japan hiked interest rates for the first time since 2007 at today’s meeting and also abolished the yield control curve to target interest rate […]

    Read more...
  • Aussie slides after RBA’s pause

    Mar 19, 2024 | 02:55 am

    The Australian dollar is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6507, down 0.80%. The Aussie is on a nasty slide and has declined by 1.7% since March 13. RBA removes tightening bias The Reserve Bank of Australia maintained the cash rate at 4.35% for a fourth straight time at […]

    Read more...
Add a Comment!“We encourage you to join the conversation! If you have any questions, ideas, or thoughts related to this article, Please Leave a Comment Below!
 

Comments

TradingVortex.com® 2019 © All Rights Reserved.