En route 0.8860 hurdle during four-day uptrend
EUR/GBP grinds near weekly high, up for the fourth consecutive day. Clear rebound from 50% Fibonacci retracement, upside break of 100-SMA favor bulls. One-week-old resistance line restricts immediate upside ahead of monthly top. EUR/GBP picks up bids to 0.8845 as bulls poke intraday high, as well as the weekly top, heading into Wednesday’s European session. […]
Société Générale says Brent oil needs to reclaim $90 to solidify uptrend
A snippet on oil from Société Générale, looking at Brent: A falling wedge generally denotes receding downward momentum; this is also highlighted by daily MACD which held on to last July’s lows and has entered positive territory. However, reclaiming the upper limit of the wedge at $89/90 is essential to affirm an extended up-move towards […]
Bulls approach 1.2435 hurdle amid five-day uptrend
GBP/USD picks up bids to refresh intraday high; extends previous two-week winning streak. RSI conditions, six-week-old resistance line challenge Cable buyers. 21-SMA, ascending trend line from early January puts a floor under the price. GBP/USD stays on the front foot as bulls keep the driver’s seat during early Monday morning in Asia, after a two-week […]
USD/CNH snaps four-day uptrend around 6.7700 despite PBOC inaction
USD/CNH consolidates weekly gains with mild daily losses. PBOC keeps one-year, five-year Loan Prime Rates (LPRs) unchanged. US Dollar’s inability to cheer hawkish Fedspeak weigh on prices amid cautious optimism. USD/CNH remains pressured around 6.7700, printing the first daily loss in a week, as trades react to the People’s Bank of China’s (PBOC) status quo […]
XAU/USD uptrend extends, bulls eye $1,920
Gold price continued to extend its weekly gains, above the $1,900 mark. Trader’s speculations that the US Federal Reserve would slow rate hikes pace boosted Gold prices. Gold Price Analysis: Daily close above $1,920 could pave the way toward $2,000. Gold price hit a new 9-month high at $1,913.18 on Friday, amidst investors’ speculations that […]
EUR/USD uptrend in late 2022 to be replaced by pullbacks and choppy trading conditions – Rabobank
Although analysts at Rabobank are forecasting that the DXY index could end the year a little lower, they expect that 2023 will provide plenty of opportunities for USD bulls to become re-engaged. They retain a 1-month forecast of EUR/USD 1.05 and a 3-month forecast of EUR/USD 1.03. Key quotes: “The first trading week of the […]