GBP/USD consolidated around the 1.6822 resistance area on Monday ahead of Britain’s Gross Domestic Product (GDP) report for the first quarter, an unexpected actual outcome might incite huge volatility in cable. Not to mention, the US GDP and Monetary Policy are also due tomorrow, [Read more...]
EUR/USD held a tight range throughout the previous week and the same trend is expected to continue this week ahead of the European Central Bank (ECB) monetary policy announcement. The pair might test the long term channel support before the ECB interest rate decision. Technical Analysis As of [Read more...]
The US Dollar (USD) again fell broadly against the Japanese Yen (JPY) on Thursday and closed in the negative territory, showing signs of weakness in the price action. The USD/JPY is expected to test the long term channel support in near future before resuming the upside rallies. [Read more...]
The New Zealand Dollar (NZD) rose broadly on Thursday against the US Dollar (USD) after the Reserve Bank of New Zealand (RBNZ) decision to increase the interest rate by 0.25% to 3.0%, for the second time in a row. Moreover, the monetary policy statement was also pretty hawkish, hinting at [Read more...]
After breaking the short term trendline support, Silver is now threatening the long term channel support. The precious metal is showing some real downside risk, a bearish breakout through the trendline might result into the fresh lows of 2014. Technical Analysis As of this writing, the white [Read more...]
GBP/USD gave up the early gains on Thursday, leaving a classic bearish pin bar on the day chart, the pair didn’t move a lot on Friday due to holiday and the same thin volume trading is likely today as it is the Easter holiday across many countries. Technical Analysis As of this writing, [Read more...]
GBP/USD closed yesterday with a bearish pin bar candle, showing considerable weakness in the price action. The pair is expected to test the long term channel support in the short to medium term before resuming further upside rallies. The market sentiment remains very bullish due to repeated [Read more...]
NZD/USD yesterday retraced the losses and closed above the trendline support, leaving a hammer candle on the daily chart which shows some real strength in the price action. The pair might resume the upside movement today, exposing the channel resistance on the daily timeframe. Technical [Read more...]
Gold plunged $45 an ounce yesterday to $1283, the biggest plummet of the year as US inflation rose more than expectations, showing faster than expected recovery in the world’s largest economy. The precious metal however closed the day above the $1300 handle, showing sound presence of [Read more...]
USD/CHF extended upside movement on Tuesday after bottoming near 0.8743 last week. The pair is expected to print a Higher High (HH) above the 0.8952 resistance area. The speech by Fed chair which is due today will provide more clear direction to the pair. Technical Analysis As of this writing, [Read more...]