The EUR/JPY currency pair is tossing in between profit and losses on Friday within a trading range of 115.450 – 116.410. Bullish crossover of 116.410 may lead the EUR/JPY pair towards 116.880 today. The demand for safe-haven assets such as JPY increased after Trump said that he was prepared to end its ties with China […]
Read MoreGBP/USD produced a hammer after being bearish on the daily chart for several days. The price has been heading towards the South upon producing a double top on the daily chart. Thus, the sellers keep driving the price towards the South. The H1 chart today has been bearish from the very outset. It has made […]
Read MoreThe AUD/USD pair was closed at 0.64611 after placing a high of 0.64687 and a low of 0.64032. Overall the movement of pair remained bullish throughout the day. The AUD/USD pair fell in the beginning sessions but started to post gains after falling for the previous three days and ended its day with a bullish […]
Read MoreOn Friday, U.S. President Donald Trump said that a strong U.S. dollar would be very helpful in the recovery phase after coronavirus. Furthermore, the pair failed to benefit from German’s better than expected Inflation data from April. Investors were more concerned about the Eurozone’s largest economy, whose inflation was continuously falling below from the ECB’s […]
Read MoreCAD/JPY produced a bullish engulfing candle upon having a bearish correction on the daily chart. The chart produced the candle at a level where the price found its support earlier as well. Thus, the daily buyers, as well as intraday buyers, are going to keep their eyes on the pair to go long. The H4 […]
Read MoreThe WTI crude oil prices looking directionless despite decreasing the U.S. inventory report. The crude oil prices were mostly unchanged on the day near the $25.40. However, a bullish breakout of $27 level leads the oil prices towards the next resistance level of 27.82. The Commodity Futures Trading Commission warned that the odds of extra […]
Read MoreThe AUD/USD currency pair failed to stop its previous 4-session losing streak and dropped just below mid-0.6400s, mainly due to the risk-off market sentiment, which keeps the risker assets, including Aussie dollar under pressure. The broad-based U.S. dollar strength also weighed on the currency pair and contributed to the currency pair earlier declines. The AUD/USD […]
Read MoreThe dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April […]
Read MoreGBP/USD has been bearish on the daily chart since 1st May. The price had a rejection at a double top resistance and breached the neckline. Thus, the sellers are going to keep their eyes on the pair to go short in the daily chart. Major intraday charts such as the H4 and the H1 look […]
Read MoreGold prices were closed at 1702.04 after placing a high of 1710.96 and a low of 1693.74. Overall the movement of gold remained slightly bullish throughout the day. Gold prices rose and returned to the level of 1700 on Tuesday amid the fall of US CPI in April; however, it remained range-bound as the market ignored the CPI results in later sessions. At 15:00 GMT, the NFIB Small Business Index for April exceeded the expectations of 86.7 and came in as 90.9 and supported the US dollar. At 17:30 GMT, the CPI for April was declined by 0.8% against the forecasted decline by 0.7% and weighed onus dollar. The closely watched Core CPI also declined in April to -0.4% against the forecasted -0.2% and weighed on the US dollar. At 23:00 GMT, the Federal Budget Balance from the US showed a deficit of -737.9B against the forecasted -729.7BB and supported the US dollar. Another reason for the Gold surge was the renewed call for negative interest rates by Trump on Tuesday. In his tweet, Donald Trump said that the US should accept the gift of negative interest rates. He renewed his calls for the Federal Reserve to push rates further down. Federal Reserve lowered its rates near zero to reduce the economic destruction caused by the coronavirus pandemic. Bank has said that it would use other tools to aid US markets and the economy instead of reducing rates to negative territory. Fig 1 – XAUUSD 120 min Chart XAUSD –
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