EUR/CAD approaches the monthly low (1.4580) as it weakens for the third consecutive day, and the exchange rate may fall towards the 50-Day SMA (1.4575) as it carves a series of lower highs and lows.
It remains to be seen if EUR/CAD will respond to the positive slope in the moving average as the Relative Strength Index (RSI) sits at its lowest reading since...
The Gold rally faltered today into uptrend resistance on building momentum divergence, just ahead of the 2022 high-day close at 2050.
Initial support with the March channel (red) with the broader outlook constructive while above the median-line (currently ~1920s)
Ultimately a close above the record high at 2075 is needed to unleash the next major leg higher in...
ETH/USD registers a fresh yearly high (2010) as it clears the opening range for April, with the recent strength in Ethereum pushing the Relative Strength Index (RSI) towards overbought territory.
ETH/USD Outlook
ETH/USD is on the cusp of testing the November 2022 high (2013) as it breaks out of the range-bound price action from earlier this week, and a move...
AUD/JPY may attempt to break out of the opening range for April as it extends the rebound from the monthly low (87.60) to carve a series of higher highs and lows.
AUD/JPY Rate Outlook
AUD/JPY continues to retrace the decline from the monthly high (90.17) as it appreciates for the fourth consecutive day, and the exchange rate may stage further attempts to test...
In response to a weaker headline US inflation print of 5%, energy and metal prices rose as the dollar dropped. While gold and silver have since come off their earlier highs, copper has managed to push higher. But it is crude oil that is catching the attention with both contracts up more than 2% each.
Why are oil prices rising?
Well, the biggest reason is from...
USD/JPY reverses ahead of the March low (129.65) to bounce along the 50-Day SMA (133.24), while the 10-Year US Treasury yield rises for the third consecutive day after registering a fresh yearly low (3.25%) earlier this month.
Recent developments in the correlation coefficient point to a further decoupling as the indicator reflects a negative slope and sits at a...
USD/CAD has carved out a well-define monthly opening-range just above the August trendline.
Yearly open resistance at 1.3545 with bearish invalidation at 1.3688
Key support confluence at 1.3390/98 with a break lower exposing 1.3225 & 1.3110
Michael Boutros , Sr Technical Strategist with FOREX.com
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EUR/CAD appears to be stuck in a narrow range after trading to a fresh yearly high (1.4939) in March, while USD/CAD stages a five-day rally as it extends the rebound from the monthly low (1.3407).
Unlike March, USD/CAD and EUR/CAD may move in different directions as the correlation coefficient reflects an insignificant reading of +0.10.
EUR/CAD Rate Outlook...
NZD/JPY pulls back from a fresh weekly high (83.92) with NZD/USD also registering a fresh weekly high (0.6382) as the Reserve Bank of New Zealand (RBNZ) delivered a 50bp rate hike.
The correlation coeffect now reflects a positive relationship between NZD/JPY and NZD/USD as it climbs to +0.46, but the inverse relationship may resurface as a shift in carry-trade...
The OPEC+ decision means nearly 1.7 million barrels of oil per day will be held back from global supply. This should help to keep the WTI supported.
• Significant reduction from oil supply should keep downside limited
• Demand concerns overstated
• We think WTI could reach $85 to $90
WTI crude oil hit a fresh post-OPEC high above $81.80 on Tuesday, before...
There is a massive multi-month consolidation taking place in USD/CAD.
The 2023 yearly opening-range is preserved heading into April.
Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.
Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.
Ultimately, the immediate focus...
The price of gold clears the March high ($2010) to register a fresh yearly high ($2032), while bitcoin trades within last week’s range.
The price of gold and bitcoin continues to share a positive relationship as the correlation coefficient stands at a +0.90 to indicate a significant reading, but bullion may continue to outperform bitcoin as the bullish momentum...
GBP/USD is testing slope resistance here at fresh yearly highs.
Price has been trading within the confines of an ascending pitchfork formation with an embedded channel guiding this latest advance.
Initial support along the channel backed by 1.2249/58 - bullish invalidation at 1.2078.
A topside breach from here exposes 1.2660 and 1.2763.
Michael Boutros , Sr...
GBP/USD clears the January high (1.2448) to trade to a fresh yearly high (1.2526), with the Relative Strength Index (RSI) reflecting a similar dynamic as it climbs toward overbought territory.
GBP/USD Rate Outlook
GBP/USD may attempt to test the May 2022 high (1.2667) as it initiates a series of higher highs and lows, and a move above 70 in the RSI is likely...
AUD/JPY appears to be on track to test the 50-Day SMA (90.60) after clearing last week’s high (89.69), but the positive relationship with the S&P 500 index continues to unravel despite the recovery in investor confidence.
The correlation coefficient has fallen to an insignificant reading of +0.16 as AUD/JPY trades less than 1% higher from the start of the year,...
Key levels on the major currency pairs, gold and indices, as well as macro events to watch by our market analyst Fawad Razaqzada. NOT intended for U.S. audience
$SPY testing confluent uptrend resistance today at the 100% extension of the March advance at 411- looking for possible inflection up here.
Support now back at 402/04 with short-term bullish invalidation raised to the the uncovered gap near 400.
A topside breach from here keeps the focus on the 2023 high-day close at 416 and the stretch high at 418.
Michael...
As mentioned in my previous oil update a couple of weeks ago that “the OPEC might have to cut even more production to prevent prices from falling significantly further,” that’s precisely what they did at the weekend, creating a big gap in oil prices. Oil prices eased off their highs slightly, but not by much. At the time of writing, there were approaching the...
