GBP/USD is up slightly to 1.3730 to start European trading Invest in yourself. See our forex education hub. Things were looking ugly for cable at the start of the week but they are turning around now, after support near the 4 February low @ 1.3566 held. The low yesterday touched 1.3572 but it was enough
Technical Analysis
The 200 hour MA is stalling the rise The NZDUSD – like the USDCHF – is trading between the 100 hour MA below at 0.69559 and the 200 hour MA above at 0.69737. The current price is at 0.6965. Trading above the 100 hour moving average tilted the bias little more to the upside, but holding under the
Commodity currencies lag on the day The dollar is holding slight gains now as it advances to a session high against the major currencies bloc. Overall ranges for some pairs are still light but we are seeing them stretched out a little going into European morning trade. EUR/USD is down 0.1% to 1.1763 while GBP/USD
The USDCAD is moving away from the floor near 1.2730. In an earlier post, I commented on the 1.2730 floor level that was developing in the USDCAD chart. That level was a corrective floor yesterday and also stalled declines during the Asian and North American session today. The price has subsequently broken below that level and stay below the level. The momentum is increasing
It is not a good look on the charts to say the least Cable is down to a low of 1.3650 to start European trading as the dollar holds firmer once again but the technical significance of the drop is starting to reveal itself. The pair now is breaching the double-bottom from the March and
Price runs above the 200 day MA today Today, the USDCAD cracked above its 200 day moving average for the first time since July 21, 2020. That is two day’s short of the one year ago. The 200 day moving average comes in at 1.2626. The current price is trading at 1.2765. The break was met with
GBP/USD falls to 1.3805, keeps more sluggish to start the day The pair hit a high of 1.3898 yesterday after more hawkish remarks by BOE policymaker, Michael Saunders. In case you missed it, you can check them out here. Invest in yourself. See our forex education hub. There was a bit of a pullback after
NZD/USD holds above 0.7000, trades near the highs at 0.7025 Growing expectations of a RBNZ rate hike next month is fueling a move higher in the kiwi, with NZD/USD up 0.6% today to 0.7025 currently. The pair is once again looking to try and hold a break above 0.7000 but after the failure to hold
Only one thing can explain the broad market moves this month If you start with the assumption that the pandemic doesn’t matter to markets — and it hasn’t for a year — then the broad price action and macro picture doesn’t make sense. Talk of a Fed policy error or bottleneck problems or anything else
BOE Saunders says ending QE is a possibility in the forthcoming meetings and that rate hikes could follow next year That has seen cable come to life in a move from 1.3840 to a session high of 1.3884 as buyers also push for a move above the 100-hour moving average (red line): BOE policymakers have
The dollar is picking up some momentum ahead of North American trading Fresh lows for commodity currencies, in particular the antipodeans as the dollar is seeing a bid going into US trading today. AUD/USD is down to a low of 0.7447 as price continues to back away from a test of the 200-hour moving average
Oil keeps lower for now, down 0.8% to $72.50 One can call it a delayed reaction to the OPEC+ compromise news, but I would argue this is more of a case of a technical exhaustion and buyers taking profits for now. The UAE and Saudi Arabia reached a compromise yesterday, seeing price fall from $75.00
The 200 hour MA stalls the fall. BOC decision at 10 AM The USDCAD has moved down (with the overall dollar selling) and has reached the 200 hour MA at 1.24512. The 50% of the move up from the July 6 low comes in at 1.24458 just below that level. Traders have stuck a toe
AUD/NZD falls below key trendline support, looks towards 1.0600 next Invest in yourself. See our forex education hub. The pair is trading pretty much a classic case of policy divergence, as the RBNZ tilts more hawkishly while the RBA is still biding its time while maintaining a more dovish stance at its latest policy meeting
EUR/USD a little lower to 1.1845-50 but holds above key near-term levels Invest in yourself. See our forex education hub. The range for the day is stretching a little but the overall move is still relatively light, all things considered. The pair is seen on the retreat from 1.1875 to a low of 1.1842, testing
The risk mood is more tepid in European morning trade European indices are a bit mixed, a little lower to start the new week, with US futures also trailing slightly after the solid bounce on Friday. That is not giving market participants much to work with, as Treasury yields are also slipping a little down
GBP/USD down 50 pips to 1.3849 currently Invest in yourself. See our forex education hub. The pair had a great showing on Friday, erasing the week’s losses altogether in a push to the week’s high of 1.3900 at the time. The opening levels today stuck there but there has been a steady retreat since –
USD/CAD pushes for more gains after yesterday’s turnaround Invest in yourself. See our forex education hub. The turnaround and further retracement in oil prices yesterday helped to flip the loonie on its head, as USD/CAD went from being lower in European trading to pushing back towards 1.2500 in North American trading. The pair closed below