On the hourly chart of USD/JPY, it appears that the price is currently situated at the forefront of a bearish Head and Shoulders Reversal Pattern. It is possible that a subsequent move towards the 133.00s may occur. The current sentiment towards risk has declined, and coupled with the decreasing US Treasury yields over a longer-term period, there has been an...
During the Tokyo session, the USD/JPY pair is attempting to reclaim the immediate resistance of 134.50. This move comes as the new Bank of Japan Governor, Kauo Ueda, emphasizes the importance of maintaining an accommodative monetary policy. Governor Ueda is a staunch advocate for continuing the ultra-loose monetary policy, which has been in place for a decade, on...
The Friday trading session witnessed a downward trend in the GBP/CHF pair, however, from the early North American session onwards, the pair showed a tendency to reverse course and recover some of its earlier losses. On the technical front, the analysis reveals a rebound following the profit-taking event after a recent Double Top formation. There is a possibility...
The NZD/USD was weighed down for the third time this week by the hawkish rhetoric of Federal Reserve officials. While Philadelphia Fed President Patrick Harker indicated that the Fed is nearing the end of its rate-hiking cycle, his colleague, Cleveland's Fed President Loretta Mester, suggested that rates should exceed 5% due to high inflationary...
At the start of the London trading session on Monday, GBP/JPY shows a slight increase in value, hovering around 166.50. However, the cross-currency pair is facing a challenge in maintaining its upward momentum over the past four days, as it is currently caught in a bearish chart pattern, known as the Head and Shoulders pattern. If the dynamic trendline of the...
The markets are sending mixed signals in the midst of an uncertain economic outlook. Even central bankers seem uncertain about what to do next. However, recent economic data from the US indicates that the economy is slowing down and inflation is decreasing. Interestingly, there were no banking failures this week. On Friday, the US Dollar rebounded strongly,...
The gold price (XAU/USD) continues to hold steady at its highest level since March 2022, reaching HKEX:2 ,040 early on Friday in Asia. The precious metal is seeking more clues to sustain its recent upward trend towards the record high of HKEX:2 ,075, which was reached in 2020. Despite recent inaction, XAU/USD is benefiting from a softer US Dollar due to weaker...
As the risk-on sentiment gains strength, EUR/USD is targeting the critical resistance level of 1.1100, while the Federal Reserve is expected to reassess its plan for further rate hikes due to a softening of the US CPI and PPI and a more relaxed labor market. Meanwhile, the European Central Bank is divided over the pace of policy-hiking needed to curb core...
Gold prices skyrocketed following the release of US inflation data, which turned out to be below market expectations. XAU/USD surged from HKEX:2 ,007/oz to HKEX:2 ,028, achieving the highest level in six days. The US Labor Department disclosed on Wednesday that the Consumer Price Index (CPI) rose 0.1% MoM in March, missing the market consensus of 0.3%. The...
In the early Asian session today, the EUR/USD currency pair made a noteworthy move by touching the psychological resistance level of 1.1000. This marks the first time in over two months that the major currency pair has reached this level. While the pair is facing obstacles in extending its rally beyond this point, the upside momentum is still holding strong. This...
According to recent market trends, GBP/USD is anticipated to face resistance at 1.2525, followed by 1.2600. The currency pair has dropped to an intraday low around 1.2480, coinciding with the release of mostly discouraging economic data for February from the UK. The pullback in the Cable pair could be attributed to the US Dollar's corrective rebound, which comes...
The EUR/USD currency pair has received a modest boost as investors return from their Easter holidays. The key event to watch out for today is the release of the US Core CPI, which could potentially determine the pair's chances of surging above the critical 1.100 level. Our focus today centers on the prospect of the EUR/USD continuing its upward trajectory towards...
It appears that gold has experienced a fresh long bullish impulse in the long direction, resulting in a surge in prices for two consecutive days, with a new weekly high of around HKEX:2 ,021 on Wednesday. However, there is a possibility of a pullback, as XAU/USD retreated to the HKEX:2 ,010 region during the first half of the European session. Traders are...
The GBP/USD currency pair experienced some selling pressure after a brief surge to the 1.2445 level during intraday trading, leading to a partial reversal of the previous day's significant upward movement. The spot prices have now fallen to a new daily low in the early part of the European trading session, with bears anticipating a sustained break below the...
Bank of Japan Governor Ueda recently gave his first news conference since taking on his new role, and he made it clear that he has no plans to make any major changes to the current monetary policy. While some people expected Ueda to take steps towards normalization, such as removing yield curve control, he stated that the current policy is appropriate for the...
Gold prices have dipped towards HKEX:1 ,990.00 as the US Dollar Index (DXY) makes gains. Despite this, investors remain optimistic about a potential rebound in US inflation figures, buoyed by solid labor market conditions. While gold prices are declining towards an upward-sloping trendline plotted at HKEX:1 ,885.77, there is hope that Wednesday's US inflation...
The EUR/USD pair has pulled back from its intraday high of 1.0900, but it's still under pressure as traders look for fresh clues to continue the uptrend that has lasted for four weeks. This is likely due to the Easter Monday holiday mood and anticipation of upcoming top-tier events and data releases this week. Traders are feeling optimistic about EUR/USD prices,...
During early Easter Monday morning in London, the GBP/USD currency pair is experiencing a drop for the fourth consecutive day, as it takes offers to refresh the intraday low near 1.2400. This is a result of the US Dollar rebounding due to risk aversion and hawkish bets on the US Federal Reserve (Fed), following last week's pullback from a 10-month high. Meanwhile,...