The US dollar index has hit a crucial level near the support trendline at 104.00. While this could potentially mark the beginning of a new bullish phase, the technical signals are mixed and uncertain. The stochastic oscillator is hovering near oversold territory, but the RSI remains below the neutral mark of 50. Additionally, the MACD
Technical Analysis
Gold prices have recently surged to 2368 USD per troy ounce, marking the second consecutive session of upward momentum. This increase can be attributed to market expectations adjusting to the likelihood of future interest rate cuts by the Federal Reserve. Recent employment data, particularly from ADP, indicated a slower-than-expected growth in private-sector jobs in the
The technical blog provides an analysis of the past performance of the 1-hour Elliott Wave Charts of GBPAUD. It highlights a trading opportunity that arose from a corrective sequence in the rally from the 09 May 2024 low. The blog emphasizes the importance of identifying key areas for potential buying opportunities rather than selling. The
The recent publication of PMI Manufacturing indices for various countries has had a significant impact on the forex market. Particularly, the news was disappointing for the US, as the actual PMI values fell short of expectations. This led to a weakening of the US dollar, as the lackluster manufacturing activity data fueled speculations about potential
The recent OPEC+ meeting held over the weekend had minimal impact on the price of crude oil, with WTI oil opening at $76.72 per barrel on Monday, only slightly higher than the closing price of $76.57 on Friday. This indicates a lack of clear direction resulting from the decisions made by oil producers. On one
The EURCHF market has seen significant movement recently, hitting a 14-month high before experiencing a sharp decline towards the 50-day SMA. This market volatility has presented challenges for traders looking to capitalize on the fluctuations in the exchange rate. The momentum indicators for EURCHF have turned bearish, signaling a shift in market sentiment. This change
As the US Dollar saw a significant increase above the 154.50 resistance against the Japanese Yen, the pair traded towards 158.00 before facing a correction. Currently, the USD/JPY pair is holding above the 156.00 zone, supported by a major bullish trend line on the 4-hour chart. This trend line, in conjunction with the 100 simple
The commodity market has been facing challenges in maintaining its upward momentum, especially with recent sell-offs happening frequently. One of the major factors affecting the market is the fluctuation in interest rates and the value of the US dollar. The price of Brent crude oil, for example, fell to 83.60 USD per barrel on Thursday
The Euro experienced a significant drop on Wednesday, marking a 0.5% loss, the largest daily decline since April 30th. This downward movement was driven by a wave of risk aversion in the market. Despite this sharp fall, the currency found support in the strong range of 1.0790/80, which includes the top of the thick daily
The recent release of Australian economic data has shown an increase in the consumer price index (CPI) to 3.6% year-on-year in April, up from 3.5% in March. This uptick in inflation has led to questions about the Reserve Bank of Australia’s (RBA) future interest rate decisions. However, it is unlikely that this slight increase will
Gold prices have been steadily climbing, reaching 2351.00 USD per troy ounce on Tuesday. This surge in gold prices can be attributed to a weakening US dollar and anticipation of crucial US inflation data set to be released later in the week. Investors are closely monitoring the situation, with the upcoming data likely to shed
The recent rise in the price of WTI crude oil by approximately 1% on Monday has been attributed to several key factors. One of them is the upcoming OPEC+ meeting scheduled for 2 June. Additionally, there are expectations of high fuel demand with the start of the summer driving season and holiday season in the