The USDJPY has kicked off the week with a hint of positivity, but the bulls are facing a challenging battle to gain control. The 20-period simple moving average (SMA) in the 4-hour chart is proving to be a tough barrier for the bulls to overcome. While both the stochastics and RSI have turned upwards, the
Technical Analysis
The AUD/USD pair is currently on an upward trajectory towards 0.6552, marking a rebound from a 12-week low. Investors are eagerly awaiting the release of Australian inflation data, as recent weeks have seen the AUD in the currency pair with the USD drop by more than 3%. This decline can be attributed to a global
GBPJPY has recently pulled back from its 16-year peak of 208.10, signaling a shift in momentum. The pair has fallen to its lowest level since May 16, indicating a potential correction in the market. Both the RSI and MACD indicators are warning of an overstretched retreat, suggesting that bearish pressure may continue in the short
In recent trading sessions, the USD/JPY pair witnessed a significant decline, plummeting below key support levels. The 4-hour chart clearly indicates the bearish momentum, with the pair breaching the crucial 155.50 level along with the 100 and 200 simple moving averages. Despite a slight recovery from the 152.00 support, the pair faces a major bearish
The GBP/USD is currently facing a decline as market participants speculate about a potential rate cut by the Bank of England. There is a 53% chance of rate cuts in August according to market participants, but economists polled predict an 80% chance of a cut. The possibility of a rate cut has caused concerns about
The continuous decline in Brent crude oil prices down to 81.14 USD per barrel is attributed to the significant reduction in US oil inventories. The recent data from the API shows a decrease of 3.9 million barrels, surpassing the forecasted reduction of 2.5 million barrels, and indicating the fourth consecutive week without correction. Moreover, current
As the Euro struggles to clear the 1.0950 resistance level, it has started a downward trend against the US Dollar. The hourly chart of EUR/USD shows a failed attempt to surpass the 1.0900 support, resulting in a decline below the 1.0875 support and the 50-hour simple moving average. Currently, the pair is consolidating losses near
In recent weeks, the dollar index has shown signs of regaining strength after a period of decline. This upward movement, however, appears to be temporary, with technical indicators pointing towards a potential new downward trend. The Federal Reserve’s stance on inflation reduction has led to increased expectations of a rate cut in September, causing short-term
The market breadth indicators for the Nasdaq 100 have shown improvement recently. After a slight decline, the percentage of component stocks above their 20-day and 50-day moving averages has increased to above 50%. This is a positive sign for the overall market sentiment as it indicates a potential uptrend in the short to medium-term. A
The NZD/USD pair is currently on a downward trajectory, hovering around 0.5996. This decline is influenced by various factors, including recent global political developments. The announcement by US President Joe Biden that he will not seek re-election in 2024 has unexpectedly strengthened the US dollar. His endorsement of Vice President Kamala Harris as his successor
EUR/USD has shown a steady increase recently, surpassing the 1.0910 resistance level. This positive momentum has seen the pair climbing above the 1.0910 resistance, moving into a bullish zone. The 4-hour chart indicates that EUR/USD tested the 1.0950 level and settled above both the 100 simple moving average and the 200 simple moving average. However,
The gold price has experienced a significant downside correction after reaching the $2,485 zone. The price surged above the $2,425 resistance level but faced strong resistance near $2,483 before the bears took control. The downward movement led to a break below key support levels, including $2,450 and the 50-hour simple moving average. If the bearish