A lurking rising wedge could open the door towards 132.00

The USD/JPY extends its weekly gains to 0.74% on Tuesday. Falling US Treasury yields capped any U¨SD/JPY’s attempts towards the YTD highs near 136.70s. A rising wedge in the USD/JPY daily chart looms; if it plays out, it will send the pair tumbling towards 132.00. The USD/JPY extends its string of days, advancing to three … Read more

NZD/USD slips to fresh two week lows below 0.6250 on soft US economic data

The New Zealand dollar tumbles courtesy of a negative market mood and a bid US dollar. US June’s CB Consumer Confidence dipped to a 10-year low on US citizens’ concerns about high inflation and slower growth. The US Dollar Index is back above the 104,000 thresholds, courtesy of quarter and month-end flows. The NZD/USD ticks … Read more

Double top in play but sellers failure at 0.9520, could spark a test of 0.9600

USD/CHF bounces off near-daily lows and stays above the 50% Fibonacci retracement in the H1 chart. Disappointing US economic data sparks a counter-cyclical move with the US dollar rising instead of falling. The USD/CHF daily chart formed a double top that is in play, but USD/CHF sellers’ failures to breach 0.9520, might open the door … Read more

Fed’s Daly: Inflation bridles the economy

Reuters has reported that San Francisco Federal Reserve Bank President Mary Daly on Tuesday said she believes the US economy will slow to below 2% annual growth as the Fed raises interest rates, but there’s enough momentum that it won’t stop growing. “I do expect the unemployment rate to rise slightly, but nothing (like)…. what … Read more