The Bank of England’s decision to maintain interest rates at 5.25% in its recent meeting reflects the cautious approach policymakers are taking in light of stable inflation at 4.0% y/y in January. While one member advocated for a rate cut, the central bank refrained from making any immediate changes, citing the need for further evidence
Technical Analysis
Crude oil bulls are eagerly anticipating a breakout above the $82.80 resistance level, as per the latest technical analysis. The recent surge in crude oil prices was fueled by a base formation above $76.80, followed by a strong push above the $80.00 resistance zone. The 4-hour chart of XTI/USD indicates a significant breakthrough of a
The Reserve Bank of Australia (RBA) held its current interest rates at 4.35% after a meeting that lasted two days. Despite keeping rates unchanged since December, the RBA has hinted at the potential for further rate hikes owing to persistent high inflation, which has surpassed its target range of 2% to 3%. During the February
The recent price movements of the USD/JPY pair have shown a negative reaction just below the key resistance level of 150.70. A significant drop of -435 pips or -2.9% occurred, leading the pair to hit a low of 146.48 on 8 March. Following this, there was a gradual upward movement that brought the USD/JPY back
The USD/JPY pair is currently undergoing a recovery wave from the 146.50 support level. Despite a heavy decline below the 148.00 zone, the pair found support near 146.50 and has begun a fresh increase. On the 4-hour chart, a key rising channel is forming with support at 147.50. Although there was a move above the
WTI crude oil futures have recently bounced off the 200-day simple moving average (SMA) at 78.00, indicating a strong support level. This level has been crucial in providing both resistance and support from January to March, showcasing its importance in the current price action. Uptrend Since Mid-December The price of WTI crude oil has been
The GBP/USD pair has seen a decent increase above the 1.2800 resistance level, showing signs of a bullish trend. On the 4-hour chart, there is a major bullish trend line forming with support at 1.2790, indicating a positive outlook for the pair. Following a correction from a high of 1.2893, the pair is now attempting
The recent report from the US Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) in the US rose to 3.2% year-over-year in February, slightly higher than the previous month’s 3.1%. The Core CPI, which excludes volatile food and energy prices, also increased to 3.8% year-over-year. The main contributors to this increase were
As market participants eagerly await the Bank of Japan’s upcoming policy rate decision, there is much speculation regarding the possibility of an interest rate hike for the first time since 2007. The recent appreciation of the Yen against the Euro has added to the anticipation, with the EURJPY pair experiencing a significant drop as rate
Upon closely examining the Elliott Wave charts of ETHUSD, we can see that Ethereum has experienced significant fluctuations in recent times. The analysis indicates that there have been multiple waves of pullback, with buyers consistently entering the market at a specific point referred to as the “Blue Box” or Buying Area. This pattern suggests a
The USD Index (DXY) recently broke below the 103.00 support level, leading to a significant decline in the US dollar. This event, combined with the European Central Bank’s decision to maintain monetary conditions unchanged, has pushed the EURUSD pair to new multi-week highs near 1.0950. The charts suggest a bearish sentiment, with resistance trendlines and
The US SPX 500 has been on a steady rise, hitting a fresh all-time high of 5,150 recently. However, beneath the surface, there are indications of weakness when viewed from a sector rotation perspective. The 11 key sectors that make up the SPX 500 offer insights into the market trends, with certain sectors performing better