2023-10-05 09:33

NZD/USD could further lose ground as US Dollar initiates recovery. Improved US Treasury yields could underpin the Greenback. RBNZ emphasized the need for interest rates to stay higher for an extended duration. (FXStreet) USD/JPY catches fresh bids following an intraday dip to 148.25, albeit lacks follow-through. Intervention fears turn out to be the only factor holding back bulls from placing fresh bets. The technical setup suggests that the path of least resistance for the pair is to the upside. (FXStreet) EUR/USD gains traction for two straight days amid the USD softness. The major pair holds below the 50- and 100-hour EMAs with a non-directional RSI. The immediate resistance level for EUR/USD is located at 1.0543; the first support level is seen at 1.0488. (FXStreet) NZD/USD holds positive ground around 0.5935 amid the USD weakness. US private payrolls for September rose by 89,000 vs.180,000 prior. The Reserve Bank of New Zealand (RBNZ) maintained its monetary policy at its October meeting. Traders will monitor the weekly US Jobless Claims on Thursday. (FXStreet) USD/CAD weakens due to weaker employment data on Wednesday. The lower US Treasury yields exert pressure on the US Dollar. BoC is expected to go for another rate hike by the end of the year. (FXStreet) The Australian dollar is attempting to claw back losses against the US dollar after US ISM services PMI’s softened alongside services employment figures (a positive for doves as NFP’s loom). ADP employment change supplemented this trend by missing forecasts. That being said, ADP figures have not been reliable indicators for NFP numbers of recent and with JOLTs job openings ticking higher, the door is wide open for the NFP to move in either direction. (DailyFX) GBP/USD trades in positive territory for the second consecutive day around 1.2160 amid the USD softness. The pair holds below the 50- and 100-hour EMAs; RSI is located above 50 in the bullish territory. The key resistance level will emerge at the 1.2200-1.2210 zone; the initial support level is located at 1.2110. (FXStreet) USD/MXN has retraced the intraday gains due to a decline in US Bond yields. Banxico is expected to maintain its current interest rate level, following the economic resilience and the robust labor market. The pullback in US Dollar could be attributed to weaker employment data on Wednesday. (FXStreet) USD/CHF recovered the intraday losses ahead of US jobs data. Economic indicators suggest bullish sentiment regarding the US Dollar. The 12-day EMA emerges as key support, followed by the 0.9100 psychological level. (FXStreet) USD/INR holds negative ground around 83.20 amid the USD softness. The Reserve Bank of India (RBI) is likely to maintain interest rates for the fourth consecutive time at its October meeting. US private payrolls for September rose by 89,000 from the previous reading of 180,000, worse than expected. Traders will closely watch the RBI rate decision, US Nonfarm Payrolls on Friday. (FXStreet) EUR/GBP gains some positive traction on Thursday and snaps a two-day losing streak. The technical setup favours bullish traders and supports prospects for additional gains. A convincing break below the 0.8600 mark is needed to negate the constructive outlook. (FXStreet) The index adds to Wednesday’s pullback and revisits 106.50. US yields correct lower from recent peaks. Weekly Claims, Balance of Trade, Fedspeak next on tap. The greenback extends further its ongoing correction from 2023 peaks near 107.30 when gauged by the USD Index (DXY). (FXStreet) WTI: Next on the downside emerges the $78.00 region. Prices of WTI retreated markedly on Wednesday, flirting with the interim 55-day SMA around the $84.00 zone. The sharp downtick was on the back of shrinking open interest and suggests that a sustained decline is not favoured for the time being. on the downside, the next support of note emerges at the August low of $77.64 (August 24). (FXStreet) Gold price struggles to capitalize on its modest recovery gains, despite a softer USD. A fresh leg up in the US bond yields limits the USD losses and caps gains for the metal. Traders also seem reluctant to place bullish bets ahead of the US NFP report on Friday. (FXStreet) Silver attracts fresh buyers on Thursday, albeit remains confined in a three-day-old trading range. The recent breakdown below the $22.30-20 strong horizontal support still favours bearish traders. Any subsequent move up might still be seen as a selling opportunity and is likely to remain capped. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-04 09:53

Market Update - 04 October 2023 EUR/USD snaps the recent losses due to the correction in the US Dollar. Greenback pulls back from the 11-month high marked on Tuesday. Better-than-expected Eurozone PMI could provide support in underpinning the Euro. (FXStreet) USD/JPY builds on the overnight solid recovery from a three-week low, albeit lacks follow-through. The underlying strong USD bullish sentiment turns out to be a key factor lending support to the pair. Intervention fears, along with the risk-off mood, seem to underpin the safe-haven JPY and cap gains. (FXStreet) GBP/USD is seen consolidating in a narrow band near a multi-month low touched on Tuesday. The extremely oversold RSI on the daily chart holds back bearish traders from placing fresh bets. The divergent Fed-BoE policy outlook supports prospects for an extension of the declining trend. (FXStreet) USD/CAD strengthens due to the Fed’s hawkish tone on interest rates trajectory. Stronger US jobs data bolster the US yields; contributing support for the US Dollar. Downbeat Crude oil prices put pressure on the Canadian Dollar. (FXStreet) The index gyrates without direction above the 107.00 mark. Markets seem to have entered the usual pre-NFP lull. The ADP report, ISM Services PMI will be in the limelight. The greenback, in terms of the USD Index (DXY), alternates gains with losses above the 107.00 mark so far on Wednesday. (FXStreet) USD/CHF traces an upward trend due to the Fed’s hawkish stance on interest rate trajectory. US Dollar strengthens on higher US Treasury yields, coupled with Solid US jobs data. SNB is expected to maintain steady interest rates at the upcoming meeting. (FXStreet) EUR/JPY recovers from a two-day losing streak despite BoJ’s verbal interventions. The risk-off sentiment could limit the potential of the cross-pair. Differences of opinion among ECB officials reflect the complex situation surrounding the Eurozone economy. (FXStreet) NZD/USD slides to a near four-week low in reaction to the RBNZ’s decision to maintain the status quo. The Fed’s hawkish view, along with elevated US bond yields, underpin the USD and exert pressure. The risk-off environment might further contribute to driving flows away from the risk-sensitive Kiwi. (FXStreet) USD/INR receives upward support on market caution regarding the Fed’s interest rates trajectory. RBI is expected to keep its current interest rates unchanged at 6.50% in October’s meeting. Stronger jobs data bolster the US yields; contributing support for the Greenback. (FXStreet) WTI price recovers some of its intraday losses due to a correction in the US Dollar. Greenback pulls back from the 11-month high marked on Tuesday. Saudi Arabia announced to continue the existing policy of output cuts through the end of the year 2023. (FXStreet) Gold price consolidates its recent heavy losses a near seven-month trough touched on Tuesday. Hawkish Fed expectations, elevated US bond yields and a bullish USD should act as a headwind. Investors look to the US ADP report and ISM Services PMI for short-term trading opportunities. (FXStreet) Silver comes under some renewed selling pressure on Wednesday, albeit lacks follow-through. The oversold RSI on the daily chart holds back bears from placing fresh bets around the XAG/USD. The technical setup supports prospects for an extension of the recent sharp depreciating move. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-03 09:25

Market Update - 03 October 2023 USD/CHF receives downward pressure due to the Soft Swiss inflation data. Economic indicators suggest bullish momentum in the price movement. The major level at September’s high emerges as the immediate barrier, aligned to 0.9250 major level. (FXStreet) USD/CAD retreats a few pips from over a six-month high touched earlier this Tuesday. Rebounding Oil prices and a modest USD pullback from the YTD top act as a headwind. The fundamental backdrop and technical setup seem tilted in favour of bullish traders. (FXStreet) GBP/USD loses momentum and holds below the mid-1.2000s on Tuesday. The pair holds below the 50- and 100-hour EMAs with an oversold RSI condition. The immediate resistance level is seen at 1.2107; 1.2050 acts as an initial support level. (FXStreet) USD/JPY trades below the highest level in eleven months. Traders watch for BoJ’s intervention, which could limit the losses of the Japanese Yen. US Treasury yields elevate, providing support to the US Dollar. (FXStreet) EUR/USD loses traction below the 1.0500 psychological mark on Tuesday. The major pair holds below the 50- and 100-hour EMAs on the four-hour chart amid the oversold RSI condition. The key support level is seen at 1.0400; the immediate resistance level will emerge at 1.0577. (FXStreet) The index accelerates its upside beyond the 107.00 hurdle. Higher US yields underpin the strong rally in the greenback. JOLTs Job Openings next on tap in the US docket. The USD Index (DXY), which tracks the greenback vs. a bundle of its main rival currencies, extends the robust uptrend above the 107.00 barrier to print new 2023 peaks on turnaround Tuesday. (FXStreet) EUR/GBP extends gains for a second successive month. BoE’s decision to pause the rate-hiking cycle weakens the Pound Sterling. Investors await ECB officials to deliver speeches during the week, seeking fresh cues on the ECB’s stance. (FXStreet) NZD/USD attracts some sellers near 0.5938 amid the USD demand. US ISM Manufacturing PMI (Sep) came in at 49.0 vs. 47.6 prior, stronger than expected. The Reserve Bank of New Zealand (RBNZ) is likely to hold the interest rate unchanged at 5.5% on Wednesday. (FXStreet) AUD/JPY hovers around 95.05 following the Reserve Bank of Australia (RBA) rate decision. RBA decided to hold the rate unchanged at 4.1%, as widely expected. BoJ Governor said there was a long way to go for BoJ before exiting its ultra-loose monetary policy. The attention will shift to the Australian PMI ahead of the Trade Balance. (FXStreet) USD/INR receives upward support due to the Fed’s hawkish tone. RBI is expected to maintain its current interest rates at 6.50% in the upcoming meeting. US Dollar surges on the back of elevated US Treasury yields. (FXStreet) WTI prices extended the corrective decline on Monday, closing below the key $90.00 mark per barrel. The daily downtick, however, was on the back of declining open interest and volume and suggests that further retracements seem not favoured in the very near term. In the meantime, the $88.00 region per barrel emerges as quite a decent support for the time being. (FXStreet) Prices of natural gas dropped to multi-day lows at the beginning of the week. The continuation of the leg lower came in tandem with rising open interest and volume and exposes a deeper decline in the very near term. On the upside, the $3.00 mark per MMBtu continues to be a solid resistance for bulls for the time being. (FXStreet) Gold price drifts lower for the seventh day and drops to a near seven-month low on Tuesday. The Fed’s hawkish outlook, elevated US bond yields and a bullish USD weighs on the XAU/USD. The US Dollar enters a bullish consolidation phase and lends some support to the XAU/USD. (FXStreet) Silver price can find some support near the $21.00 mark on Tuesday. The upbeat US data lifted the USD broadly and weigh on the XAG/USD. The first resistance level is seen at $21.68; $20.65 acts as an initial support level. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-10-02 09:10

Market Update - 02 October 2023 EUR/USD is seen consolidating in a narrow range through the Asian session on Monday. The formation of a downward-sloping channel on the daily chart favours bearish traders. A sustained strength beyond the 1.0700 mark is needed to negate the negative outlook. (FXStreet) USD/JPY edges higher to 149.70, near the 11-month highs on Monday. BoJ Governor said there was "a distance to go" before exiting its ultra-easy policy. The potential FX intervention from the Japanese authorities might warn traders from the bullish bet. Market players await the US ISM PMI while keeping an eye on the 150.00 level. (FXStreet) GBP/USD remains under selling pressure near 1.2180 amid the rally of USD. The US annual Core PCE Price Index grew 3.9% vs. 4.3% prior, in line with expectations. Market players will focus on the US ISM Manufacturing PMI for September, followed by the Fed Chair Powell’s speech. (FXStreet) USD/CAD retraces to 1.3570, and holds above the 50- and 100-hour EMAs on the four-hour chart. The key resistance level is seen at 1.3600; the initial support level is located at 1.3515. Relative Strength Index (RSI) is located in the bullish territory above 50. (FXStreet) The index advances modestly early on Monday. The dollar regains traction on risk-off sentiment. ISM Manufacturing takes centre stage later in the NA session. The greenback, in terms of the USD Index (DXY), adds to Friday’s small gains and revisits the 106.30 region at the beginning of the week. (FXStreet) USD/CHF weakens ahead of Switzerland’s Consumer Price Index on Tuesday. Market expects Swiss CPI to grow at 1.8% against the previous figures of 1.6%. Fed’s hawkish stance on interest rates trajectory strengthens the US Dollar (USD). Higher US Treasury yields contribute support to underpin the Greenback. (FXStreet) NZD/USD struggles to gain traction and is influenced by a combination of diverging factors. The risk-on impulse caps gains for the safe-haven USD and benefits the risk-sensitive Kiwi. Bets for one more rate hike by the Fed in 2023 act as a tailwind for the buck and keep a lid. (FXStreet) USD/INR gains momentum above 83.00 as the US Dollar (USD) resumes its upward path. Reserve Bank of India (RBI) is likely to maintain a status quo in the upcoming interest rate meeting. The annual Core PCE Price Index grew 3.9% from 4.3% in July, in line with expectations. RBI rate decision will be a closely watched event on Friday. (FXStreet) Crude oil prices receive downward pressure due to the Fed’s hawkish stance on interest rates trajectory. US Crude oil production has surged to multi-year highs. Higher US Treasury yields contribute support to underpin the US Dollar. US passed bills to avert a government shutdown, securing funding until November 17. (FXStreet) Natural gas prices rose to fresh monthly tops near the $3.00 mark before ending Friday’s session with modest losses. The move was amidst rising open interest and opens the door to further correction in the very near term. That said, the $3.00 region per MMBtu remains a tough barrier for natural gas bulls for the time being. (FXStreet) Gold price continues losing ground for the sixth straight day and drops to a near seven-month low. Bets for further policy tightening by the Fed turn out to be a key factor weighing on the “XAU/USD”. The risk-on impulse further contributes to driving flows away from the safe-haven precious metal. (FXStreet) Silver price persists as market caution prevails regarding the Fed's interest rate trajectory. Momentum indicators signal a potential bearish sentiment in the price movements. The psychological level at $21.50 emerges as the immediate support. (FXStreet) Bitcoin’s rise to a minor resistance at the mid-September high of 27500 raises the odds that the two-month-long decline could be over. This follows a hold above strong support at the June low of 24750, which has kept intact the higher-top-higher-bottom formation since the end of 2022. Importantly, this keeps alive the possibility of a further recovery given the sharp 2021-2022 decline. (DailyFX) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-09-29 09:45

Market Update - 29 September 2023 USD/JPY hovers around 149.00 psychological level ahead of US Core PCE. Momentum indicators suggest a potential bullish sentiment in the market. 14-day EMA emerges as the key support, following the 23.6% Fibonacci retracement. (FXStreet) The index adds to Thursday’s decline below 106.00. US yields also correct lower from recent multi-year tops. US PCE, Final Consumer Sentiment take centre stage. The greenback, when tracked by the USD Index (DXY), adds to Thursday’s pullback and drops further south of the 106.00 support at the end of the week. (FXStreet) EUR/GBP meets with a fresh supply on Friday and trades just above the weekly low. The disappointing German macro data undermines the Euro and exerts some pressure. Traders now look to Lagarde's speech for some impetus ahead of the Eurozone CPI. (FXStreet) NZD/USD extends gains after moderate US data released on Thursday. Volatile US Treasury yields could affect the US Dollar. US Core PCE is due on Friday, expected to reduce from 4.2% to 3.9%. (FXStreet) USD/CAD loses traction near 1.3458 amid the weaker USD. The pair holds below the 50- and 100-hour EMAs on the four-hour chart. Relative Strength Index (RSI) is located in the bearish territory below 50. The immediate resistance level is seen at 1.3495; the initial support level is located at 1.3423. (FXStreet) USD/CHF pulls back from the highest levels since March. Improved US Treasury yields could limit the losses of the US Dollar. US Core PCE is due on Friday, expected to reduce from 4.2% to 3.9%. ANZ Bank report revealed that CHF has become the top-performing currency among the G10 currencies. (FXStreet) EUR/JPY hovers around 158.00; Relative Strength Index (RSI) stands in bullish territory above 50. The 50-hour EMA is on the verge of crossing above the 100-hour EMA. The immediate resistance level for the cross is 158.15; the key support level is seen at 157.50. (FXStreet) GBP/JPY gains momentum above the mid-182.00s on Friday ahead of the UK key event. Japan’s Tokyo CPI eased to 2.8%% vs. 2.9%; excluding Fresh Food, Energy came in at 3.8% vs. 4.0% prior. Traders await the UK’s Gross Domestic Product (GDP) data for Q2. (FXStreet) USD/MXN recovers from the winning streak on the back of the downbeat US Dollar. Banxico maintained its current interest rates at 11.25%. Downbeat US Treasury yields are putting pressure on the Greenback. (FXStreet) Crude oil prices struggle to retrace the recent losses ahead of US Core PCE. Russia will maintain its ban on petroleum exports until the domestic market stabilizes. US Dollar weakens due to downbeat US Treasury yields. (FXStreet) Prices of natural gas extended their sharp weekly rebound on Thursday. The move was amidst increasing open interest and leaves the door open to another potential test of the key resistance zone around the $3.00 mark per MMBtu in the very near term. (FXStreet) Gold price gains strong positive traction and snaps a four-day losing streak to a near seven-month low. Retreating US bond yields drags the USD away from a 10-month high and lends support to the metal. Bets for one more Fed rate hike in 2023 might cap gains as traders await the US Core PCE Price Index. (FXStreet) Silver gains strong positive traction on Friday and recovers further from a two-week low. The mixed technical setup warrants some caution before positioning for any further gains. The $22.70 region should now act as a strong support and a key pivotal point for traders. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-09-27 09:16

Market Update - 27 September 2023 USD/CAD attempts to continue the gains above 1.3510. US Dollar strengthens on market caution about the Fed’s interest rates trajectory. Improved WTI price could provide support for the Canadian Dollar. (FXStreet) EUR/GBP remains below 0.8700 and the 200-day SMA through the first half of the European session. Worries about a deeper economic downturn in the Eurozone undermine the Euro and cap the upside. .The BoE’s surprise pause continues to weigh on the British Pound and acts as a tailwind for the cross. (FXStreet) USD/CHF gains momentum around 0.9165, the highest since April. The overbought RSI condition indicates that further consolidation cannot be ruled out. A psychological round mark at 0.9200 is the first resistance level; 0.9128 acts as an initial support level. (FXStreet) EUR/USD loses traction above the mid-1.0500s; holds below the 50- and 100-hour EMAs. The oversold RSI condition indicates that further consolidation cannot be ruled out. The immediate resistance level will emerge at 1.0600; 1.0540 acts as a key support level. (FXStreet) USD/JPY experiences upward support due to the US economic data. Momentum indicators suggest a predominant bullish sentiment in the market. The psychological level at 148.00 could emerge as a key support aligned with the 14-day EMA. (FXStreet) The index consolidates the breakout of the 106.00 yardstick. The Fed’s tighter-for-longer narrative bolsters the index. Weekly Mortgage Applications, Durable Goods Orders next on tap. The USD Index (DXY), which tracks the greenback vs. a bundle of its main competitors, adds to the ongoing rally and records new YTD peaks around 106.30 on Wednesday. (FXStreet) USD/MXN strengthens due to risk aversion. Fed is expected to raise interest rates through the end of the year; strengthening the US Dollar (USD). Traders will watch interest rate decisions by the Bank of Mexico (Banxico) on Thursday. (FXStreet) NZD/USD remains under selling pressure amid a rally of the US Dollar. The hawkish stance from the Federal Reserve (Fed) boosts the USD against the New Zealand Dollar (NZD). The US Core Personal Consumption Expenditure (PCE) Price Index data will be a closely watched event this week. (FXStreet) USD/CNH hovers around 7.3125 following the Chinese data. US Conference Board (CB) Consumer Confidence rose to 103.0 in September from 108.7 in August. China’s Industrial Profits rose by 17.2% from a year earlier. The US Core Personal Consumption Expenditure (PCE) Price Index data will be in the spotlight this week. (FXStreet) USD/INR consolidates its weekly gains and remains below the monthly swing peak. The USD stands tall near a 10-month high and supports prospects for further gains. Bulls might still wait for a move beyond the 82.30-35 area before placing fresh bets. (FXStreet) Prices of WTI resumed the upside on Tuesday, leaving behind Monday’s corrective decline. The daily uptick was accompanied by increasing open interest, which is indicative that further gains look likely in the very near term. Next on the upside for the commodity now emerges the September top around $92.60 per barrel (September 19). (FXStreet) Prices of natural gas extended the uptrend on Tuesday amidst shrinking open interest, which leaves the door open to a corrective move in the very near term. However, the pronounced increased in volume could allow for the continuation of the uptrend. On the latter, the $3.00 mark per MMBtu remains the key obstacle for bulls for the time being. (FXStreet) Silver slides to over a one-week low on Wednesday, albeit finds some support at lower levels. The technical setup still favours bearish traders and supports prospects for a further downfall. The stage seems all set for a retest of an ascending trend-line support, near the $22.35 region. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.