2023-07-11 03:48
Swing area ahead of extreme low for the year USDCHF falls to swing area low The USDCHF is down testing a swing area ahead of the extreme for the year at 0.8819. Looking at the 4-hour chart above, the swing area comes between 0.88514 and 0.8866 (see red numbered circles on the chart above). The low price has reached 0.88533 so far. The current price trades right at the session lows. Move below 0.88514 and traders will look toward the swing low going back to May 4 at 0.88193. That is the lowest level going back to January 2021. https://www.forexlive.com/technical-analysis/usdchf-falls-to-swing-area-from-aprilmay-20230710/
2023-07-11 03:46
The next target is at 1.2932 area GBPUSD trades to new 2023 high The momentum has continued for the GBPUSD. It has now broken above the June and July highs near 1.2848. The price is currently trading at 1.28655. That takes the price to the highest level since April 22, 2022 Looking at the hourly chart above, the next Topside target comes against a trendline connecting recent highs that cut across at 1.28762 (and moving higher). A move above that level increases the bullish bias. Looking at the daily chart below, there is a topside trendline connecting highs from April 4, May 8, and June 16. (See red numbered circles on the chart below). That trendline currently cuts across around 1.2932. Above that and a swing area going back to March and April 2022 cut across between 1.2971 and 1.29987 (see green number circles). GBPUSD trades to highest level since April 2022 https://www.forexlive.com/technical-analysis/gbpusd-trades-to-a-new-2023-high-and-the-highest-level-since-april-2022-20230710/
2023-07-07 06:42
The resistance is temporary, and after some consolidation, we should expect a new test. Market picture The cryptocurrency market lost another 0.5% of its capitalisation overnight, to 1.2 trillion. Most losses came on Wednesday afternoon, while capitalisation has risen since Thursday morning. Since last May, the market has failed to develop growth when it reaches levels above 1.22. The main benchmark and psychological obstacle in this upward march is Bitcoin’s $30K level. It manages to go higher within local impulses for a while, but this only strengthens the local selling. Technically, Bitcoin never managed to break out of the narrow corridor, turning from decline to rise with the start of active trading on Thursday. This resistance is temporary, and after some consolidation, we should expect a new test of this resistance. At the same time, one should not write off what is happening in the global equity markets. In spring, Bitcoin gained in March on the problems of regional US banks. Still, if the pressure on stocks increases due to the economic slowdown, the correlation between stocks and cryptocurrencies will be positive again. News background The Stablecoin sector has yet to fully benefit from Bitcoin’s rally to annual highs, drawing attention from Fitch. In June, aggregate trading volume on centralised cryptocurrency exchanges rose for the first time since March. According to CCData, the figure rose 14.2% to $2.71 trillion. In Australia, the offices of Binance were searched as part of an ongoing investigation into the crypto exchange’s activities in the country. An Australian Securities and Investments Commission (ASIC) spokesperson said the regulator's probe into the company is ongoing. Authorities in Denmark have ordered Saxo Bank to curtail cryptocurrency trading. All digital asset positions must be eliminated by 2024, as cryptocurrency trading is not on banks’ list of permitted activities. Kenya has introduced a 3% tax on cryptocurrency transactions. According to a UN report, Kenya has the fifth highest global adoption of cryptocurrencies, with 8.5% of the country's population owning them. https://www.forexlive.com/Education/bitcoin-wandering-in-the-range-20230706/
2023-07-07 06:40
The June 2023 employment reading from ADP ADP employment Largest since Feb 2022 Prior was 278K Details: small (less than 50 employees) +299K vs +116K prior medium firms (500 – 499) +183K vs +112K prior large (greater than 499 employees) -8K vs +106K prior Job stayers 6.4% vs 6.5% Job changers 11.2% vs 12.1% The US 2-year yield topped 5% for the first time since early March on the data and the US dollar is stronger across the board. The high for the year is 5.08%. “Consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said Nela Richardson, chief economist, ADP. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge." In the breakdown, the leisure/hospitality industry added 232K of the jobs with education/health services adding another 74K. Construction was also strong at +97K. https://www.forexlive.com/news/us-june-adp-employment-497k-vs-228k-expected-20230706/
2023-07-07 06:39
The pair is down 0.4% to 143.50 at the moment USD/JPY daily chart We did see the pair threaten a firmer drop below 144.00 yesterday, only to be salvaged by a bounce in US trading. Right now, we're seeing the heavy mood continue with a drop to 143.50 ahead of European trading. This comes as Treasury yields come off the highs from yesterday with 2-year Treasury yields now falling back to 4.98%, down from the high of 5.12% yesterday after the ADP employment numbers here. Outside of the yen, other major currencies aren't seeing much appetite today. And this time around for USD/JPY, there isn't any large option expiries to really influence price action all too much. As such, there might be scope for a correction but we will have to test that theory against the US non-farm payrolls data later to come as well. https://www.forexlive.com/news/usdjpy-keeps-heavier-ahead-of-european-trading-20230707/
2023-06-28 10:05
WTI Crude Oil price action remains rangebound. As the global manufacturing sector keeps on deteriorating, Crude Oil maintains a bearish bias despite the resilience coming from the OPEC+ cuts and the monetary stimulus from China. WTI Crude Oil Technical Analysis – Daily Timeframe WTI Crude Oil Daily On the daily chart, we can see that Crude Oil got stuck in a range again. This is something we’ve been seeing for months now where Oil extends to the downside and then starts to range as OPEC+ intervenes with production cuts to stem the declines. The bias remains bearish for Crude Oil and given the multiple rejections at the $73 resistance, we may expect the price to test again the $64.29 support. A break below that level would open the door for a bigger selloff towards the $57 level. WTI Crude Oil Technical Analysis – 4 hour Timeframe WTI Crude Oil 4 hour On the 4 hour chart, we can see that the price has recently rallied into the $73 resistance as expectations about more economic stimulus from China gave the buyers a reason to bid into the resistance hoping for a breakout. Unfortunately, Crude Oil reversed there, and once the price broke below the trendline, the selloff intensified as momentum sellers jumped onboard and took the price to the $67support. It looks like we have yet another range between the $67 and $73 levels. WTI Crude Oil Technical Analysis – 1 hour Timeframe WTI Crude Oil 1 hour On the 1 hour chart, we can see that the price is now likely to test the $67 support and that’s where we should see the buyers stepping in with a defined risk below the level and target the $73 resistance. The sellers, on the other hand, will want to see the price to break below the support to pile in even more aggressively and extend the fall into the $64 low. https://www.forexlive.com/technical-analysis/wti-crude-oil-technical-analysis-20230628/
