VTmarkets

VTmarkets

USD/JPY is testing support this morning after a pullback developed in the early portion of this week. To end Q2, I had highlighted a key spot of resistance in USD/JPY at the 133.09 level, and after a bit of struggle that level held as resistance with prices pushing down for a test of support that sits just above the 130 handle. While the carry trade drove the...

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Commenting on GBP/USD's performance, Jeremy Stretch, forex analyst at CIBC Capital Markets, said that, "We will look for continued buying interest on dips to 1.2225/35." The price of the pound witnessed a strong start to 2023 and outperformed all of its major peers in the first quarter, benefiting from a series of economic data that proved to be stronger than what...

VTmarkets

The EUR/USD pair has sensed support after dropping to near the round-level support of 1.0900 in the early Asian session. The major currency pair has attempted a recovery after falling to near 1.0900 as the tight United States labor market has cooled down further after US Employment data released by Automatic Data Processing (ADP) missed estimates. As per the...

VTmarkets

NZDUSD advanced to a seven-week high of 0.6378 in the wake of a bolder-than-expected 50bps rate hike by the Reserve Bank of New Zealand early on Wednesday. The pair has been developing northwards within a bullish channel since the drop to 0.6083 on March 10th, having already climbed above its simple moving averages (SMAs). Encouragingly, the RSI and the MACD are...

VTmarkets

The Japanese Yen recorded a rather timid end to the month of March surrendering some of its gains recorded in the early part of the month. The 9th of March brought the SVB Bank saga to the fore and fears around a potential fallout saw the Yen benefit as investors fled toward safe have assets. Overall sentiment has since improved, the last week of March saw the...

VTmarkets

On the daily GBPUSD chart below, we can see that the price has reached the top of the range at 1.2444. This is a significant level for both buyers and sellers. The buyers will want to see a clear break above the level to get the conviction and step in to target new higher highs. The sellers, on the other hand, are likely to pile in here with defined risk above...

VTmarkets

The EURUSD pair shows new positive trades to surpass 1.0900 barrier and settles above it, reinforcing the expectations of continuing the bullish trend for the rest of the day, waiting for more rise to head towards our next target at 1.1032. The EMA50 continues to support the suggested bullish wave, waiting to get positive momentum that assists to push the price...

VTmarkets

According to the latest inflation report, Australia’s CPI has fallen from the record high of 8.4% in December to 6.8%, indicating that the inflation rate is quickly subsiding. However, the recent oil production cuts implemented by the OPEC+ cartel threaten the recent gains made by most countries fighting inflation. RBA Governor Phillip Lowe said that the central...

VTmarkets

USD/JPY slides to 132.20 while extending the week-start reversal from the highest level in a fortnight. That said, the Yen pair’s latest losses could be linked to the downbeat US Treasury bond yields, as well as softer data, not to forget upbeat comments from Japan Prime Minister Fumio Kishida. After assuring the stability of the financial system at home, Japan...

VTmarkets

The British pound gained on Monday, bolstered by broad-based U.S. dollar weakness amid falling U.S. Treasury yields on bets that the Fed’s tightening cycle is nearing its end. Against this backdrop, GBP/USD rose about 0.5% to trade slightly below 1.2400, approaching confluence resistance at 1.2450, a technical barrier where the 61.80% Fib retracement of the 2022...

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On the chart, the MACD and RSI signal lines are both sloping up. Notably, the RSI has not yet entered the overbought zone. Another factor supporting the uptrend is the fact that the price has broken through the confluence between the 21- and 50-day MA (currently around 1.0725 - 1.0730). Therefore, EUR/USD is fully capable of breaking through the 1.0930 mark as...

VTmarkets

The Australian dollar has initially fallen during the trading session on Monday, but then turned around to go straight up in the air. By doing so, the market has slammed into the 50-Day EMA, causing the market to struggle with a major technical level. Keep in mind, the area between the 0.67 and 0.68 level has been extraordinarily important in the recent past, and...

VTmarkets

The USDCHF pair managed to break 0.9235 level and hold below it, to complete forming the descending triangle pattern that appears on the chart, getting negative motive that we are waiting to push the price to continue the decline towards our negative targets that start at 0.9150 and extend to 0.9060. Therefore, our bearish overview still valid and active,...

VTmarkets

The GBP/USD is rallying sharply after the US Federal Reserve raised rates by 25 bps. Federal Reserve officials updated its dot-plot, with 10 out of 18 policymakers expecting another 25 bps rate hike by the end of the year. At the time of typing, the GBP/USD is trading volatile within the 1.2240-1.2300 range as traders brace for Fed’s Powell press conference. In...

VTmarkets

The Federal Reserve (Fed) raised its key interest rate by 25 bps as expected to 4.75% -5.00%. The vote was unanimous. They dropped the forward guidance, mentioning that “some additional policy firming may be appropriate”, instead of “ongoing increases in the target range will be appropriate”. In a few minutes, Chair Powell's press conference will begin. The US...

VTmarkets

The Australian dollar is slightly stronger this morning when valued against the Greenback. The Australian dollar jumped to an overnight high of 0.6758, after the Federal Reserve decision. It is testing the critical resistance zone around 0.6760, amid the broad-based Dollar’s weakness. Yesterday, investors looked past the Reserve Bank of Australia’s (RBA) hint of...

VTmarkets

USD/JPY consolidates the biggest weekly loss since January while bouncing off a five-week low to 132.50 during early Monday. In doing so, the yen pair tracks the recovery in the US Treasury bond yields to begin the key week on a firmer footing after marking a three-week losing streak in the last. That said, the US 10-year Treasury bond yields rise six basis...

VTmarkets

The GBP/USD finished last week’s trading around the 1.21725 ratios. Having started the week essentially near the 1.20700 mark the bullish outcome for the GBP/USD should be given attention by speculators. Yes, volatility did hit the GBP/USD last week and a low of 1.20085 was touched approximately on Wednesday. However, the currency pair was able to incrementally...