Thu, May 06, 2021 @ 00:44 GMT
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Forex and Cryptocurrency Forecast

First, a review of last week's events: EUR/USD. The last week of April was marked by three events: the Fed meeting, as well as the publication of data on the US and Eurozone GDP. As for the US Fed, the results of its meeting were predictable. The interest rate was left...

Canadian Dollar Rally to Continue after a Strong Week, But Medium Term Strength Uncertain

Canadian Dollar ended last week as the strongest ones on a couple of factors. With some near term resistance taken out, such rally will likely continue for the near term. Swiss Franc ended as the second strongest. While Dollar was pressured for most of the week, it staged a...

CFTC Commitments of Traders – Traders Trimmed Bets on US Dollar

As suggested in the CFTC Commitments of Traders report in the week ended April 27, NET LENGTH of USD index futures dropped -772 contracts to 2 746. Speculative long positions slipped -855 contracts while shorts were down -83 contracts. Concerning European currencies, NET LENGTH in EUR futures added +159...

Sunset Market Commentary

Markets Trees don’t grow to the sky and even sustained markets trends at some point need a breather/correction. ‘Reculer pour mieux sauter.’ Probably that‘s what happened today, concluding a month with sustained trend moves in equities, commodities and a protracted USD correction. Today’s (EMU) data also didn’t have the same...

EUR/GBP Outlook: Sterling Slips as BoE’s is Unlikely to Signal any Change in the Policy Next Week’s

The cross rose on Friday as the pound was sold against its major counterparts on fading risk mode and traders awaiting BoE’s policy meeting next week. The British central bank is unlikely to sign is unlikely to signal any tapering of its Quantitative Easing Program until the extent of economic...

European Stocks Advance Amid Strong Earnings And Not As Bad As Feared EZ GDP

After a strong hand over from Wall Street, European stocks are pushing higher on Friday. Bourses are extending gains boosted by broadly upbeat corporate earnings and better-than-expected Eurozone GDP data. The Eurozone economy contracted again in Q1 due to extended lockdown restrictions, which pushed the bloc into a second technical...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2123 Prev Close: 1.2119 % chg. over the last day: -0.03% The EUR/USD currency pair traded quietly on Thursday. The trend remains bullish, but there is a divergence on the MACD indicator, which is the first sign of a corrective movement. It...

GBP/USD Outlook: Thursday’s Shooting Star And Stronger Dollar Weigh On Sterling

Cable accelerated lower in early Friday, driven by fading risk appetite and a stronger dollar. Five-day rally 1.3823 (Apr 22 trough) showed signs of stall and Thursday’s action formed a shooting star candle, while today’s weakness added to signals of reversal on the daily chart. Narrowing daily cloud twists next Tuesday...

GBP/JPY Breakout Occurs

The British Pound has declined by 85 pips or 0.56% against the Japanese Yen since yesterday's trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Friday. Given that a breakout has occurred, bearish traders are likely to continue to pressure...

GBPJPY Pulling Back

The British pound is starting to pull back against the Japanese yen, following a recent rally towards the 152.50 resistance zone. GBPJPY short-term bulls may now be looking to buy into the latest pullback around the 151.40 to 151.20 technical support region. Overall, a recent breakout from a large...

GBP/USD Uptrend Continues If The Price Stays Above The POC

The GBP/USD moved exactly as described in yesterday’s analysis and we should see the bounce off the POC zone to the upside. 1.3880 zone is where we could expect a bounce. D L5, 61.8 and trend line is making a confluence between various price points and there could be a...

Sterling Investors Are Gradually Turning Attention To The Bank Of England Next Week

Markets US data, be it jobless claims, Q1 GDP, personal consumption, core PCE or pending home sales, were (very) strong across the board yesterday. It highlights the strong US recovery as its economy emerges from the lockdowns. US yields at some point rose almost 8 bps (10y) before paring some...

GBP/USD Trades Sideways

The British Pound traded sideways against the US Dollar on Thursday. The GBP/USD currency pair made about 35 pips or 0.25% move during Thursday's trading session. The exchange rate could continue to trade sideways through the following trading session. A bounce from a support level formed by the 55– hour...

Market Morning Briefing: Pound Has Been Rising Slowly

STOCKS Dow continues to remain mixed and continues to oscillate around 34000. It has to get a strong follow-through rise from here to avoid a fall below 33500. DAX has dipped below 15200 and can come under pressure if it falls below 15000. Nikkei has dipped below 29000 and can...

Sunset Market Commentary

Markets The EU 10y swap rate pierced through 0.11% resistance. For good this time it seems, after the Fed-triggered swoon in US yields prevented a break yesterday. This move to new recovery highs paves the way to more important resistance in the 0.21%/0.24% resistance zone where a trio technical levels...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2088 Prev Close: 1.2125 % chg. over the last day: +0.30% The sellers could not hold the 1.2088 resistance level, which was impulsively broken by the FOMC news. The uptrend remains bullish. The price is above the moving average, and the growing...

GBP/USD: Two-Way Trading As The Double POC Is Formed

The GBP/USD has formed two important zones and we might see moves in both directions. Long trades could show up around 1.3865-85. A rejection from the zone targets 1.4020. However, there is a lot of confluence within the upper POC zone. D H5 followed by the ATR projection high and...

GBPUSD Watching 1.4010

The British pound is looking increasingly bullish against the US dollar currency as the pair continue to rally above the 1.3900 level. The GBPUSD pair is edging closer to the neckline of a large inverted head and shoulders pattern, around the 1.4010 level. According to the size of the...

GBP/JPY Bullish Run To Continue

The British Pound edged higher by 51 pips or 0.34% against the Japanese Yen on Wednesday. The currency pair breached the weekly R1 at 151.41 during Wednesday's trading session. All things being equal, the exchange rate is likely to continue the bullish run during the following trading session. The possible...

GBP/USD Could Pullback

Upside risks dominated the British Pound against the US Dollar on Wednesday. The GBP/USD currency pair surged by 88 pips or 0.64% during Wednesday's trading session. The exchange rate is likely to continue to trend bullish during the following trading session. The potential target for buyers will be near the...

GBPJPY Survives Within Bullish Pipeline

GBPJPY has been in the green over the past five days, gradually crawling towards the 151.00 area since the bounce near the bottom of a long-term channel, which went back into action in March. The RSI has resumed its upward direction above its 50 neutral level, though the MACD has...

Daily Technical Analysis

EUR/USD Current level - 1.2126 After a short-term correction, the euro continued to strengthen its positions against the dollar, managing to close yesterday's trading session in the green after initially breaching the important resistance at 1.2113. It is expected for the uptrend to continue, but a test of the mentioned level...

GBPJPY Bullish Above 151.00

The British pound is looking increasingly bullish against the Japanese yen, following a technical breakout above the 151.00 level yesterday. GBPJPY bulls have staged a bullish breakout above the triangle pattern after moving above the 151.00 resistance level. GBPJPY traders should also note that the Parabolic SAR indicator on...

Ethereum Forms A Bearish Rising Wedge Pattern After FOMC Decision

US futures rallied after the strong earnings by companies like Apple and Facebook. In a report, Apple said that its profit rose to more than $23.6 billion in the first quarter while its revenue rose to $89.6 billion. It also announced a 7% increase in its dividend and increased...

Market Morning Briefing: Euro Rose Sharply Above 1.21 As The Dollar Weakened After The FED Policy Statement

STOCKS Equities continue to trade mixed. Dow seems to be turning around gradually. The level of 33500 is very crucial to watch if it fails to rise past 34000 from here. DAX remains stable and mixed above 15200. The chances of seeing 15500-15700 on the upside is still alive before...

Sunset Market Commentary

Markets The looming Fed meeting tonight keeps markets sidelined for the time being. In all fairness, there wasn’t much else to guide trading in the run-up to Powell’s second policy meeting of the year anyway. The economic calendar only starts heating up from tomorrow onwards. Details on US president Biden’s...

GBPJPY Tiptoes on 200-MA; Negative Pressures Hinder Improvements

GBPJPY has nudged above the 200-period simple moving average (SMA) around 150.93; however positive momentum appears to be frail and currently incapable of lifting the price much higher. No definitive price direction is being conveyed through the SMAs, yet the 50-period SMA is ready to positively overstep the 100-period...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2084 Prev Close: 1.2091 % chg. over the last day: +0.05% On Tuesday, the EUR/USD currency pair was trading in a relatively narrow range. Sellers are actively defending the level of 1.2088, but taking into account the fact that the price broke...

GBP/USD Pair Broke The 1.3900 Support Level And Is Showing Bearish Signs

The British Pound attempted an upside break above the 1.3925 resistance against the US Dollar, but it failed. The GBP/USD pair traded as high as 1.3923 before it started a fresh decline. There was a break below the 1.3900 support level and the 50 hourly simple moving average. The pair...

GBPUSD 1.3750 Extended Support

The British pound is struggling to break above the 1.3900 level against the US dollar as the greenback starts to gain strength across-the-board during the European session. The GBPUSD pair still appears to be carving out a large inverted head and shoulders pattern. Any dips under the 1.3870 level...