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Lingrid | EURUSD bearish MOMENTUM: Short from RESISTANCE zoneThe price perfectly fulfilled my last idea. It reached the take profit level. FX:EURUSD has recently formed a strong impulse leg down, breaking and closing below the previous support level on the 4H timeframe. Currently, the price is generating a long-tailed bar, which could indicate a potential pullback against major trend. Also recent surge in the TVC:DXY , shows a bearish sentiment and on the daily timeframe, the price broke through the upward trendline that has been in place since April, further confirming bearish sentiment. I expect a pullback in the near term, but the overall trajectory seems to suggest that the market will continue to move down or consolidate after the impulse leg. My goal is support zone around 1.06700 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
5
USDJPY Analysis for November 6, 2024: Slight Bullish Bias DrivenUSDJPY Analysis for November 6, 2024: Slight Bullish Bias Driven by Key Market Fundamentals As of November 6, 2024, USDJPY appears to have a slightly bullish bias, influenced by various fundamental factors and recent shifts in market conditions. Traders and investors are paying close attention to developments affecting both the US dollar (USD) and the Japanese yen (JPY) as economic data and policy expectations guide market sentiment. Here’s a look at the key drivers contributing to USDJPY’s bullish outlook today. Key Drivers Supporting a Bullish Bias for USDJPY 1. Federal Reserve’s Hawkish Stance The Federal Reserve has maintained a hawkish stance, signaling a commitment to keeping interest rates elevated for an extended period. This approach supports the USD as higher yields attract investors, driving demand and potentially leading to further gains in USDJPY. If the Fed continues to prioritize inflation control, this could provide a steady tailwind for the dollar against the yen. 2. Divergent Monetary Policies Between the US and Japan While the Fed remains hawkish, the Bank of Japan (BoJ) is expected to maintain its ultra-loose monetary policy. The BoJ has shown little intention of changing its low-interest-rate environment, making JPY less attractive in comparison to USD. This divergence in monetary policy provides a bullish edge for USDJPY as the yield differential widens. 3. Strong US Economic Data Recent economic data from the US, including robust GDP growth and stable employment figures, further supports USD strength. These indicators suggest a resilient economy, giving the Federal Reserve more flexibility to maintain or even raise rates. Consequently, the USD is positioned favorably against the yen in the near term. 4. Risk Appetite Supporting USD over JPY Although JPY traditionally benefits as a safe-haven currency during periods of market uncertainty, today’s risk sentiment leans toward moderate optimism. As risk appetite grows, traders are more likely to favor the USD over JPY, adding another layer of support to the USDJPY’s bullish momentum. Technical Indicators Highlight Potential Upside From a technical perspective, USDJPY is trading above its key support level at 150.00, a sign of bullish resilience. If USDJPY can break above the 150.80 resistance, it may pave the way for further gains toward the 151.50 mark. Conclusion In summary, today’s analysis indicates a slightly bullish bias for USDJPY, driven by the Fed’s hawkish stance, divergent monetary policies, positive US economic data, and favorable risk sentiment. Traders should watch for potential resistance levels that could influence USDJPY’s momentum in the short term. Tags: #USDJPYanalysis #Japaneseyenforecast #Forexmarkettrends #USdollaroutlook #FederalReservepolicyimpact #USDJPYNovember62024 #Interestratedivergence #Forexbullishtrends #Riskappetitecurrencytrading
Short
by PERFECT_MFG
NZDUSD Analysis for November 6, 2024: Slight Bullish Bias Amid.As of November 6, 2024, NZDUSD shows a slight bullish bias amid a variety of fundamental factors influencing the currency pair. With recent market conditions shifting, the New Zealand dollar (NZD) gains some support against the US dollar (USD). Let's delve into the primary factors that could drive NZDUSD today. Key Drivers Supporting a Bullish Bias for NZDUSD 1. New Zealand Economic Resilience New Zealand’s economic fundamentals continue to show resilience, with recent data indicating stable inflation and a manageable interest rate environment. These conditions provide a supportive backdrop for the New Zealand dollar, encouraging modest gains against the US dollar. 2. US Dollar Weakness on Rate Expectations The USD has shown signs of weakness due to shifting expectations around the Federal Reserve's monetary policy. Recent statements from the Fed suggest a dovish approach may prevail, potentially signaling fewer rate hikes in the near term. This sentiment dampens the USD’s appeal, providing a tailwind for NZDUSD's bullish momentum. 3. Positive Risk Sentiment Risk sentiment remains moderately positive in global markets, which often benefits higher-yielding currencies like the NZD. Investors appear more optimistic, drawing them towards risk assets and risk-associated currencies. This trend is likely to support NZDUSD in the near term, especially if risk sentiment persists. 4. Commodity Prices Influence NZD is historically correlated with commodity prices, and recent stability in commodity markets has provided additional support for the currency. As New Zealand is a major exporter of dairy and other commodities, the steady prices bolster NZD, adding strength to the bullish case for NZDUSD. Technical Indicators Show Cautious Optimism Technically, NZDUSD is trading above key moving averages, further confirming a slight bullish trend. If the pair holds above the 0.5900 support level, we could see an attempt to test the 0.5980 resistance, driven by today’s bullish sentiment and the outlined fundamental factors. Conclusion In conclusion, today’s analysis suggests a slightly bullish bias for NZDUSD, driven by New Zealand’s economic stability, US dollar softness, favorable risk sentiment, and supportive commodity prices. Traders should monitor any changes in Fed policy or risk sentiment that could alter this outlook. Tags: - NZDUSD analysis - New Zealand dollar forecast - Forex market trends - US dollar outlook - Federal Reserve rate impact - NZDUSD November 6, 2024 - Risk sentiment currency trading - Forex bullish trends - Commodity currency
Long
by PERFECT_MFG
1
EUR/USD Faces Key Resistance, Downtrend PersistsThe EUR/USD pair is currently hovering around the 1.0720 level, with the primary trend still leaning towards a decline. The chart indicates that the euro’s recovery is limited by a key resistance zone, while international market factors are not yet providing enough support to generate a clear upward momentum. Key Technical Analysis Important Resistance Zone (1.0900 - 1.0936): This is a strong resistance level that, without significant upward pressure, will be difficult for EUR/USD to break. Sellers are likely to increase pressure in this area, hindering the pair's potential rise. Support Level (1.0678): This support level serves as a critical buffer zone. If EUR/USD continues to drop towards this area, it could attract some buying interest, providing short-term support for a price recovery.
Long
by Chipucu
2
Trump’s Lead Boosts the DollarTrump’s Lead Boosts the Dollar Early results in the U.S. presidential election indicate a lead for the Republican candidate. A potential Trump victory is seen as favourable for the U.S. dollar, based on Donald Trump's plans to: → increase tariffs on key U.S. trading partners; → stimulate domestic business and support small-cap companies. Additionally, the Trump administration may influence the Federal Reserve's rate policies, potentially leading to rate cuts as anticipated earlier. The forex market has responded with a stronger U.S. dollar, especially against the euro. On 21 October, an analysis of the EUR/USD chart indicated potential support from: → a major trendline (shown in blue); → the psychological level of 1.0800. The price indeed rebounded upwards from this area (shown by an arrow), but recent news has sparked a bearish impulse, bringing EUR/USD below the key trendline today. It’s possible this bearish momentum could continue, potentially keeping EUR/USD below the 1.0800 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2