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USD/JPY Rises Near Two-Week High Ahead of NFP ReportThe USD/JPY pair has surged to an intraday high near 133.50, close to the highest level in two weeks. The recent rise can be attributed to higher US Treasury bond yields and a stronger US dollar as the market anticipates the release of the crucial Nonfarm Payrolls (NFP) report on Friday. The recent challenges to market sentiment, mainly from the OPEC+ group's inflation worries, have also boosted the pair's rally. However, mixed domestic data and pre-NFP jitters have challenged the recent buyer sentiment. The Bank of Japan's closely watched Tankan Large Manufacturing Index for Q1 2023 declined to 1.0 from the previous reading of 7.0 and an expected 3.0. Meanwhile, Japan's Jibun Bank Manufacturing PMI for March improved to 49.2 from 48.6, indicating a contraction in private manufacturing activities. On the other hand, the US Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation gauge, fell to 4.6% YoY in February, below the market expectation of 4.7%. Core PCE inflation rose 0.3% on a monthly basis, lower than the market expectation of 0.4%. The receding hawkish calls surrounding the Bank of Japan (BoJ) have also supported USD/JPY buyers. However, the market seems to have given little attention to the recent easing fears of a banking crisis and the Fed's hawkish moves. Currently, Japan's Nikkei 225 is up 1.0% intraday to 28,041, while the S&P 500 Futures snapped a three-day uptrend. The US 10-year and two-year Treasury bond yields are trading with mild gains near 3.52% and 4.11%, respectively, after paring the latest losses. Looking forward, USD/JPY is expected to continue its rebound amid firmer yields and a light calendar. However, any disappointment in the incoming PMIs and NFP may weigh on the US dollar prices, considering the receding hawkish bets on the Fed.
by FOREXN1
15
EUR/CAD: Possible Reversal MovementThere may be a potential reversal in the movements of EUR/CAD following the breaking of its dynamic trendline and testing the top at 1.4940. The negative correlation between EUR/CAD and EUR/USD suggests that an increase in EUR/USD and a decrease in EUR/CAD may occur. We are currently waiting for this to happen. Our indicator has already signaled a sell entry, which we have acted upon. There is a strong possibility of this trend continuing further.
by FOREXN1
10
Making The Right Decision On RE hit highs..Hey Traders, So the pound is going for a third hit in quick succession on a prev resistance zone. UK GDP news today did little to move anything at all and did not come at a suprise like the last inflation report and reaction from the UK Central Bank BOE.. WHY? Because there is no major downside sentiment whacking it down. That's why. Markets need impetus to make moves and you are lacking it at the moment. That is why falls have not been vicious and quickly rejected a local PA zones to the downside. There's no reason for it and not enough Poor GBP sentiment. We can however wait for a sentiment inflow to attain better prices. That means if you are looking short you must do so lightly especially as the level also contains ONLY weak PA. We can use our Key MA's smartly to determine where price is returning to reality off from the last harsh fall and fast rise. Closer to higgher MA's = better shorts and vice versa. The bottom Line as a channel on the chart describes where we can look to RE long on PA bounces. And absolutely you are too late and do not want to be a buyer. These are previous highs and not previous lows and you are getting a far worse deal than if you were buying on a fall of 1/2/3% to the downside. Remember, you want to pick up a good deal and you do not want to be on the bad hand inside the GBPUSD Market. Looking for shorts nearer circa 1.26+ Longs down lower nearer 1.20 Risk Averse.
by WillSebastian
SasanSeifi 💁‍♂️🟡 GOLD 4H ⏭ 1975/ 1979 ⬆HI Everyone✌As you can see, by examining XAUUSD the price fluctuated positively from the range of 1955. It is currently trading in the range of 1968. in the 4 hour time frame. We can expect the price to grow up to the target of 1975 and the range of FVG 1979/1984, and then by filling the FVG, there is a possibility of a slight correction of the price. We have to see how the price will react to the range of FVG. The desired targets are 1975/1979. Maintaining the range of 1955 is important for a positive swing. ❎ (DYOR)...⚠⚜ WHAT DO YOU THINK ABOUT THIS ANALYSIS? I will be glad to know your idea 🙂✌ IF you like my analysis please LIKE and comment 🙏✌
OANDA:XAUUSDLong
by SasanSeifi
Bearish on the Euro below 1.0930Ever since the 1.1033 high from early February, it seems like the Euro is trading in a complex W-X-Y correction. The 1.0930 level reached last week is the critical point we are looking at. As long as we continue to trade below it, odds favor another run lower which should break below 1.0516, targeting at first 1.0460, the 38.2% retracement of the rally from 0.9569. A break above the mentioned resistance negates this view and confirms that the correction ended at 1.0516.
Short
by tchamoun
Sell Trade Setup On GBPAUDHey Traders, Obviously GBPAUD is madly bullish on 1D, 4H and 1H! No single doubt about that. However, on 30Min TF, it just broke structure, and that is very important cos 30Min is the fractal TF 4H and 1D traders uses in executing their trades, but that is not the show! On 1W TF, the price is trending in a Symmetrical Triangle, and that spiky s**t we saw last week made the retest of the upper band trendline active, now the rule of Symmetrical Triangle is that, it can either go up or down, but we are talking about Weekly TF here so a lot of things can happen fractalizing the TF, you can sell, and Buy. Breaking the market down to 30min, it just showed a very spiky Head and Shoulder pattern and the retest of the neckline just got triggered, i am looking to sell it down to retesting the Trendline, then wait if there is going to be a BOT of not.
Short
by Adefxc
3