All Articles Tagged - EURUSD

Technical Analysis – EURUSD shows signs of bottoming out

Posted on June 8, 2023 at 2:05 pm GMT

EURUSD strengthened its positive momentum on Thursday, rising as high as 1.0758 despite disappointing GDP data out of the eurozone. The market structure has improved in the four-hour chart, with the pair marking a higher high at 1.0778 and a higher low at 1.0666, flagging a potential bullish trend reversal. A sustainable recovery above June’s high of 1.0778, where the long-term resistance line from May 2021 is placed, could further boost optimism for a bullish trend reversal, likely bringing the 200-period exponential [..]

Daily Market Comment – Dollar gets sidetracked as BoC joins RBA’s hawkish tilt

Posted on June 8, 2023 at 8:46 am GMT

BoC delivers second surprise hike of the week, aussie and loonie shine Markets forced to reassess their understanding of a ‘pause’ Dollar slips amid confusion over Fed policy, tech rally hit by un-pause fears Markets rattled by renewed higher-for-longer push The Bank of Canada became the second central bank to hike interest rates this week, joining Australia’s Reserve Bank in upping the battle against persistently high inflation. More significantly, Wednesday’s 25-basis-point hike marked an end to the Bank of Canada’s [..]

Daily Market Comment – Dollar mixed amidst increasing chances of a Fed skip

Posted on June 7, 2023 at 7:42 am GMT

The probability of a Fed pause next week rises to 80% Dollar gains the most against euro, loses versus the aussie Investors are split on whether the BoC should hike today Wall Street enjoys another day of gains Investors more convinced that the Fed will pause The US dollar traded mixed against the other major currencies on Tuesday, gaining some ground against the euro, the yen, and the Swiss franc, and underperforming versus the aussie, the kiwi and the loonie. [..]

Technical Analysis – EURUSD squeezed between key barriers

Posted on June 6, 2023 at 1:29 pm GMT

EURUSD got rejected from the resistance trendline that comes from May 2021, edging lower to find support near the 200-day exponential moving average (EMA). The 23.6% Fibonacci retracement of the 0.9535-1.1094 upleg came to further limit bullish actions around 1.0722 this week. The price is trading slightly above the lower Bollinger band, while the RSI is a short distance above its 30 oversold level, suggesting that downside forces may persist a little bit before the next bullish rotation takes place. If May’s low [..]

Technical Analysis – EURUSD slips below 1.07 again as rebound falters

Posted on June 5, 2023 at 7:27 am GMT

EURUSD is back under selling pressure as the rebound from last week’s two-month low of 1.0634 has suffered an early setback. The 1.0700 handle is in danger of being surrendered again as the momentum indicators aren’t looking very encouraging right now. The fast stochastic oscillator (%K) is about to cross below the slow stochastic (%D), while the MACD has slid back below its red signal line. If the bearish bias persists in the short term, the 38.2% Fibonacci retracement of [..]

Week Ahead – RBA and BoC to hold rates but might be tempted to hike, OPEC+ meets

Posted on June 2, 2023 at 9:42 am GMT

Policy decisions from the RBA and the Bank of Canada will be taking centre stage next week amid an otherwise light agenda. In the United States, the ISM services PMI will be the only top-tier release and now that Congress has averted a default by suspending the debt ceiling, the dollar might spend the week drifting lower. Before all that however, OPEC and non-OPEC countries will meet on Sunday to discuss whether to make further cuts to oil output. Will [..]

Daily Market Comment – Dollar weakens further ahead of the NFPs

Posted on June 2, 2023 at 8:09 am GMT

Dollar extends slide on slowing unit labor costs Investors scale back their Fed hike bets NFPs enter the limelight; mind the earnings Wall Street cheers June pause prospect Dollar slips as investors remove more June hike bets The US dollar continued tumbling on Thursday, losing ground against every other major currency, while staying on the back foot against most of its peers today as well. Following dovish remarks by Fed Board Governor Jefferson and Philadelphia Fed President Harker, who both [..]

Daily Market Comment – Fed officials signal pause in rates, dollar retreats

Posted on June 1, 2023 at 8:12 am GMT

Dollar loses steam after Fed members indicate ‘pause’ in rate hikes US debt ceiling deal passes House, but stocks and gold uninterested Eurozone inflation data and key US releases coming up next Fed officials kneecap dollar Bets that the Federal Reserve will raise interest rates this month receded yesterday, after a couple of FOMC members signaled they would rather “skip” a rate increase. Fed Board Governor Jefferson, who is also the nominee for vice-chair, joined forces with Philly Fed President [..]

Daily Market Comment – Weak Chinese data pushes risk assets lower

Posted on May 31, 2023 at 8:31 am GMT

China PMIs disappoint, dragging down risk-sensitive currencies Yen recovers, helped by safe-haven flows and Tokyo FX warning Euro turns to German inflation data, tech stocks close stellar month Chinese business surveys miss estimates Global markets woke up in a foul mood on Wednesday, following some disappointing data from the world’s second-largest economy. China’s manufacturing sector fell deeper into contraction in May, while services growth also lost steam according to the latest batch of business surveys. It’s clear that the reopening [..]

Technical Analysis – EURUSD builds floor around 1.07, but risks remain

Posted on May 30, 2023 at 3:22 pm GMT

EURUSD faced a flash correction to a new two-month low of 1.0671 on Tuesday, but it quickly recouped its losses to trade back in the 1.0700 zone. The pair aims for an upside correction slightly above the 200-day exponential moving average (EMA), as the RSI and the stochastic oscillator hint at overbought conditions. Yet, with the RSI hovering well below its 50 neutral mark and the MACD holding below its red signal line, sellers could easily retake control. Note that the 20-day [..]

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