The cable maintained its bullish tone on Monday, reaching a new yearly high just below the psychological barrier of 1.30. However, after a strong advance in the past two weeks, bulls may start to lose traction as they face resistance at the 1.30 level. Daily studies suggest that the market is overbought, and the 14-day
Technical Analysis
The GBP/USD pair is showing signs of strength as it continues to climb above the 1.2900 resistance level. There is a notable bullish trend line forming with support around 1.2910 on the hourly chart. The British Pound managed to break above key levels, such as the 50-hour simple moving average and 1.2900, indicating a bullish
The AUDUSD pair has recently broken above a long-standing sideways pattern, marking a significant bullish development in the market. This breakout has propelled the price to its highest level since January 2024, indicating a strong bullish momentum behind the pair. Resistance Levels and Potential Targets With the pair trading at a six-month high, the next
The surge in silver prices can be attributed to a significant gap between supply and demand, with demand surpassing supply for the fifth consecutive year. The industrial demand for silver has played a crucial role in driving this trend, now accounting for 64% of the global silver demand. This shift in demand dynamics is primarily
The recent performance of the Australian dollar versus the New Zealand dollar has raised concerns among investors and traders following the release of the latest Reserve Bank of New Zealand (RBNZ) monetary policy statement. The AUD/NZD cross pair has experienced significant fluctuations, with the Kiwi being labeled as the worst intraday performer among major currencies.
Looking at the XAU/USD chart, it is evident that the price of gold experienced a significant increase on Friday, July 5th, surpassing the $2390 level for the first time in over a month. This rise was attributed to the release of key US employment data, which hinted at a weakening labor market and subsequently heightened
In recent days, the AUD/USD pair has seen a significant surge, reaching a six-month high of 0.6752. This upward movement is attributed to market expectations that the Reserve Bank of Australia (RBA) may break away from the global trend of lowering interest rates and instead raise them due to mounting inflation pressures. The discussion around
The USD/JPY pair recently reached a new multi-year high at 161.95 before experiencing a downward correction. This move was preceded by a break below a significant bullish trend line with support at 161.50 on the 4-hour chart. Despite this correction, the pair remains above the 100 and 200 simple moving averages, indicating a strong uptrend.
After starting a downside correction from the 0.6735 zone, the Aussie Dollar is now facing a key bullish trend line with support at 0.6700. The pair managed to clear the 0.6680 resistance and move into a positive zone against the US Dollar. However, there was a decline below the 0.6720 level, leading to a correction
The AUD/USD pair has recently reached 0.6676, displaying a “sideways” pattern that indicates a lack of clear directional momentum. This phenomenon can be attributed to the uncertainty surrounding both the US dollar and the Australian dollar’s stances in the market. The US dollar’s weakening can be linked to Federal Reserve Chair Jerome Powell’s cautious approach
GBPCAD has recently bounced back above the 50-day simple moving average (SMA) following a 2% correction in June. This correction led the price below the SMA, towards the upper ascending trendline that has been intact since the fall of 2023. While momentum indicators are showing positivity again, there are hints that the uptrend may be
The UK 100 stock index (cash) has experienced a prolonged downward trend for the sixth consecutive trading day, highlighting the challenges faced by investors. The index has reached a critical support zone of 8,110 just ahead of the impending election day on July 4. This indicates a sense of uncertainty and caution among market participants,