Day: July 25, 2023
Lack of Detail at Politburo The keenly awaited Chinese Politburo meeting yesterday was a mixed bag for investors. On the one hand, commodities prices and local markets were seen rising as Chinese leaders promised more measures to help revive the economic recovery in China, signalling a rescue package to come later this year. However, the […]
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XAUUSD, “Gold vs US Dollar” Gold is correcting within a bullish channel. The instrument is going inside the Ichimoku Cloud, which suggests a flat. A test of the Tenkan-Sen line at 1960 is expected, followed by a rise to 2005. An additional signal confirming the rise will be a rebound from the lower boundary of […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The correction target might be 1.3200. Next, the price might rebound from the resistance and continue the downtrend. However, the quotes could drop to 1.3120 without pulling […]
Oil On the Rise Crude prices were seen breaking out to their highest levels in over 3 months yesterday. The rally came amidst the broad uptick in risk appetite we saw in response to the Chinese Politburo. With Chinese leaders once again promising support for the economy. While the statement read out on the back […]
US Manufacturing Bouncing Back Yesterday saw a slew of PMI data sets out of the eurozone, UK and finally the US. The overriding tone to the day of data was negative, headlined by heavy misses on some eurozone and UK PMIs. However, US data was seen bucking the trend with the manufacturing PMI coming in […]
Oil Holding Near Highs Crude prices are sitting just below last week’s highs as we kick off a key week of central bank meetings. Rapidly increasing interest rates have been a major headwind for oil prices over the last year and a half. Tighter financial conditions have blunted demand this year, with crude prices remaining […]
US Data on Watch Gold prices are sitting up against the 1973.51 level resistance currently following a strong rally over recent weeks. The market recovered sharply off the July lows, trading higher by around 4%. However, the recent uptick in USD has seen the move stalling for now. Looking ahead today, the main focus will […]