Credit Suisse discusses EUR/USD technical outlook and maintains a bearish bias in the near-term. “EURUSD has begun the week undergoing a concerted attempt to remove key support from the 78.6% retracement of the 2000/2008 bull trend at .9900 as energy supply pressures in Europe deteriorate further. We maintain our core bearish outlook and we look
Gold rose by Rs 107 to Rs 51,092 per 10 gram in the national capital on Tuesday amid depreciation in the rupee, according to HDFC Securities. In the previous trade, the yellow metal had settled at Rs 50,985 per 10 gram. Silver also jumped by Rs 563 to Rs 54,639 per kg. The rupee depreciated
Yen’s selloff is the main theme today with USD/JPY hitting the highest level in 24 years, above 140 handle. Australian Dollar quickly turns softer after RBA delivered an expected rate hike. On the other hand, Sterling is getting a lift after Liz Truss is set to become the next UK Prime Minister while Euro remains
GBP/USD trimmed earlier gains nearby the 1.1600 figure on positive US economic data. The US services sector improved while price pressures continued to ease. Kwasi Kwarteng, the so-called new Chancellor in the UK: “Truss government would not blow a hole in public finances.” The GBP/USD tumbled toward its opening price after the US ISM Non-Manufacturing
Bitcoin (BTC) traded in an increasingly narrow range on Sept. 6 as bets piled in over an imminent breakout. Binance futures giant sucks in spent BTC Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying under $20,000 for a fourth straight day with bulls failing to crack resistance. As many wondered when and how
The United States is moving toward higher interest rates at a greater level and speed than the lower Japanese interest rates, which is making dollar-denominated assets more appealing for investors. As a result, the Japanese yen has been falling in comparison to the United States dollar. But a pure technical analysis should not care. A
It looks like buyers are making a play and solidifying that break above 140.00. There is plenty of upside room to roam for the pair with the next key resistance region being closer to the psychological level near 145.00. As much as Japanese officials are trying to jawbone to slow down the pace of the
Gold prices rose on Tuesday, buoyed by a pullback in the dollar and safe-haven buying due to economic slowdown concerns, though prospects of aggressive rate hikes capped further gains. FUNDAMENTALS * Spot gold rose 0.5% to $1,718.21 per ounce, as of 0120 GMT. * U.S. gold futures gained 0.5% to $1,731.30. * The dollar index
Australian Dollar is trading mixed, slightly to the soft side, after RBA’s expected 50bps rate hike. There is basically no surprise out of the statement. Dollar is paring back some of recent gains while Yen is also soft. On the other hand, Sterling is leading Euro for a rebound while Canadian Dollar is also a
AUD/USD has recovered from 0.6790 on the 50 bps rate hike announcement by the RBA. A fourth consecutive half-a-percent rate hike has pushed the OCR to 2.35%. The DXY is expected to remain volatile ahead of US ISM Service PMI data. The AUD/USD pair has recovered sharply after slipping below the critical support of 0.6800.
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My colleague Greg Michalowski has the day off for the US Labor Day holiday today but he produced a great video outlining the technical levels in play this week. I expect markets to quiet from here with OPEC and the UK PM selection wrapped up so it’s a good time to have a look at
There’s a fundamental tension in the oil market. Governments and consumers got used to the idea of $60 oil. To them, it feels like the ‘right’ price of oil. But oil companies and oil-dependent countries can’t prosper (and in many cases survive) with $60 oil. That’s a mismatch that will need to be resolved and
FRANKFURT, Germany – OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day cut for the first time in more than a year, underlining their unhappiness with crude prices that have sagged because of recession fears. The decision Monday by energy ministers means the cut for
Euro remains the worst performer for the day so far, as weighed down by the news that Russia’s state-controlled Gazprom would stop gas delivery via the Nord Stream 1 due to a fault. Yet, the common currency is not giving up yet, as losses are relatively limited. Dollar is the strongest one, followed by Swiss
Is the U.S. economy showing no signs of a recession or hurtling inescapably towards one? Is it in fact already in one? More than a month after the country recorded two successive quarters of economic contraction, it still depends who you ask. Steve Hanke, professor of applied economics at Johns Hopkins University, believes the U.S.
Russia will not be supplying natural gas to Germany until further notice. Can Germany close the natural gas gap? Strategists at Commerzbank try to give an answer. Rationing threatens in winter “In the best-case scenario (the 80 TWh gas gap) and a mild winter, supply could just about be met through conservation and stock withdrawals,