Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are...
EUR/GBP: bulls want revenge
2019-11-11 • Updated
On the daily chart, EUR/GBP remains within the 0.8695-0.9015 consolidation range. Its exit outside of it will be a signal of the uptrend’s resumption and increase the odds of formation of the senior AB=CD. The short-term successful test of resistance at 0.8925 will trigger AB=CD pattern and allow the bulls to reach 161.8% target.
On H1, if EUR/GBP rises to February highs, it will trigger AB=CD and “Crab” patterns. Its 161.8% targets form an important convergence area near 0.9015.
The higher-than-expected inflation data for January has reignited concerns about rising prices and its implications for Federal Reserve policy. While investors had anticipated rate cuts in the near term, the hot inflation print may delay such actions. As the Fed navigates the delicate balance between containing inflation and...
The US Dollar Index (DXY) has been in a consolidation phase since early February, displaying minor signs of weakening last week. Despite this, the USD continues to find support around the 104.00 mark on dips, indicating a general resilience. Analysis suggests that the USD may currently be overvalued in the short term when considering various factors
On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.