All Articles Tagged - EURUSD

Technical Analysis – EURUSD extends bullish race; resistance nearby

Posted on July 13, 2023 at 7:45 am GMT

EURUSD skyrocketed to sixteen-month highs in the wake of the US CPI data on Wednesday, experiencing one of its best daily performances this year. The pair inched up to a new high of 1.1173 early on Thursday, raising speculation that the bullish wave might have more room for improvement. That said, some caution might be necessary as the price is trading around the tentative resistance line from February at 1.1145 and slightly below the 1.1185-1.1220 constraining zone, which had been limiting both upside and [..]

Technical Analysis – EURUSD prepares to test the 2023 highs

Posted on July 12, 2023 at 1:26 pm GMT

EURUSD is edging higher again today, the fifth consecutive green candle. This is the longest run of positive daily sessions since the March 9-14 period that acted as a basis for a 5% upleg towards the 1.1100 area. EURUSD is already trading inside the busy 1.1032-1.1095 area, and a repeat of the March 2023 move could most likely open the door to a print in the vicinity of 1.1400. In the meantime, the Average Directional Movement Index (ADX) is rapidly [..]

US CPI inflation expected to cool further, but will it hurt the dollar? – Forex News Preview

Posted on July 10, 2023 at 8:39 am GMT

The US CPI report for June will be keenly awaited on Wednesday (12:30 GMT) as investors remain undecided about the timing of the Fed’s next rate hike. The producer price index will follow on Thursday. Inflation according to the consumer price index is on its way down and that trend is expected to be maintained in the upcoming release. However, underlying measures of inflation have been a lot stickier so core CPI will be the main focus as far as [..]

Daily Market Comment – Dollar slides, gold shines after nonfarm payrolls

Posted on July 10, 2023 at 8:16 am GMT

Dollar gets knocked down by miss in US employment growth Gold benefits, but can it sustain a rally with real yields rising? Stock markets kick off new week with losses, Fed speakers eyed Bruised dollar awaits inflation test The world’s reserve currency absorbed some damage last week, in the aftermath of the latest US employment report. Nonfarm payrolls clocked in at 209k in June, which was below consensus estimates of 225k, disappointing traders who were likely positioned for a stronger [..]

Technical Analysis – EURUSD crosses above trendline, but more impetus is needed

Posted on July 7, 2023 at 1:49 pm GMT

EURUSD spiked as high as 1.0930 in the wake of softer-than-expected nonfarm payrolls data, surpassing its 20- and 50-period exponential moving averages (EMAs) in the four-hour chart, as well as the resistance trendline that has been navigating the price southwards for the past two weeks. The RSI rose decisively above its 50 neutral mark, adding credence to the ongoing bullish action, but with the price trading around the 23.6% Fibonacci retracement of the 1.0634-1.1011 upleg of 1.0922, some caution is [..]

Week Ahead – US inflation report, BoC and RBNZ meetings eyed

Posted on July 7, 2023 at 10:49 am GMT

Another exciting week lies ahead for FX markets, before trading conditions start to wind down for the summer. The spotlight will fall on the latest US inflation report, which could help the dollar break out of its recent stalemate. Central bank meetings in New Zealand and Canada will also be closely watched, especially the Bank of Canada rate decision, which is currently priced as a coin toss. Dollar in limbo, awaits inflation test The second quarter of this year was [..]

Nonfarm payrolls awaited as dollar’s recovery stalls – Forex News Preview

Posted on July 4, 2023 at 10:54 am GMT

It will be a busy week in the United States, with the Fed minutes on Wednesday serving as an appetizer for the latest edition of nonfarm payrolls at 12:30 GMT on Friday. Some early signs suggest the labor market lost momentum in June, but nothing too dramatic. While a slightly disappointing jobs report could briefly hurt the dollar, the broader outlook seems positive as the US economy continues to outshine its competitors. Fed rethink It’s been a solid start to [..]

Daily Market Comment – Stocks roar higher as US inflation cools slightly, optimism rises

Posted on July 3, 2023 at 9:15 am GMT

Tech stocks lead Wall Street higher in strong first half as PCE inflation eases Growth optimism outweighs Fed rate hike bets as Asia rallies too But dollar bounces off lows ahead of ISM PMIs, jobs report Recession fears ease further after soft core PCE US stocks continue to defy gravity, shrugging off concerns about more Fed rate increases and an uncertain economic outlook to notch up solid gains for the first half of 2023. The S&P 500 just had its [..]

Technical Analysis – EURUSD pulls back but 50-day SMA curbs decline

Posted on July 3, 2023 at 8:24 am GMT

EURUSD has experienced a downside correction after its latest advance got rejected at the 1.1011 territory on June 22. Even though the pair temporarily bounced off the congested region that includes its 50-day simple moving average (SMA) and the upper boundary of the Ichimoku cloud, the bears continue to apply downside pressure. The momentum indicators currently suggest that the positive momentum is waning. Specifically, the MACD has dropped below its red signal line but remains positive, while the stochastic oscillator is [..]

Week Ahead – Will US nonfarm payrolls and RBA decision rock the boat?

Posted on June 30, 2023 at 11:44 am GMT

Markets have been left somewhat bruised from a fresh round of hawkish gunfire from central bank chiefs, so nerves are running high ahead of the June jobs report out of America. The ISM PMIs and the Fed meeting minutes are also expected to send speculation about a July rate hike into overdrive. However, Australia’s Reserve Bank might decide against raising interest rates thrice in a row. The yen, meanwhile, will be hoping that Japanese data will provide some relief from [..]

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