2020-09-29 • Updated
The US dollar became stronger last week amid the risk-off sentiment, but this week the demand for the greenback waned. It was caused by optimism over the US fiscal stimulus package and also some progress in the Brexit agreement. The impasse between Democrats and Republicans has been too long, therefore the recent announcement to unveil 2.2 trillion dollars improved the market sentiment and weighed more on the safe-haven yen. On the flip side, uncertainty over November’s US elections may underpin the JPY against the USD.
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher. In fact, it has already failed several times to cross it. However, if it manages to break it through, the doors towards 106.20 and then to 106.50 will be open. The RSI indicator has approached the 50.00 level. As you may know, if the RSI is above this point, momentum is considered up and there’s more sense to look for opportunities to buy. That’s why, the breakout may confirm further bullishness.
In the opposite scenario, if it falls below the key psychological mark of 105.00, the way to the low of September 17 at 104.50 will be open. Indeed, this scenario is quite possible as the long-term trend is bearish, and there is no sign of reverse yet. Wait what will happen next: breakout or pullback and join the flow!
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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