Get started

Strategy

GBP/USD. Two Upside Scenarios Today!During Thursday's Asian session, the GBP/USD pair consolidated, oscillating in a narrow range and maintaining spot prices above the 1.2400 level, influenced by the dynamics of the US Dollar (USD). The USD Index (DXY), which tracks the USD against a basket of currencies, struggled to capitalize on the modest recovery from the lowest level since September 1 due to dovish expectations from the Federal Reserve (Fed). Bets increased following the softer US CPI report released on Tuesday, indicating consumer inflation was cooling faster than expected. Moreover, markets are now pricing in a higher probability that the Fed will begin cutting rates in the first half of 2024, keeping US Treasury bond yields low and acting as a headwind for the dollar. However, upside prospects are limited by the growing acceptance that the Bank of England (BoE) may soon start cutting interest rates. The UK Consumer Price Index (CPI) on an annual basis dropped significantly from 6.7% to 4.6% in October, hitting a two-year low. Additionally, Core CPI declined from 6.1% in September to 5.7%. In this mixed fundamental context, aggressive traders should exercise caution before establishing a firm direction in the short term, especially in the absence of relevant macroeconomic data from the UK on Thursday. Meanwhile, the US economic calendar features the usual Weekly Initial Jobless Claims, Philly Fed Manufacturing Index, and Industrial Production figures. These, along with US bond yields and overall risk sentiment, could influence USD price dynamics and offer short-term opportunities in the GBP/USD pair. I have also identified two possible price scenarios: the first anticipates an upward price movement during the London session as we are in an Order Block at the 1.24 level, and the price could retest the supply zone at 1.249. The second scenario suggests a decline to the 0.5% Fibonacci level calculated from the low of 1.207 to the high of 1.251. If it retraces to this Fibonacci level and tests the bullish trendline again, the price could push higher. Comment and leave a like; greetings from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
16
XAUUSD Finally the price is ready to go up!The price of gold (XAU/USD) has dropped to approximately $1,940 and faces further decline due to several challenges. Factors include the absence of significant tensions in the Middle East, hawkish statements from Federal Reserve Chair Jerome Powell, and uncertainty preceding the release of the US Consumer Price Index (CPI) data for October on Tuesday. Investors are closely monitoring the upcoming US inflation data, which is expected to provide insights into the Federal Reserve's monetary policy for its final 2023 meeting in December. Despite the potential for persistent inflation data leading to a December interest rate hike, markets generally anticipate the Fed to maintain unchanged rates. Jerome Powell and colleagues emphasized an ongoing commitment to curbing inflation, with Powell expressing uncertainty about the current interest rates' adequacy. St. Louis Fed interim President Kathleen O'Neill Paese supported Powell's stance, cautioning against ruling out further rate hikes. The subdued appeal for gold is also attributed to the lack of a significant escalation in the Israel-Palestine conflict. The US Dollar Index (DXY) faces pressure, and there's anticipation that the Fed might initiate a rate-cutting cycle in mid-2024, as projected by economists at Morgan Stanley. Technical analysis indicates that the gold price is declining toward $1,930, with near-term demand impacted by various challenges, and the correction extending close to the 50-day Exponential Moving Average (EMA) at $1,940. The next support level is expected near the 200-day EMA at approximately $1,915.
OANDA:XAUUSDLong
by Forex48_TradingAcademy
5
USD/JPY Liquidity Take Before 145!The USD/JPY exchange rate is trading in positive territory for the sixth consecutive day during Monday's Asian trading hours. The exchange rate's growth is supported by higher yields on US Treasury bonds and hawkish comments from Federal Reserve (Fed) Chairman Jerome Powell. Currently, the exchange rate is around 151.70, gaining 0.10% for the day. USD/JPY continues its winning streak for the fifth consecutive day, trading higher around 151.40 during the early European session on Friday. Unexpectedly hawkish comments from Fed Chairman Jerome Powell had a significant impact, boosting yields on US Treasury bonds and strengthening the US dollar (USD) against the Japanese yen (JPY). However, Japanese authorities may consider intervention to curb the advance of the USD/JPY exchange rate in response to these developments. Powell's statement at the International Monetary Fund (IMF) event on Thursday expressed concern that current policies may not be sufficient to curb inflation. Nevertheless, the Japanese yen continues to face pressure as plans to exit accommodative policy may be delayed due to lower wage growth. Decent wage growth is considered a crucial factor for the Japanese central bank to contemplate an exit from prolonged accommodative monetary policy. The market has reached the October 2022 high, and in this area, after breaking an uptrend channel on the daily chart, the market could experience a false breakout of highs, leading to a sharp decline towards 145. Let me know what you think, regards from Nicola, the CEO of Forex48 Trading Academy.
Short
by Forex48_TradingAcademy
9
Strong Surge in the US Technology Index and Growth ProspectsThe USA technology stocks index has experienced a significant increase, closing the session with a gain exceeding 2.25% compared to previous values. The day started with determination, opening at 15,252.4 points, slightly below the highs of the previous session. Throughout the day, quotations strengthened, culminating in a closing upswing at 15,529.1, near session highs. Analyzing the short-term technical picture of the Nasdaq 100, there is an upward acceleration of the curve with a target set at 15,653.9. There is a risk of a descent to 15,279.7, but this temporary correction should not compromise the solidity of the current trend. The outlook points to an extension of the bullish trend, with a target of 16,028. Farewell and have a great weekend from Nicola, the CEO of Forex48 Trading Academy
CME_MINI:NQ1!Long
by Forex48_TradingAcademy
4
EUR/USD Roadmap from 1.06 to 1.07The EUR/USD cross struggles to find a direction on Friday, oscillating in a narrow range just below 1.0700. US consumer confidence, according to the UoM index, fell below expectations, weakening to 60.4 in November from 63.8 in October. Wall Street operates in positive territory after Thursday's decline, influencing the demand for US dollars. The Relative Strength Index (RSI) on the 4-hour chart retreated below 50, while EUR/USD dropped below the mid-point of the ascending regression channel, indicating a bearish tilt in the short-term outlook. If EUR/USD fails to stabilize above 1.0680 (mid-point of the ascending channel), sellers' interest could persist. In this scenario, the 50-period Simple Moving Average (SMA) acts as provisional support at 1.0660 before 1.0640 (Fibonacci 38.2% retracement level of the latest downtrend) and 1.0620 (lower limit of the ascending channel, 100-period SMA). On the upside, resistances are located at 1.0700 (Fibonacci 50% retracement), 1.0730 (upper limit of the ascending channel), and 1.0750 (Fibonacci 61.8% retracement). EUR/USD came under bearish pressure and declined below 1.0700 in the late American session on Thursday. The pair stays relatively quiet early Friday, while the technical outlook indicates a slightly bearish bias. During participation in a monetary policy panel organized by the International Monetary Fund on Thursday, Federal Reserve Chairman Jerome Powell reiterated the data-dependent approach. "We are making decisions meeting by meeting, based on the totality of the incoming data and their implications for the outlook for economic activity and inflation," Powell stated. However, Powell noted that they are not confident that they have achieved a 'sufficiently restrictive' policy stance to bring inflation down to 2% over time. This comment provided a boost to the US Dollar (USD) and caused EUR/USD to turn south. Nevertheless, the CME Group FedWatch Tool shows that markets are still pricing in a 90% probability of the Fed leaving the policy rate unchanged in December. The market positioning suggests that there is more room for USD strength if other policymakers adopt a similar language. Additionally, EUR/USD presents a possibility of retracement to the 62% Fibonacci level as it currently sits between the 0.38% and 0.5% levels, touching the price of 1.062 before rebounding to the 1.07 level. Let me know what you think. Happy trading to everyone from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
3
NZDJPY SELL | Day Trading AnalysisHello Traders, here is the full analysis. Watch strong action at the current levels for SELL. GOOD LUCK! Great SELL opportunity NZDJPY I still did my best and this is the most likely count for me at the moment. Support the idea with like and follow my profile TO SEE MORE. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝 Patience is the If You Have Any Question, Feel Free To Ask 🤗 Just follow chart with idea and analysis and when you are ready come in THE GROVE | VIP GROUP, earn more and safe, wait for the signal at the right moment and make money with us💰
Short
by TheGrove
20
XAU/USD Pullback to 1950 after NFP?The price of gold is consolidating just below the $2,000 level at the beginning of the week on Monday. This comes as the United States Dollar (USD) and US Treasury bond yields are attempting to find stability in a market environment that is inclined towards risk-friendly sentiment. Gold has faced challenges staying above the $2,000 threshold on multiple occasions last week, finding demand at lower levels. An immediate support is available at the rising trendline, situated at $1,975. If this support is breached, the November low at $1,9769 may be revisited. Failing to hold above this level could lead to a test of the static support at $1,960, potentially opening the path to the psychological level of $1,954. On the upside, breaking and maintaining above the $2,000 level is crucial to initiate a significant uptrend. A strong resistance barrier is present around the multi-month high of $2,009, coinciding with a horizontal resistance. The next significant level for Gold buyers is near the mid-May high, around $2,020. The Unemployment Rate increased to 3.9% compared to the expectation of 3.8%. Asian markets are following the positive closing on Wall Street from last Friday, buoyed by optimistic remarks made by China's Premier Li Qiang over the weekend. Li reaffirmed China's commitment to maintaining its pace of opening up and sharing development opportunities with the world. However, the US Dollar is seeing a minor rebound in Asia on Monday, benefiting from a slight uptick in US Treasury bond yields as investors adjust their positions for the new week. Additionally, during the Asian session, the price broke a swing high at the level of 1987.50, which is leading the price towards a pullback in the direction of around 1950, where there is a significant horizontal support/resistance zone. In that area, it will be important to evaluate possible upward movements and potential market entries at M15/M5, considering that macroeconomic data is scarce this week, and a calmer market could still reveal surprises. Comment and leave a like, have a great start to the trading week, everyone, and greetings from Nicola, CEO of Forex48 Trading Academy.
OANDA:XAUUSDLong
by Forex48_TradingAcademy
5
EUR/USD Pullback Expected Before a New Rally!EUR/USD has gained bullish momentum, surpassing the 1.0700 level for the first time since late September. The upward movement of the pair during the American session was driven by a US Dollar selloff triggered by a weaker-than-expected increase in October's Nonfarm Payrolls. The US Dollar (USD) selloff, which began after the Federal Reserve's monetary policy announcements on Wednesday, continued on Thursday. The USD weakened further against other currencies following disappointing data from the United States, revealing a 0.8% decline in Unit Labor Costs on a quarterly basis in the third quarter and an increase in weekly Initial Jobless Claims from 212,000 to 217,000. Market expectations for the US Nonfarm Payrolls (NFP) in October are an increase of 180,000, following the impressive gain of 336,000 in September. During the post-meeting press conference, Federal Reserve Chairman Jerome Powell emphasized that policy decisions would be based on a comprehensive analysis of data and risk assessment. According to the CME Group FedWatch Tool, the market is currently pricing in a 20% probability of one more rate increase in December. While a strong NFP reading may not significantly change these odds, it could provide an immediate boost to the US Dollar. Conversely, market positioning suggests that there is room for further weakness in the US Dollar if the NFP falls short of expectations, particularly if the report shows a figure at or below 150,000. Additionally, the price is currently within a supply zone between the 1.0690 and 1.0750 levels. At this level, the price may experience a pullback, especially after the bullish momentum led the market to break a swing high at the 1.0676 level. Therefore, I personally expect a retracement before continuing to move long towards the 1.10 level. Let me know what you think, leave a comment, and give a like. Greetings from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
7
AFRM Affirm Holdings Options Ahead of EarningsIf you haven`t bought AFRM ahead of the previous earnings: or when you saw those big puts adding: Then Analyzing the options chain and the chart patterns of AFRM Affirm Holdings prior to the earnings report this week, I would consider purchasing the 20usd strike price Puts with an expiration date of 2024-1-19, for a premium of approximately $2.17. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NASDAQ:AFRMShort
by TopgOptions
US30 After the FED, 36,000 incoming!Regarding yesterday's trading day: Checked progress for the American index, which closed up by 0.66%. The start of the day was quite promising for the index, marking an initial price at 33,988.8 points, staying above the peaks from November 2nd and continuing to rise during the session. Currently, the short-term outlook for the Dow Jones indicates a strong ascent with a target set at 34,438.8. In case of a temporary correction, the immediate target is seen at 33,306.4. However, expectations are for the curve to rise further to reach the peak at 35,571.1. Resistance 2: 34,438.8 Resistance 1: 34,061.3 Support 1: 32,551.5 Support 2: 0.7642
BLACKBULL:US30Long
by Forex48_TradingAcademy
10
GOLD Pullback and then Target 2100.On Friday, the XAU/USD pair reached an intraday high of just under $2,005, in response to the disappointing US Nonfarm Payrolls (NFP) report, which marked the weakest performance in almost three years. However, Gold prices managed to recover to the midrange of the day's trading, ultimately closing near $1,992.50. The NFP report for the US fell short of expectations, revealing that the US added only 150 thousand jobs in October, a significant decline from the previous month's robust figure of 297 thousand job additions, which had already been revised downward from the initial estimate of 336K. Market expectations were initially set at 180K for the October reading. This headline miss led to a surge in global markets as investors welcomed the potential halt to Federal Reserve (Fed) interest rate hikes. Earlier in the week, Gold reached a weekly high of $2,008 but later dipped to a low of $1,970. Despite the disappointing NFP report, Gold faced challenges in securing substantial gains. This is due to the prevailing caution among investors regarding cooling US economic data. Inflation and excessive wage growth continue to be pivotal concerns for the Fed. Therefore, a single subpar NFP reading is unlikely to alter the Fed's stance on maintaining higher interest rates for an extended period. Currently, money markets are pricing in the likelihood of a full percentage point interest rate cut by the end of 2024, but this projection may be premature, given the Fed's efforts to manage price volatility. In the near term, Spot Gold bids indicate the formation of a rising channel, with XAU/USD trading on the positive side of the 200-hour Simple Moving Average (SMA), which is currently trending upward from $1,985. As shown on the chart, in the weekly timeframe, gold broke out of a bearish channel after bouncing in the 0.5 Fibonacci retracement zone. It is currently at the level of 1992 and may experience a pullback to around 1910 before resuming its upward move towards 2100. Let me know what you think, and I wish everyone a great weekend. Regards from Nicola, CEO of Forex48 Trading Academy.
OANDA:XAUUSDLong
by Forex48_TradingAcademy
5
GBP/USD Pullback expected before reaching 1.24Analysis of GBP/USD: The GBP/USD is on the rise towards the 1.2400 level to conclude a trading week that has seen the pair mostly fluctuate around the averages. After the US Nonfarm Payrolls (NFP) data came in well below expectations, the British Pound (GBP) has seen a 1.6% increase from Friday's opening bids near 1.2190, and the GBP/USD is up almost 2.5% from the week's lows of 1.2095. US Nonfarm Payrolls increased by 150,000 in October versus the forecast of 180,000. The US NFP figures fell short of expectations, marking the worst headline figure in nearly three years. The US added 150,000 new jobs in October, missing the market forecast of 180,000 and well below September's figure, which was revised downward from the initial print of 336,000. The failure to meet US employment targets is dragging the US Dollar (USD) lower across the market as investors shift towards risk assets, despite the deteriorating US labor data, which is counterintuitively inspiring investors to move out of safe havens. Weaker US economic data could lead the Federal Reserve (Fed) to reconsider interest rate decisions, as investors look for signs that the Fed may accelerate the program of potential rate cuts. Technical Outlook for GBP/USD: The Sterling's ascent driven by the NFP data is pushing the GBP/USD straight through the 50-day Simple Moving Average (SMA), aiming directly for the 1.2400 level and preparing to challenge the 200-day SMA, which is currently moving sideways from 1.2435. GBP/USD has recently oscillated between 1.2300 and 1.2100, and a bearish fallback would see the pair sliding towards multi-month lows around the 1.2000 major level. I personally expect a pullback to around 1.2160, where the price could then reverse to head towards 1.24. Let me know your thoughts, and happy trading to all from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
5
DKNG DraftKings Options Ahead of EarningsIf you haven`t bought the dip on DKNG here: Then analyzing the options chain and the chart patterns of DKNG DraftKings prior to the earnings report this week, I would consider purchasing the 30usd strike price Calls with an expiration date of 2024-1-19, for a premium of approximately $1.93. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NASDAQ:DKNGLong
by TopgOptions
ARDX Ardelyx Options Ahead of Earnings If you haven`t bought ARDS before it went up 6X: Then analyzing the options chain and the chart patterns of ARDX Ardelyx prior to the earnings report this week, I would consider purchasing the 4usd strike price Calls with an expiration date of 2024-1-19, for a premium of approximately $0.45. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NASDAQ:ARDXLong
by TopgOptions
NZD/USD Long Trade with a RR 1:2The NZD/USD exchange rate is steadily advancing on Thursday, driven by an improved risk appetite fueled by speculations that the United States Federal Reserve (Fed) has finished raising interest rates. As a result, a decrease in US Treasury bond yields has weakened the US Dollar (USD), providing support for the pair. At the time of writing, the NZD/USD is trading at 0.5898, marking a gain of over 0.60%. Despite the Fed's decision to keep rates unchanged within the 5.25%-5.50% range, its chairman, Jerome Powell, made some comments that were largely overlooked by market participants. Consequently, traders in the interest rate futures markets are anticipating the first rate cut by the Fed to occur by June 2024, with odds currently at 67.80%, according to the CME FedWatch Tool. I'm sharing the trade with the community in the pre-American session, entering at the level of 0.59 with a target of 0.6025 and a stop loss at the level of 0.5839, with a risk-reward ratio of 1:2. Let me know what you think, happy trading to everyone from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
3
USDJPY Bullish target to 152 post-Fed.The USD/JPY cross remains stable near the 151.00 level as the Federal Reserve (Fed) keeps interest rates between 5.25% and 5.5%, as widely expected by the markets. However, the lack of significant changes in the Fed's rate statement leaves investors uncertain about a possible rate hike in December to close out the year. The U.S. Dollar Index (DXY) is on a two-day upward trajectory, supported by elevated U.S. Treasury yields. Currently, the index is trading higher near 106.70 at the time of writing. Additionally, the market expects the upcoming monetary policy decision from the U.S. Federal Reserve, indicating that the central bank will maintain its current monetary policy in the Wednesday meeting. Investors will closely monitor the post-meeting communication of the Federal Open Market Committee (FOMC), eager to obtain insights that can help assess the potential path of interest rates. Data-driven considerations for December add an extra layer of dynamic anticipation to the market. Traders will also watch key indicators such as the U.S. ADP Employment Change and ISM Manufacturing PMI for October in the North American session. USD/JPY is trading around 151.20 during the Asian session on Wednesday, retracing from the annual highs reached after the Bank of Japan (BoJ) removed the 1% ceiling for the 10-year government bond yield on Tuesday. Following the adjustment of the yield curve control (YCC), BoJ Governor Kazuo Ueda has adopted a notably accommodative stance. He expressed concerns about inflation not definitively reaching the BoJ's long-term targets. Japan's Chief Cabinet Secretary, Hirokazu Matsuno, engaged in verbal intervention to support the yen. He emphasized the importance of currencies moving in a stable manner that reflects fundamentals and expressed disapproval of rapid foreign exchange (FX) fluctuations. While refraining from commenting on specific FX levels, Matsuno did not rule out the possibility of taking measures to address disorderly FX movements. Moreover, the unexpected decline in China's Caixin Manufacturing Purchasing Managers' Index (PMI) to 49.5 in October, down from September's expansion at 50.6, as reported in the latest Wednesday data, has added pressure on the Japanese Yen (JPY). On the daily chart, it's also possible to observe that the market is bouncing within an ascending channel since the end of August. Currently, it's at the 150.90 level, and from here, it could bounce to the 149.70 level, which corresponds to the 0.705 Fibonacci level before continuing the ascent towards 152 and beyond. Comment and leave a like to support our work. Greetings from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
3
EUR/USD Before NFP and post FED, direction 1.07?The EUR/USD exchange rate is currently trading at around 1.0600 in the European morning on Thursday. This movement is largely influenced by several key factors. First, there is sustained weakness in the US dollar, following the recent decision by the Federal Reserve to extend its pause in monetary policy changes. Additionally, comments made by the Fed Chair, Jerome Powell, during the press conference, have contributed to this dollar weakness, as he emphasized the need for persistent long-term yield increases to influence monetary policy. Powell also noted that monetary policy is currently restrictive. As a result, the euro has gained strength, pushing the EUR/USD exchange rate above 1.0580 in the early Asian session on Thursday. Currently, EUR/USD is trading at about 1.0597, marking a 0.26% increase for the day. The recent Federal Open Market Committee (FOMC) meeting played a significant role in shaping market sentiment. The FOMC decided to keep the federal funds rate unchanged, as widely expected. However, it has opened the door to another rate hike, although there is a sense of caution regarding enthusiasm in pursuing it. This cautious approach has led to a decline in the US dollar, as many now believe that the rate hike cycle may have come to an end. Regarding economic data, private sector employment growth in the United States for October saw a modest increase but remained below market expectations, rising by 113,000 units, below the consensus of a 150,000-unit increase. However, JOLTS job openings unexpectedly improved, reaching 9.553 million openings, surpassing the expectation of 9.25 million. However, the ISM manufacturing PMI for October dropped to 46.7, the lowest value since July, reflecting a challenging economic environment. On the other side of the Atlantic, the European Central Bank (ECB) decided to keep interest rates unchanged last week, but the outlook suggests that interest rate cuts may be on the horizon in the second quarter of next year. This stance is driven by disinflationary pressures and concerns about weak GDP growth, with PMI data indicating an increased risk of a recession in the Eurozone. Recent economic indicators for the Eurozone have been mixed. The Eurozone's preliminary Harmonized Index of Consumer Prices (HICP) for October recorded an annual increase of 2.9%, down from the previous reading of 4.3% and below market expectations. The core HICP also decreased from 4.5% to 4.2%. The Eurozone's GDP for the third quarter (Q3) declined by 0.1% on a quarterly basis and grew only 0.1% on an annual basis, both below market expectations. In the H4 chart, my personal view is bullish, but currently, the price is in a supply zone, which could potentially bring the price back to the 1.0560 area, namely within a demand zone that has been supporting the EUR/USD since October 6th. So, I would personally look for a long entry at the M15 if and only if the price retraces to the demand zone and target 1.07. I remind you that the Non-Farm Payrolls (NFP) report is due tomorrow, so I advise caution as any scenario could change. Please leave a like and comment in support of our work. Greetings from Nicola, the CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
3
GOLD Approaching 2,100 After NFP Data!Price Movement: Gold is on an upward trajectory, nearing the $2,000 mark. This is attributed to negative US Jobless Claims data, which is impacting the US Dollar. Additionally, US Treasury bond yields have breached the 4.70% level. Trading Strategy: Traders are adopting a "buy the dips" strategy in gold, as long as it remains above the critical support level at $1,963. Technical Indicators: The 14-day RSI suggests the potential for further price increases. Several SMAs, including the 21- and 50-day and 21- and 100-day, indicate a bullish trend. A daily closing above the 200-day SMA could signal sustained upside. Resistance and Support Levels: The immediate resistance is at $1,993, and a break above this level could retest the $2,000 threshold. To maintain the uptrend, acceptance above $2,009 is crucial. On the downside, if $1,963 support is breached, a drop to the $1,950 level is possible, and further decline could test the October 19 low of $1,945. Market Factors: Gold's recovery is influenced by a decrease in US Treasury bond yields following the FOMC policy meeting, where the Federal Reserve left the key policy rate unchanged. Jerome Powell's comments, while not ruling out another rate hike, were perceived as less hawkish than expected, which weakened the US Dollar and boosted gold. Mixed Economic Data: The US Dollar faced headwinds from mixed economic data, including lower-than-expected private sector payrolls and a drop in the ISM Manufacturing PMI. Market Sentiment: Market sentiment is also influenced by the potential for future interest rate hikes by the Federal Reserve, with some investors paring back expectations of a rate increase in December and January. Global Events: The safe-haven US Dollar is undermined by a global risk rally, overshadowing geopolitical conflicts like the Hamas-Israel situation. Bank of England Decision: Gold traders are keeping an eye on the Bank of England's monetary policy decision, which is expected to remain unchanged. A dovish BoE stance could impact currency markets and indirectly affect gold prices.
OANDA:XAUUSDLong
by Forex48_TradingAcademy
3
EUR/USD: Bullish channel and target of 1.07Last Tuesday, EUR/USD experienced a decline, currently consolidating around 1.0570 after dropping from weekly highs just above 1.0550. The US dollar remains strong in anticipation of the FOMC decision and crucial US employment data. On the daily chart of EUR/USD, the price reversed its direction near the 55-day Simple Moving Average (SMA) but remains above the 20-day SMA on closing. Looking at the 4-hour chart, EUR/USD found support along a short-term uptrend line and is currently trading around the 20-period SMA. Technical indicators offer an unclear picture. A bounce above 1.0600 would strengthen the euro's prospects, targeting the next resistance level at 1.0630, while consolidation below 1.0560 would signal potential weakness. EUR/USD initially reached weekly highs but then reversed course on Tuesday due to a stronger US dollar in anticipation of US employment and FOMC meeting data. Inflation and growth data in Europe came in below expectations. Data from the Eurozone showed a slowdown in inflation in October, with the annual rate dropping to 2.9% from 4.8%, below the market consensus of 3%. Even core inflation dropped to 4.2%, in line with forecasts. Growth data also showed an unexpected contraction of 0.1%, making it likely that the European Central Bank (ECB) will maintain its current position in December. Now, attention shifts to US data and the FOMC meeting. US data on Tuesday presented mixed results, including a decrease in consumer confidence, a 1.1% increase in labor costs in the third quarter, and a drop to 44 in the Chicago PMI index. On Wednesday, the ADP employment report and the ISM Manufacturing PMI will be released before the FOMC statement. The Federal Reserve is expected to keep interest rates unchanged, which could result in a relatively minor event. However, with a focus on Chairman Powell and his team, increased volatility is anticipated. In fact, I expect a neutral day tomorrow in anticipation of the Fed, despite my long-term trend, as seen on the chart. Let me know what you think. Regards, Nicola, CEO of Forex48 Trading Academy.
Long
by Forex48_TradingAcademy
3
SPX daily reality check in. $4200-$4600 WHERE?!?!I hear everyone telling their followers to plan on trading in the $4200-$4600 range until further notice etc. My only question is this range in the room with us now? Am I missing something? Should we just begin to Yolo Calls? If your going to update you followers Daily or even Weekly should the information not be ACTIONABLE to your traders. Especially on #Ct = X where most clearly state they make trades daily and look to bank profits daily. How exactly does this work? Sounds like a great way to get rekt. How about we first focus on getting back into the $4200 range and then seeing if we can turn that into support. Until that happens lets first watch for these areas at $4180-$4190 until broken through. Not to say that cannot or will not happen today. But shouldn't that be on the radar for traders following you if your going to send them a daily update in the morning?
SP:SPX
by rarebreed29
GOLD Route map from 1850 to 2050!Gold Price Movement: Initially, gold underwent a downward correction following a recent rally but then reversed its course, moving toward the $2,000 level. This suggests ongoing interest from buyers in establishing long positions. Moving Averages: On the daily chart, the 20-period Simple Moving Average (SMA) has turned upward, indicating a bullish trend. It is situated below longer-term moving averages. Technical Indicators: Technical indicators on the daily chart are in overbought territory, but they have only slightly retreated from recent highs. This suggests that a significant decline is not confirmed. Short-Term Outlook: The 4-hour chart indicates a positive bias, even though momentum has decreased. XAU/USD is trading above its moving averages, with the 20-period SMA providing intraday support. Market Dynamics: Demand for safe-haven assets like gold and the US Dollar has lessened, possibly due to ongoing developments in the Middle East, including Israel's ground offensive in the Gaza Strip. Upcoming Events: Market participants are closely monitoring central bank announcements. The Federal Reserve, Bank of Japan, and Bank of England are all set to make announcements in the upcoming week. There are rumors that the Bank of Japan may make changes to its yield-curve control policy. US Employment Data: The US is scheduled to release the October Nonfarm Payrolls report soon, a crucial economic indicator that can significantly impact market sentiment. Stock Markets and Treasury Yields: Stock markets are trading positively, and Treasury yields are rising. However, these factors have not provided robust support for the US Dollar.
OANDA:XAUUSDLong
by Forex48_TradingAcademy
2