The AUD/USD currency pair is currently consolidating gains near the 0.6620 zone after experiencing a downside correction from 0.6640 against the US Dollar. The pair managed to clear the 0.6580 resistance and move into a positive zone, with a close above the 0.6600 resistance and the 50-hour simple moving average. However, the pair faced resistance
Technical Analysis
The gold price has surged to nearly $2,460 today, a significant increase from the $2,385 level observed on the 8th of August. This rapid rise of approximately 3.3% in just over three trading sessions has brought the price per ounce close to the psychological barrier of $2,500. The bullish sentiment in the market is primarily
Following five consecutive days of gains, Brent crude oil prices are now in a consolidation phase, with a slight retreat to 81.80 USD per barrel. The market sentiment has been influenced by OPEC’s downward revisions of its demand forecasts for 2024 and 2025. These revisions are a response to weaker economic data coming out of
The New Zealand dollar is currently on the rise against the US dollar, with the NZD/USD pair reaching 0.6014 as of Monday. Market analysts are gearing up for the upcoming Reserve Bank of New Zealand (RBNZ) meeting, with expectations that the official cash rate will remain at 5.5% for the ninth consecutive time. This decision
China’s lacklustre core consumer inflation growth for July indicates that the current pace of piecemeal stimulus measures is not enough to eliminate deflationary pressures. The “non-abating” deflationary risk scenario has pushed the 10-year China sovereign bond yield to a record low of 2.12% on Monday, 05 August. This suggests that more substantial measures may be
Gold prices are on the rise once again, continuing a recovery that has lasted for the past three days. This recent surge can be attributed to the growing speculation that the Federal Reserve will increase interest rates by 50 basis points in September. The market is reacting to weak US economic data, hinting at a
Gold prices have been on a rollercoaster ride over the past week, with significant fluctuations in a short period of time. This extreme volatility can be attributed to various factors influencing the market sentiment towards the precious metal. From a technical perspective, gold managed to bounce back after touching its 50-day moving average, indicating some
The recent release of the Bank of Japan’s summary of opinions has sparked discussions among market participants. The bearish comments from BoJ policymakers have raised concerns about the future trajectory of the Yen. However, Deputy Governor Shinichi Uchida’s efforts to soften Governor Ueda’s aggressive remarks have helped stabilize the markets. The BoJ’s projection of reaching
The recent comments from the Bank of Japan’s deputy governor have had a significant impact on the USDJPY movement. The currency pair jumped more than 2% after the comments, which reduced the chances of further policy tightening in the near future. The central bank’s stance on not raising interest rates when markets are unstable brought
The Japan 225 stock index has recently experienced a significant downturn, dropping by 21% to a 10-month low of 30,361. This decline has been attributed to recession fears in the US and a bullish cycle of the yen. From a technical perspective, the index has fallen below its 200-day simple moving average, marking its sharpest
The short term Elliott Wave view in Oil (CL) indicates that the cycle from the 4.12.2024 high is currently in progress as a 5 waves impulse Elliott Wave structure. This suggests that there are clearly defined waves that are driving the movement in the commodity market. Breaking down the wave structure further, we can see
The gold price has been steadily increasing, surpassing the $2,440 resistance level. A key bullish trend line has formed with support near $2,440, indicating a positive uptrend. The price found support near $2,320 and has seen a strong uptrend above $2,400. However, there is a risk of a downside break if the price falls below