All Articles Tagged - EURUSD

Technical Analysis – EURUSD looks red after 3-month peak

Posted on December 5, 2023 at 12:59 pm GMT

EURUSD completes 5 red days Price hits 200-day SMA, which acts as support RSI crosses 50 level to the downside EURUSD is plunging from the more-than-three-year high of 1.1015 and is currently posting the fifth straight red day, hitting the 200-day simple moving average (SMA). In the meantime, the momentum indicators are somewhat supportive of this down leg. The RSI is diving near the neutral threshold of 50, while the MACD oscillator is holding beneath its trigger line in the [..]

Market Comment – Gold and equities retreat from recent peaks

Posted on December 5, 2023 at 9:18 am GMT

Gold reverses lower after leaping to record highs Dollar recovers, turns to ISM survey for direction Stock markets pull back, led by big tech shares Gold loses altitude The world’s oldest safe-haven asset started the week in an explosive manner, shooting up to new record highs only to get rejected and close the session sharply lower. The intraday range in gold prices was $115 per ounce yesterday, which amounts to more than 5% of the precious metal’s value. Behind this [..]

Technical Analysis – EURUSD fails to surprise during 2023

Posted on December 5, 2023 at 7:57 am GMT

EURUSD holds in trading range in weekly chart 50-week SMA acts as strong support RSI and stochastic suggest more losses As the year is coming to an end, EURUSD’s market price is holding slightly higher than at the beginning of 2023. The pair is consolidating within a consolidation area with upper boundary the 200-week simple moving average (SMA) around 1.1150, despite the move above it in July, and lower boundary the ten-month low of 1.0450. Currently, the price is testing [..]

Market Comment – Gold hits new records, but runs out of fuel

Posted on December 4, 2023 at 9:55 am GMT

Gold cruises to new record highs, then gets rejected Oil keeps sinking despite missile attacks in the Red Sea Dollar chops around, RBA rate decision coming up next Gold shines bright The meteoric rally in gold prices came to a crescendo early on Monday, with the precious metal hitting a new record high above $2,100 per ounce, before running into a wave of profit-taking and subsequently retreating. With the global economy losing steam and inflation cooling off, bond yields have [..]

Market Comment – Dollar stumbles again after soft US data, eyes Powell

Posted on December 1, 2023 at 10:16 am GMT

US dollar softer ahead of Powell as US inflation and consumption cool Euro regains some posture, stocks look to stretch November gains Oil unimpressed by OPEC+ decision for deeper cuts, futures dip Markets cheer receding inflation Rate cut speculation went into overdrive on Thursday after inflation in both the United States and the Eurozone fell to levels last seen in 2021, pushing forward the expected timing of when the Fed and ECB will start to ease policy. The drop in [..]

Market Comment – Euro slips as Eurozone inflation tumbles, aids dollar’s rebound

Posted on November 30, 2023 at 10:10 am GMT

Tumbling inflation erodes euro’s gains as dollar perks up despite rate cut bets Wall Street loses some steam but stocks still set for best month of the year Oil prices climb cautiously as OPEC+ output decision awaited Euro falls victim to rate cut frenzy The euro took a dive on Thursday, retreating from three-and-a-half month highs against the US dollar, as weaker-than-expected CPI numbers out of the Eurozone pressured the single currency. Inflation in the euro area plunged to 2.4% [..]

Technical Analysis – EURUSD storms to a fresh 3-month high

Posted on November 29, 2023 at 2:48 pm GMT

EURUSD surges to its highest level since August 11 Temporarily breaks above the 1.1000 psychological mark Momentum indicators point at an overstretched advance EURUSD has been in a recovery mode following its 2023 bottom of 1.0447 on October 3. On Wednesday, the pair posted a fresh three-month peak of 1.1016 before retracing a tad lower, which could be attributed to both the RSI and stochastics being within their overbought territories for quite some time. Should the rally extend, the price could [..]

Dollar could get caught between soft data and hawkish Fed talk – Preview

Posted on November 27, 2023 at 5:38 pm GMT

Expected drop in core PCE inflation could fuel rate cut bets But will Fed officials move a step closer to a dovish pivot? Dollar starts week on the backfoot ahead of Thursday’s data due 13:30 GMT US inflation still headed in the right direction Whilst CPI inflation suffered a setback from the oil price rally earlier in the year, PCE inflation has maintained a downward trajectory, bolstering expectations that the Federal Reserve will begin cutting rates by the middle of [..]

Market Comment – Dollar and oil extend slide ahead of busy week

Posted on November 27, 2023 at 10:20 am GMT

Major pairs and gold climb to new highs as dollar sags Inflation data and Fed speakers awaited for direction Oil drifts lower ahead of OPEC+ decision Markets cautiously optimistic ahead of key data Trading got off to a cautious start on Monday as investors awaited fresh clues on inflation and the Fed policy path in what looks set to be a more eventful week following the Thanksgiving lull. Although Fed rate cut expectations have been scaled back from around 100 [..]

Weekly Technical Outlook – WTI, USDJPY, EURUSD

Posted on November 27, 2023 at 9:21 am GMT

OPEC+ meeting expected to cut production; WTI crude oil remains in the red US Core PCE index to soften; USDJPY fails to climb higher Eurozone flash inflation to tick lower; EURUSD holds near previous 3-month high OPEC meeting –>WTI The OPEC meeting was scheduled for November 26th but has been postponed to this Thursday. This suggests deepening alliance disagreements over whether to curtail production, according to investors. Saudi Arabia, which wants to keep prices from falling, will likely reach a [..]

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