2022-12-15 • Updated
Last week blew traders' minds!
The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday. As a result, EURUSD increased to 1.0600, and USDJPY plunged to 128. Stock indices found support levels. Chinese Hang Seng rose for the second week in a row. US500 and US100 plunged at the beginning of the previous week but reversed on Thursday. The critical support levels for US500 and US100 are 3850 and 11 700, respectively. The oil market keeps trading sideways as European Union tries to approve the Russian oil embargo. The crypto market followed the US stock indices. As a result, Bitcoin decreased to the local support of $27 000, and it looks like buyers will hold the asset above this level for a while.
On Monday, the head of the Bank of England will participate in a panel discussion regarding the monetary policy's future. More hawkish than expected statements might boost GBPUSD to 1.2800. Otherwise, the pair might decline below 1.2350 once again. On Tuesday, the German flash manufacturing PMI will shake the euro. Better-than-expected data might push EURUSD to 1.0700.
On the other hand, if the actual result is lower than the expectations, the pair might plunge to 1.0350. The period from Wednesday to Friday will be intense for the US dollar. On Wednesday, the FOMC will present the meeting minutes. On Thursday, the prelim GDP will be posted. On Friday, the bureau of economic analysis will publish the core PCE price index. The US dollar index plunged at the end of the previous week with a strong impulse. The trend might continue if the US economic data signals an upcoming recovery.
Next week, Nvidia and Alibaba will post earnings reports.
Nvidia's price lost 50% of its high in January 2022. Better-than-expected report might push the stock to the $200 resistance. On the other hand, in case of a worse-than-expected release, the price might fall to $150.
Alibaba has found its global support, and the price is ready for the massive uptrend. The upcoming report might confirm investors' opinions about the Chinese market recovery.
XBRUSD has been testing the $112.50 resistance for the past three weeks. As soon as the breakout happens, the price will head towards $118.00. At the same time, XTI is moving towards $120. XAUUSD broke through the upper border of the descending channel. As soon as the price breaks through $1850, it will head towards $1870 and $1900. XAGUSD bounced off the global support of $20.50. If the price breaks through $22.50, it will head towards $24.30.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
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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