The British pound sterling is facing a steady decline against the US dollar with the GBP/USD pair trending towards 1.2848. The pressure from the USD rate is evident while investors eagerly await the outcome of today’s Bank of England meeting. Speculation is rife that the BoE will lower the interest rate from 5.25% to 5.00%
Technical Analysis
Gold prices have been struggling recently, but there seems to be a glimmer of hope as they attempt a fresh increase from the $2,350 support zone. The 4-hour chart of XAU/USD shows that gold found support near the $2,352 level against the US Dollar. The price has formed a base and has started a recovery
Looking at the Short Term Elliott Wave View in E-Mini Dow Jones Futures (YM), the analysis suggests that the trend is set to continue higher within the sequence initiated from the April 2024 low as part of the daily sequence. This viewpoint favors the upside potential in wave 5 of (5) since the 18th of
The Bank of Japan (BoJ) is on the brink of announcing a significant decision regarding interest rates. With the global economy already grappling with inflation and other economic challenges, the BoJ’s move could have a profound impact on financial markets worldwide. Along with a potential rate hike, the BoJ is also set to unveil a
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
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