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More easing expected in US inflationAs the market awaits tonight’s US inflation data, investors continue to anticipate further easing in price levels, with year-on-year readings in March dropping from 6.0% to 5.2%. Meanwhile, the greenback weakened against other major currencies. EUR/USD climbed 51 pips to 1.0910, and GBP/USD advanced 43 pips to 1.2424. AUD/USD added 13 pips to 0.6650. The Bank of Canada will announce its interest rate decision this evening, with Mitrade anticipating no changes to the current 4.50% rate level. USD/CAD declined 60 pips to 1.3466, and USD/JPY edged up 5 pips to 133.65. Spot gold gained HKEX:12 to HKEX:2 ,003.61 an ounce, and WTI oil futures increased $1.79 to $81.53 a barrel. Bitcoin and Ethereum slipped to HKEX:30 ,143.0 and HKEX:1 ,881.22 respectively. The Dow Jones Industrial Average rose 98 points to 33,684, and the S&P 500 slid 1 point to 4,108. The Nasdaq 100 dropped 87 points to 12,964.
by Mitrade_official
US Nonfarm Payrolls underperform first time in 12 monthsThe March readings for US Nonfarm Payrolls slightly missed Mitrade's estimates at 236,000, while the unemployment rate lost 0.1% to 3.5%. Although the results ended a 12-month streak for an overachieving labor market, they still indicate a resilient US market. On Wednesday night, the year-on-year inflation rate for March is expected to slow down from 6.0% to 5.2%. EUR/USD declined to 1.0834, then recovered to 1.0859. GBP/USD and AUD/USD both fell over 30 pips to 1.2381 and 0.6637 respectively. USD/CAD closed 6 pips lower at 1.3506, and USD/JPY surged over 140 pips to a week high of 133.60. Spot gold dropped $15 to HKEX:1 ,991.35 an ounce. WTI crude futures briefly slipped below HKEX:80 to $79.74 a barrel. Bitcoin just rose past the HKEX:30 ,000 level to HKEX:30 ,331.0, and Ethereum is currently trading higher at 1,932.21. The Dow Jones Industrial Average jumped 101 points to 33,586, and the S&P 500 edged up 4 points to 4,109. The Nasdaq 100 slid 11 points to 13,051.
by Mitrade_official
WTI CRUDE OIL Top formation like all others since DecemberWTI Crude Oil is forming a Top pattern, which is similar to all peaks since December. The RSI (4h) crossed below the Rising Support, which is the first sell signal on peak formations. Trading Plan: 1. Sell on the current market price. Targets: 1. 74.00 (top of the Symmetric Support Zone). Tips: 1. Four out of five previous Tops formed around a Golden Cross (4h) pattern. Such was formed 2 days ago. Please like, follow and comment!! Notes: This is a continuation of this trading plan:
TVC:USOILShort
by TradingBrokersView
2
US ADP job report disappoints investorsThe private report on the US labor market indicated only 145,000 jobs were added in March, considerably lower than Mitrade's expected figure of 200,000. As a result, the market worries over Friday’s official nonfarm payrolls report. Meanwhile, EUR/USD declined 52 pips to 1.0901, and GBP/USD fell 44 pips to 1.2457. AUD/USD lost 31 pips to 0.672. USD/CAD added 13 pips to 1.3458, though USD/JPY slid 36 pips to 131.35. Spot gold suffered minor losses at $2,020.67 an ounce. WTI oil futures closed just lower at $80.61 a barrel, now trading at $79.90. Bitcoin and Ethereum returned previous gains, currently at $28,032.0 and $1,898.28 respectively. The Dow Jones Industrial Average was the only major US index to close higher yesterday, advancing 80 points to 33,482. The Nasdaq 100 plunged 132 points to 12,967, and the S&P 500 slipped 10 points to 4,090.
by Mitrade_official
XAUUSD Sell the top of the Channel UpXAUUSD crossed over the Fibonacci 0.786 level today and is approaching the top of the two week Channel Up. This is a good opportunity to start placing short term sell positions targeting the MA50 (4h). Trading Plan: 1. Sell on the current market price and as long as it stays inside the Channel Up. Targets: 1. 1980 (the MA50 4h). Tips: 1. RSI (4h) hit its Rising Support. This adds more selling bias as last time it did so on the Falling Resistance, it dropeed to the bottom of the Channel Up. Please like, follow and comment!!
FX_IDC:XAUUSDShort
by TradingBrokersView
Australia expected not to raise rates againLater today, the Reserve Bank of Australia will announce its interest rate decision. As the market expected yet another no-change decision, AUD/USD surged 100 pips to 0.6785. EUR/USD advanced 56 pips to 1.0895, and GBP/USD increased 78 pips to 1.2411. The US JOLTs Job Openings will also be available tonight, with Mitrade anticipating job supply falling to 10.4 million in February. USD/CAD fell 80 pips to 1.3435, and USD/JPY dropped 31 pips to 132.41. Spot gold briefly crossed the $2,000 level and closed $15 higher at $1,984.56 an ounce. WTI crude futures added $4.75 to $80.42 a barrel. Bitcoin and Ethereum are trading higher at $27,744.0 and $1,806.26 respectively. The Dow Jones Industrial Average climbed 327 points to 33,601, and the S&P 500 edged up 15 points to 4,124, though the Nasdaq 100 slipped 33 points to close at 13,148.
by Mitrade_official
UK and Canada GDP exceeds expectationsLast Friday, the UK annual GDP reading for February was 0.6%, higher than the expected 0.4%. Canada's monthly national production increased by 0.5% in January, exceeding Mitrade's estimates of 0.3%. However, GBP/USD fell 50 pips to 1.2333, and USD/CAD slid 5 pips to 1.3515. EUR/USD declined 62 pips to 1.0839, and AUD/USD dropped 22 pips to 0.6685. USD/JPY rose 14 pips to 132.79. Spot gold lost $10.64 to $1,969.69 an ounce, and WTI crude futures increased $1.3 to $75.67 a barrel. Bitcoin and Ethereum are trading lower at $27,698.0 and $1,780.84 respectively. The Nasdaq 100 surged 218 points to 13,181. The S&P 500 advanced 58 points to 4,108, and the Dow Jones Industrial Average climbed 415 points to 33,274.
by Mitrade_official
XAGUSD Approaching the 3 month ResistanceSilver is at a critical point as it is approaching Resistance (1) at 24.600 that is holding for the past 3 months. The MA50 (1d) is flattened and is inside the Pivot Zone. Trading Plan: 1. Sell as long as the price is closing under Resistance (1). 2. Buy if the price closes (as 1d candle) over Resistance (1). Targets: 1. 22.250 (Pivot Zone). 2. 26.000 (under Resistance 2). Tips: 1. RSI (1d) crossed over the 70.00 overbought level. Every such crossing always made a pull back to the Pivot Zone. 2. Long term the price is supported on a Rising Support. Unless this breaks, the long term trend is bullish. Please like, follow and comment!!
FX_IDC:XAGUSD
by TradingBrokersView
4
US GDP slightly lower than estimatesThe US economy displayed signs of a slowdown, as quarterly GDP readings and initial jobless claims were at 2.6% and 198,000 respectively, both underperforming against Mitrade's estimates. USD/CAD fell 35 pips to 1.3520, and USD/JPY slid 19 pips to 132.65. Meanwhile, German monthly inflation is just higher than its forecast at 0.8%, with EUR/USD climbing 59 pips to 1.0901. GBP/USD rose 72 pips to 1.2383. UK GDP is expected to improve over last month’s results. AUD/USD advanced 24 pips to 0.6707. Spot gold added $15.76 to $1,980.33 an ounce, and WTI oil futures moved up $1.4 to $74.37 a barrel. Bitcoin dropped to $28,156.0, and Ethereum traded higher at $1,791.54. Yesterday, the Nasdaq 100 led the rally as it closed 117 points higher at 12,963.14. The S&P 500 rose 23 points to 4,050.83, and the Dow Jones Industrial Average surged 141 points to 32,859.03.
by Mitrade_official
US quarterly GDP growth expected to remain at 2.7%The US quarterly GDP readings for 2022 will be announced tonight. Despite ongoing global supply disruption and the Russian invasion of Ukraine, Mitrade estimates a 2.7% growth, just like its previous result. Meanwhile, USD/CAD declined 43 pips to 1.3555, and USD/JPY rebounded 198 pips to 132.84. The greenback also strengthened against other currencies. EUR/USD slid 1 pip to 1.0842, GBP/USD fell 29 pips to 1.2311, and AUD/USD dropped 26 pips to 0.6683. Spot gold closed $9.13 lower at $1,964.57 an ounce. Although Crude Oil Inventories have depleted by almost 7.5 million barrels, WTI oil futures lost $0.23 and closed at $72.97 a barrel. Bitcoin and Ethereum climbed to $28,310.0 and $1,786.17 respectively. The Nasdaq 100 surged 235 points to 12,846. The S&P 500 added 56 points to 4,027, and the Dow Jones Industrial Average increased 323 points to 32,717.
by Mitrade_official
Australian inflation falls to an eight-month lowIn February, the Australian CPI inflation growth reading was 6.8%, lower than Mitrade's estimates of 7.1%, while also at its lowest level since July 2022. On the other hand, the Reserve Bank of Australia was less optimistic about the trajectory, claiming it would take years to cool down. AUD/USD closed 60 pips higher at 0.6709. EUR/USD climbed 47 pips to 1.0843, and GBP/USD rose 56 pips to 1.2340. USD/CAD declined 62 pips to 1.3598, and USD/JPY fell 70 pips to 130.86. Spot gold rose $17 to $1,973.70 an ounce. Oil supply from Iraq’s Kurdistan region has been disrupted by Turkey, which saw WTI oil futures trading $0.39 higher at $73.20 a barrel. Bitcoin and Ethereum advanced to $27,338.0 and $1,777.90 respectively. The Nasdaq 100 lost 62 points to 12,610. The Dow Jones Industrial Average dropped 37 points to 32,394, and the S&P 500 slid 6 points to 3,971.
by Mitrade_official
Australian retail sales grow slightlyIn February, Australian retail sales grew by 0.2%, just higher than the expected 0.1%, but well below the 1.9% recorded in January. Price levels remain high in the country, with Mitrade anticipating a 7.1% increase in tomorrow’s annual inflation data reading. AUD/USD edged up 4 pips to 0.6649. EUR/USD added 37 pips to 1.0796, and GBP/USD rose 54 pips to 1.2284. USD/CAD declined 84 pips to 1.3660, and USD/JPY advanced 87 pips to 131.56. Spot gold dropped $22 to $1,956.49 an ounce, and WTI oil futures increased $3.55 to $72.81 a barrel. Bitcoin and Ethereum slowed to $27,024.0 and $1,718.88 respectively. The Nasdaq 100 dropped 93 points to 12,673. On the other hand, the Dow Jones Industrial Average surged 194 points to 32,432, and the S&P 500 edged up 6 points to 3,977.
by Mitrade_official
Investors worry over Russian nuclear weapons in BelarusRussia has initiated plans to deploy tactical nuclear weapons in Belarus - a country sharing a long border with Ukraine. While the Russian invasion of Ukraine has been carried on for more than a year, the news still led to considerable fears on the market. The negative sentiment strengthened the greenback, with USD/CAD adding 31 pips to 1.3744, though USD/JPY declined 22 pips to 130.69. Meanwhile, EUR/USD dropped 71 pips to 1.0759, and GBP/USD fell 56 pips to 1.2230. AUD/USD closed 38 pips lower at 0.6645, Mitrade expects Australia Retail Sales growth to slow to 0.4% on the month. Spot gold prices climbed $15.35 to $1,978.61 an ounce, and WTI oil futures slid $0.70 to $69.26. Bitcoin and Ethereum slowed to $27,847.0 and $1,765.87 respectively. The S&P 500 increased 22 points to 3,970, the Dow Jones Industrial Average rose 132 points to 32,237, and the Nasdaq 100 advanced 37.81 points to 12,767.
by Mitrade_official
The Bank of England raises rates to 4.25%Despite previous hints at stopping ongoing rate hikes, the Bank of England raised interest rates by 25 basis points to 4.25% - a 15-year high. Meanwhile, the central bank is optimistic that inflation will fall sharply in 2023, and the GBP/USD closed 21 pips higher at 1.2286. EUR/USD declined 25 pips to 1.0830, and AUD/USD moved up 1 pip to 0.6683. USD/CAD slid 14 pips to 1.3713, and USD/JPY fell 63 pips to 130.91. Spot gold briefly crossed the $2,000 level to $2,002.97 an ounce, and retreated to $1,993.96. WTI oil futures slipped $0.94 to $69.96 a barrel. Bitcoin and Ethereum are currently trading higher at $28,320.0 and $1,815.68 respectively. The Nasdaq 100 climbed 162 points to 12,729. The S&P 500 edged up 11 points to 3,948, and the Dow Jones Industrial Average increased 75 points to 32,105.
by Mitrade_official
Fed raises rates by 25 bps as expectedAs expected, the Federal Reserve has raised rates by 25 basis points to 5.00%, with the official statement indicating further rate hikes by the end of 2023. The greenback then weakens towards its peers, with USD/CAD edging up 14 pips to 1.3727, and USD/JPY dropping 102 pips to 131.44. GBP/USD climbed 50 pips to 1.2264, as its year-on-year inflation rate jumped to 10.4% in February, higher than Mitrade's estimates. Later tonight, the Bank of England is expected to increase interest rates by 25 basis points. EUR/USD advanced 88 pips to 1.0855, and AUD/USD moved up 14 pips to 0.6682. Spot gold surged $29.02 to $1,969.66 an ounce, and WTI oil futures added $1.23 to $70.90 a barrel. Bitcoin and Ethereum slid to $27,235.0 and $1,733.95 respectively. The Nasdaq 100 fell 174 points to 12,567. The Dow Jones Industrial Average plunged 530 points to 32,030, and the S&P 500 declined 65 points to 3,936.
by Mitrade_official
UK budget deficit in February exceeds $20 billionPublic spending in the UK has exceeded government revenue by 16.7 billion pounds ($20 billion), aggravating the financial woes of the British government. Later today, Mitrade expects the UK year-on-year inflation rate to increase by 9.9%, slightly lower than 10.1% last month. GBP/USD then declined 62 pips to 1.2214, and AUD/USD fell 50 pips to 0.6668. EUR/USD increased 48 pips to 1.0767. USD/JPY climbed 118 pips to 132.49, and USD/CAD added 49 pips to 1.3713. Canada's month-on-month core inflation rate slowed to 0.5% in February, lower than market estimates. Spot gold dropped $38.31 to $1,940.64 an ounce, and US WTI crude futures traded $1.85 higher to $69.67 a barrel. Bitcoin and Ethereum rose to $28,009.0 and $1,790.96 respectively. The Nasdaq 100 advanced 178 points to 12,741. The S&P 500 added 51 points to 4,002, and the Dow Jones Industrial Average surged 316 points to 32,560.
by Mitrade_official
Fed rate estimates falling weaken the greenbackRecent banking crises were partly caused by aggressive rate hikes, which lowered the value of long-term Treasury bonds. As a result, Mitrade expects the Federal Reserve to scale back on future rate hikes, with current market consensus aiming for a 25 basis point increase on Thursday. The news slowed the dollar, with EUR/USD advancing 53 pips to 1.0719. GBP/USD surged 101 pips to 1.2276 and AUD/USD added 23 pips to 0.6718. USD/CAD declined 63 pips to 1.3664, and USD/JPY dropped 48 pips to 131.31. The stock market continues to recover, as the Dow Jones Industrial Average increased 382 points to 32,244. The S&P 500 rose 34 points to 3,951, and the Nasdaq 100 edged up 42 points to 12,562. Spot gold fell $10.39 to $1,978.95 an ounce, and WTI oil futures closed $1.20 higher at $67.82 a barrel. Bitcoin climbed to $27,883.0, while Ethereum slipped to $1,750.83.
by Mitrade_official
Natural Gas - Bigger correction in this area?Hello traders, Today we will do an analysis for NATGAS. This commodity is in a big downtrend on the daily and weekly timeframe that started in August 2022. For now the higher probability move is a bigger correction in this area. On the 4h timeframe we expect the price to move to the upside and break the previous local high that it made on the 3rd of March. Once it reaches the area of the magenta rectangle marked on the chart we must see if we will have a continuation to the downside or it will continue making a bigger correction (upside). Another possible scenario is a move to the downside that coincides with the 70,5% Fibonacci retracement and then a move to the upside to break the local high. Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
NLong
by financialflagship