As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
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Last week after rebounding off the "turncoat resistance" at 108.128, the US Dollar failed to create a new high, increasing the chances of a bearish continuation. It is also important to note that while we await the Feds' decision this Wednesday, bearish pressure continues to mount on the US Dollar from the Golden Fibonacci level at 61.8% of the most recent swing low.
After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum. BTCUSD's rise may, however, be short-lived.
USDJPY has broken below the trendline inside the Weekly resistance zone and seems to be heading to 141.555 as the first possible area of support. 139.272 seems to be the next area of support provided price breaks through the initial one at the 141 area.
Last week Friday, NZDUSD closed bullish on top of the major trendline from May 12, 2022, and seems to be getting ready for a bullish run all the way to the 50-MA at 0.61498 area. The major target in view is around the 0.61400 area.
Still within the Daily Support zone and with interest rates fundamentals incoming this week, The AUDUSD pair may be prepping for a change in the bearish momentum. So far, we saw Friday close with a Bullish rejection candle, thus, increasing the chances of a Bullish short-term rally.
USDCAD may face serious rejection from the upper trendline boundary of the wedge it is currently trading inside. The upper boundary of the wedge has the Daily resistance level as an added confluence, and we may see prices sink as far as the 1.30500 area.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.