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

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

Mildly bid above 166.00, 13-day-old hurdle eyed

GBP/JPY picks up bids to portray a three-day uptrend. Sustained break of weekly resistance line directs buyers towards a fortnight-old hurdle. Convergence of the key SMAs, resistance-turned-support and an immediate upward sloping trend line highlight 165.40 as the key support. GBP/JPY refreshes intraday high near 166.40 during the third positive daily performance amid Tuesday’s Asian … Read more

XAU/USD bulls eye $1,840s for sessions ahead on US dollar weakness

Gold bears move in despite weakness in the US dollar. Bulls lurking in familiar support, eyes towards $1.840s. Gold is under pressure despite the weakness in the US dollar. At $1,823, the price is down by some 0.23% while the US dollar is also underwater, currently down by 0.18%. The greenback has struggled versus its … Read more

GBP/USD stays firm around 1.2270s ahead of US Consumer confidence

The lack of a fresh catalyst kept the pound within familiar ranges. A mixed market mood, spurred by higher global bond yields, put a lid on GBP/USD gains. GBP/USD Price Forecast: Remains tilted to the downside, but a test towards 1.2300 is on the cards. The British pound remains to trade in a narrow range … Read more

WTI jumps from below the 100-EMA, and approaches $110 on OPEC+ cutting its surplus

US crude oil extends its gains to two consecutive days, though it faces solid resistance at the 50-EMA, around $110.33. OPEC+ reduced its 2022 market surplus to 1 million BPD, while Libya’s political turmoil cut production by 600K BPD. WTI Price Analysis: Despite breaking an upslope trendline, oil’s price has recovered those losses, and now … Read more

AUD/USD settles around 0.6940s on a weak US dollar

The AUD/USD reports minimal gains of 0.03% on Monday. Higher global bond yields shifted Wall Street sentiment mixed, a headwind for the AUD. AUD/USD Price Forecast: Range-bound but skewed to the downside. The AUD/USD seesaws from daily highs around 0.6958 printed during the Asian session towards daily lows near 0.6910, in a narrow trading range … Read more