2022-10-06 • Updated
Over the last couple of weeks, GBPUSD and a few other commodities have breached their recent swing highs and lows, while some have even gone on to create new All-Time Highs and Lows. In this article, we will recount a few of these commodities and trade ideas to watch out for.
USDJPY has recently risen above the 142 price region and is cruising well within the range of the 1998 Highs. However, we see a confluence of trendlines that may act as a resistance to usher in bearish momentum.
EURUSD traded slightly below its lowest price in two (2) decades but has since reacted sharply away from the lower trendline of the descending channel. Thus, we may begin to see renewed bullish pressure on EURUSD
EURUSD Monthly Timeframe.
EURUSD Daily Timeframe.
GBPUSD recently created a record low after trading below 1.05 during the final week of last month (September). Price has also retested the lower trendline of the bearish wedge with a sharp reaction in favor of the bulls. We may see the bulls exert more pressure on price in the coming weeks.
AUDNZD is currently trading at its highest since 2015. Here, we see a confluence of the 200-SMA and the upper trendline of the ascending channel—these factors help reinforce the bearish bias.
GBPCHF is currently trading at its lowest in the last 30 years. Price breached the recent 2-year low last month but reacted sharply, closing with a huge wick resting on the lower trendline of the bearish channel. We should see some bullish impulse return to the markets soon.
CONCLUSION:
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The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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