Day: May 17, 2023
The British pound remains under pressure against the US dollar. The current GBPUSD quote is 1.2436. First, the Pound Sterling is under pressure from a strong US Dollar, which is in demand as a safe-haven asset while global capital markets are avoiding risk. UK employment market statistics released yesterday were disappointing. The unemployment rate rose […]
USDJPY, “US Dollar vs Japanese Yen” The quotes on H4 and the RSI are nearing the overbought area. A test of 8/8 (137.50) is expected, followed by a rebound from it and a decline to the support at 6/8 (135.93). The scenario can be cancelled by rising above the resistance level of 8/8 (137.50). In […]
USD Rallies on Safe Haven Demand President Biden and Speaker of the House Kevin McCarthy met for the latest round of US debt ceiling talks yesterday. While both sides were seen showing a willingness to co-operate and achieve a deal, greenlighting staff-level negotiations, a resolution is yet to be agreed. With markets wary over the […]
Daily Market Outlook, May 17, 2023 Asian equity markets put in another mixed performance overnight as caution prevailed in the region due to the negative handover from Wall Street. Concerns over the debt ceiling clouded risk appetite in the US, although the meeting between President Biden and congressional leaders was described as productive, but without […]
BTC fell to 26,976 USD on Wednesday. The weekly loss exceeded 2%. The correlation between BTC and the S&P 500 and Nasdaq indices recovered. This made the leading crypto more sensitive to the developments in the US stock market. Investors are gloomy given the lack of consensus between Republicans and Democrats on the US government […]
EURUSD, “Euro vs US Dollar” The currency pair has completed a wave of correction to 1.0903. Today the market is forming a wave of decline to 1.0833. And if this level also breaks, the potential for a decline to 1.0793 could open. This is a local target. GBPUSD, “Great Britain Pound vs US Dollar” The […]
Aussie Wages Create Uncertainty The latest Australian wage growth data released overnight has made it a little harder markets to call the next RBA meeting. The quarterly reading came in below forecasts but was seen hitting fresh decade highs at 0.8%. Just below the 0.9% forecast, the reading offers some hope that upward wage momentum […]
Nikkei Breaks Above 30k The Nikkei has broken out to its highest levels since Q3 2021 this week. The index has been on a tear recently, printing gains of around 18% now for the year with around 6% worth of gains in May alone. One driver behind the move has been the BOJ’s reaffirmed commitment […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD is testing the support area. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 0.6650 is expected, followed by a decline to 0.6535. An additional signal confirming the decline will be a rebound from the upper border of […]
EURUSD, “Euro vs US Dollar” On H4, near the support level, the pair has formed a Hammer reversal pattern. Currently, the instrument is going by the reversal pattern in an ascending wave. The correction target might be 1.0900. However, the price could go on falling to 1.0815 and continue the downtrend without testing the resistance […]