FX

NZD/USD falls 0.84% on Friday to trade at 0.6170. The RSI and MACD indicators align with the bearish outlook, signaling negative momentum. The 20-day SMA presents a strong barrier against the sellers. The NZD/USD pair has been trading lacklusterly within a narrow range, but Friday’s sharp decline has shifted the technical outlook to bearish, at

Gold tumbles after failing to break $2,531 resistance, closing at $2,493 as Fed rate cut speculation intensifies. US Nonfarm Payrolls missed estimates, but improved figures and rising hourly earnings fueled uncertainty over a 25 or 50 bps cut. Despite falling Treasury yields, the US Dollar Index recovered above 101.00, pressuring Gold prices further. Gold retreated

The NZD/JPY pair fell sharply on Friday and reaching a low of 87.85. The RSI has plunged to 36, indicating that the bears are in full control and the negative momentum is likely to persist. Bears have the 87.00 threshold on their sight. The NZD/JPY pair has maintained its bearish stance, extending the selloff that

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Friday that Fed officials are finally beginning to catch up with the broader market’s view that the time has come for movement from the US central bank on policy rates, but downplayed discussion of a larger opening cut in September. Key highlights The job

US Dollar recovers ground after mixed August Nonfarm Payrolls data. Fed official downplayed discussions of a larger rate cut in September than 25 bps. Markets are seeing 40% odds of a 50 bps cut in the next Fed meeting. The US Dollar Index (DXY), a measure of the US Dollar against a basket of six

Short Term Elliott Wave in Dow Futures (YM) suggests that pullback to 38532 low on 8.5.2024 ended wave ((4)). The Index then turned higher and made a new all-time high in wave ((5)) as an impulse. Up from wave ((4)), wave 1 ended at 39619 and wave 2 pullback ended at 38689. The Index then

GBP/USD remains above 1.3100, with RSI showing buyers in control and eyeing 1.3200 resistance. Clearing 1.3179 would open the door to challenge the March 2022 high of 1.3298, with further upside to 1.3437. A pullback below 1.3150 could lead to testing key support at 1.3100 and 1.3044, with the 50-DMA at 1.2914. The GBP/USD aims

The Australian Dollar depreciates following the release of Trade Balance data on Thursday. Australia’s Trade Balance posted a surplus of 6,009 million MoM in July, against the expected 5,150 million. The US Dollar received downward pressure following recent downbeat economic data. The Australian Dollar (AUD) inches lower against the US Dollar (USD) despite positive Trade

Bank of Canada Governor Tiff Macklem is set to hold a press conference following the central bank’s third consecutive 25-basis point rate cut. [embedded content] Key Takeaways Inflation may bump up later in 2024; there is a risk that upward forces on inflation could be stronger than expected. Overall weakness in the Canadian economy is

Indian Rupee trades flat in Wednesday’s Asian trading hours.  Possible RBI interventions and lower crude oil prices might support the INR, while firmer USD could limit its upside.  Investors await the HSBC India Services PMI on Wednesday for fresh impetus.  The Indian Rupee (INR) holds steady on Wednesday. Traders remain vigilant for potential interventions from

EUR/USD drops below 1.1050 as the US Dollar performs strongly ahead of the ISM US Manufacturing PMI release for August. The Fed and the ECB are expected to cut interest rates this month. This week, investors will focus on the US NFP data for August. EUR/USD falls back after failing to extend recovery above the immediate resistance

The Japanese Yen edges higher as the government will allocate ¥989 billion to fund energy subsidies. The JPY faced challenges as weak Japanese manufacturing data fueled speculation that the BoJ might postpone further rate hikes. The US Dollar receives support from improving Treasury yields. The Japanese Yen (JPY) ended its four-day losing streak, edging higher

EUR/USD recovers as the chances remain quite high that the Fed might have to make steep cuts to interest rates.  The Euro gains support as interest rates in the Eurozone could stay higher for longer due to persistent wage inflation.  EUR/USD trades marginally higher in the 1.1060s on Monday, as the Euro (EUR) strengthens against the US Dollar

Gold price loses traction in Monday’s Asian session. The stronger USD undermines the yellow metal, while the dovish Fed might cap its downside.  Traders will focus on the US PMI data ahead of the employment report on Friday.  The Gold price (XAU/USD) extends its decline below the $2,500 psychological level on Monday. The firmer Greenback

EUR/USD trimmed to the downside on Friday, extending into a three day down streak. EU inflation brought no surprises, US PCE inflation kept rate bets on balance. Coming up next week: Last US NFP jobs data print before next Fed rate call. EUR/USD tilted further into the red on Friday, extending a downside move into

Gold falls below $2,500 following US PCE report, boosting likelihood of September Fed rate cut. Fed’s cautious policy easing strategy stirs uncertainty; markets favor a 25 bps cut. Traders’ bets on a 25 bps rate cut rise to 69%; odds for a 50 bps reduction fall to 31%, per CME FedWatch Tool. Gold prices tumbled

EUR/USD falls to near 1.1050 as the Eurozone inflation declines in line with estimates. Soft German inflation already boosted hopes of another ECB interest-rate cut in September. US PCE inflation for July rose steadily and remains softer than estimates. EUR/USD edges lower and remains below 1.1100 in Friday’s North American session. The major currency rises as the US Dollar

GBP/USD shows upward bias on daily chart, yet short-term RSI presents mixed signals. Hourly chart reveals bearish trend with the pair below 50, 100, and 200-HMAs; sellers aim for 1.3108 and potentially 1.3100. Additional supports at August 22 low of 1.3076 and August 20 high of 1.3052. Buyers reclaiming 200-HMA at 1.3148 could push recovery