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
Technical Analysis
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,
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
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