Recent reports from Reuters suggest that Marine Le Pen’s far-right party, the National Rally (RN), emerged victorious in the first round of parliamentary elections in France. The victory of a right-wing party like the RN has caused ripples in the financial market, particularly affecting the euro’s exchange rate against other major currencies. Upon closer examination
Technical Analysis
The EUR/USD pair has initiated a recovery wave above the 1.0710 resistance level. This recovery wave has prompted the pair to move into a short-term positive zone. One significant development is the clearing of a major bearish trend line with resistance at 1.0725. Furthermore, there has been a move above the 38.2% Fib retracement level,
The GBP/USD pair has experienced a decline below the key support zone of 1.2670, signaling a bearish trend for the British Pound. On the hourly chart, a bearish trend line is forming with resistance at 1.2640. The pair started its downward move from the 1.2700 resistance level and broke below the 50-hour simple moving average.
The USD/JPY pair has recently surged to 160.34, levels not seen since 1986, as market participants increasingly anticipate potential interventions from Japanese authorities. Despite verbal assurances from Finance Minister Shunichi Suzuki, the Japanese government has yet to take concrete financial measures, leaving the yen exposed and vulnerable. One of the significant factors contributing to the
The recent surge in crude oil prices has been a notable event in the market. The price of crude oil managed to break through the $80.00 resistance zone, signaling a potential upward trend. However, the resistance at $82.50 posed a challenge for further gains. The formation of a key expanding triangle on the 4-hour chart
The short term Elliott Wave analysis for XAGUSD (Silver) suggests that the cycle from the 5.20.2024 high is still in progress, forming a double three structure. The downward movement from the high on 5.20.2024 saw wave ((a)) ending at 30.03 and wave ((b)) rallying to 32.29. Following this, wave ((c)) moved lower, ending at 29.36
The GBPJPY pair has been on an uptrend, reaching a high of approximately 202.50, the highest level since 2007. The Daily Relative Strength Index (RSI) indicates ongoing bullish momentum, but nearing overbought territory could suggest a potential correction. The Moving Average Convergence Divergence (MACD) also shows bullish momentum with rising green bars, although it may
The yen’s recent depreciation against the US dollar has raised concern among Japanese officials, leading to a potential intervention by the Bank of Japan. This weakening trend was last observed in late April when the yen traded above 160 yen per USD. The volatility in the currency market has prompted warnings against excessive fluctuations, signaling
The EUR/USD failed to break through the 1.0765 resistance level and subsequently experienced a decline. The pair is now trading below the 1.0720 support level, as well as the 100 simple moving average and the 200 simple moving average on the 4-hour chart. Currently, it is consolidating near the 1.0670 support zone. A major bearish
In the world of trading, understanding the technical analysis of gold prices is crucial for making informed decisions. Gold prices recently experienced a decent increase above the $2,335 resistance level, showcasing a bullish momentum. On the hourly chart of Gold at FXOpen, a connecting bullish trend line is forming with support near $2,345, indicating a
In recent trading sessions, the USD/JPY pair has shown strength as it cleared the key resistance level at 158.20. Looking at the 4-hour chart, we can see the formation of a major bullish trend line with support at 158.20. The pair has also managed to rise above both the 100 and 200 simple moving averages
As geopolitical tensions continue to escalate in both the Middle East and Asia, investors are turning to safe-haven assets such as gold and silver. The recent news of a potential conflict on the northern border between Lebanon and Israel has sparked renewed demand for these precious metals. The implications of a wider conflict could have