Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/USD: 'Shooting Star' on 34 MA
2019-11-11 • Updated
The 34 Moving Average has acted as resistance, so there's a 'Shooting Star' pattern, which led to the current decline. However, there's also a bullish 'Engulfing', so the pair is likely going to test the nearest resistance at 1.1503. If a pullback from this level happens next, bears will probably try to reach the next support at 1.1401.
There're bullish patterns such a 'Tower' and an 'Inverted Hammer', which both have been confirmed. So, the market is likely going to test the 89 Moving Average shortly. A pullback from this line could be a starting point for another decline towards the lower 'Window' (1.1401).
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
What happened? It looks like the decline in EUR/CHF to 1…
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.