The upcoming Bank of Japan (BoJ) meeting is creating a buzz in the financial markets as speculations are rife about a potential rate hike. The BoJ is anticipated to unveil a strategy to halve its bond purchases in the coming years, a move that could have significant repercussions on the global economy. The decision, scheduled
Technical Analysis
As the week kicks off, USDJPY is facing a challenging battle to overcome the 20-period Simple Moving Average (SMA). Despite some positive momentum in the near-term, the bulls are finding it difficult to secure the upper hand in the 4-hour chart. Both the stochastics and RSI have shown signs of reversal to the upside, but
The AUD/USD pair is currently on the rise, inching towards 0.6552 on Monday. This comes after the Australian dollar recently hit a 12-week low, experiencing a more than 3% drop in the past two weeks due to a global sell-off in risky assets and weak reports from China. Investors are eagerly awaiting the Australian inflation
EUR/USD recently saw a correction from the 1.0950 level against the US Dollar. The pair dipped below 1.0900 before finding support near 1.0825. On the 4-hour chart, EUR/USD managed to remain above the 200 simple moving average which was a positive sign for the bulls. After hitting a low at 1.0825, the pair started to
GBPJPY recently experienced a pullback from its 16-year peak of 208.10, marking its lowest level since May 16. The pair has been on an uptrend since early 2024, hitting a high on July 11. However, the price has since violated both the supportive trendline from January and the 50-day SMA. This indicates a potential downward
The USD/JPY pair experienced a significant decline, dropping below key support levels before finding some relief near the 152.00 mark. A major bearish trend line is being formed with resistance at 155.50 on the 4-hour chart. The pair broke through the 156.50 support level, signaling a move into a bearish zone. It further dropped below
The GBP/USD currency pair is currently experiencing a decline, mainly due to the speculation of a Bank of England (BoE) rate cut and concerns about global growth. Market participants are actively pricing in a 53% chance of rate cuts in August, with economists predicting an even higher probability of 80% for a rate cut. This
The Brent crude oil market has been nothing short of volatile in recent days, with prices plunging to 81.14 USD per barrel. This significant decline, which has persisted over five consecutive sessions, can be attributed to a myriad of factors, including the sharp decrease in US oil inventories. The data released by the API revealed
The EUR/USD pair has been struggling to clear the 1.0950 resistance level, showing signs of weakness against the US Dollar. The pair recently broke below the key support level at 1.0900, indicating a bearish sentiment in the market. Currently, there is a major bearish trend line forming with resistance at 1.0870 on the hourly chart,
When looking at market breadth indicators for the Nasdaq 100 CFD, it is evident that there has been an increase in the percentage of component stocks above their 20-day and 50-day moving averages. This indicates a positive trend in the market, with both indicators sitting above the 50% mark. This is a good sign for
In recent weeks, the dollar index has experienced some fluctuations, with short-term profit-taking by sellers before potentially entering a new downward trend. This pressure on the US dollar has been attributed to indications from the Fed regarding progress in reducing inflation. The market response to the Fed’s signals has been significant, with a substantial increase
The NZD/USD pair has been experiencing a notable downturn, currently trading around 0.5996. This decline is influenced by a variety of factors, including global political developments and domestic monetary policy expectations. The recent announcement by US President Joe Biden that he will not seek re-election in 2024 unexpectedly strengthened the US dollar. Biden’s backing of