Day: May 4, 2023
USDJPY, “US Dollar vs Japanese Yen” On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI has reached the oversold area. In this situation, a rebound from 6/8 (134.37) is expected, followed by growth to the resistance at 7/8 (135.93). The scenario can be cancelled by a […]
EURUSD increased noticeably overnight, having good reasons for it. The current EURUSD quote is 1.1090. The US Federal Reserve System raised the rate by 25 base points to 5.25% per annum, which was not unexpected. The unusual part was the Fed’s signals: it seems that the cycle of interest rate hikes is coming to an […]
Oil Traders Cut Longs The latest CFTC COT institutional positioning report shows that oil traders cut their net long positions last week. Bullish exposure was trimmed to 236k contracts from 244k contracts prior, putting an end to the recent run of increased upside positioning we’d seen. The recent sell off in oil has seen crude […]
TitleXAUUSD H4 | Bounce off 1st support level TypeBullish Bounce Preference:Price is approaching our pivot at 2032.969 which is a pullback resistance level that lines up with 38.2% Fibonacci retracement. A bounce off from this level, price could rally to 1st resistance at 2045.629 which is an overlap resistance Alternative scenario:However, if price breaks below […]
EURUSD, “Euro vs US Dollar” The currency pair has formed a consolidation range around the level of 1.1040, and if the quotes escape the range upwards, the wave could continue to 1.1133. After reaching this level, a new declining wave to 1.1040 is expected. And if this level also breaks, the trend could continue to […]
USDCAD, “US Dollar vs Canadian Dollar” On H4, the pair has formed a Harami reversal pattern. The instrument is now going by the reversal signal in a descending wave. The target for the decline could be 1.3520. Next, the price could get a chance to break this level and continue the downtrend. However, the price […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the resistance area. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.2510 is expected, followed by growth to 1.2695. An additional signal confirming the decline will be a rebound from the lower border of […]
The British pound rose noticeably against the US dollar. The current GBPUSD quote is 1.2565. The pound did not have the best of times at the beginning of May, but it should be admitted that it has already regained all the previous losses. The pair received support from the declining USD after the May meeting […]
The market major has frozen before the decisive event of this week. The current quote is 1.1020. So, today is the X day for the USD because this night another Fed’s meeting will be over. The interest rate decision will be announced. Most probably, the crediting price will be lifted by 25 base points to […]
EURUSD Pushing Higher EURUSD is rallying firmly ahead of the FOMC later today. The pair has been on a strong run since the March lows, gaining around 5.5% as narrowing yield spreads between EU and US bonds help lift sentiment. Much of the driver behind the move has been the narrowing of monetary policy divergence […]