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EUR/USD extends previous day’s pullback from one-month high. Clear break of 50-day EMA, RSI retreat favor sellers. 38.2% Fibonacci retracement holds the key to further advances. EUR/USD remains pressured around the intraday low, stretching Tuesday’s pullback from the monthly peak during Wednesday’s Asian session. That said, the major currency pair seesaws around 1.0730-25 by the … Read more
Reuters reports that Russian Foreign Minister Sergei Lavrov on Tuesday met Saudi counterpart Prince Faisal bin Farhan Al Saud and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said. “They noted the stabilizing effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in … Read more
AUD/USD bulls driving higher, but a correction could be on the cards. The GDP data today will be keenly eyed for further clues as to the path of interest rates in Australia. At 0.7183, AUD/USD is near the highs of the Asian session pre-Tokyop open and 0.15% higher and moving up from a session low … Read more
The latest BRC Shop Price Index jumped the most in over a decade, to 2.8% versus 2.7% prior, which in turn suggests that the food price inflation keeps pushing the Bank of England (BOE) towards tighter monetary policy. “Shop prices accelerated in May at the fastest rate in more than a decade, according to new … Read more
USD/CAD is eyeing a re-test of its monthly lows at 1.2629 as investors await BOC monetary policy. The BOC is expected to elevate its interest rate by 50 bps. Oil prices faced selling pressure at around $120.00. The USD/CAD is displaying a downside move in the Asian session, following the bearish sentiment on a broader … Read more
EUR/USD is juggling around 1.0733 ahead of multiple economic events. An improvement is expected in the eurozone jobless rate at 6.7% vs. 6.8% earlier. ECB policymaker is expecting two consecutive rate hikes in June and September by 25 bps. The EUR/USD pair is displaying back and forth moves in a narrow range of 1.0730-1.0740 in … Read more
AUD/USD consolidates pullback from three-week high, sidelined of late. Australia’s Q1 2022 GDP is estimated to have softened by 0.7% QoQ. Bearish chart pattern, RSI retreat keeps sellers hopeful. 200-SMA adds to the downside filters, recovery moves have multiple hurdle to tackle. AUD/USD picks up bids to 0.7178 as bears lick their wounds after the … Read more
US STOCKS OUTLOOK: Nasdaq 100 slides on Tuesday after failing to sustain bullish momentum from the previous week The tech index falls 1.65% in May, following a 13.37% drop in April This article looks at the key technical levels to watch for in the Nasdaq 100 over the next few days Most Read: EUR/USD Pushing … Read more
GBP/USD bulls seeking a higher high on the daily chart. The 4-hour time frame is offering some bullish structure. GBP/USD has been in the hands of the bulls in the New York session and has broken a key level of resistance on the four-hour time frame. The following illustrates the progress that the bulls have … Read more
The Wall Street Journal reports that while there are no formal plans to push for OPEC to increase output, some members are planning for it. This has seen the oil market sell-off: WTI H1 chart The OPEC+ group of producers continues to underproduce, which had taken the sting out of the highly anticipated 430k bpd … Read more