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EUR/USD Rebound Amid Dollar Pullback and OptimismThe Euro pair has recently experienced a rebound that can be attributed to multiple factors, including the broad pullback of the US Dollar prior to the release of crucial US inflation data for April. Despite some mixed feelings in the market about US default fears and banking woes, there seems to be cautious optimism among investors, which has also contributed to the Euro's resurgence. Furthermore, the relatively more hawkish comments from ECB officials in comparison to those from Fed members have caught the attention of bullish investors. From a technical perspective, the Euro pair is currently still within a Demand Zone, which is a sideways area or range where the price may rebound from the lower side of the zone and experience a new bullish impulse towards the Supply zone. Additionally, the stochastic indicator shows that the pair is in an oversold area with divergence on the H4 timeframe. This means that the price may be due for a rebound in the near future. Overall, the current state of the Euro pair is influenced by both fundamental and technical factors. The market sentiment and investor optimism, along with the comments from central bank officials, are contributing to the Euro's strength. The technical indicators also suggest that the pair may be due for a rebound, which could potentially drive the price towards the Supply zone.
Long
by FOREXN1
5
GOLD price falls on mixed US data and Fed rate hike pause hintsThe XAU/USD gold price has retreated slightly from its all-time high as bullish investors take a pause ahead of the crucial US Nonfarm Payrolls (NFP) report. The Federal Reserve's recent indication of a potential pause in its rate hike trajectory, coupled with Chairman Jerome Powell's cautious remarks, has led to a weakening of the US Dollar and an upward push on gold prices. Mixed US data on Thursday and mounting expectations of a Fed rate hike in September 2023 have further bolstered the price of gold, while concerns over potential banking crises and debt ceiling expiration continue to weigh on XAU/USD traders. From a technical perspective, the gold price experienced a significant bearish dip, testing the $2,000 mark before recovering to around $2,010. However, the release of the better-than-expected Nonfarm Payrolls report for April caused a surge in the 10-year US T-bond yield, resulting in a drop in XAU/USD. Currently, the price is situated within our zone of interest, located between the 50% and 61.8% Fibonacci levels, which are in conjunction with the previous support area. Our analysis suggests a new pullback towards the main trend, with a long position recommended following the trend in the daily timeframe.
OANDA:XAUUSD
by FOREXN1
24
GBPJPY Targets New Highs Following Bullish ImpulseGBPJPY has been maintaining its upward momentum since the start of the year, with the price surging to a seven-year high of 172.31 on the previous Tuesday. However, the price action experienced a pullback towards the previous dynamic trendline that coincided with the 61.8% Fibonacci level, finding support at around the 168.000 level. This support level led to the formation of a new bullish impulse in the price action, suggesting that the upward trend could continue. Based on this analysis, our idea is to take a bullish stance on GBPJPY, with a target price of 172.500. The bullish momentum seems to be intact, and we believe that the price action has the potential to extend its gains further in the near future.
Long
by FOREXN1
38
GBP/NZD Rebounds Support Area and Presents New Long SetupDuring the Asian Session, the currency pair GBP/NZD dropped to the level of 1.9870, which was caused by the major currency pair GBP/USD (the Cable) losing momentum due to the UK's inflation concerns. However, despite the disappointment in the UK's politics, Brexit optimism prevailed, enabling Cable buyers to regain control. On Monday, during the UK holiday, the Cable's decline from its highest levels since April 2022 was noticeable. Nonetheless, the fresh optimism surrounding the Bank of England's positive outlook, coupled with the US Dollar's inability to sustain recent gains, encouraged Pound Sterling buyers. As a result of this positive sentiment towards the Sterling, the technical analysis of the GBP/NZD pair showed a divergence on the Hourly timeframe, with the stochastic indicator indicating an oversold area following the price rebound on a strong previous support level. Based on this analysis, we suggest a new long setup for GBP/NZD.
Long
by FOREXN1
15
EUR/USD Dips Towards 1.1000 - Find Out Where it Could Go Next.During Monday's American session, the EUR/USD lost momentum and fell towards 1.1000, with the US Dollar benefiting from cautious market sentiment. The market awaits the Fed's Loan Officer Opinion Survey. Technically, the pair is in a consolidative phase and could potentially rebound from the 61.8% Fibonacci level and dynamic trendline support of the ascending channel. A support area is present between 1.09850 and 1.1000, which could be a crucial level for potential growth towards the bullish trend. A possible AB=CD pattern could also emerge in this zone, with point C as the bullish impulse and point D as the extensive leg with a target of 1.0900. Our bias is bullish, with a potential long setup. However, if the price drops below our zone of attention, the next support area will be around 1.09400-1.09500.
Long
by FOREXN1
26
EUR/JPY: Potential Long Continuation During the last trading session, the EUR/JPY exhibited a corrective movement subsequent to a pullback in the 147.500 area and appears to have initiated a new bullish impulse, with a target to revisit the price level of 151.500, touched last week, or possibly surpass it to create a new higher high. However, in the daily timeframe, the price trend remains bearish, and a short position may be a potential consideration if the price experiences a correction and drops below the 146.800 level. The RSI indicator is still exhibiting divergence, and our underlying perspective is that of a long continuation.
Long
by FOREXN1
30
EUR/USD poised for final bullish push towards 1.11/1.115 targetRecent price action in the EUR/USD suggests that the uptrend may be losing momentum, indicating a potential slowdown in its upward movement. However, it's worth noting that we should not entirely dismiss the possibility of the currency pair making one final bullish push towards our core target of 1.1100/1.1150 before any major retracements take place. In fact, recent market activity seems to have confirmed our initial analysis, as the price action yesterday experienced a retracement to the 61.8% retracement level, which was perfectly in line with our earlier forecasts. After briefly dipping to this level, the price resumed its upward movement, supporting our view that the bullish trend remains intact for now. Taking these factors into account, our overall outlook on the EUR/USD remains bullish, with a target of 1.1100 in the near future. However, we will continue to monitor any changes in market conditions and reassess our position accordingly.
by FOREXN1
11
CAD/JPY Value Surge Amidst Central Bank ContrastsDuring a prepared speech at the Toronto Region Board of Trade, Tiff Macklem, the Governor of the Bank of Canada, emphasized the central bank's unwavering commitment to restore price stability and signaled a willingness to further increase interest rates if inflation persists significantly above the 2% target. In stark contrast, Federal Reserve (Fed) Chair Jerome Powell suggested earlier this week that the central bank was nearing the terminal rate of the current tightening cycle. As a result, the CAD/JPY has exhibited an increase in value over the past week, concluding with a bullish surge at a value of 100.77, characterized by an AB=CD pattern where the first D point is anticipated to emerge at levels between 102.500 and 103.000, before a potential reversal or retracement. Our underlying perspective is firmly based on the expectation of a long continuation towards the next resistance area illustrated on the chart.
by FOREXN1
8
NZD/CAD: Bullish Reversal Expected at Key Support Area.The rising interest rates in New Zealand are posing significant challenges for the country's farming industry. Today, the NZD/CAD currency pair hit the 0.85400 resistance area but then experienced a reversal as the CAD regained some value. As per the technical analysis, the value of the currency pair is currently approaching the previous support area within a bullish channel. The combination of the 61.8% Fibonacci retracement level, the dynamic trendline of the channel, and the support area suggests that this may be an opportune moment for the price to experience a pullback in the direction of the main trend. Therefore, we are currently seeking an entry point around the support area to initiate a new long bullish impulse. This approach is supported by our analysis of the market trends and indicators, which indicate that the NZD/CAD currency pair has the potential to appreciate in the near future. Overall, while the current economic conditions in New Zealand are challenging, there are still opportunities for investors to capitalize on the market's movements and achieve profitable outcomes.
by FOREXN1
5
GOLD price volatility awaits US NFP data release. READDuring the Asian session, the price of gold (XAU/USD) has been showing signs of volatility contraction around the $2,050.00 level. However, the precious metal has been struggling to make any significant moves as investors are eagerly awaiting the release of the United States Nonfarm Payrolls (NFP) data for further direction. Recent reports have shown that weekly Initial Jobless Claims for the week ending April 28 have risen to 242K, compared to the consensus of 240K and the previous release of 229K. Despite this, the market is expected to gain more clarity after the release of the US Nonfarm Payrolls (NFP) data, which will give insight into the current state of the labor market. According to consensus forecasts, the US labor market added 179K payrolls in April, lower than the former addition of 236K. However, the data that is likely to draw the attention of investors the most is the Average Hourly Earnings data. While the market is anticipating steady earnings numbers, a better-than-expected print could potentially reignite fears of a recovery in inflationary pressures. From a technical standpoint, our analysis shows that the price of gold may experience a retracement, with the deepest level of pullback potentially occurring at the 50% and 61.8% Fibonacci levels in confluence with a support area. This could present an opportunity to buy gold at a discount. However, it's worth noting that the metal's value may only pull back to the 38.2% Fibo level instead of going deeper to the area of our attention.
OANDA:XAUUSD
by FOREXN1
15
GBP/USD Bullish as Bank of England Plans Interest Rate HikeThe GBP/USD is striving to maintain its position above 1.2600 as the Bank of England plans to continue raising interest rates to combat inflation in the double digits. Meanwhile, the Federal Reserve has confirmed that any future policy decisions will be based on the latest data available. The GBP/USD has recently broken out of an upward-sloping channel, indicating a strong bullish trend. From a technical perspective, today's trading session has seen the GBP/USD break out of a consolidation area with a new bullish impulse, supporting our idea for a quick long position in the direction of the prevailing uptrend.
by FOREXN1
4
USD/JPY Rallies on BoJ Decision and Strong US Dollar.During the end of North American session, the USD/JPY pair rallies to its highest level since March 10, reaching around the 136.28 region. Despite a slight retreat following the release of US macro data, the pair still remains up over 1.5% for the day at around the 136.00 mark. The Bank of Japan's decision to maintain its ultra-loose monetary policy settings and yield curve control (YCC) by a unanimous vote, coupled with the BoJ Governor's dovish tone during the post-meeting press conference, has resulted in the Japanese Yen (JPY) being the worst-performing G10 currency on Friday. This, in combination with a resurgent US Dollar (USD) demand, has provided a boost to the USD/JPY pair, leading to an intraday rally of over 300 pips. According to technical analysis, the pair is currently within a strong resistance area, which may result in a rejection or retracement following the main trend scenario. However, if the price exceeds 138.000, a long trade setup may be considered.
by FOREXN1
26
GBP/CAD Potential Pullback Amid ECB's Tightening StanceFollowing comments from ECB's Lagarde after the policy meeting, the Pound Sterling Canadian Dollar (GBP/CAD) has recovered its highs just short of 1.7000. Lagarde stated that the ECB would not be "pausing" in its tightening as inflation remained high, which was in line with the ECB's accompanying statement that highlighted evidence of persisting inflation pressures in the Eurozone. Lagarde further stated that the ECB policy was not tied to the Fed's policy, suggesting that the ECB will not hesitate to raise rates in the future even when the Fed has paused, allowing the Euro to strengthen. From a technical perspective, the GBP/CAD has reached 1.7145 and then experienced a retracement, with the RSI showing a divergence on the H4 timeframe. Our idea is to look for a pullback between the 38.2% and 61.8% Fibonacci area, where a dynamic trendline is present and has previously acted as support for a pullback.
by FOREXN1
3
EUR/CAD: ECB Hikes Rates Amid High Inflation OutlookToday, the ECB increased rates by a further 25bp, in response to the high inflation outlook which is expected to persist for an extended period of time. This rate hike was in line with most expectations and the smallest increase in the current tightening cycle. The ECB's tone has become more cautious, as the statement suggests that the past rate increases are strongly affecting the financing and monetary conditions in the euro area, but it is still uncertain how this will translate to the real economy. The first part of the statement shows that the ECB's previous decisions have had an impact, while the latter part does not specify the extent to which further tightening is required. Although the EUR/CAD made a Double TOP, it is still in a bullish trend on the H4 and Daily timeframes. Therefore, our idea is to look for an opportunity to buy EUR around the 61.8% Fibonacci level, which is in line with a support area and the presence of a dynamic trendline that can act as dynamic support. If the price goes below 1.4600, it would indicate a clear change in the trend.
by FOREXN1
3
EUR/USD faces resistance at 1.1100 ahead of ECB policy decisionThe EUR/USD is currently facing initial resistance at the psychological level of 1.1100, which is also a static level and the mid-point of the ascending trend. However, on the downside, the 50% Fibonacci level at the 1.1020 area could act as the next support level for the price to experience a pullback before continuing its bullish trend. In terms of fundamentals, the EUR/USD has gained bullish momentum and achieved its highest daily close in over a year above 1.1050 on Wednesday. The European Central Bank (ECB) will announce its policy decisions later today, and if its outlook highlights a widening policy divergence with the US Federal Reserve (Fed), the pair could extend its rally. On the other hand, the USD may gain momentum if the weekly Initial Jobless Claims and the first-quarter Unit Labor Costs data from the US show a big decline in jobless claims alongside a strong wage inflation reading, which could limit EUR/USD's upside. During the Fed's recent policy meeting, it raised the policy rate by 25 basis points to the range of 5-5.25%, as expected. However, Powell's comments during the post-meeting press conference failed to convince markets, and the probability of another rate hike in June is virtually 0. The ECB is forecast to raise its key rates by 25 basis points, which could provide a boost to the EUR/USD if it opts for a significant hawkish surprise. Nonetheless, a deep correction could occur if the ECB refrains from committing to another rate increase at the next meeting.
by FOREXN1
18
GOLD Corrects After All-Time High, USD Index Faces HeadwindsFollowing a fresh all-time high at $2,079.76, gold prices have undergone a sharp correction to nearly $2,035.00, triggered by profit-booking after the Federal Reserve's altered language on interest rate guidance. As the precious metal experienced solid gains, the Fed hiked critical rates consecutively by 25 basis points to 5.00-5.25%. The next support level for a pullback is at the 50% Fibonacci level around the $2020.00 price level and the 61.8% level below $2010.00. These levels may be reached in case of a deep retracement, and as per our long-term forecast, the previous symmetrical triangle broken in the last two days should retest this area, resulting in a strong rejection area. The USD Index is attempting to defend its immediate support level of 101.07, although the downside is currently preferred due to various headwinds such as renewed US banking crisis and debt ceiling issues. US President Joe Biden has no interest in raising the debt ceiling at the expense of his spending initiatives. Additionally, US banking jitters have resurfaced with Bloomberg reporting that PacWest Bancorp is considering strategic options, including a potential sale.
OANDA:XAUUSD
by FOREXN1
19
GBP/USD struggles to hold above 1.2600 as USD gains momentumThe GBP/USD pair reached its highest level since June 2022, but failed to sustain the momentum. Despite a modest intraday uptick, the pair struggled to maintain its position near the 1.2600 mark and retreated during the early European session. Currently, spot prices are trading just above the mid-1.2500s and have remained mostly unchanged for the day. The pair is expected to experience a retracement, with the 38.2% and 61.8% Fibonacci levels serving as potential areas of support around 1.2520 and 1.2530. If the price drops below the 78.6% Fibonacci level, a reversal may be in store for the Cable. The Greenback has seen some gains, as it recovers from its intraday losses and bounces back from a one-week low. This rebound in the USD has acted as a headwind for the GBP/USD pair. Investors are showing caution due to the looming recession risks, which have also affected the equity markets. This has led to a safe-haven bid for the USD. Despite this, the USD's gains are being capped by declining US bond yields and the Fed's less hawkish outlook.
by FOREXN1
12
GOLD Price Surges on US Debt Ceiling Concerns - READ!As per our previous forecast, we emphasized the importance of patience when trading GOLD, and finally, the price has broken out of the upper dynamic trendline of the symmetrical triangle, causing the price to skyrocket in a long setup. The price of GOLD is now looking to surpass the HKEX:2 ,020.00 mark, and its appeal has increased due to concerns regarding the US debt ceiling. An extension of the debt ceiling could result in a downgrade of the long-term outlook for the US. Currently, the GOLD price is heading towards HKEX:2 ,048.75 after a breakout from the symmetrical triangle. During the Asian trading session, the GOLD price (XAU/USD) is showing strength in breaking the immediate resistance of HKEX:2 ,020.00. This precious metal has shifted to a bullish trajectory as mounting concerns for the United States are observed. The US Treasury Secretary Janet Yellen has recently warned that the Treasury will run out of funds in early June if the administration fails to raise the debt ceiling and will face problems in making payments. US President Joe Biden is declining negotiations with the US House of Senate Joseph McCarthy as Republicans demand significant cuts in the President's spending initiatives. However, concerns that the US economy won't be able to make payments smoothly may force President Biden to come to the table for debt ceiling talks.
OANDA:XAUUSDLong
by FOREXN1
24
EUR/USD Continues Recovery Despite Challenges - READ !The EUR/USD currency pair has followed our forecast from yesterday precisely. It has seen an increase in buying activity, driving the price to a new intraday high and continuing the recovery from the previous day's session. However, Euro pair buyers are facing challenges posed by mixed Eurozone inflation figures, as well as uncertainties surrounding the role of both the Fed and the ECB in the recent banking fallouts. Additionally, fears of a US default and anxiety surrounding the upcoming FOMC meeting serve as additional obstacles for buyers. Nevertheless, traders can stay entertained by monitoring the US ADP Employment Change and ISM Services PMI, as they may provide clues for the Fed's policy pivot. Despite these challenges, the EUR/USD pair is enjoying the broad weakness of the US Dollar, and is preparing for the key FOMC monetary policy meeting announcement early Wednesday. By the press time, it has picked up further buying momentum and refreshed its intraday high near 1.1025. Despite mixed Eurozone inflation data and updates from the ECB, the Euro pair is extending its previous recovery from a short-term support line. This could be attributed to unimpressive US statistics and doubts about the Fed's responsibility for the recent banking turmoil.
Long
by FOREXN1
12
Bullish GBP/NZD Trend: Potential Long Position OpportunityDuring the previous trading session, the GBP/NZD currency pair displayed a robust bullish rally, driving the price to the notable level of 2.0400. However, following this upward movement, the price has initiated a retracement and pulled back to the 61.8% Fibonacci level. Interestingly, this area coincides with the presence of strong support at 2.000 and the RSI indicator showing oversold conditions. As a result, swing traders might consider taking a long position aligned with the prevailing uptrend, as clearly evident in higher timeframes. Considering these technical factors, we anticipate a continuation of the bullish trend, with a pullback in this retracement area serving as a viable entry point for traders to take advantage of the upward momentum.
Long
by FOREXN1
16
EUR/USD: Interest Rate Hike Expectations - Technical AnalysisEUR/USD is approaching 1.1050 following a recovery, supported by a drop in the USD Index after a short-lived rebound. The Federal Reserve is widely expected to raise interest rates by 25 basis points to maintain pressure on US CPI. However, investors hold differing views on the pace of interest rate hikes that the European Central Bank will adopt. On the technical side, yesterday's price rebounded from the dynamic trendline at 1.0970, with the next resistance or target point at 1.1050 and 1.1100. Alternatively, should the price reverse and dip below 1.0950, the next support level would be at 1.0850.
by FOREXN1
8
EUR/USD Drops as USD Strengthens during HolidaysEarly Monday, the EUR/USD reached a new intraday low as the bears targeted the 1.1000 round figures. The US Dollar gained strength due to sluggish market activity caused by holidays in many bourses. Keep an eye on the First Republic bidding results to join in on the hawkish Fed bets that may further pressure the EUR/USD before the crucial monetary policy meetings. From a technical perspective, the EUR/USD is approaching the previous support area at 1.09600, where it may encounter a demand zone and rebound to continue growing towards the target of 1.1100
by FOREXN1
15
GBP/USD Targets 1.2600 Amid US Recovery and UK InflationThe GBP/USD currency pair is currently attempting to breach the significant resistance level of 1.2600, despite a notable recovery in the US Dollar Index. The US economy has exhibited robustness in consumer spending on essential goods and services, thereby increasing the likelihood of further interest rate hikes by the Federal Reserve. Conversely, inflationary pressures in the UK persist, with rising food prices and a shortage of labor contributing to the trend. While the Cable underwent a minor correction after failing to maintain levels above 1.2580, its decline was significantly lower than the recovery of the US Dollar Index, indicating that the Pound Sterling is displaying resilience. From a technical perspective, the price opened with a retracement, potentially leading to a pullback to the prior support area before advancing towards the 1.2600 resistance level.
by FOREXN1
5