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Japanese Yen Gains After The Bank Of Japan Rate Decision

The price of crude oil declined in overnight trading after a sudden increase in US oil inventories. According to the American Petroleum Institute (API), the number of inventories increased by more than 2.5 million barrels last week. That was higher than the expected drawdown of more than 300k barrels....

Market Morning Briefing: Pound Has Been Steadily Rising Towards 1.37

STOCKS Equities are regaining momentum as the sentiment is getting a boost as Biden has sworn in as the new US President. Dow, Sensex and Nifty are looking bullish. Dow can test 31500. Nifty can move up to 14800-15000 while the Sensex can target 50300-51000. DAX and Nikkei can consolidate...

British Pound At Key Levels After Higher Inflation And Higher Daily Coronavirus Deaths: GBP/USD, GBP/JPY, GBP/NZD, EUR/GBP

Inflation data released earlier was stronger than expected, as the headline inflation rate was 0.3% vs 0.2% expected (MoM). In addition, the core inflation rate moved to 0.3% vs 0.1% expected (MoM). The result was a move higher in the GBP/USD into strong resistance near 1.3700. However, price pulled...

USD/CAD Technical Outlook: Is it Time for a Long-Term Change in Tend?

As with any currency pair, there are an abundance of factors to consider when trying to forecast price.   Those factors can be broken down into technical factors and fundamental factors.   On the technical side, price action is paramount.  However, for USD/CAD, one must also include the correlation between USD/CAD and...

Sunset Market Commentary

Markets Sterling grabbed the market spotlights in an otherwise calm trading session. At the onset of European dealings, EUR/GBP hovered around levels seen earlier this week, close to, mostly slightly below 0.89. This initially continued after the release of (marginally) higher than expected UK December inflation (headline rising from 0.3%...

Aussie Ignores Soft Confidence Data

The Australian dollar is in positive territory in the Wednesday session. AUD/USD is currently trading at 0.7730, up 0.45% on the day. Consumer Confidence plunges Australia released Westpac Consumer Confidence earlier in the day, and the numbers were dismal. Consumer confidence fell by 4.5% in January, its first decline since August,...

USD Continues To Slide Amidst Market Optimism

The USD continued its slide against a basket of other currencies yesterday, as the market mood was more risk on and US Treasury Secretary Yellen’s confirmation hearing before the Senate yesterday tended to reaffirm that. Yellen urged lawmakers to act big on coronavirus stimulus as was expected, and played...

EUR/USD Could Trade Downwards

On Tuesday, the EUR/USD currency pair broke the falling wedge pattern. Also, the pair has revealed a medium-term descending channel. From a theoretical point of view, it is likely that the exchange rate could trade downwards within the predetermined channel in the short term. A possible downside target is the...

GBP/USD Tests 1.3700 Level

During Wednesday morning hours, the GBP/USD exchange rate jumped to the resistance level at 1.3700. If the given resistance holds, it is likely that the currency pair could bounce off in the nearest future to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly...

USD/JPY Could Continue To Consolidate

The USD/JPY currency pair continues to move within the symmetrical triangle pattern. From a theoretical perspective, it is likely that the exchange rate could continue to trade sideways within the predetermined pattern within the following trading session. In the meantime, note that the rate is pressured by the 55-, 100– and...

EUR/USD Outlook: Recovery Faces Strong Headwinds But Remains Underpinned By Bear-Trap

The Euro dips in European session on Wednesday after reversal pattern was formed on daily chart but attempts to extend recovery stalled on approach to pivotal Fibo barrier at 1.2166 (38.2% of 1.2349/1.2053 bear-leg), capped by falling 10DMA (1.2155). Fundamentals remain positive for the single currency as recent upbeat data...

EURUSD 1.2150 Now Key

The euro currency continues to correct higher against the US dollar, as traders react to Italian Prime Minister Conte winning a vote of confidence in the Italian parliament. Continued gains above the 1.2150 level could see the EURUSD pair testing towards the 1.2180 level. A daily price close under...

ETHUSD Watching $1,340

Ethereum has started to correct lower after bulls failed to sustain the second-largest cryptocurrency above the pivotal $1,400 resistance level. Technical analysis highlights that further downside in the ETHUSD pair could take place if they fail to hold the daily candle above the $1,340 level. Traders will turn more...

Stocks Climb, Dollar Slips As Yellen Makes Case For More Stimulus

Stocks power higher after Yellen calls for more big spending to fight pandemic Risk assets rally ahead of Biden inauguration as reflation trade boosted Dollar under renewed selling pressure, gold capitalized Yellen talks up big spending Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited...

Yellen Sends The Dollar Lower

Yellen’s stimulus testimony weighs on dollar Janet Yellen testified on Tuesday at her confirmation hearing for US Treasury Secretary. Yellen’s remarks on additional US stimulus, to the tune of USD1.9 trillion, triggered gains for equities but losses for the US dollar. The US dollar edged lower as Ms Yellen’s “go big...

NZD/USD Tests 100– Hour SMA

The New Zealand Dollar has surged by 44 points or 0.62% against the US Dollar since Tuesday's trading session. The currency pair tested the 100– hour simple moving average at 0.7148 during the London session on Wednesday. If the resistance level formed by the 100– hour SMA holds, bearish traders...

USD/CAD Decline Likely To Continue

The US Dollar declined by 36 points or 0.28% against the Canadian Dollar on Tuesday. The currency pair breached the 50, 100– and 200– hour SMAs during Tuesday's trading session. All things being equal, the exchange rate is likely to continue to edge lower in a narrow descending channel pattern....

AUD/USD Supported By 50-Hour SMA

The Australian Dollar has surged by 61 points or 0.79% against the US Dollar on Tuesday. The currency pair was supported by the 50– hour simple moving average during yesterday's trading session. All things being equal, the AUD/USD exchange rate could continue to edge higher during the following trading session....

NZDUSD Bounces Off 40-SMA, Positive Outlook Remains Intact

NZDUSD has rebounded off the 40-day simple moving average (SMA) since yesterday, remaining well above the long-term ascending trend line. The RSI is heading upwards with weak momentum, approaching the positive territory, however, the MACD is falling beneath its trigger line, mirroring the latest decline in the price action...

GBP/USD Back Above 1.3611, The Double Top Low

The British pound sterling continues its strong reversal price action as prices our trading currently above the 1.3611 level. This was the low from the double top pattern that had formed previously. If we see a strong close above 1.3611, then it would potentially keep the GBPUSD within a sideways...

EUR/USD Retraces To The 1.2144 Price Level

The euro currency is posting a strong retracement following the decline close to the 1.2050 level of technical support. The current rebound has pushed price action to test a minor support level near 1.2144. With the stochastics oscillator currently showing a hidden bearish divergence, price action will either have to...

Daily Technical Analysis

EUR/USD Current level - 1.2147 The pair managed to find the expected support at 1.2060 and, at the time of writing, the bulls are attempting to overtake the resistance zone at around 1.2140. The market could start entering into a light consolidation phase around the current levels. Alternatively, bulls can directly...

USDJPY Gets Squeezed Below Major Resistance

USDJPY is trapped between its 20- and 50-day simple moving averages (SMAs) and beneath the surface of the crucial 10-month old descending channel as the 104.00 level keeps cancelling bullish actions. The RSI and the MACD remain flat around their neutral levels, whereas the bullish cross between the red Tenkan-sen...

The Dollar’s Corrective Rebound Is Petering Out

Markets EMU and US equities parted ways yesterday. A constructive Asian session and a better-than-expected German ZEW kept European indices in the green for most of the day but fell prey to gravity in the final trading hours. Wall Street finished with nice (tech) gains of more than 1.5% (Nasdaq)....

Canadian Dollar Rises Ahead Of The BOC Decision

The euro bounced back today after relatively strong economic data from Europe. In Germany, survey data by ZEW showed that the current conditions improved from -66.5 to -66.4 in January. The economic sentiment increased from 55.0 to 61.8. In the Eurozone, the economic sentiment rose from 54.4 to 58.3,...

GBPUSD Holding Support

The British pound is holding key support against the US dollar, ahead of a slew of important data releases from the United Kingdom economy. Technical analysis shows that bulls need to defend the 1.3580 level in order to keep the recent recovery intact. A bullish inverted head and shoulders...

USDJPY Close To Breakout

The US dollar is moving closer to an important technical breakout against the Japanese yen as the pair holds towards the 104.00 resistance zone. Technical analysis highlights that a breakout from a falling price channel will take place if the price moves above the 104.15 level. Due to the...

Canadian Dollar in Spotlight, With Eyes on BoC and Oil Price

Canadian Dollar is a main focus today with BoC rate decision featured. Recent strong risk-on markets haven't given the Loonie much lift. It's upside is somewhat capped as oil price turned into consolidation after last week's spike. Also, traders turned cautious before BoC's indication on the chance of a...

Market Morning Briefing: Aussie May Attempt To Rise To 0.78

STOCKS Equities broadly look mixed while they manage to hover at higher levels. Dow will need a strong rise past 31000 to move further higher. DAX, Nikkei and Shanghai can consolidate sideways for some time. Sensex and Nifty have recovered sharply and can move further up if they can sustain...

EURUSD Halts Weakness, Further Recovery Expected

EURUSD faces risk of further upside pressure after backing off lower prices on Tuesday. On the down, support comes in at 1.2100 level with a violation opening the door for a run at the 1.2050 level. Further down, support is seen at the 1.2000 level. A cut through that...