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US Open Note – Dollar lift ahead of CPI data; pound near 3-year high

Posted on February 9, 2021 at 1:26 pm GMT

Dollar eases as reflation trade returns The dollar is tumbling over the last couple of sessions as the reflation trade strengthened. President Joe Biden will probably push his aid proposal forward without Republican support. Some comments from government suggest that the stimulus negotiations act as a cautionary tale. The Republican Congress did the same thing to push through President Trump’s tax cuts back in 2017. The relief package is likely to be closer to $2 trillion rather than $1 trillion. The dollar index is registering the third straight day of [..]

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Technical Analysis – WTI futures’ compass points north; bias optimistic

Posted on February 9, 2021 at 9:26 am GMT

WTI oil futures maintain a bullish tone but appear to be mildly faltering just shy of a resistance belt of 58.75-59.01, after the commodity’s recent rally above the 53.92 ceiling of a consolidation phase. The bolstering Ichimoku lines are feeding the ascent, while the simple moving averages (SMAs) are defending the bullish picture. The short-term oscillators are conveying an upside preference despite transmitting some easing in positive momentum. The MACD, way above zero, is beyond its red trigger line, while [..]

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Technical Analysis – GBPUSD chops higher; bullish fuel might be running out

Posted on February 9, 2021 at 8:18 am GMT

GBPUSD found new buyers near the supportive 20-day simple moving average (SMA), extending its rally to a fresh 33-month high of 1.3786 on Tuesday. The new peak is again registered near the almost one-year-old resistance line, raising speculation that the price may give up some ground in the short term. The narrowing distance between the Bollinger bands is another sign that the current bullish appetite could change, although the RSI and the Stochastics continue to strengthen towards overbought levels, endorsing [..]

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Technical Analysis – EURJPY still consolidating; unable to break above upper channel

Posted on February 9, 2021 at 7:04 am GMT

EURJPY has been consolidating since December and has been stuck within the 23-month high of 127.50 and the 125.15 support. The neutral-to-bullish picture in the medium-term looks to last for a while longer after prices failed to break above the upper channel and the RSI is losing momentum in the positive territory. The MACD oscillator is moving horizontally near the trigger and zero lines. If prices head higher, resistance should come from 127.50 before taking the pair back to bullish [..]

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US Open Note – Dollar back to gains despite calm day; euro steady

Posted on February 8, 2021 at 2:05 pm GMT

Dollar records some gains; US stocks at record highs In a quiet day, the major theme is the inflation expectations in the US that continue to rise. Treasury Secretary Yellen is asking for a larger stimulus package to bring the economy back to full employment. The dollar seems ready to resume its recovery. The US dollar index is moving marginally up, while dollar/yen is approaching the 105.70 level again, hitting the 200-day simple moving average (SMA). In the stock market, an index tracking global bourses met another all-time [..]

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Technical Analysis – US 500 index favours upside despite minor dwindling

Posted on February 8, 2021 at 1:34 pm GMT

The US 500 index (Cash) seems to be faintly stalling above the red Tenkan-sen line around 3,890, after touching a fresh all-time-high of 3,907. Nevertheless, the Ichimoku lines are retaining a bullish tone despite the marginal pause in the blue Kijun-sen line, while the upwards creeping simple moving averages (SMAs) are nourishing improvements in the price. Yet, for negative pressures to gain strength, the index would need to retract below the 3,814 level, which happens to be the 38.2% Fibonacci [..]

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Technical Analysis – US 500 index favours upside despite minor dwindling

Posted on February 8, 2021 at 1:03 pm GMT

The US 500 index (Cash) seems to be faintly stalling above the red Tenkan-sen line around 3,890, after touching a fresh all-time-high of 3,907. Nevertheless, the Ichimoku lines are retaining a bullish tone despite the marginal pausing in the blue Kijun-sen line, while the upwards creeping simple moving averages (SMAs) are nourishing improvements in the price. Yet, for negative pressures to gain strength, the index would need to retract below the 3,814 level, which happens to be the 38.2% Fibonacci [..]

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Technical Analysis – USDJPY’s pullback unable to hurt uptrend

Posted on February 8, 2021 at 9:25 am GMT

USDJPY in the early hours of today’s trading session found footing on the mid-Bollinger band around 105.27, resuscitating the positive climb. The short-term oscillators are reflecting the latest rebound in price, while the rising simple moving averages (SMAs) are protecting the rally off 103.32. Although the MACD has dipped below its red trigger line, it remains far above the zero mark, while the RSI is gradually improving in bullish territory. Furthermore, with the %K line having rebounded off the 20 [..]

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Technical Analysis – EURUSD finds a turning point but jitters remain

Posted on February 8, 2021 at 8:29 am GMT

EURUSD bulls dominated on Friday, helping the price to return to the 1.2000 zone after the strong rebound at the bottom of the Ichimoku Cloud, which took the form of a bullish engulfing candle – a signal that the positive momentum may continue in the near term. Some caution, however, should be warranted as the RSI continues to fluctuate within the bearish territory despite last week’s upside reversal, while the MACD has yet to cross above its red signal line. Trend signals [..]

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Technical Analysis – Gold fails to increase buying interest; holds in descending channel

Posted on February 8, 2021 at 7:33 am GMT

Gold has been holding in a bearish sloping channel over the last six months, developing beneath the simple moving averages (SMAs) and the Ichimoku cloud in the daily timeframe. Technically, the stochastic oscillator posted a bullish crossover within the %K and %D lines in the oversold zone, while the RSI is pointing up in the negative territory, indicating an upside retracement in the very short-term. However, if the price fails to jump above the 1,817 resistance, this could pull the price back towards the 1,764 [..]

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