2023-01-09 09:56

Market Update - 09 January 2023 GBP/USD gains traction for the second straight day and climbs to over a two-week high. A combination of factors keeps the USD bulls on the defensive and remains supportive. Looming recession risks could cap the optimism and lend support to the safe-haven buck. (FXStreet) EUR/USD extends the optimism and flirts with 1.0700. The weaker dollar sustains the better tone in the risk complex. EMU Unemployment Rate, Sentix index next of note in the docket. The European currency keeps the bid tone unchanged and lifts EUR/USD to the boundaries of 1.0700 the figure at the beginning of the week. (FXStreet) USD/JPY oscillates in a narrow trading band on the first day of a new week. The prevalent USD selling bias is seen as acting as a headwind for the major. The risk-on mood undermines the safe-haven JPY and limits the downside. (FXStreet) The index remains on the defensive and flirts with 103.50. The dollar looks weaker as investors continued to digest NFP figures. Consumer Credit Change, short-term auction next on tap in the docket. The greenback starts the new trading week on the back foot and retreats to the mid-103.00s region when tracked by the USD Index (DXY). (FXStreet) USD/CAD drops to the lowest levels in one month as bears keep the reins. China reopening, challenges for Fed hawks underpin risk-on mood. Oil price grinds higher amid softer US Dollar, hopes of more energy demand from China. Upbeat Canada jobs report versus mixed US data adds strength to the bearish moves. (FXStreet) USD/CNH drops to the lowest levels since August 17, 2022. Clear break of 200-DMA, bearish MACD signals favor sellers as they eye two-month-old descending support line. Previous support line from June adds to the upside filters. (FXStreet) A cheerful market mood has strengthened the Australian Dollar. North-side sloping 20-and 50-EMAs add to the upside filters. The RSI (14) has shifted into the bullish range of 60.00-80.00, which indicates that bullish momentum is active now. The AUD/USD pair is displaying a sideways auction around the immediate hurdle of 0.6930 in the Asian session. (FXStreet) USD/INR dribbles near the lowest levels in one month. China reopening joins PBOC headlines to underpin risk-on mood in Asia. Downbeat US wage growth weigh on Treasury yields and hawkish Fed bets. Japan holiday, light calendar and upbeat oil prices allow bears to lick their wounds. (FXStreet) Friday’s sharp uptick in prices of the ounce troy of gold was amidst increasing open interest and volume. That said, the continuation of the recovery appears the most likely scenario in the very near term, while gains are seen picking up pace on a convincing breakout of the $1880 region. (FXStreet) Friday’s small downtick in prices of the WTI was amidst rising open interest, which suggests that further decline should not be discarded yet. Against that, the commodity still faces a key contention area at the 2022 low near the $70.00 mark per barrel (December 9). (FXStreet) Natural gas prices resumed the downside on Friday, although they seem to have met some contention around the $3.50 region per MMBtu. The small decline was amidst rising open interest, which is indicative that a deeper pullback could lie ahead. The sharp bounce in volume, however, could spark some bouts of strength in the very near term as well. (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 part

2023-01-06 09:37

Market Update - 06 January 2023 GBP/USD remains on the defensive near a multi-week low amid sustained USD buying. Thursday’s upbeat US data reaffirms hawkish Fed expectations and underpins the USD. The focus remains glued to the release of the closely-watched US monthly jobs report. (FXStreet) USD/JPY scales higher for the fourth straight day and climbs to over a one-week high on Friday. Thursday’s upbeat US data, hawkish Fed expectations underpin the USD and remain supportive. Investors now look forward to the release of the US NFP report before placing directional bets. (FXStreet) The index adds to Thursday’s advance and trespasses 105.00. Markets remain largely in a consolidative mood ahead of NFP. All the attention shifts to the US labour market, Fedspeak. The greenback, in terms of the USD Index (DXY), keeps the optimism well and sound and reclaims the area above the 105.00 barrier at the end of the week. (FXStreet) AUD/USD attracts fresh buyers on Friday, though the intraday uptick lacks bullish conviction. Recession fears act as a headwind for the Aussie amid some follow-through USD buying interest. Traders now look forward to the closely-watched US NFP report for a fresh directional impetus. (FXStreet) Advancing anxiety ahead of the US NFP release has underpinned the risk-off impulse. S&P500 futures have witnessed a drop in their early gains, portraying negative market sentiment. The upside in the Loonie asset is capped around 1.3700 while the downside is restricted near 1.3500. The USD/CAD pair has rebounded firmly after dropping to near 1.3550 in the early European session. (FXStreet) A decent recovery in S&P500 futures indicates that the risk-on profile has regained traction. Investors are awaiting the release of the Eurozone Inflation and US NFP for fresh impetus. The RSI (14) has shifted into the bearish range, which indicates that the downside momentum has been triggered. The EUR/USD pair has displayed a rebound move after gauging an immediate cushion around 1.0520. (FXStreet) NZD/USD is looking to stretch its recovery above 0.6250 backed by a rebound in the risk-on mood. The US Dollar Index is struggling below 104.80 ahead of the US NFP data release. Upbeat US ADP Employment Change data has resulted in more troubles for the Fed policymakers. (FXStreet) AUD/USD has extended its rebound above the critical hurdle of 0.6770 amid optimism on Sino-Australian trade. S&P500 futures have displayed a recovery move, shrugging-off the bearish sentiment witnessed in Thursday’s session. Investors will get more clarity about the US employment status on the release of the US NFP data (FXStreet) Thursday’s small bounce in prices of the WTI was on the back of rising open interest, which suggests the probability of another move higher in the very near term. The sharp decline in volume, however, leaves the door open to extra downside to, potentially, the 2022 low near the $70.00 mark per barrel. (FXStreet) Gold price regains positive traction on Friday and reverses a part of the overnight losses. Some follow-through buying around the USD should keep a lid on the non-yielding metal. Traders keenly await the release of the US monthly employment details, or the NFP report. (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.

2023-01-05 09:38

Market Update - 05 January 2023 USD/JPY touches a four-day high on Thursday, though lacks any follow-through. The emergence of some buying around the USD acts as a tailwind for the major. Reports that BoJ will raise inflation forecasts benefit the JPY and caps the upside. (FXStreet) EUR/USD adds to Wednesday’s recovery above the 1.0600 level. The dollar looks indecisive as traders assess the FOMC Minutes. Investors will closely follow the ADP report and weekly Claims. (FXStreet) GBP/USD comes under renewed selling pressure on Thursday amid a pickup in the USD demand. Recession fears weigh on investors’ sentiment and drive some haven flows towards the greenback. The Fed’s less hawkish outlook might keep a lid on the USD and limit deeper losses for the major. (FXStreet) USD/CAD defends 100-day SMA and rebounds from a one-month low touched on Thursday. Looming recession risks weigh on investors’ sentiment and benefit the safe-haven greenback. An uptick in oil prices could underpin the Loonie and cap any meaningful gains for the major. (FXStreet) The index adds to Wednesday’s losses in the low-104.00s. The ADP report, weekly Claims will be in the limelight. FOMC’s Bostic and Bullard will also speak later in the session. The USD Index (DXY), which tracks the greenback vs. a bundle of its main competitors, remains on the defensive just above the 104.00 mark on Thursday. (FXStreet) AUD/USD comes under some selling pressure on Thursday, though the downside seems cushioned. Looming recession fears cap the optimism in the markets and undermine the risk-sensitive Aussie. Rising bets for smaller Fed rate hikes weigh on the USD and help limit deeper losses for the major. (FXStreet) The AUD/JPY rallied more than 2.90% on Wednesday on an upbeat sentiment. Double bottom in the AUD/JPY daily chart could pave the way for further upside. AUD/JPY Price Analysis: The double bottom targeted is the 95.00 figure. (FXStreet) Oil prices have sensed a moderate demand around $73.00 after carnage on Wednesday. Bleak economic outlook led by sustainability of higher interest rates by the Fed impacts the black gold. Weaker manufacturing activities in the US consecutively for the second time have triggered recession fears. (FXStreet) Prices of the natural gas halted the steep multi-session decline on Wednesday, rebounding decently above the $4.000 mark per MMBtu. The bounce was on the back of rising open interest, which could underpin further bullish attempts in the very near term. (FXStreet) Gold price is displaying a sideways profile on a broader note ahead of US Employment data. As per FOMC minutes, no Fed policymaker has advocated for cutting rates in CY2023. A sheer drop in US NFP and a higher Unemployment Rate could trigger recession fears. (FXStreet) Silver struggles to gain any meaningful traction on Thursday and remains below the $24.00 mark. The overnight break below two-month-old ascending trend-line support favours bearish traders. Mixed oscillators on hourly/daily charts warrant caution before positioning for a further decline. (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.

2023-01-04 09:31

Market Update - 04 January 2023 EUR/USD partially reverses Tuesday’s drop and approaches 1.0600. Final Services PMIs in the euro area are due next in the docket. Investors’ attention remains on the release of the FOMC Minutes. (FXStreet) The index sheds some ground after recent multi-day highs. The risk complex manages to regain some poise on Wednesday. Mortgage Applications, ISM Manufacturing, FOMC Minutes next on tap. The greenback, when tracked by the USD Index (DXY), navigates the end of the Asian session slightly in the negative territory near 104.50 on Wednesday. (FXStreet) USD/JPY is struggling to extend its recovery above 131.00. A spree of lower highs in the asset indicates a continuation of the downside trend. Downward-sloping 20-and 50-EMAs add to the downside filters. (FXStreet) The risk-off market mood in global markets has strengthened the US Dollar, A bull cross, represented by the 20-and 50-EMAs at 1.3578, indicates more upside ahead. The RSI (14) has jumped into the bullish range of 60.00-80.00, which supports the Greenback. The USD/CAD pair has dropped to near 1.3636 in the Asian session after multiple failed attempts of breaking above the critical resistance of 1.3680. (FXStreet) GBP/USD has turned sideways around 1.2000 as investors await US ISM PMI data for fresh cues. The Cable has comfortably established below the 200-EMA at 1.2024. Value-buying persist in the Cable as RSI (14) managed to recover firmly after dropping inside the bearish range. (FXStreet) Risk-off profile ahead of FOMC minutes and US ISM PMI has strengthened the US Dollar. A shift in the auction profile below the 200-EMA has weakened the New Zealand Dollar. The RSI (14) has dropped firmly inside the bearish range, which indicates more weakness ahead. The NZD/USD pair is oscillating below the critical hurdle of 0.6250 in the early Asian session. (FXStreet) AUD/USD is rallying hard, eyeing 0.6900 amid USD sell-off, upbeat mood. China is considering a partial end to the Australian coal ban. US ISM PMI and Fed Minutes to offer fresh cues to the Aussie.(FXStreet) USD/CHF is displaying a lackluster performance ahead of FOMC minutes and Swiss CPI. The Swiss franc asset has comfortably shifted above the 50-EMA around 0.9287. A shift into the bullish range by the RSI (14) indicates the upside momentum has been triggered. (FXStreet) Tuesday’s strong pullback in prices of the West Texas Intermediate came in tandem with increasing open interest and volume, opening the door to the continuation of the current decline in the short-term horizon and with the potential test at the 2022 low at $70.10 (December 9). (FXStreet) Tuesday’s retracement in prices of the natural gas was accompanied by rising open interest and volume and is supportive of a deeper pullback in the very near term at least. Against that, the commodity could revisit the December 2021 low at $3.53 per MMBtu (December 30) (FXStreet) Gold price hits fresh seven-month highs above $1,860 in European trading. The US Treasury yields decline, risk-on mood smash the US Dollar. Sell-off in the US Treasury yields cap the downside in the Gold price. (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.

2023-01-03 09:37

Market Update - 03 January 2023 EUR/USD is smashed by a solid rebound in the US Dollar on Tuesday. Risk-on profile, weak Treasury yields fail to deter US Dollar bulls. EUR/USD is teasing a symmetrical triangle breakdown on the daily chart. (FXStreet) USD/JPY has dropped below the psychological support of 130.00 amid a recovery in the risk-on profile. The sustainability of the asset below the 200-EMA indicates that the long-term trend is bearish. An oscillation in the bearish range by the RSI (14) signals more weakness ahead. (FXStreet) GBP/USD jumps back toward 1.2100 amid risk recovery. US Dollar rebound fizzles out, USD/JPY sell-off weighs. GBP/USD bounces off 200DM, RSI enters into the bullish zone. (FXStreet) USD/CAD has displayed an A-shape sell-off as investors have shrugged off China’s Covid-inspired uncertainty. FOMC minutes will provide cues about the monetary policy outlook for CY2023. The Loonie bulls are likely to dance to the tunes of Canada’s employment data. (FXStreet) GBP/JPY drops below a three-month-old upslope trendline, down since last week’s high close of around 3%. The RSI at oversold conditions suggests the GBP/JPY could be bottoming, but the RoC suggests that sellers remain in charge. GBP/JPY Price Analysis: Break below 157.00 would exacerbate a fall to 154.00. (FXStreet) EUR/JPY tumbles beneath the 140.00 figure as the cross dives below the 200-DMA and the 20-day crosses below the 100-DMA. A megaphone top formation suggests that downward pressure lies ahead on the EUR/JPY. EUR/JPY Price Analysis: Once it clears 138.80, a fall to 135.51 is on the cards. (FXStreet) AUD/USD has climbed above 0.6830 as the risk-on profile has rebounded firmly. Better-than-projected release of the Caixin Manufacturing PMI data has supported the Australian Dollar. The RSI (14) has shifted into the bullish range of 60.00-80.00, which indicates that the bullish momentum has been activated. (FXStreet) NZD/USD has slipped to near 0.6300 as the US Dollar Index has climbed above 103.60. A release of the upbeat Caixin Manufacturing PMI at 49.0 has failed to support the New Zealand Dollar. Investors have turned cautious after the New Year celebrations and a long weekend. (FXStreet) The USD/CHF downfall stalled around 0.9200 as a triple bottom emerged. A falling wedge and oscillator flashing selling pressure waning could pave the way for further upside in the USD/CHF. USD/CHF is poised for a break above 0.9300 as it eyes a test of the 20-day EMA. (FXStreet) Gold price turns south after facing rejection at the $1,850 key level. The US Dollar rebound gathers steam in the European session. Sell-off in the US Treasury yields cap the downside in the Gold price. (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.

2022-12-30 09:37

Market Update - 30 December 2022 The Dollar depreciates for the second day in a row and reaches the 132.00 area. COVID-19 fears and the BoJ's bond purchases are underpinning Yen's recovery. The USD/JPY is about to close its best year since 2013. (FXStreet) US Dollar Index picks up bids to pare early-day losses amid sluggish session. US Treasury bond yields seek fresh clues, risk catalysts flash mixed signals. Softer US data weigh on hawkish Fed bets but fears from China keep DXY firmer. Second-tier US data, Xi-Putin talks eyed for fresh impulse. (FXStreet) EUR/USD renews intraday low while paring the biggest daily in two weeks.RSI, MACD signals suggest that bulls are running out steam. May’s top acts as the key upside hurdle, bears need validation from “golden ratio”. (FXStreet) USD/CAD is displaying a sideways profile around 1.3550 as investors are avoiding building positions amid the festive season. Federal Reserve might continue its hawkish policy as the street sees inflation well above 3% in CY2023. The US Dollar witnessed selling pressure after the release of additions in the weekly Initial Jobless Claims. USD/CAD is likely to continue its rangebound structure amid the unavailability of any major economic event. (FXStreet) GBP/USD takes offers to refresh intraday low, pares the biggest daily gains in two weeks. UK PM Sunak is up for a bitter announcement, British commercial properties remain weak. US Dollar licks its wounds as UK-based data firm hints higher Covid-led deaths, yields pause previous fall. Second-tier data, risk catalysts will be eyed for fresh impulse. (FXStreet) AUD/USD fades bounce off 50-HMA amid failures to cross three-day-old descending resistance line. Looming bear cross on MACD keeps sellers hopeful but 200-HMA is a tough nut to crack for sellers. Bulls need validation from 0.6800 to retake control. (FXStreet) NZD/USD has slipped sharply below 0.6320 as the US Dollar Index has shown a recovery move. Market mood is turning cautious as the Covid-19 situation in China is getting vulnerable. Going forward, investors will keep an eye on China’s official PMI data. (FXStreet) USD/INR has dropped to near 82.70 as investors are adjusting positions after an ease in the risk-off mood. Analysts at Deutsche Bank see inflation above the target of 2% set by the Fed. The Indian Rupee bulls will display action according to the oil price activity ahead. (FXStreet) AUD/JPY has slipped below the psychological support of $90.00 amid China’s Covid uncertainty. China’s official PMI data for December is expected to outperform ahead. The BoJ will supply about JPY one trillion at a 0.0% interest rate in operations on January 4. (FXStreet) WTI remains mildly bid after consecutive three days of downbeat performance. Bullish candlestick formation, sustained bounce off 21-DMA favor buyers. Previous support line, 50-DMA challenges immediate upside ahead of the monthly high. (FXStreet) Gold price defends the previous day’s bullish bias despite recent struggle around daily top. Mixed sentiment, sluggish markets restrict XAU/USD moves but buyers cheer second monthly gain as 2022 bids adieu. Hopes of economic recovery, lower rates could keep Gold buyers on the table even as Covid, geopolitics probe immediate upside. (FXStreet) Silver price eases after positing the biggest daily gains in over a week. Impending bear cross on MACD, RSI retreat add strength to the fears of a pullback. 200-HMA, weekly support line to restrict short-term downside. Double tops around $24.30 appears the key hurdle towards the north. (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.