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EURUSD dips to new lows, testing key support level. What next as we head into new week?
The EURUSD is trading at new session lows and lows for the week. In the process, the pair is testing the high of a swing area near 1.0847 and the 61.8% of the move up from the February low to the March high at 1.08036. The swing area extends down to 1.07955 (see red...
Reports of a terrorist attack in Moscow
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,...
ECB’s Scicluna: A rate cut as soon as April could be warranted
Econostream Media spoke with Malta's Edward Scicluna earlier and he said:“Now that the economy is helping with lower demand, we shouldn’t overburden activity any longer ... Even though everyone is talking about ‘June, June, June,’ April does indeed become a...
Scotiabank sees two reasons for further gold gains
Rate cuts are the main catalyst that all the gold bulls are waiting for, particularly if it comes with US dollar softness. However Scotia outlines two shorter-term factors that could boost gold's momentum.1) COMEX speculative position of 222k contracts is at average...
Baker Hughes US oil rig count 509 vs 510 prior
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,...
European indices close the day mostly higher
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,...
NZDUSD trades to a new session/week low but tests key support target in the process.
The NZDUSD - like some of the other currency pairs vs the USD this week - saw multiple up-and-down price action. It moved to the upside on Wednesday and was spurred on by the FOMC rate decision. Its move back to the downside on Thursday and today was spurred by...
Italy targeted GDP and 1% for 2024
Italy is targeting GDP growth of 1% for 2024. That is above economist estimates.Meanwhile, the EURUSD is trading near lows for the day but above the support at the 61.8% retracement of the move up from the February low at 1.08036, and above and swing low going back to...
GOP squabbles: Rep Marjorie Taylor Green files motion to oust Speaker Mike Johnson
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,...
USDCAD retests the high swing area between 1.36049 – 1.36269
USDCAD traded toward the high of the trading rangeThe USDCAD is extended to a new session high, and in the process is back testing the swing area between 1.36049 and 1.36269 (the red number circles and yellow area on the chart above). The 61.8% retracement of the move...
The AUDUSD ping-pongs this week between trend lines in volatile up and down price action
The AUDUSD has been ping-ponging this week in volatile up and down trading. Looking at the chart below, the price action initially was to the downside. Support held against a upwards open trendline.The move back to the upside - helped by the FOMC rate decision -...
Bitcoin downtrend triggers technical support pursuit
Bitcoin trades mostly between the 100 and 200 bar MA on 4H.Today, Bitcoin's price is experiencing a downturn, currently trading at $63,128 after reaching a low of $62,720. Throughout the trading week, the cryptocurrency's value peaked on Wednesday, touching its...
USDCAD trades up and down this week with the pair now higher. What can we expect now?
The USDCAD has traded up-and-down this week. The initial move was higher into the top-side swing area resistance. In the middle of the week the move was to the downside (after the FOMC rate decision). The last two days have been back to the upside. In the process the...
Oil Update: Russia-Ukraine War Targets Energy Infrastructure
Brent Crude Oil News and AnalysisOver 150 missiles and drones fired in latest attack on UkraineOil prices ease into the weekend despite attacks on energy infrastructureIG client sentiment focuses on recent changes in positioning to arrive at bearish biasThe analysis...
US Secretary of State Blinken warned is Israeli PM Netanyahu and his war cabinet
US Sec. of State Blinkin continues pressure on Israel's PM Netanyahu, by warning he and his war cabinet, that without a plan for the day after, Israel is on its way to being stuck in Gaza in a way that would endanger its security and international standing.Israel has...
Major indices trading marginally lower in early US trading
Major US stock indices are trading marginally lower in early US trading. Recall that yesterday, all three indices closed at record levels. The S&P is now closed at a new record highs a total of 20 times in 2024.A snapshot of the market, eight minutes into the open...
USDCHF continues upside momentum today but five sellers near keep retracement target
The SNB cut rates this week pushing the CHF lower (the USDCHF higher), but sellers showed up on the first test of the 38.2% retracement of the trend move down from 2022 high at 0.90254. Getting above that level is key for the buyers in the pair going forward. If...
Weekly Market Recap (18-22 March)
ECB’s de Cos (dove – voter) over the weekend reiterated the willingness of the ECB to start cutting rates in June:If our macroeconomic forecasts are met in the coming months, it is normal that we will start cutting rates soon and June could be a good date to...
What did Nike, Lululemon and FedEx said about the global economy
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,...