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Trade report of 25-5-2023Today's news from the US: USD Prelim GDP q/q Is now 1.3% Expectation 1.1% Was 1.1%. USD Unemployment Claims Is Now 229K Expectation 249K Was 225K. The GDP and claims are higher than expected and that is positive for the Dollar. The first is the value of all new goods and services and the second number: The number of people who applied for unemployment benefits for the first time in the past week. With the second number in particular, it is important to mention that the expectation was higher than what ultimately applied for a benefit. That means there is plenty of work. This may have consequences for the interest rate that the FED will soon set. This change directly affects Dollar pairs such as EURUSD. But it has an effect on Gold. Oil is also going short today but that's because of concerns about demand from China, while Russia's oil minister said next month's OPEC+ meeting is unlikely to end with further production cuts. The first is value-enhancing, but the second now prevails and makes sure oil goes short. Today we did the actions: #GBPAUD : something to pick up today. Our rating system has the following information: +3, or a buy recommendation after adding up all categories. First, let's take a look at what institutional traders are buying or selling. We can see that the GBP has a long percentage of 54.43% and we see that the AUD has a long percentage of 31.05%. This category gets a +1, as institutional traders prefer GBP. If we look at GBPAUD, we see that retailers are 13% long and 87% short. Currently, the GBPAUD gets a value of +1 in this category. If we look at seasonality, we get a score of +1. What this tells us is that based on historical data, this market tends to rise this month. Mind you, the next month it will be completely the other way. Trend measurement is based on the daily chart, using the 5, 8 and 21 exponential moving average. The more "aligned" they are, the stronger the trend up or down. In this case, we have a score of +2. Finally, let's look at the basics. GDP growth is favorable for the AUD, inflation is favorable for the AUD, unemployment is favorable for the AUD, and interest rates are favorable for the GBP. We have therefore placed a buy at 1.89620 with a target of 1.91540. We don't take much risk because there are also going to be CPI figures. These trades are now open: 05/23/2023 2:00 PM Buy SPOTCRUDE Open 73,75 sl 72 tp 75 05/24/2023 06:10 AM EURNZD Buy Open 1.75249 Sl 1.72333 Tp 1.77341 05/24/2023 07:17 AM EURAUD Buy Open 1.63893 sl 1.61944 tp 1.65432 05/24/2023 3:31 PM USDJPY Buy Open 139.139 sl 138.14 tp 140,36 05/25/2023 09:10 AM NZDCAD Sell Open 0.8266 sl 0.8315 tp 0.82385 05/25/2023 09:13 AM GBPAUD Buy Open 1.89619 sl 1.8824 tp 1.9099
by Probeleg
USDCAD: Your Trading Plan 🇺🇸🇨🇦 USDCAD is trading in a bearish trend on a daily. The price is currently testing a key horizontal resistance. Approaching that, the price formed a head & shoulders pattern on 1H time frame. 1.3522 - 1.353 is its neckline. To short with a confirmation, wait for its bearish breakout (1H candle close below that). Sell aggressively or on a retest then. Goals will be 1.3493 / 1.3456 ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
7
GOLD prices decline on US Dollar strength and Fed tighteningThe price of gold has remained low for a second consecutive day, in response to a slight uptick in the US Dollar. The expectation of further policy tightening by the Federal Reserve has bolstered the US Dollar's appeal, causing it to attract buyers on Monday and, consequently, contributing to the decline in gold prices. Market participants now seem to believe that the Fed will continue raising interest rates to combat high inflation in the US, with a 25 basis point increase expected at the next Federal Open Market Committee (FOMC) policy meeting in May already fully priced in. Additionally, the Fed funds futures market indicates a low likelihood of another rate hike in June. From a technical standpoint, the price of gold has slightly rebounded today, but it remains within a bearish continuation pattern. Our analysis suggests an imminent bearish movement for the metal.
OANDA:XAUUSD
by FOREXN1
8
EUR/USD Recovers Despite Eurozone Manufacturing ContractionDespite the mixed Eurozone PMIs, the EUR/USD has recovered ground and risen above 1.0950. According to the latest manufacturing activity survey by S&P Global research released on Friday, the Eurozone manufacturing sector unexpectedly contracted further in April. The Eurozone Manufacturing Purchasing Managers Index (PMI) arrived at 45.5, falling short of both the expected 48.0 and the previous 47.3, resulting in the index reaching a 35-month low. On the other hand, the bloc's Services PMI advanced to 56.6 in April, surpassing the forecasted 54.5 and March's 55.0, hitting a 12-month high. Looking at the technical analysis, the price has shown numerous rebounds on the dynamic trendline, which is still serving as a solid support level. The main trend in the higher timeframe remains bullish, and there is a possibility of continuation of this trend in the long view for the EUR.
Long
by FOREXN1
14
NZD/CAD Pair Falls on Soft Inflation and Stronger USDDuring the first half of the European session on Friday, the NZD/CAD pair experienced significant selling pressure for the second consecutive day, leading to a five-week low. The NZD was particularly affected by the release of domestic consumer inflation figures on Thursday, which were softer than anticipated, resulting in a less hawkish stance by the Reserve Bank of New Zealand (RBNZ). On the other hand, the Federal Reserve (Fed) is expected to continue raising interest rates, benefiting the safe-haven US Dollar (USD) amidst a softer risk tone. Consequently, the NZD/CAD pair decreased on the last day of the week. Based on technical analysis, there was a breakout of a bearish pattern within a Bearish channel after a pullback on the 61.8% Fibonacci level and the Dynamic trendline of the upperside of the channel, suggesting a potential AB=CD Pattern of continuation. As a result, it is possible that the NZD/CAD pair will continue to decrease over the next few days.
Short
by FOREXN1
9
EUR/USD: All you need to know in this analysis.The USD is being buoyed by the latest economic report, the Fed’s Beige Book, which revealed that economic activity has remained steady in recent weeks, and that credit conditions have understandably tightened following the banking crisis. Additionally, St. Louis Fed's Bullard has been advocating for further rate hikes to counteract persistent inflation and exaggerated recession fears. The recent strong Q1 earnings reports from major US banks like JP Morgan and BofA have also helped to bolster the USD after the sector's crisis in March. Meanwhile, Euro is receiving support from the expectation that the ECB will pursue interest rate hikes, contingent upon economic data. The health of the region’s banks, as revealed by the ECB Bank Lending Survey (BLS), which is scheduled to be released on May 2, will be a crucial factor in determining whether the ECB proceeds with aggressive rate hikes. ECB Chief Economist Philip Lane has also emphasized the importance of April's HICP inflation in shaping the outlook on rates. In terms of technical analysis, the EUR/USD is currently in a robust uptrend, supported by a dynamic trendline acting as support. Following a pullback on the 61.8% Fibonacci level, the price appears poised to continue its upward trajectory and reach the D point of the AB=CD Fibonacci pattern, indicating a long continuation. As for upcoming data releases, the ECB's minutes, a speech by ECB President Christine Lagarde, and the April Consumer Confidence report will be of particular interest to those tracking the Euro, while Fed commentary, Initial Jobless Claims, and Philadelphia Fed Manufacturing will be the primary releases for the US Dollar.
Long
by FOREXN1
9