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US nonfarm payrolls expected to drop offEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔼 USD/JPY 🔽 XAU 🔼 WTI 🔼 Despite outperforming market estimates seven months in a row, Mitrade predicted US nonfarm payrolls to indicate an economic slowdown to around 200,000 jobs added in November. This could sway the Federal Reserve to opt for a more moderate monetary policy. Meanwhile, the dollar continues to weaken against its peers. EUR/USD rose to a five-month high of 1.0524, GBP/USD climbed and stabilized at 1.2253, and AUD/USD closed at 0.6809 with minor gains. USD/CAD traded higher at 1.3432, and USD/JPY lost over 270 pips to 1.3432. Starting next week, the European Union will officially ban crude oil imports from Russia, causing WTI oil futures to move up slightly to $81.22 a barrel. Spot gold surged more than $30 to 1,802.99 an ounce. There was a 0.56% drop in the Dow Jones Industrial Average to 34,395, a 3-point loss (-0.08%) in the S&P 500 to 4,076, and an 11-point gain (+0.10%) in the Nasdaq 100 to 12,041.
by Mitrade_official
Fed more likely to decelerate rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Market sentiment was lifted as Jerome Powell, the Chair of the Federal Reserve hinted at slowing down rate hikes in December’s interest rate decision. EUR/USD then rebounded from a low of 1.0295 to 1.0404, currently at 1.0438. On the other hand, the British Pound and Aussie both rallied almost 100 pips against the greenback to 1.2056 and 0.6786 respectively. USD/CAD plunged over 130 pips to a week-low of 1.3409, and USD/JPY declined to 138.03. Upon multiple large-scale protests against lockdown measures in China, the government is now leaning towards relaxing some of them. The news sent spot gold to $1,768.61 an ounce and reached a three-month high of 1,776.60 afterwards. WTI oil futures traded slightly higher at $80.55 a barrel. In the stock market, the Nasdaq 100 had the largest gain of the day by gaining 526 points (+4.58%) to 12,030. The S&P 500 rose 122 points (+3.08%) to 4,079, as the Dow Jones Industrial Average climbed 737 points (+2.18%) to 34,589.
by Mitrade_official
More Chinese unrest dampens the market moodEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔽 XAU 🔽 WTI 🔼 Lockdown measures in China to curb the pandemic have been met with significant pushback. This has led to demonstrations in domestic and overseas locations, and many disgruntled civilians have clashed with Chinese police in the process. In response, the US dollar's safe-haven demand increased, EUR/USD fell to 1.0337, and AUD/USD decreased nearly 100 pips to 0.6648. GBP/USD dropped below 1.2000 to 1.1958, losing over 130 pips. USD/CAD spiked more than 110 pips to 1.3497, while USD/JPY fell to 138.94. Gold prices lost $13 to $1,741.62 an ounce. WTI oil futures rebounded from a low of $73.68 a barrel to a closing price of $77.24. There was a drop of 497 points (-1.45%) in the Dow Jones Industrial Average to 33,849, a loss of 62 points in the S&P 500 to 3,963, and a decline of 168 points (-1.43%) in the Nasdaq 100 to 11,587. Cryptocurrency lender BlockFi just filed for bankruptcy, causing Bitcoin to trade lower at $16,200.
by Mitrade_official
US dollar rebounds on Black FridayEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 After Thanksgiving, the Dow Jones Industrial Average rose 152 points to 34,347, while the S&P 500 and the Nasdaq 100 dipped to 4,026 and 11,756 respectively. In China, protests against strict COVID measures spread to several major Chinese cities. This put a halt to the dollar's decline. EUR/USD traded slightly lower to 1.0395, and GBP/USD declined to 1.2093. The USD/CAD rose 44 pips to 1.3381, and the USD/JPY gained 53 to 139.07. Australia Retail Sales recorded the first loss since February, decreasing 0.2% on the month, bringing AUD/USD down to 0.6749. Spot gold suffered minor losses at $1,754 an ounce. WTI oil futures fell to a near 11-month low at $76.28 a barrel.
by Mitrade_official
Extended greenback sell-off on ThanksgivingEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 The US market is closed on Thanksgiving Day, while major currencies enjoy moderate gains against the greenback. EUR/USD added 12 pips to 1.0408, and GBP/USD climbed more than 60 pips to 1.2116., while AUD/USD rose 33 pips to 0.6763. CAD/USD closed at 1.3337, losing 17 pips. The USD/JPY pair fell over 100 pips to 138.61, while the Japanese inflation rate rose to 3.8%, the highest level in four decades. As a result of a weaker dollar, spot gold rose $5 to $1,755.38 an ounce, while WTI crude futures traded slightly higher at $78.25 a barrel.
by Mitrade_official
GOLD (XAU/USD): multi-timeframe analysis. Bulls have taken overFirst and foremost, looking at the Weekly timeframe graph of Gold, it can be inferred that the price has broken out of the descending channel portrayed on the chart and started printing impulsive moves to the upside. Narrowing down to the Daily timeframe graphic, we can observe that the price has recently re-tested the highlighted area of resistance that lines up with the 61.8% Fibonacci retracement level. Lastly, zooming into the 8h timeframe chart, it can be clearly illustrated that the price is currently attempting to break above the local area of resistance. After a breakout takes place, a re-test will be awaited before entering long positions and riding the bullish trend.
OANDA:XAUUSDLong
by Investroy
10
Fed officials prefer a slowdown in rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Investors’ mood has been lifted by the release of Federal Reserve meeting minutes, as more fed officials opted to slow the pace of rate hikes. After that, the stock market surged with significant gains. There were gains of 95 points (+0.28%) on the Dow Jones Industrial Average, 23 points (+0.59%) on the S&P 500, and 113 points (+0.97%) on the Nasdaq 100. There is also weakness in the dollar against other major currencies. The EUR/USD pair hit a four-month high of 1.0395. The GBP/USD increased 176 pips to 1.2052, and the AUD/USD increased 87 pips to 0.6731. USD/CAD was down 25 pips to 1.3351, and USD/JPY declined below 140.0 to 139.59, losing 170 pips. Spot gold rose $9 to $1,749.59 an ounce, while WTI crude futures fell $3.50 to $77.94.
by Mitrade_official
Cathie Wood acquires loads of Coinbase sharesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 The crypto market has received unexpected support from Cathie Wood of Ark Invest. Over 1.3 million Coinbase shares were purchased by the investment firm in November. Her optimistic outlook allowed bitcoin to recover to 16,535.0. As investors await the latest Federal Reserve minutes, market sentiment has improved with the greenback retreating against its peers. EUR/USD rose 60 pips to 1.0302, GBP/USD gained 66 pips to 1.1883, and AUD/USD rose to 0.6648. USD/CAD suffered moderate losses at 1.3375. USD/JPY slid almost 100 pips to 141.24. WTI oil futures moved up to $80.95 a barrel, due to a slowed decrease in US crude oil inventories. Spot gold was boosted by a weakened dollar and closed at $1,740.08 an ounce. The S&P 500 reached 4003, the highest level in over two months, The Dow added almost 400 points (+1.18%) to 34,098, and the Nasdaq 100 increased to 11,724.
by Mitrade_official
Resurging pandemic fears in China sparks risk-off moodEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 While the Chinese government had imposed stringent quarantine measures, there was an uptick in confirmed cases and the first covid-related death in months. Hopes for lifting those measures were silenced. The stock market then retreated, as the S&P 500 slipped 15 points (-0.39%) to 3,949, and the Nasdaq 100 fell 123 points (-1.06%) to 11,553. The Dow Jones Industrial Average fell 45 points (-0.13%) to 33,700. The US dollar continued to rise thanks to its safe-haven appeal. EUR/USD slid to 1.0241, losing over 80 pips. GBP/USD traded lower at 1.1821, and AUD/USD dropped to a closing price of 0.6605. USD/CAD climbed to 1.3454, while USD/JPY surged to 142.09 by adding 172 pips. WTI oil futures briefly plunged to a month-low of $75.35, after Saudi Arabia denied reports of increasing OPEC oil production quotas. It then rebounded to $80.04 a barrel. Spot gold declined to $1,737.84 an ounce. Bitcoin just dropped to 15,588 - the lowest in over two years.
by Mitrade_official
Rebounding Treasury yields strengthens the greenbackEUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Last week, US 10-year Treasury yields rose 5.8 basis points to 3.823%, which strengthened the greenback against other major currencies. EUR/USD dropped to 1.0324, and AUD/USD lost 10 pips to 0.6671. An unexpected 0.6% month-on-month increase in UK retail sales has sent GBP/USD higher to 1.1884. USD/CAD added over 50 pips to 1.3384, while USD/JPY moved up slightly to 140.35. Projected oil demand tumbled due to growing COVID-19 cases in China. WTI oil futures then closed lower at a two-month low of $80.11 a barrel. As the Federal Reserve is likely to carry out further rate hikes, spot gold declined $10 to $1,750.84 an ounce. The Dow Jones Industrial Average rose 199 points (+0.59%) to 33,745, the S&P 500 gained 18 points (+0.48%) to 3,965, and the Nasdaq 100 was unchanged at 11,677.
by Mitrade_official
Hawkish Fed comment strengthens the dollarEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔽 USD/JPY 🔼 XAU 🔽 WTI 🔽 Recent comments from St. Louis Fed President James Bullard suggest he supported the idea of another full percentage point rate hike to 7%, which weakened the stock market. Among the major indices, the Dow Jones Industrial Average decreased 7 points (-0.02%) to 33,546, the S&P 500 declined 11 points (-0.30%) to 3,946, and the Nasdaq 100 dropped 22 points (-0.19%) to 11,676. Meanwhile, prospects for more massive rate hikes strengthened the greenback, EUR/USD fell to 1.036, as the Eurozone CPI was slightly lower than Mitrade's estimates with a 1.06% on-year increase. GBP/USD lost over 50 pips to 1.1862, and the UK Chancellor just announced large-scale tax hikes and spending cuts. AUD/USD decreased to 0.6681. USD/CAD had minimal losses and closed at 1.3326, USD/JPY rebounded further to 140.18. A stronger dollar sends spot gold lower, currently at $1,760.22 an ounce. Rising covid cases in China once again caused oil prices to drop, and WTI oil futures closed at $82.08 a barrel.
by Mitrade_official
Strong US retail sales likely to extend Fed rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔼 WTI 🔽 As Tuesday’s producer inflation rate slowed, yesterday saw US retail sales increasing by 1.3%, against a 1.0% projection. Signs of resilience in the US economy led investors to believe the Federal Reserve would remain steadfast on aggressive rate hikes. The stock market then traded lower in general, Dow Jones fell 39 points to 33,553, S&P 500 dropped 32 points to 3,958 and Nasdaq 100 fell 172 points (-1.45%) to 11,699. NATO’s report has claimed the missile explosion was likely an accident caused by Ukrainian air defenses, thus easing fears of possible direct intervention from NATO. EUR/USD rose to 1.0392, market estimates had tonight’s Eurozone inflation reading at 10.7% on the year - the same as last month. Meanwhile, UK inflation has reached a four-decade high of 11.1%, exceeding Mitrade's expectations of 10.7%. AUD/USD suffered minor losses to 0.674, despite the labor market adding 32,200 jobs, far greater than what investors has anticipated. USD/CAD closed at 1.3327, and just rose to a week-high at 1.3350. USD/JPY retreated from a high of 140.22 to 139.55. Spot gold slid to $1,773.88, currently at $1,769.87 an ounce. Although the latest US crude oil stockpiles have dropped by 5.4 million barrels, WTI oil futures traded lower at $85.25 a barrel.
by Mitrade_official
1
Cotton price looking bullish after breaking above 50 day SMATODAY’S MARKET IDEA: Cotton price looking bullish after breaking above 50 day moving average Cotton vs US Dollar current price $88.25, both rate of change 4 and 13 day above zero line (bullish); MACD above its signal line (bullish) and the fact that current price is above both its respective 20 and 50 day moving averages indicate bullish technical conditions, upside potential for longs in the short term (1-25 days) at $95.87 (38.2% retracement from its 13 week low) provide price can remain above the $86.2 support. Not investment advice. Past performance is not indicative of future results.
SKILLING:COTTONLong
by Skilling
1
Alleged Russian strike on Poland stirs marketEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Two people have been killed in a missile strike near the eastern Polish border. The possible Russian attack on a NATO member has raised speculation that the Russian invasion of Ukraine will escalate. As a safe haven asset, spot gold rose to $1,778.8 an ounce, while WTI oil futures moved up slightly to $87.01 a barrel. On the other hand, US PPI readings were lower than expected, sparking hopes that the Federal Reserve will slow down rate hikes upon reducing producer price growth. The dollar was weakened against its peers. EUR/USD increased to 1.0348, and AUD/USD added over 60 pips to 0.6756. GBP/USD climbed to a high of over two months at 1.1994 and closed at 1.1858, as Mitrade anticipated UK annual inflation data this afternoon would reach 10.7%. Once again, USD/JPY sank below the 140.0 level to 139.29, and USD/CAD declined to 1.3277. Major US stock indices also enjoyed minor upticks. A gain of 56 points (+0.17%) was made on the Dow Jones Industrial Average, 34 points (+0.87%) on the S&P 500, and 170 points (+1.45%) on the Nasdaq 100.
by Mitrade_official
1
Japan’s GDP decline fuels greenback’s reboundEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Early this morning, the collection of Japan’s economic data indicated a contraction, its GDP has decreased by 0.3% in the quarter, against estimates for a 0.3% increase. As such, USD/JPY added over 100 pips to 139.88, currently at 140.28. USD/CAD also slightly recovered to 1.3311. Meanwhile, EUR/USD bounced back from a low of 1.0274 to 1.0325, investors expected tonight’s Eurozone GDP quarterly growth will fall from 0.8% to 0.2%. GBP/USD recorded a 79 pips loss to a closing price of 1.1752. After some fluctuations, AUD/USD closed at 0.6696 with minor losses, the meeting minutes released by the Reserve Bank of Australia show the central bank has considered a 50 basis point rate hike for November. Spot gold closed at $1,771.24 and was last traded at $1,769.79 an ounce. WTI oil futures declined to $85.87 a barrel. FTX’s recent collapse sees Bitcoin plunging to a low of 15,852.
by Mitrade_official
AUDJPY: Bullish recovery?AUDJPY Intraday - We look to Buy at 92.00 (stop at 91.45) Previous support located at 92.50. Previous resistance located at 93.50. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 93.50 will confirm the bullish momentum. Our profit targets will be 94.00 and 94.50 Resistance: 93.50 / 94.00 / 94.50 Support: 92.50 / 92.00 / 91.50 Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
Long
by VantageMarkets
Fed unfazed by softened inflation dataEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Last week’s speech from Federal Reserve officials indicated the US central bank is still leaning towards using aggressive rate hikes to control inflation, though remains open to slowing the pace. Meanwhile, the stock market extended its rally, with the Nasdaq 100 adding over 210 points 11,817 being the best-performing index out of the three, the Dow also enjoyed a weekly gain of 4.15%. Improved GDP reading in the UK led major currencies to recover against the greenback, GBP/USD climbed more than 120 pips to 1.1835. EUR/USD surged to 1.0352, gaining almost 150 pips, as Germany’s annual inflation reached 10.4% - aligning with marketing projections. USD/JPY plunged below the key level of 140.00 to 138.79, losing over 230 pips, and USD/CAD declined to 1.3254. AUD/USD closed higher at 0.6702, the meeting minutes from the Reserve Bank of Australia will be announced tomorrow morning. Spot gold increased to $1,771.42 an ounce, the highest level in over two months. WTI oil futures gained slightly to $88.96 a barrel, currently at $89.22.
by Mitrade_official
Risk aversion increases amidst election and inflation suspenseEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 The market is intently following the US midterms results, with the Republican party holding the upper hand for now. Later tonight, the upcoming CPI data is expected to record an 8.0% year-on-year increase - still far from the Federal Reserve’s 2% target. As political and economic uncertainty looms, the stock market has ended its rally. The Nasdaq 100 dropped the most, losing 2.37% to 10,797. The safe haven greenback strengthened against its peers, USD/CAD rose above the 1.3500 level to 1.3526, and USD/JPY recovered to 146.44. The euro/dollar pair slid near parity at 1.0011, and GBP/USD lost almost 190 pips and declined to 1.1356. As health concerns grew in China once again, AUD/USD decreased to 0.643. Bitcoin slumped further to 16,230.0 with a low of 15,702. US Crude Oil Inventories increased by 3.92 million barrels - significantly higher than Mitrade's estimates of 1.360 million, WTI oil futures then closed at a three-week low of $85.83 a barrel. Gold price experienced minor fluctuations and closed lower at $1,707.04 an ounce.
by Mitrade_official
Crypto tumbles upon FTX liquidity crunchEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔽 As US midterm results are revealed one by one, the stock market has continued to rally while the dollar weakens. The Dow once again recorded the highest gains by increasing over 1% to 33,160, S&P 500 and Nasdaq 100 rose 0.56% and 0.75% respectively. However, the crypto market suffered heavily upon the news that FTX’s liquidity crunch, followed by a possible bailout by rival exchange Binance. Bitcoin has plunged to a two-year low at 18,419.0, and Ethereum also fell to 1,326.21. EUR/USD has remained above parity at 1.0072, and GBP/USD closed higher at 1.1536. AUD/USD enjoyed modest gains to 0.6503. USD/CAD decreased to 1.3426, and USD/JPY dropped further to 145.62. Spot gold has gone past the $1,700.00 level to $1,712.48 an ounce. WTI oil futures retreated to $88.91 a barrel, Mitrade expects US crude oil inventories will increase by 1.36 million barrels.
by Mitrade_official
Euro / Dollar pair returns above parityEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 US mid-term elections have taken the spotlight for the day, as voting is currently underway. Meanwhile, Meta Platforms are reported to carry out large-scale layoffs to reduce costs, its stock prices gained 6.53% and led tech stocks and major indices in general to rally. The Dow has recorded the largest uptick of over 420 points, currently at 32,827.00. EUR/USD has returned above parity at 1.0019, Mitrade expects the eurozone retail sales to turn positive with a 0.4% growth estimate. GBP/USD increased over 130 pips to 1.1511, and AUD/USD moved up slightly to 0.6478 upon lower consumer confidence levels. USD/CAD closed higher at 1.3496, and USD/JPY was last traded at 146.62 with minimal gains. Spot gold has recovered from a low of $1,667.15 to $1,675.38 an ounce, WTI oil futures briefly broke through $93.00 and slumped to $91.79 a barrel.
by Mitrade_official
Iron ore hits record-low as demand drops By the end of 2022, the price of iron ore is expected to hit their lowest level in three or four years as global demand for the commodity continues to slow down, particularly from China, the world's largest consumer of iron ore. In recent years, China has been cutting down its iron ore demand especially after the government placed restrictions on the industry to reduce carbon emissions. In 2021, the country's iron ore import fell to 1.12 billion tons from 1.17 billion tons in the prior-year period. Expectations for 2022 from the production side are no better with Australia, the world's biggest exporter of iron ore, projecting a 0.6% drop in global steel output to 1.947 billion tons. "Combined with growing global recessionary fears, new COVID-19 outbreaks and weakness in China's housing sector have dampened world steel and iron ore demand in recent months," the Australian government said in its October quarterly report. A Reuters survey in October showed that prices are expected within the $90/ton to $115/ton range by the end of the year. MetalMiner data shows the price in early 2022 were at $160.30/ton at the beginning of Russia's war against Ukraine. The decline comes despite forecasts of growth in the demand for iron ore through to 2026. The global market for iron ore is estimated to reach 2.7 billion metric tons, while production is expected to reach 3.17 billion metric tons. Until definite signs of recovery are observed, maybe it is best to err on the side of caution regarding iron ore prices, especially considering the threats of a recession in Europe and the persisting problems in China's property sector, which could heavily impact on the demand for the key steelmaking ingredient.
SGX:FEF1!
by BlackBull_Markets