2023-04-03 09:48

USD/CAD drops to its lowest level since February and is pressured by a combination of factors. Bullish Oil prices underpin the Loonie and exert pressure amid a modest intraday USD pullback. Bets for more rate hikes by the Fed, looming recession risk could limit losses for the greenback. Traders now look forward to the US ISM Manufacturing PMI for some short-term opportunities. (FXStreet) The index trims earlier gains north of the 103.00 level. US yields regain some upside traction after Friday’s drop. US ISM Manufacturing, final PMI next of note in the docket. The greenback, in terms of the USD Index (DXY), extends the optimism seen last Friday and briefly surpasses the 103.00 barrier on Monday. (FXStreet) EUR/USD debilitates below the 1.0800 support on Monday. The greenback remains firm and climbs to multi-day highs. Final Manufacturing PMIs, ISM Manufacturing PMI next of note. The single currency starts the new trading week on the defensive and drags EUR/USD back below the 1.0800 mark, or 5-day lows. (FXStreet) USD/JPY renews intraday high near the highest levels in two weeks. Yields grind higher as OPEC+ renew inflation woes; US Dollar cheers pre-NFP rebound. Japan’s Tankan Large Manufacturing Index eased in Q1, Jibun Bank Manufacturing PMI improved in March. US PMIs, ADP data can entertain traders ahead of Friday’s jobs report. (FXStreet) GBP/USD has faced barricades near 1.2300 after an attempt of recovery. S&P500 futures are holding onto losses generated in the Asian session, portraying a cautious market mood. The USD Index has refreshed its weekly high above 103.00 as higher US inflation expectations were prompted by upbeat oil prices. (FXStreet) AUD/USD has built an intermediate cushion near 0.6660, further downside looks likely. Federal Reserve is expected to remain hawkish as higher oil prices have propelled US inflation expectations. Reserve Bank of Australia is expected to hike rates further to 3.80% as inflation is extremely skewed from desired levels. AUD/USD has delivered a breakdown of the Head and Shoulder chart pattern whose neckline was placed from 0.6660. (FXStreet) USD/MXN remains pressured near three-week low, stays within fortnight-old bullish chart pattern. Oversold RSI, mildly upbeat MACD signals suggest that Mexican Peso pair bears are running out of steam. Multi-month low marked in March puts a floor under the USD/MXN prices. (FXStreet) NZD/USD attracts aggressive sellers on Monday amid broad-based USD strength. A sharp rise in Oil prices lifts bets for more Fed rate hikes and boosts the buck. The market focus now shifts to this week’s US macro data and the RBNZ meeting. (FXStreet) USD/IDR rebounds from the lowest levels since early February, snaps five-day downtrend. Indonesia Inflation eases in March to 4.97% YoY versus 5.17% expected, 5.47% prior. US Dollar cheers risk-off mood as the NFP week begins. Receding hawkish Fed bets prod pair buyers; focus on US PMIs, jobs report. (FXStreet) WTI crude oil retreats from nine-week high as energy markets stabilize after week-start jump. OPEC+ shocks Oil traders with a surprise output, US National Security Council criticizes the move. Downbeat Fed bets, mixed US data also challenge Oil price to pare the biggest daily gains in a year. US PMIs, jobs report will be crucial for clear directions. (FXStreet) Prices of natural gas charted a decent bounce on Friday against the backdrop of increasing open interest and volume. That said, the commodity could extend the recovery in the very near term, while a firm support still emerges just below the $2.00 mark per MMBtu (February 22). (FXStreet) Gold price picks up bids to consolidate recent losses near the lowest levels in one week. Markets dwindle amid downbeat Fed bets, inflation woes emanating from OPEC+ and mixed US data. US PMIs for March, ADP Employment Change can offer intermediate directions to Gold price ahead of Friday’s key jobs report. (FXStreet) Silver comes under heavy selling pressure on Monday, though lacks follow-through. The technical setup still supports prospects for the emergence of some dip-buying. A convincing break below the $23.00 mark is needed to negate the positive outlook. (FXStreet) Source: FXStreet, DailyFX 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.

2023-03-31 09:51

EUR/USD has corrected gradually to near 1.0900 after failing to surpass Thursday’s high around 1.0926 in the early European session. The major currency pair has sensed selling pressure as investors have turned cautious ahead of the release of the Eurozone preliminary Harmonized Index of Consumer Prices (HICP) and United States core Personal Consumption Expenditure (PCE) Price Index data. (FXStreet) The USD/JPY pair regains positive traction on the last day of the week and maintains its bid tone near a two-week high, just below mid-133.00s through the early part of the European session. (FXStreet) GBP/USD shows little reaction to better-than-forecast UK economic growth numbers during early Friday. The reason could be linked to the market’s cautious mood ahead of the Federal Reserve’s (Fed) preferred inflation gauge. (FXStreet) USD/CHF pares the first daily gain in three around 0.9135 as the market’s anxiety ahead of the key US inflation data escalates during the initial hour of Friday’s European session. In doing so, the Swiss Franc (CHF) pair reverses from the previous support line from mid-March. (FXStreet) The AUD/USD pair retreats sharply from over a one-week high, around the 0.6735-0.6740 region touched earlier this Friday and continues losing ground through the first half of the European session. Spot prices reverse the previous day's positive move and drop to the 0.6670 area, or a fresh daily low in the last hour. (FXStreet) USD/CAD licks its wounds around 1.3520 as it pares the weekly losses around the lowest levels in more than a month, after refreshing the multi-day low, during early Friday. In doing so, the Loonie pair takes clues from the inactive Oil price and the US Dollar amid the market’s cautious mood ahead of the key inflation data from the US, as well as Canada’s Monthly Gross Domestic Product (GDP) data for January. (FXStreet) The NZD/USD pair gains positive traction for the second successive day and touched its highest level since February 16 on Friday, albeit faces rejection near the 0.6300 mark. Spot prices trade around the 0.6270-0.6275 region during the early European session and now seem to have found acceptance above a technically significant 200-day Simple Moving Average (SMA). (FXStreet) Extra selling pressure could force USD/CNH to revisit the 6.8100 region in the short term, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group. (FXStreet) The EUR/GBP cross edges lower for the second successive day on Friday and retreats further from a one-week high, around the 0.8825-0.8830 region touched the previous day. Spot prices remain on the defensive through the early European session and currently trade around the 0.8800 round-figure mark, down less than 0.05% for the day. (FXStreet) USD/INR stays defensive above 82.00, keeping the latest bounce off three-week low amid Friday’s sluggish Asian session. In doing so, the Indian Rupee (INR) pair portrays the market’s anxiety ahead of the key US inflation clues. However, recently easing hawkish bias about the Federal Reserve’s (Fed) next moves seem to favor the bears. (FXStreet) USD/MXN licks its wounds near 18.10, after refreshing the three-week low, during early Friday. In doing so, the Mexican Peso pair probes the five-day losing streak after posting a trend reversal suggesting a candlestick, namely Doji, the previous day. (FXStreet) Thursday’s marked uptick in prices of the WTI was on the back of increasing open interest, which leaves the door open to the continuation of this move at least in the very near term. So far, the $75.00 region per barrel emerges as the immediate hurdle for the commodity. (FXStreet) Gold price (XAU/USD) continues to trade within a solid uptrend, even in a calmer week in the financial markets. Things could get lively again on Friday as the market gets ready for the biggest data release of the week, the United States Personal Consumption Expenditures (PCE) inflation numbers, scheduled to be released at 12:30 GMT. (FXStreet) Silver price (XAG/USD) pares weekly gains at the highest levels in two months, mildly offered near $23.85 heading into Friday’s European session. In doing so, the bright metal prints the first daily loss in four ahead of the key inflation data from Eurozone and the US. (FXStreet) Natural Gas futures are hovering near their fresh two-year low at $2.09 in the Asian session. The asset witnessed a steep fall on Thursday despite a less-than-anticipated drawdown reported by the United States Energy Information Administration (EIA) for the week ending March 24. (FXStreet) Bitcoins recent rally found resistance around the $28500 mark with consolidation being the theme since. The rally was partly fueled by a weaker dollar as well as a rise in both liquidity and volatility seems to have run out of steam. (DailyFX) Source: FXStreet, DailyFX 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.

2023-03-30 09:47

EUR/USD is looking to stretch its recovery towards the immediate resistance of 1.0850 in the early European session. The major currency pair rebounded from 1.0830 as US Dollar Index (DXY) retreated amid positive market sentiment. A volatile action is highly expected from the shared currency pair ahead of the German Harmonized Index of Consumer Prices (HICP) data. (FXStreet) USD/JPY prints mild losses around 132.60 heading into Thursday’s European session. In doing so, the Yen pair struggles to respect the upbeat US Dollar and Treasury bond yields amid mixed concerns about the Bank of Japan’s (BoJ) next move. Also weighing on the major currency pair are the talks of Japanese credit rating and the Federal Reserve (Fed) officials’ cautious optimism. It should be noted, however, that the geopolitical fears surrounding Russia, North Korea and China weigh on the market’s sentiment and allow the Yen to cheer its traditional haven status after rising heavily the previous day. (FXStreet) The GBP/USD pair has gauged support near the round-level support of 1.2300 in the early European session. The Cable is aiming to extend recovery further amid a loss in the upside momentum in the US Dollar Index (DXY). The USD Index has failed to stretch its upside further above the previous day’s high at 102.78. It seems that the improved risk appetite of investors has weighed on the USD Index. (FXStreet) USD/CHF bulls are back to the table, following the previous day’s retreat, as the quote grinds higher around 0.9200 during early Thursday. In doing so, the Swiss currency pair bounces off the 100-Hour Moving Average (HMA) while also justifying the upward-sloping RSI (14) line, not overbought. (FXStreet) AUD/USD fades bounce off intraday low even as Chinese Premier tries to lure the bulls during early Thursday. The reason could be linked to the fresh Sino-American tension over Taiwan and the recently dovish concerns about the Reserve Bank of Australia’s (RBA) next moves. That said, the Aussie pair drops to 0.6670 during the two-day downtrend by the press time. (FXStreet) USD/CAD reverses from intraday while paring the first daily gains in four around 1.3565 heading into Thursday’s European session. In doing so, the Loonie pair justifies hawkish comments from Bank of Canada (BoC) officials while paying a little heed to the lackluster prices of WTI crude Oil, Canada’s key export earner. (FXStreet) The NZD/USD pair attracts fresh buying near the 0.6200 mark on Thursday and builds on its steady intraday ascent through the early European session. The pair is currently placed just below mid-0.6200s, up over 0.25% for the day, and for now, seems to have stalled the overnight rejection slide from a technically significant 50-day Simple Moving Average (SMA). (FXStreet) EUR/CHF holds onto the previous day’s bearish bias while refreshing intraday low near 0.9945 during early Thursday morning in Europe. On Tuesday, the cross-currency pair marked the heaviest daily gains in 11 weeks but failed to surpass a downward-sloping resistance line from March 02. Not only the failure to cross the key resistance line but the overbought RSI (14) and the impending bear cross on the MACD also lures the EUR/CHF pair sellers during the second consecutive loss-making day. (FXStreet) EUR/JPY licks its wounds around the intraday low of 143.50 as it consolidates the previous day’s heavy gains during early Thursday in Europe. The cross-currency pair rallied the most since early January 2023 before reversing from a downward-sloping trend line from March 07. The pullback moves also take clues from the RSI’s (14) retreat from the overbought territory. As a result, the quote’s short-term downside can’t be ruled out. (FXStreet) The USD/MXN has witnessed a marginal decline to near 18.10 in the Asian session after a recovery move. The asset has defended the psychological support of 18.00 amid a recovery move by the US Dollar Index (DXY). The USD Index is juggling near the previous day's high around 102.77. The mighty USD is gathering strength to deliver a break above the same in hopes that the Federal Reserve (Fed) will hike rates one more time this year. (FXStreet) The USD/INR pair is displaying a sideways performance in a narrow range above 82.20 in the Asian session. The asset registered a positive opening as investors discounted overnight recovery in the US Dollar Index (DXY). The USD Index rebounded firmly after sensing decent buying interest near 102.40. The US Dollar Index is looking to extend its recovery above 102.78 as odds for one more rate hike by the Federal Reserve (Fed) have strengthened. (FXStreet) Further consolidation seems likely in USD/CNH around 6.8100 and 6.9200 for the time being, comment UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang. (FXStreet) In the opinion of UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang, NZD/USD is still seen navigating within the 0.6160-0.6280 range in the near term. (FXStreet) Gold price continues its comatose flatline in the $1,950s-60s in the early European session on Thursday. This comes in spite of the news that Federal Reserve Chairman Jerome Powell admitted privately that the Fed still sees one more rate hike this year. A market-based gauge of future rate hikes, however, is barely unchanged from the day before, and still shows odds favoring the Fed doing nothing in May. (FXStreet) Silver catches fresh bids on Thursday, following the previous day's two-way/directionless price moves, and rallies to a nearly two-month high during the early European session. The white metal is currently placed around the $23.60-$23.65 region, up over 1% for the day, and seems poised to prolong its recent appreciating move from levels just below the $20.00 psychological mark, or the YTD low touched earlier this March. (FXStreet) Prices of the WTI printed new weekly highs, although it ended Wednesday’s session in the negative territory. The downtick was in tandem with increasing open interest and suggests that extra losses may be in store for the commodity in the very near term. In the meantime, the recent peak past the $74.00 mark per barrel (March 29) emerges as the next hurdle of note. (FXStreet) Natural Gas (XNG/USD) price seesaws around the intraday low of $2.23, fading the previous day’s corrective bounce off a five-week low heading into Thursday’s European session. In doing so, the energy instrument fails to cheer hopes of more demand from China amid fears of higher inflation and hawkish central bank actions, not to forget the firmer US Dollar. (FXStreet) Bitcoin’s break earlier this month above a four-year moving average has raised the odds that the medium-term downward pressure is fading. However, the unwinding of a year-long slide could be prolonged and bumpy. (DailyFX) Source: FXStreet, DailyFX 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.

2023-03-29 09:58

The weekly upside bias in EUR/USD appears to have met a tough barrier around the 1.0850 region for the time being. EUR/USD loses some momentum following an auspicious first half of the week and comes under some selling pressure on the back of the bounce in the greenback and the broad-based offered stance in the risk complex. (FXStreet) Extra decline looks likely in USD/JPY while below the 132.00 mark, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB. 24-hour view: “We highlighted yesterday that USD ‘is likely to edge lower to 130.60, possibly testing the support at 130.20’. While USD weakened as expected, it did not test the support at 130.20 (low of 130.39). Downward momentum has waned with the rebound and USD is unlikely to weaken further. Today, USD is more likely to trade in a range, expected to be between 130.70 and 131.75.” (FXStreet) The GBP/USD pair comes under some selling pressure on Wednesday, snapping a two-day winning streak and eroding a part of the overnight gains to its highest level since early February. The pair drops to a fresh daily low during the first half of the European session, albeit finds some support near the 1.2300 mark and recovers a few pips in the last hour. (FXStreet) USD/CHF keeps buyers in the driver’s seat during the early Wednesday’s sluggish markets. That said, the Swiss currency pair rose the most in nearly a fortnight the previous day before portraying the latest inaction above 0.9200, up 0.10% near 0.9208 by the press time. (FXStreet) Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group still expect The AUD/USD pair struggles to capitalize on the previous day's positive move and comes under some renewed selling pressure on Wednesday. The steady intraday descent extends through the early European session and drags spot prices to a fresh daily low, around the 0.6675-0.6670 region in the last hour. (FXStreet) The USD/CAD pair attracts some buying near the 1.3585 region, or over a three-week low touched this Wednesday and sticks to its modest gains through the early European session. The pair is currently placed just above the 1.3600 round-figure mark and for now, seems to have snapped a two-day losing streak, though lacks bullish conviction. (FXStreet) NZD/USD prints mild gains around 0.6260 during early Wednesday in Europe as bulls take a breather following the previous day’s run-up, the biggest in over a week. In doing so, the Kiwi pair fades upside momentum below the key resistances while defending a two-day run-up. (FXStreet) USD/CNH should keep the side-lined trade well in place within the 6.8100-6.9200 range in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB. (FXStreet) Yesterday, the Hungarian Forint rallied noticeably after the central bank kept all policy parameters on hold. Economists at ING expect the EUR/HUF pair to ove below the 380 level for the rest of the week. “The most important takeaway from this month's rate-setting meeting is that the NBH will remain cautious, patient and disciplined.” (FXStreet) USD/INR picks up bids to pare weekly losses around 82.30 as it snaps a two-day downtrend amid early Wednesday. In doing so, the Indian Rupee pair rebounds from an ascending support line from March 06, and stays within the short-term symmetrical triangle. (FXStreet) USD/MXN holds lower grounds near 18.22 as sellers flirt with the lowest levels in three weeks during early Wednesday. In doing so, the Mexican Peso pair drops for the fifth consecutive day. (FXStreet) EUR/CHF: Retail trader data shows 49.35% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Jan 13 when EUR/CHF traded near 1.00, price has moved 0.58% lower since then. The number of traders net-long is 24.51% lower than yesterday and 13.18% lower from last week, while the number of traders net-short is 46.27% higher than yesterday and 26.45% higher from last week. (DailyFX) AUD/JPY: Retail trader data shows 49.34% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Mar 09 when AUD/JPY traded near 89.84, price has moved 1.99% lower since then. The number of traders net-long is 8.29% lower than yesterday and 12.96% lower from last week, while the number of traders net-short is 20.62% higher than yesterday and 30.41% higher from last week. (DailyFX) Gold price retreats back into a familiar range in the $1,950-60s in the early European Session on Wednesday. Volatility has drained from markets as banking crisis fears dissipate and bets revive of a rate hike in May. Traders now await big data releases starting with US Q4 GDP and US Jobless Claims on Thursday, and probably most important of all, the US Federal Reserve’s favored inflation gauge, the Personal Consumption Expenditures – Price Index (PCE), on Friday. (FXStreet) Silver price (XAG/USD) prints 0.35% intraday losses around $23.25 as bulls run out of steam during early Wednesday, after posting positive closings in the last two consecutive weeks. (FXStreet) CME Group’s flash data for natural gas futures markets noted traders increased their open interest positions for the second session in a row on Tuesday, this time by around 1.6K contracts. in the same direction, volume added to Monday’s uptick and rose by around 56.7K contracts. Prices of natural gas remained on the defensive in the first half of the week. Tuesday’s decline came on the back of rising open interest and volume, which suggests that further retracements remain well on the table in the very near term. Against that, the next support of note aligns at the 2023 low near $1.97 per MMBtu (February 22). (FXStreet) Open interest in crude oil futures markets shrank for the second session in a row on Tuesday, now by around 11.5K contracts according to preliminary readings from CME Group. In the same line, volume went down for the second straight day, this time by nearly 69K contracts. Prices of the WTI extended the weekly leg higher on Tuesday and close above the $73.00 mark per barrel. The positive price action, however, was in tandem with declining open interest and volume and signals that the current bull run could struggle to advance further in the very near term at least. On the upside, the 55-day SMA near $76.20 should offer initial resistance. (FXStreet) The Hang Seng Index (HSI) was up over 2.5% at one stage today on positive news for Alibaba and against a backdrop of the banking problems subsiding. Hong Kong’s HSI posted solid gains after Alibaba announced that the business will be split into six separate business units. The restructure saw investors reappraise their valuations for the tech behemoth. It may open the possibility of several initial public offerings (IPO) for each spin-off. (DailyFX) Bitcoins recent rally found resistance around the $28500 mark with consolidation being the theme since. The rally was partly fueled by a weaker dollar as well as a rise in both liquidity and volatility seems to have run out of steam. (DailyFX) Source: FXStreet, DailyFX 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.

2023-03-28 09:43

USD/CAD attracts some buyers near the 1.3630 region on Tuesday amid a modest USD rebound. A fresh leg up in the US bond yields turns out to be a key factor lending support to the Greenback. Bullish Crude Oil prices could underpin the Loonie and keep a lid on any further gains for the pair. (FXStreet) USD/JPY meets with a fresh supply on Tuesday amid a modest USD weakness. The risk-on mood undermines the safe-haven JPY and helps limit the downside. The fundamental backdrop warrants some caution for aggressive bullish traders. (FXStreet) EUR/USD adds to the positive start of the week above 1.0800. The broad-based upbeat tone in the risk complex underpins the pair. US Consumer Confidence will be in the limelight later in the session. The optimism around the European currency remains well and sound and motivates EUR/USD to advance to 2-day highs around 1.0830 on turnaround Tuesday. (FXStreet) USD/CHF regains positive traction on Tuesday and reverses a major part of the overnight losses. A generally positive risk tone undermines the safe-haven CHF and lends support to the major. The Fed’s less hawkish outlook keeps the USD bulls on the defensive and might cap the upside. (FXStreet) GBP/USD renews intraday high as bulls keep the reins for the second consecutive day. Hawkish comments from BoE Governor Bailey joins Brexit optimism to propel the British Pound. Receding fears of banking fallouts, mixed Fed talks and downbeat yields weigh on the US Dollar. (FXStreet) The index adds to the pessimism seen at the beginning of the week. US yields give away part of the advance recorded on Monday. Consumer Confidence, housing data, trade balance next on tap. The USD Index (DXY), which tracks the greenback vs. a bundle of its main rival currencies, drops to 2-day lows and revisits the 102.60/55 band on Tuesday. (FXStreet) EUR/GBP is looking vulnerable above 0.8770 amid BoE Bailey’s hawkish guidance. The European Banking Authority cited that rising interest rates by the ECB are weighing on financial markets. A confident breakdown of the H&S pattern will result in downside momentum. (FXStreet) AUD/USD grinds higher around intraday top, braces for the biggest daily gains in over a week. Upbeat MACD signals keeps buyers hopeful but 200-EMA holds the gate for bear’s exit. Aussie pair sellers remain off the table beyond 0.6650. (FXStreet) AUD/JPY finds support as global banking liquidity crisis eases. Fading Japanese Yen safe-haven demand provides relief to AUD/JPY. RSI signals oversold conditions, suggesting a potential pullback. (FXStreet) USD/CNH picks up bids to reverse early-day losses, grinds higher after two-day uptrend. Fears of shrink in China’s banking sector, downbeat data weigh on offshore Chinese Yuan. Market sentiment remains firmer amid easing fears of bank fallouts elsewhere. US CB Consumer Confidence eyed ahead of key China PMI, US inflation clues. (FXStreet) NZD/USD is marching towards 0.6250 aid rising bearish bets for the USD Index. The street is anticipating that tight credit conditions by US banks are sufficient to soften inflation ahead. Dismal economic prospects of New Zealand after the flood situation have raised concerns over the growth rate. (FXStreet) USD/INR consolidation continues; struggles to break key resistance at 83.00 level. Indian Rupee lacks momentum despite strong economic fundamentals. Higher lows indicate a potential breakout for USD/INR. (FXStreet) WTI crude oil grinds near two-week high after rising the most since May 2022 the previous day. Clear break of 10-DMA, three-week-old descending trend line keeps buyers hopeful. 21-DMA, previous resistance line from December 2022 challenge upside momentum. Bullish MACD signals keep Oil buyers hopeful; one-week-old ascending trend line adds to the downside filters. (FXStreet) Prices of the natural gas started the week on the back foot amidst increasing open interest and volume. Against that, the door remains open for further retracement to, initially, the $2.00 mark per MMBtu just ahead of the 2023 low at $1.967 (February 22). (FXStreet) Gold price settles around $1,950 after extending retracement on Monday. Bright metal volatility is here to stay in the short term. Balance between inflation, growth and financial stress will shape Gold market. (FXStreet) Silver price remains pressured for the second consecutive day, pressured intraday low of late. Eight-day-old bullish channel, 100-HMA challenge XAG/USD bears amid steady RSI. 200-SMA adds to the downside filters; two-week-old horizontal support is the key. (FXStreet) Source: FXStreet, DailyFX 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.

2023-03-27 09:30

EUR/USD advances modestly within a tight range. The European banking sector remains in the centre of the debate. Germany’s Business Climate improves further in March. (FXStreet) USD/CAD is seen oscillating in a narrow trading band and is influenced by a combination of factors. Looming recession risks weigh on Oil prices, which undermines the Loonie and lends some support. The Fed’s less hawkish outlook acts as a headwind for the USD and acts as a headwind for the pair. (FXStreet) GBP/USD regains positive traction on Monday and recovers a part of Friday’s modest losses. Rising US bond yields act as a tailwind for the USD and keep a lid on any meaningful upside. Traders now look to BoE Governor Bailey’s scheduled speech for short-term opportunities. (FXStreet) USD/JPY benefited from improving market mood at the beginning of the week and climbed above 131.00. Earlier in the day, the data from Japan showed that the Coincident Index improved to 96.4 in January from 96.1 and the Leading Economic Index inched higher to 96.6 from 96.5. (FXStreet) AUD/USD has observed selling pressure near 0.6660 as USD Index has defended the 103.00 support. The street is mixed about the commentary of fewer rate hikes ahead by Federal Reserve chair Jerome Powell. Reserve Bank of Australia is extremely worried about persistent inflation and a softening retail demand would provide some relief. AUD/USD is oscillating in an Inverted Flag pattern, which signals a bearish trend-following pattern after a downside move. (FXStreet) USD/MXN has sensed pressure after a recovery move to near 18.45. The major looks vulnerable above 61.8% Fibo retracement at 18.40. A downward-sloping 50-EMA at 18.50 indicates more weakness ahead. (FXStreet) EUR/JPY grinds higher around intraday top during the first positive day in three. Successful rebound from 61.8% Fibonacci retracement, ascending trend line from August 2022 lures buyers. Oscillators appear less lucrative as 100-DMA, short-term resistance line challenge immediate upside. Limited upside expected; bulls may remain cautious below 145.20. (FXStreet) The index keeps the trade above the 103.00 mark. US yields attempt a tepid recover on Monday. Markets’ attention should shift to PCE inflation due on Friday. The greenback, when measured by the USD Index (DXY), attempts to extend the rebound seen in the second half of last week just above the 103.00 mark. (FXStreet) WTI oil prices surge as banking concerns ease and geopolitical tension rise. Russian crude inventories drive tactical production cuts amid escalating European tensions. Financial market sentiment and geopolitics are likely to shape oil market volatility. (FXStreet) Gold price continues steady pullback as First Citizens Bank is taking over SVB. Relief is tempered by comments from Fed’s Kashkari, suggesting banking crisis could still trigger recession. Gold remains in an uptrend, correction is still too minor to be called a reversal. (FXStreet) Silver extends Friday’s late pullback from its highest level since early February. The technical setup support prospects for the emergence of some dip-buying. A convincing break below the $22.00 mark would negate the positive outlook. (FXStreet) Bitcoin stayed directionless over the weekend but ended up gaining more than 25% on a weekly basis. BTC/USD trades in a narrow range below $28,000 on Monday. Ethereum rose toward $1,800 on Sunday but lost its traction. As of writing, ETH/USD was down more than 1% on the day at $1,750. (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.