The GBPUSD retraced Wednesday’s decline yesterday and in doing so move back up toward the 100/200 hour moving averages (blue and green lines in the chart above). Recall on both Tuesday and Wednesday, the price tested the 200 hour moving average before falling below that level on Wednesday and racing to the downside. The subsequent
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Oil prices were roughly unchanged on Friday, clinging to gains made in the previous session on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia. U.S. West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel at 0112 GMT, while
EUR/USD reverses pullback from a six-week-old resistance line. Sustained trading beyond 200-SMA, firmer RSI hints at further recovery. The previous support from mid-May also challenges bulls, 1.0460 appears a tough nut to crack for bears. EUR/USD picks up bids to consolidate Friday’s losses as buyers eye another battle with the short-term key resistance line. That
Both the GBPUSD and USDCHF moved in the strong dollar direction after the US jobs report, but both have retraced back to near converged 100/200 hour moving averages. However, traders leaned against the converge moving averages and have pushed the prices back away. Looking at the GBPUSD, the 100 and 200 hour moving averages come
The price of WTI crude oil futures are settling at $118.87. That’s up $2 or 1.71%. The high price today reached $119.42. The low price extended to $115.23. One week ago today, the price closed at $115.07. That puts the gain for the week at $3.80 or 3.3%. The high for the week reached $119.98
Gold prices inched up marginally to a month’s high on Friday, thanks to a muted US dollar that has added to the sheen of the yellow metal. Bullion was on track for the third straight weekly gain. Gold prices advanced amid a retreat in the dollar index and disappointing macroeconomic data from the US, said
The USD/CHF bounces off weekly lows and is back above 0.9600. Risk appetite remains dampened, US equities tumble, and the greenback rise, underpinned by elevated US Treasury yields. USD/CHF Price Forecast: The major is upward biased, though a daily close above 0.9660 would exacerbate a rally towards the 20-DMA. On the week’s last trading day,
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The GBPUSD has seen down, up and now back down price action since the US jobs report. The price initially moved to the downside falling to a low of 1.25197 shortly after release of the jobs report. That took the price below a swing level at 1.2524, but only briefly before bouncing back to the
MON: Chinese Services PMI Final (May). TUE: RBA Announcement; EZ Sentix (Jun); EIA STEO. WED: RBI Announcement; NBP Announcement; Japanese GDP Final (Q1); EZ Employment Final (Q1) and GDP (Q1 Revisions). THU: ECB Announcement; Chinese Trade Balance (May). FRI: CBR Announcement; Chinese Inflation (May); Norwegian CPI (May); US CPI (May); Canadian Labor Market Report (May);
Steel prices in the domestic market have fallen by almost a tenth in the two weeks since the Centre levied export duty on the alloy, a trend underscored by the seasonal slowdown in demand. Prices of domestic benchmark hot-rolled coil (HRC) steel at the traders’ end have slipped by about 8% or ₹5,500 to about
It’s another poor week for Yen following the rally in benchmark treasury yields in US and Europe. It should be noted again that BoJ has a 0.25% cap on 10-year JGB yield, and thus, gaps are widening. Sterling was a distant second weakest, on risks of stagflation while Swiss Franc also softened. Canadian Dollar was
The EUR/USD is set to finish the week almost flat, though with a minimal loss, Risk-aversion boosted the appetite for the greenback, though it weighed on the EUR/USD. EUR/USD Price Forecast: To consolidate in the 1.0627-1.0787 range, but downside risks remain. The EUR/USD edges lower as the New York session winds down, trimming some of
Solana’s (SOL) price dropped on June 3, bringing its net paper losses down to 85% seven months after topping out above $260. SOL price fell by more than 6.5% intraday to $35.68, after failing to rebound with conviction from 10-month lows. Now sitting on a historically significant support level, the SOL/USD pair could see an
With the UK still on holiday, the other major European indices are closing lower. A look at the closing levels shows: German DAX, -25.10 points or -0.17% at 14460.08 France’s CAC -15.14 points or -0.23% at 6485.31 Spain’s Ibex -19.3 points or -0.22% at 8724.81 Italy’s FTSE MIB -259.84 points or -1.06% at 24166 Looking