USDCAD dailyThe Bank of Canada decision is coming up on Wednesday and it's entirely likely that Tiff Macklem leaves rates unchanged at 5.00%. The economy is struggling under the weight of higher interest rates and barely grew in the second and third quarters. If...
Gold price soars to record high before dramatic plunge; Buyers still in play
Gold sure had a wild trading day with the price initially spiking higher in racing to a new all-time high level of $2146.79. However, momentum faded in the price quickly rotated to the downside. The price is currently down $-44.33 or -2.14% at $2027.54. The low price...
Oil can’t get off the floor: Falls for the third day
Sentiment is great in most markets right now but oil is certainly an exception. WTI crude oil fell again today, dropping $1.03 to $73.04.The November low was $72.16 and it's not hard to find discouraged energy market participants talking about oil prices starting with...
Crude oil futures settle at $73.04, signaling a more bearish bias
Crude oil futures are settling at $73.04. That is down -$1.03 or -1.39%.Crude oil is moving lower and away from its 200 day MAThe high price for the day reached $75. The low price extended to $72.66. The low price of from the month of November reached $72.22. Moving...
GBPUSD revisits support levels, with bears gaining momentum.
The GBPUSD pair is currently facing downward pressure, as it approaches a recent low near the 1.2603 level. This downward move has resulted in the pair slipping below the 200-hour moving average, which stands at 1.26212. Maintaining a position below this average could...
When someone calls you, “the biggest threat we’ve ever had”. you don’t buy their bonds
US Secretary of Commerce Gina RaimondoThe comments Saturday from US Commerce Secretary Gina Raimondo are perhaps the most-aggressive the US has ever sounded towards China and it comes after the Biden-Xi summit was a dud that ended with the President calling Xi a...
AUDUSD faces pressure at key technical level ahead of RBA rate decision
AUDUSD test sets the 200 hour moving averageThe AUDUSD pair is currently facing significant pressure as it tests a key technical level: the 200-hour moving average, located at 0.66048. This level is crucial, as it coincides with an upward-sloping trendline. A break...
US Dollar Flies as US Yields Spring Back to Life, Setups on USD/JPY, AUD/USD
US DOLLAR FORECAST – USD/JPY AND AUD/USDThe U.S. dollar gains as U.S. yields mount a solid comebackUSD/JPY bounces off trendline support, reclaiming the 147.00 handleMeanwhile, AUD/USD turns lower after failing to take out overhead resistance Trade Smarter - Sign up...
NZDUSD soars to new high, but is backing off. Traders watching 61.8% retracement.
The NZDUSD traded to a new high in early Asian trading. The high price extended up to a swing area between 0.62186 and 0.62235. The high price extended to 0.62215 and started rotation back to the downside.In the current 4-hour bar, the price has dipped back below the...
Russell 2000 continues to show relative strength
Russell 2000 dailyThe Russell 2000 appeared to break out Friday and that has continued today, despite a darker tone for broader markets. The Nasdaq is down 1.2%, and the S&P 500 down 0.6% but the Russell 2000 is up 0.6%. That comes after a more-than 2% gain on...
USDJPY testing crucial moving averages: Will bulls prevail? Or bears hold the line?
The USDJPY is trading to a new session high and in the process is retesting its 100-day moving average at 147.242. Just above that is the falling 100-hour moving average at 147.380. USDJPY tests 100 day MAGetting above both those moving averages would be needed to...
USDCAD in neutral territory as price rebounds, traders await the next shove (up or down)
The USDCAD fell lower last Friday and in the process broke below its 100-day moving average at 1.3565 (blue line in the chart below), it's a 200-day moving average (green line in the chart below) at 1.3516 and 50% midpoint at 1.3495 respectively. Today, there was an...
European equity close: Modest losses as the new week begins
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Saudi energy min: OPEC+ cuts can ‘absolutely’ go beyond Q1
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Israeli defense min: Expect the war to continue at current intensity for at least 2 months
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Tech Giants take a tumble as NASDAQ stocks plummet
The US stocks continue to retreat with the NASDAQ index leading the way. The NASDAQ index is leading the way this year with a oversize gain of 34.52%. That comes after a -33.1% decline last year.NASDAQ index is pushing lowerThe NASDAQ index is currently down -243...
Aggressive resersal appears on the gold chart
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Goldman Sachs: JPY strength near its limits and should be faded
JPY dailyGoldman Sachs provides an analysis of the Japanese yen, suggesting that its recent strength may be nearing its limits. The firm recommends against pursuing further outperformance of the JPY, based on forecasts and market dynamics.Key Points:JPY Outperformance...
AUDUSD reverses from a new high as dollar strengthens, RBA meeting the focus
The AUDUSD moved to a new high going back to August 1 today but has since reversed the lower as the dollar moved higher and start to move lower leading to a risk off sentiment in the pair. The Reserve Bank of Australia will meet in the new trading day and are expected...
US October factory orders -3.6% vs -2.8% expected
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...