The recent movements in the Japanese yen exchange rate in relation to the US dollar have left many investors unimpressed. Following the Bank of Japan’s June meeting, where the interest rate remained unchanged, the USD/JPY pair saw a brief surge to nearly 158.00. While this outcome was in line with expectations, it did little to
Technical Analysis
When looking at the NZDUSD pair, it is evident that it has faced resistance around the 0.6220 level. Despite attempts to break through, the pair settled at 0.6170. The Relative Strength Index (RSI) showed a slight drop in buying pressure, while the Moving Average Convergence Divergence (MACD) displayed flat red bars, indicating a consolidation pattern.
The recent days have brought a glimmer of hope for crude oil prices as they embarked on a strong recovery journey, breaching the $75.00 resistance zone. The upward momentum was further solidified by the breaking of a key bearish trend line with resistance at $74.90 on the 4-hour chart. This surge in prices saw the
As the financial markets eagerly await the Federal Open Market Committee (FOMC) interest rate decision, the focus is also on key economic indicators such as the Consumer Price Index (CPI) and Producer Price Index (PPI). The recent rate cuts by the European Central Bank (ECB) and the Bank of Canada (BOC) have set the stage
The GBPUSD pair made significant advances, reaching its highest level since March 13, signaling a strong bullish momentum. However, the rally eventually lost steam as the market deemed the upward movement to be overstretched. This resulted in a reversal of the pair’s direction as profit-taking activities kicked in. Despite this pullback, momentum indicators remain in
The recent European Parliament elections have left investors in a state of uncertainty regarding the political landscape in Europe. The rise of eurosceptic-nationalists has caused a significant shift in power, displacing liberals and greens. President Emmanuel Macron’s decision to dissolve the French Parliament and call for early legislative elections following a defeat to Marine Le
The USD/JPY pair is currently aiming for an upside break above the 156.40 resistance level. The US Dollar has maintained a strong position above the 154.50 level against the Japanese Yen, forming a solid base for a potential increase. The pair managed to surpass key resistance levels at 155.80 and 156.00, signaling a bullish momentum.
The US dollar index is currently hovering near an important support trendline, making traders wary of the next move. While there is a possibility of a new bullish phase, the technical signals are uncertain at the moment. The stochastic oscillator is flirting with the oversold territory, the RSI is struggling to break above the neutral
The price of gold has risen to 2368 USD per troy ounce, marking a second consecutive session of upward movement. This surge is driven by the market adjusting its expectations to the potential for future interest rate cuts by the Federal Reserve. Recent employment data, particularly from ADP, has shown that the increase in private-sector
The GBPAUD 1-hour Elliott Wave Charts have shown interesting patterns in the past, providing traders with trading opportunities. An analysis of the charts reveals a corrective sequence in the rally from the 09 May 2024 low, which presented a chance for traders to enter the market. The pullback reached the equal legs area, indicating a
The recent release of the PMI Manufacturing indices for various countries has shown disappointing results for the United States. The actual Final Manufacturing PMI came in at 51.3, exceeding the expected value of 50.9. Similarly, the ISM Manufacturing PMI was reported at 48.7, lower than the anticipated 49.8. This data has had a negative impact
The recent OPEC+ meeting over the weekend had a mixed impact on the price of crude oil. Despite the decision made by oil producers to extend production cuts of 3.66 million barrels per day until the end of 2025, the price of WTI oil opened today at $76.72 per barrel, only slightly higher than Friday’s