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USDJPY H4 20 March 2024USD/JPY, H4 20 March 2024 The Japanese yen faced significant downward pressure, tumbling to a four-month low, even as the Bank of Japan announced the end of its negative interest rate policy and quantitative easing measures. Market participants, having already factored in the policy change, engaged in profit-taking, leading to a sharp decline of over 1% in the yen's value. However, the possibility of further monetary policy tightening by the BOJ in response to persistent high inflation could offer support to the yen in the future, warranting continued vigilance among investors for trading cues. USD/JPY is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might enter overbought territory. Resistance level: 151.95, 153.10📉 Support level: 150.80, 149.35📈
Long
by top_fx
EURUSD H4 20 March 2024EUR/USD, H4 20 March 2024 The EUR/USD pair has recovered from its lowest point in March, ahead of the critical Federal Open Market Committee (FOMC) interest rate decision. A hawkish stance from the Fed could place additional downward pressure on the pair. Nonetheless, the pair has been supported by encouraging data from the ZEW Economic Sentiment Index, which recorded a value of 33.5, surpassing the previous figure of 25. This indicates an optimistic economic outlook within the eurozone economies. EUR/USD remains trading in a descending trajectory despite a technical rebound. Suggests the pair remain trading with bearish momentum. Resistance level: 1.0960, 1.1040📉 Support level: 1.0775, 1.0700📈
Short
by top_fx
🔖XAUUSD H4🔖 20 March 2024🔖XAU/USD, H4🔖 20 March 2024 Better-than-expected inflation data from the US prompted expectations of a hawkish tone from the Federal Reserve during its interest rate decision. Consequently, US Treasury yields climbed alongside the dollar, triggering a selloff in non-yielding assets like gold. Despite this, gold may consolidate within a range ahead of key events, with investors advised to monitor closely for further trading signals, particularly from the Fed's monetary policy decisions. Gold prices are trading lower while currently testing the support level. Suggesting the commodity might extend its losses after breakout. Resistance level: 2150.00, 2235.00📉 Support level: 2080.00, 2035.00📈
FX:XAUUSDShort
by top_fx
XAUUSD H4 18 March 2024🔖XAU/USD, H4🔖 18 March 2024 Gold prices declined as the US Dollar appreciated and US Treasury yields rose, dampening demand for non-yielding assets like gold. Better-than-expected economic data from the US signalled expectations of more hawkish policies from the Federal Reserve, further weighing on gold demand. Investors are closely monitoring monetary policy decisions for trading signals amid shifting market dynamics. Gold prices are trading lower while currently testing the support level. Suggesting the commodity might extend its losses after breakout. Resistance level: 2150.00, 2235.00📉 Support level: 2080.00, 2035.00📈
FX:XAUUSDShort
by top_fx
DOLLAR_INDX,DXY H4 18 March 2024💵 DOLLAR_INDX, H4 💵 18 March 2024 The Dollar index strengthened against major currencies in anticipation of the Federal Open Market Committee's (FOMC) monetary policy decisions. Last week's higher-than-expected US producer and consumer price indexes raised hopes for a hawkish stance from the Federal Reserve. All eyes are on the Fed meeting for clues on the central bank's outlook for rate cuts. The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might enter overbought territory. Resistance level: 103.75, 104.50📉 Support level:103.05, 102.40📈
TVC:DXYLong
by top_fx
XAUUSD H4 15 March 2024🔖XAU/USD, H4🔖 15 March 2024 Gold prices extended losses and consolidated around after reaching record highs. Investors opted for profit-taking strategies while awaiting further catalysts before re-entering the market. Improved inflation data raised expectations for the Federal Reserve to delay rate cut policies, potentiallyn impacting non-yielding commodities like gold. Gold prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might enter overbought territory. Resistance level: 2175.00, 2265.00📉 Support level: 2100.00, 2050.00📈
FX:XAUUSDLong
by top_fx
DOLLAR_INDX,DXY H4 15 March 2024💵 DOLLAR_INDX, H4 💵 15 March 2024 The Dollar Index, tracking the greenback against a basket of major currencies, rebounded on the heels of better-than-expected inflation figures. The robust data prompted heightened expectations of rising interest rates, leading to a resurgence in US Treasury yields. According to the US Bureau of Labor Statistics, the Producer Price Index (PPI) for the previous month saw a significant increase from 0.30% to 0.60%, surpassing market forecasts of 0.30%. Additionally, Initial Jobless Claims reported by the Department of Labor came in at 209K, better than the expected 218K, signalling continued strength in the labour market. The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might enter overbought territory. Resistance level: 103.75, 104.50📉 Support level:103.05, 102.40📈
TVC:DXYLong
by top_fx
🛢 CL OIL H4 🛢 14 March 2024🛢 CL OIL, H4 🛢 14 March 2024 Crude oil prices climbed higher following better-than-expected inventory reports, with US Crude oil inventories declining more than anticipated according to Energy Information Administration (EIA) data. Investors await the International Energy Agency's monthly report for further insights into supply and demand dynamics, following OPEC's latest forecast. Oil prices are trading higher while currently testing the resistance level. Suggesting the commodity might extend its gains after breakout. Resistance level: 80.20, 84.10📉 Support level: 78.00, 75.95📈
TVC:USOILLong
by top_fx
AUDUSD H4 14 March 2024AUD/USD, H4 14 March 2024 AUD/USD edged higher as markets anticipated a potential Federal Reserve interest rate cut in June, despite sticky inflation data. Contrastingly, the Reserve Bank of Australia (RBA) hints at potential rate hikes amidst elevated inflammation levels, signalling divergent monetary policies between the two central banks. AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains Resistance level: 0.6645, 0.6680📉 Support level: 0.6585, 0.6535📈
Long
by top_fx
EURUSD H4 14 March 2024EUR/USD, H4 14 March 2024 EUR/USD experienced modest gains, supported by US Dollar depreciation. However, market sentiment remains mixed as investors weigh macroeconomic outlooks in the Eurozone and the United States. Anticipation builds ahead of potential borrowing cost adjustments by the European Central Bank (ECB) and the Federal Reserve (Fed) in June. EUR/USD is trading higher while currently testing the resistance level.Suggesting the pair might extend its gains after breakout Resistance level: 1.0960, 1.1095📉 Support level: 1.0865, 1.0765📈
by top_fx
GBPUSD H4 14 March 2024GBP/USD, H4 14 March 2024 Pound Sterling saw a modest rebound post UK GDP data release, which met market expectations. According to the Office for National Statistics, the UK economy returned to expansion in January, rising by 0.20% after contracting 0.10% in December, which aligned with the market expectations. Despite returning to growth in January, Pound Sterling remained relatively subdued amidst ongoing volatility. Market participants await additional catalysts before taking decisive positions. GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains toward resistance level. Resistance level: 1.2865, 1.2940📉 Support level: 1.2770, 1.2710📈
Long
by top_fx
1
XAUUSD H4 14 March 2024🔖XAU/USD, H4🔖 14 March 2024 Amidst prevailing market caution ahead of crucial US economic data releases, gold prices rebounded from support levels, extending their bullish trajectory. Lingering risk aversion prompted investors to seek refuge in safe-haven assets, contributing to heightened demand for gold. Gold prices are trading higher following the prior rebound from the support level. However, Suggesting the commodity might experience technical correction. Resistance level: 2235.00, 2350.00📉 Support level:2150.00, 2080.00📈
FX:XAUUSD
by top_fx
DOLLAR_INDX,DXY H4 14 March 2024💵 DOLLAR_INDX, H4 💵 14 March 2024 The Dollar Index retreated from resistance levels as market participants absorbed higher-than-expected Consumer Price Inflation (CPI) data, prompting profit-taking strategies ahead of upcoming US economic releases. Attention now turns to pivotal Producer Price Index (PPI) and retail sales figures for insights into the economy's trajectory and potential interest rate adjustments. The Dollar Index is trading lower following the prior retracement from the resistance level. Suggesting the index might extend its losses. Resistance level: 103.05, 103.70📉 Support level:102.55, 102.10📈
TVC:DXYShort
by top_fx
1
AUD/USD H4 13 March 2024AUD/USD, H4 13 March 2024 The Australian dollar, while experiencing a slight retreat from its recent bullish momentum against the U.S. dollar, continues to follow an upward trajectory in the AUD/USD pair. Traders are carefully positioning themselves ahead of the Reserve Bank of Australia (RBA) interest rate decision scheduled for next week. Market expectations lean towards the RBA adopting a relatively hawkish stance, considering Australia's high inflation rate and stable GDP growth. The AUD/USD pair has found support and traded sideways after easing slightly from its recent peak. Suggesting the bullish momentum is easing. Resistance level: 0.6617, 0.6660📉 Support level: 0.6560, 0.6535📈
Long
by top_fx
EURUSD H4 13 March 2024EUR/USD, H4 13 March 2024 The EUR/USD pair has showcased resilience, managing to strengthen against the dollar even as the latter saw an upswing in the previous session fueled by a robust CPI reading. The euro's buoyancy can be largely attributed to a hawkish stance adopted by several members of the European Central Bank (ECB), indicating a reluctance to consider a rate cut in the near term. This position is further supported by recent regional economic data surpassing expectations, suggesting that the ECB's tightening monetary policy could persist for extended periods. This scenario highlights the euro's strength amidst signals of the ECB's more cautious and prolonged approach to monetary tightening. EUR/USD has eased from its bullish trend but remains in an uptrend trajectory. Suggesting that the bullish momentum is drastically easing. Resistance level: 1.0955, 1.1040📉 Support level: 1.0865, 1.0775📈
Long
by top_fx
GBPUSD H4 13 March 2024GBP/USD, H4 13 March 2024 The Pound Sterling has managed to find support at 1.2780 levels, experiencing a modest rebound from its recent bearish trend. However, recent economic data from the UK has presented some challenges for the currency. Yesterday's release of average earning growth and the unemployment rate fell short of expectations, adding to the pressure on the Sterling. Meanwhile, the Dollar strengthened further as the CPI reading surpassed expectations. Traders are likely to closely monitor the upcoming UK GDP reading scheduled for today. This data will provide insights into the overall economic conditions in the country, potentially influencing the strength and direction of the Pound. GBP/USD has found support from its recent bearish trend at 1.2780 levels, suggesting a potential rebound at these levels. Suggests the bullish momentum is vanishing. Resistance level:1.2905, 1.2995📉 Support level: 1.2780, 1.2710📈
Long
by top_fx
DOLLAR_INDX H4 13 March 2024💵 DOLLAR_INDX, H4 💵 13 March 2024 The Dollar Index, consisting of major currencies, surged following the release of robust US inflation data. February's consumer price growth exceeded expectations, indicating persistent inflationary pressures that could complicate the Federal Reserve's rate decisions. Headline US consumer prices rose by 3.2% annually, surpassing forecasts of 3.1%, while core CPI data climbed to 3.8%, exceeding economists' projections at 3.7%, according to the US Bureau of Labor Statistics. The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might extend its gains after breakout. Resistance level: 103.05, 103.70📉 Support level:102.55, 102.10📈
TVC:DXYLong
by top_fx
CL OIL H4 11 March 2024 🛢 CL OIL, H4 🛢 11 March 2024 Crude oil prices experience a slight dip as apprehensions persist over soft Chinese demand. Despite OPEC+ extending supply cuts, China's conservative economic growth target of around 5% for 2024 raises concerns. Analysts emphasise the challenging outlook without additional stimulus measures. Attention shifts to major central banks' potential rate cuts, including the Federal Reserve and the ECB, as lower rates could stimulate oil demand by fostering economic growth. Oil prices are trading lower following the prior breakout below the previous support level. Suggesting the commodity might extend its losses. Resistance level: 78.00, 80.20📉 Support level: 75.95, 73.45📈
TVC:USOILShort
by top_fx
USDJPY H4 11 March 2024USD/JPY, H4 11 March 2024 The USD/JPY pair extends its aggressive decline, weighed down by a narrowing interest rate differential between the US and Japan. Growing anticipation of the Bank of Japan exiting ultra-dovish policies fuels market demand for the Japanese yen. Policymakers' emphasis on a positive wage cycle and the potential for inflation to surpass the 2% target further intensify expectations for a tightening monetary cycle. USD/JPY is trading lower while currently testing the support level. Suggesting the pair might enter oversold territory. Resistance level: 147.60, 149.40📉 Support level: 146.35, 145.05📈
Short
by top_fx
EURUSD H4 11 March 2024EUR/USD, H4 11 March 2024 The EUR/USD pair continues its upward momentum, primarily driven by the depreciation of the US Dollar. Despite the worse-than-expected US Unemployment rate and Average Hourly Earnings, triggering a significant sell-off in the Greenback, the Euro remains resilient. While the Eurozone lacks significant market catalysts, the unexpected recovery in Germany's Year-on-Year Producer Price Index (PPI) for January at-4.4%, surpassing expectations of-6.60%, further bolsters the Euro's strength against the Dollar. The EU Gross Domestic Product (GDP) aligns with market expectations at 0.0% for Q4. EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory. Resistance level: 1.0965, 1.1100📉 Support level: 1.0865, 1.0770📈
Long
by top_fx
GBPUSD H4 11 March 2024 GBP/USD, H4 11 March 2024 Pound Sterling experiences a surge against the US Dollar, propelled by discouraging US Unemployment data. The US Bureau of Labor Statistics (BLS) reports soft wage growth and a notable spike in the Unemployment rate for February. Despite better-than-expected Nonfarm Payroll data, the pessimistic economic outlook fuels expectations of a Federal Reserve interest rate cut before the Bank of England, introducing a potential policy divergence. Market participants anticipate a Fed rate cut in June, while expectations for a BoE rate cut loom from August. GBP/USD is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might experience technical correction. Resistance level:1.2905, 1.2995📉 Support level: 1.2785, 1.2710📈
by top_fx