2022-12-29 09:42

Market Update - 29 December 2022 USD/JPY picks up bids pares the first daily loss in six. US 10-year Treasury yields refresh intraday low, extend pullback from six-week high. China CDC official warns of more Covid spread, explosions heard in Kyiv, Kharkiv. BOJ undertook two back-to-back unplanned bond purchases in a single day. (FXStreet) GBP/USD takes offers to trim the first daily gain in three. Multiple nations, including Britain, announced fresh barriers for Chiense travellers amid Coronavirus woes. Geopolitical tensions in Kherson escalate, a blast heard in Kyiv. Pullback in US Treasury bond yields, mixed US data probe Cable bears. (FXStreet) EUR/USD pares the first daily gains in three during sluggish session. Clear downside break of weekly support line, sustained trading below 100-SMA favor sellers. Descending trend line from Tuesday adds to the upside filters. Weekly horizontal support restricts immediate downside amid steady RSI. (FXStreet) US Dollar Index snaps two-day uptrend, bounces off intraday low of late. US 10-year Treasury bond yields print the first intraday loss in five at 1.5-month high. Multiple nations announced requirement of COVID-19 tests for Chinese travelers. Mixed US data, lack of major catalysts triggered consolidation despite risk-off mood. (FXStreet) EUR/GBP struggles to extend pullback from 11-week high. US Treasury yields retreat from three-week top, EU bond coupons grind near 11-year high but Gilts stay depressed. Geopolitical fears from Russia join China Covid woes but lack of market participation, absence of major data bore momentum traders. (FXStreet) USD/CAD renews intraday low while paring the biggest daily jump in a fortnight. Convergence of 100-SMA, previous support line from mid-November challenge upside moves. 200-SMA appears a tough nut to crack for the bears. (FXStreet) Aussie's uptrend capped at 0.6800; the pair retreats to 0.6720. Market mood sours on concerns about COVID-19 infections in China. AUD/USD remains within recent ranges with the market focused on US data. (FXStreet) NZD/USD is aiming to reclaim the 0.6350 hurdle despite a solid risk-aversion theme. The New Zealand Dollar is holding its revival amid optimism about China’s reopening. Fed’s ultra-hawkish policy has resulted in a sheer decline in US Pending Home Sales data. (FXStreet) USD/INR stays defensive amid sluggish markets, grinds lower of late. China Covid concerns weigh on risk profile in Asia but softer US Treasury yields probe Indian Rupee bears. India Trade Deficit for Q3, US Initial Jobless Claims eyed for fresh impulse. (FXStreet) USD/CHF prints three-day losing streak, renews intraday low of late. Swiss ZEW Survey – Expectations improved in December to -42.8. Lack of market’s confidence in the US Dollar’s recovery favors bears amid mostly downbeat sentiment. Yields refreshed multi-day top on China, Russia concerns before easing amid a lackluster trading session. (FXStreet) Oil price has recovered to near $79.00 after a revival move amid China’s Covid-inspired uncertainty. The US Dollar Index slipped to near intraday low around 104.30 as investors turned anxious amid the festive mood. Investors are keeping an eye on the official United States oil inventory data for fresh cues. Oil price is at a make or a break around the upward-sloping trendline from $79.50. (FXStreet) Gold price grinds higher inside three-week-old bearish triangle. Pullback in US Treasury bond yields, mixed US data favor XAU/USD bulls. Chinese travellers to face multiple tests amid Covid spread, CDC Official sounds optimistic. Explosions were heard in Ukraine’s capital Kyiv, tensions escalate in Kherson. (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.

2022-12-28 09:33

Market Update - 28 December 2022 USD/JPY grinds higher around weekly top during five-day winning streak. 50-SMA, fortnight-old descending trend line probe immediate upside. Bullish MACD signals, one-week-old ascending trend line keeps buyers hopeful. (FXStreet) USD/CAD picks up bids while snapping two-day down trend, recovers from three-week low. RSI rebound, easing bearish bias of MACD joins the failure to break the key SMA to lure buyers. Convergence of one-week-old descending trend line, previous support line from mid-November challenges immediate upside. (FXStreet) GBP/USD struggles to defend the latest bounce off the intraday low. UK rules out publishing Covid Reproduction numbers amid declining virus cases. China removes quarantine requirements for inbound travelers, resumes processing citizens' applications for ordinary passports. Firmer US Treasury yields, doubts on China Covid unlock keeps bears hopeful amid year-end holiday season. (FXStreet) EUR/USD prints three-day uptrend as it seesaws around intraday top. MACD teases buyers but rising wedge formation challenges upside momentum. One-week-old horizontal support adds to the downside filters. (FXStreet) US Dollar Index retreats from intraday high, struggles to defend DXY bulls after snapping two-day downtrend. San Francisco Fed’s Researcher rules out US recession, mixed data probe hawkish Fed concerns. Receding optimism for China unlock announcements jostle with boring performance of yields to restrict DXY moves. (FXStreet) USD/INR is trading inside the woods but is expected to reach 83.00 sooner. A decline in overall economic activities in the US economy might trim inflation expectations further. Firmer oil prices are impacting the Indian Rupee, being one of the leading importers of oil. (FXStreet) AUD/USD takes offers to refresh intraday low after posting a bearish candlestick formation. Repeated failures to cross 21-DMA, bearish MACD signals keep sellers hopeful. Five-week-old ascending support line lures bears, bulls need validation from monthly high. (FXStreet) NZD/USD holds lower ground near intraday bottom, extends pullback from 50-SMA. Failure to stay beyond 200-SMA, looming bear cross on MACD favor sellers. One-month-old ascending trend line restricts immediate downside. 61.8% Fibonacci retracement adds to the upside filters. (FXStreet) WTI is sensing selling pressure after a sheer upside move. The oil price is aiming to shift its auction above the 200-EMA at $78.90. A drop in the 40.00-60.00 range by the RSI (14) indicates a loss in the upside momentum. (FXStreet) Gold price extends pullback from six-month high, renews intraday low of late. Easing optimism surrounding China, fading recession woes in the US weigh on XAU/USD price. Holiday season, immediate support line challenges Gold’s downside but bulls need validation from $1,825. (FXStreet) Silver takes offers to refresh intraday low during the first negative daily performance in three. Mixed sentiment, firmer Treasury yields allow US Dollar to recover amid holiday season. China-linked Covid optimism fails to defend XAG/USD buyers as US doubts Beijing’s transparency. (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.

2022-12-27 09:34

Market Update - 27 December 2022 EUR/USD rejected at 1.0665, remains steady above 1.0640. Euro rally hits resistance at 1.0665 and retreats to 10640. The common currency remains bid against a softer USD. News that China is planning to scrap restrictions on inbound travelers has boosted risk appetite. (FXStreet) USD/JPY is treading listlessly amid a quiet start to the holiday-shortened week. US Dollar drops with Treasury bond yields amid China-led risk-on mood. USD/JPY bulls need acceptance above 133.00 to resume the recovery. (FXStreet) USD/CAD has surrendered the previous week’s low around 1.3560 amid weakness in the US Dollar Index. A decline in the US PCE and US Durable Goods Orders data has cemented expectations for lower inflation ahead. An increment in oil prices led by supply worries on expected cuts from Russia has supported the Canadian Dollar. USD/CAD is expected to deliver more weakness below 1.3550 amid a Double Top formation. (FXStreet) USD/JPY retreats from one-week high to snap three-day uptrend. Downside break of weekly support line adds strength to bearish bias. 100, 200 EMAs add to the upside filters. (FXStreet) US Dollar Index takes offers to extend three-day downtrend. Two-week-old ascending support line, oversold RSI conditions challenge immediate downside. Sellers need validation from 103.75 before eyeing the monthly low. Key HMAs, weekly resistance line probe DXY bulls. (FXStreet) GBP/JPY is approaching 161.00 as BOJ sees a continuation of easy monetary policy. BOJ Governor sees rising labor demand ahead and a shift in wage-setting behavior by the firms. The BOE needs to slow down the interest rate hike pace as households are failing to segment monthly installments. (FXStreet) AUD/USD retreats from intraday high but stays positive for the second consecutive day. China Industrial Profits drop 3.6% during January-November period, easing Covid restrictions keep sentiment positive. Mixed US data weighs on hawkish Fed bets, US Dollar during holiday-thinned markets. (FXStreet) NZD/USD seesaws inside immediate trading range, prints mild gains. China Industrial Profits deteriorate, Beijing scraps Covid quarantine rule for inbound travelers. US Dollar Index prints three-day downtrend as softer US statistics challenge hawkish Fed bets. (FXStreet) Gold price pares intraday gains but stays on the way to post the second monthly gain. China data consolidates recent optimism amid holiday-thinned markets. XAU/USD stays on the front foot as softer US Dollar weighs on Fed bets, China-linked news favor Gold buyers. (FXStreet) Silver price has witnessed a sheer upside led by strength in risk-on profile. A slippage in the US PCE Price Index has trimmed US Dollar Index’s appeal. The RSI (14) has attempted to shift in the bullish range of 60.00-80.00. (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.

2022-12-23 09:46

Market Update - 23 December 2022 GBP/USD attracts some buying on the last day of the week amid a modest USD weakness. A positive risk tone weighs on the buck, though hawkish Fed expectations help limit losses. Investors now look to the US PCE data to determine the near-term trajectory for the major. EUR/USD regains some positive traction on Friday amid the emergence of fresh USD selling. A modest recovery in the risk sentiment is seen undermining demand for the safe-haven buck. Hawkish Fed expectations to limit the USD losses and cap the pair ahead of the US PCE data. USD/JPY struggles for a firm intraday direction and seesaws between tepid gains/minor losses. A positive risk tone, widening US-Japan rate differential undermine the JPY and offer support. Bulls, however, seem reluctant and prefer to wait for the US PCE data before placing fresh bets. US Dollar Index pauses two-day recovery amid sluggish markets. China flashes mixed signals but lackluster United States Treasury bond yields underpin cautious optimism, weigh on DXY. Firmer US data, President Joe Biden’s urge to tame inflation keeps US Dollar Index buyers hopeful. Firmer prints of Federal Reserve’s preferred inflation gauge, namely US Core PCE Price Index, needed to recall DXY bulls. USD/CAD comes under some renewed selling pressure on Friday amid a modest USD downtick. A recovery in global risk sentiment is seen weighing the safe-haven buck and exerting pressure. Hawkish Fed expectations should limit the USD fall and lend support ahead of the US PCE data. AUD/USD regains some positive traction on Friday amid a modest USD weakness. A positive risk tone undermines the buck and benefits the risk-sensitive Aussie. Hawkish Fed expectations, rising US bond yields should limit deeper USD losses. Traders might also prefer to wait for the US PCE data before placing fresh bets. USD/CHF grinds higher after rising the most in a week, lacks upside momentum of late. US Dollar cheers firmer data, hawkish Fed bets and US President Biden’s comments. Headlines surrounding China, Russia flash mixed clues amid sluggish session. US Core PCE Price Index, Durable Goods Orders will be crucial for the bulls to keep reins. NZD/USD takes offers to renew intraday low, prints five-day losing streak. Firmer US data, President Biden’s comments keep bears hopeful amid hawkish Fed bets. Absence of major New Zealand statistics adds strength to the bearish bias. US Core PCE Price Index, Durable Goods Orders for November will be important for near-term directions. Gold price remains sidelined after snapping two-day downtrend earlier in Asia. China-linked optimism joins holiday mood to restrict immediate XAU/USD moves. Recently firmer US data renewed hawkish Fed bets and tease Gold sellers. Fed’s favorite inflation gauge, Durable Goods Orders should be watched carefully for further recovery. Silver picks up bids to print the first daily gains in three. Three-week-old bullish channel, ascending trend line from late October keep buyers hopeful. MACD signals challenge upside bias but bears should remain cautious beyond $21.25. WTI bears sinking in their teeth to test key support. Bears eye the 50% mean reversion area and prior support structure. West Texas Intermediate (WTI) was pressured lower on Thursday following three straight days of gains and the following technical analysis illustrates an indecisive market on the backside of the bearish trend. 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.

2022-12-22 09:43

Market Update - 22 December 2022 USD/JPY meets with a fresh supply on Thursday amid the emergence of fresh USD selling. Sliding US bond yields turn out to be a key factor keeping the USD bulls on the defensive. The BoJ’s policy tweak continues to underpin the JPY and contributes to the offered tone. The upbeat market mood seems to cap the safe-haven JPY and lends support to the pair. (FXStreet) EUR/GBP gains traction for the second straight day and hits its highest level since mid-November. A downward revision of the UK GDP print undermines the GBP and extends support to the cross. A more hawkish stance adopted by the ECB supports prospects for a further appreciating move. (FXStreet) GBP/USD regains some positive traction on Thursday amid renewed USD selling bias. The softer-than-expected UK Q3 GDP keeps a lid on any further gains for the major. A dovish BoE decision last week further warrants caution before placing bullish bets. (FXStreet) USD/CAD holds lower grounds near intraday bottom, prints four-day downtrend. Cautious optimism, downbeat Treasury yields weigh on US Dollar. WTI seesaws near 13-day high amid hopes of more demand on winter, travel concerns. (FXStreet) US Dollar Index takes offers to refresh intraday low, breaks one-week-old ascending trend line. Bearish MACD signals allow sellers to aim for the previous weekly low, also the lowest level in six months. 100-SMA, weekly top add to the upside filters even if buyers manage to cross support-turned-resistance line. US Dollar Index (DXY) retreats towards the weekly low, marked the previous day, taking offers to refresh the intraday low near 103.83 during early Thursday in Europe. (FXStreet) EUR/USD picks up bids to refresh intraday top. Firmer oscillators underpin the run-up toward one-week-old resistance line. Monthly high, 61.8% FE level eyed during further advances. A convergence of 50-EMA, three-week-old ascending trend line highlights 1.0600 as short-term key support. (FXStreet) USD/JPY bounces off intraday low but stays mildly offered around four-month bottom. Yields struggle for clear directions, grinding lower off late, as BOJ announced another unchanged bond buying. Tokyo to pull Covid alert to the highest, PM Kishida pushes Japanese industry for more investment. US GDP, Treasury bond moves eyed for fresh impulse. (FXStreet) NZD/USD regains positive traction on Thursday amid the emergence of fresh USD selling. Sliding US bond yields and a positive risk tone seem to weigh on the safe-haven greenback. Recession fears could act as a headwind for the risk-sensitive Kiwi ahead of the US Q3 GDP. (FXStreet) AUD/USD seesaws around intraday high, as well as the weekly top, on mixed concerns. Aussie analysts predict slowdown in spending, China’s budget deficit hit record high during January-November period. US data, yields eyed for fresh impulse amid holiday mood. (FXStreet) USD/INR reverses from one-week high, snaps two-day uptrend. RBI Minutes defy hopes of pause in rate hikes amid inflation woes. Mixed US data, BOJ’s second unscheduled bond operation weighs on US Dollar. US Q3 GDP, PCE details will be important for immediate directions. (FXStreet) WTI moving higher along the micro trendline support. Focus could be returning to structural supply risks amid a potential recovery in demand from China. (FXStreet) Gold price clings to mild gains around weekly top. Mixed risk catalysts, BOJ actions probe US Dollar, bond yields. US data, qualitative factors to determine intraday XAU/USD moves. Holiday season, light calendar to restrict Gold price moves during the rest of 2022. (FXStreet) Silver price picks up bids to reverse the previous day’s pullback from eight-month high. XAG/USD seesaws around 22-month-old resistance line as prices portray bullish moving average crossover. Sellers need validation from June’s top to retake control. Silver price (XAG/USD) remains mildly bid around the eight-month high as it reverses the previous day’s pullback by rising to $24.00 during early Thursday. (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.

2022-12-21 09:43

Market Update - 21 December 2022 EUR/USD extends its sideways consolidative price action and remains confined in a range. The Fed’s hawkish outlook, rising US bond yields underpin the USD and act as a headwind. The risk-on impulse caps gains for the safe-haven buck and lends some support to the pair. (FXStreet) GBP/USD lacks any firm intraday directional bias and remains confined in a narrow trading band. The Fed’s hawkish outlook, rising US bond yields revive the USD demand and act as a headwind. The fundamental backdrop favours bearish traders and supports prospects for a further decline. (FXStreet) US Dollar Index grinds lower after bouncing off weekly bottomDXY struggles as United States Treasury bond yields stay firmer but yield curve inversion recedes. US Conference Board Consumer Confidence eyed for intraday directions ahead of Federal Reserve’s preferred inflation. US Dollar’s gauge bounces off one-week-old support but bear cross keeps sellers hopeful. US Dollar Index (DXY) licks its wounds around 104.10 during early Thursday. (FXStreet) EUR/JPY prints mild gains around the lowest levels in three months. 200-DMA probes bears but downbeat oscillators, key support break signal further downside. Early December swing low guards immediate recovery moves. (FXStreet) USD/JPY picks up bids after falling the most since October 1998. Oversold RSI backs recovery moves bearish MACD signals 50% Fibonacci retracement challenges bulls. Previous support lines, key SMAs are additional upside hurdles to cross for the bulls before taking control. August month’s low, golden Fibonacci ratio eyed during fresh downside. (FXStreet) USD/INR stays mildly bid, struggles for clear directions amid mixed clues. Markets pare BOJ-led moves but the corrective bounce lack momentum. US Dollar recovers ahead of CB Consumer Confidence, Oil cheers hopes of more stimulus. (FXStreet) USD/CHF remains mildly bid as buyers struggle to retake control after two-day absence. Descending trend line from Monday restricts guards immediate recovery ahead of 100, 50 HMAs. Firmer oscillators suggest further recovery moves, 0.9330 is the key hurdle. (FXStreet) AUD/USD gains some positive traction on Wednesday, albeit lacks follow-through. The risk-on impulse benefits the Aussie; a modest USD strength caps the upside. The fundamental backdrop supports prospects for a further depreciating move. (FXStreet) WTI crude oil picks up bids to portray three-day uptrend. US Dollar bears the burden of BOJ-inflicted bond selling. Surprise fall in API inventories, upbeat headlines from China, Japan adds strength to the recovery moves. Weekly EIA oil stockpiles, US CB Consumer Confidence eyed for fresh impulse. (FXStreet) Gold price is reversing slightly from one-week highs of $1,821 reached on Tuesday. XAU/USD needs a ‘Santa rally’ to extend the upside toward $1,830, FXStreet’s Dhwani Mehta reports. (FXStreet) Silver retreats from a fresh eight-month high touched earlier this Wednesday. The technical setup supports prospects for the emergence of some dip-buying. A break below the $23.00 confluence 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.