NZD/JPY appears to have staged another failed attempt to test the monthly high (83.92) as it snaps the series of higher highs and lows from the start of the week.
NZD/JPY Rate Outlook
NZD/JPY may test the weekly low (82.80) as it gives back the three-day rally, with a break/close below the 82.30 (23.6% Fibonacci extension) to 82.50 (38.2% Fibonacci extension)...
GBP/USD may attempt to retrace the decline from the monthly high (1.2547) as it bounces back ahead of last week’s low (1.2345), but the Relative Strength Index (RSI) may continue to show the bullish momentum abating as it reverses ahead of overbought territory.
GBP/USD Rate Outlook
GBP/USD may stage further attempts to test the June 2022 high (1.2617) as it...
DXY is attempting a breakout of the March downtrend with a potential upslope identified here off the lows.
The weekly opening-range is set just above weekly open support at 101.58 . Look for the breakout into the close of the week.
A topside breach of the median-line would expose the 2016 high-close / 2020 highs into the 103 -handle.
A break below the lower...
AUD/JPY clears the opening range for April to register a fresh monthly high (90.52), and the exchange rate may continue to retrace the decline from the March high (92.25) as it carves a series of higher highs and lows.
AUD/JPY Rate Outlook
AUD/JPY holds above the 50-Day SMA (90.00) as there appears to be an improvement in risk appetite, with the S&P 500 index...
Channels within channels!
Euro's attempt to breach the yearly (Feb) range highs was met with an outside-day reversal candle.
Pullback keeps price within this near-term ascending channel formation. Look for the breakout in the days ahead.
Topside breach exposes 1.2748
Break of this near-term channel would threaten a test of the 2022 uptrend (currently near...
Wall Street opened higher after futures rose in the first half of Tuesday’s session, finding good support from firmer Chinese and European equity markets, and positive risk appetite across the financial markets with the likes of Bitcoin and AUD/USD also higher. But at the time of writing, the major indices had all turned negative on the day, most likely due to...
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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@MBForex
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...
