XAU/USD: A Trend-Follower’s Market
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- April 25, 2024
Charts: Trading View EUR/USD: Thursday saw EUR/USD wrap up another session on the ropes, recording a fourth successive daily loss. This is unlikely to surprise technical traders who adopt basic trend and support/resistance studies across timeframes. The weekly timeframe has exhibited a dominant downside bias since 2021 and support at $0.9606, albeit welcoming buyers in
READ MORECharts: Trading View US payrolls rose by 239,000 in October, according to Wednesday’s report out of the Automatic Data Processing firm (ADP), beating economists’ estimates for a 178,000 increase. The main highlight of the day, however, was the Fed delivering its fourth consecutive 75-basis point rate hike. This hauled the Federal Funds Rate to a
READ MORECharts: Trading View EUR/USD: It was a tough day for the shared currency on Tuesday, concluding the session off best levels against its US counterpart. The EUR/USD, down a second consecutive day, is consequently testing the spirit of a trendline resistance-turned support on the daily timeframe, extended from the high of $1.1495. This follows last
READ MORECharts: Trading View EUR/USD: Up 2.2% on the week, Europe’s single currency has been powering higher against its US counterpart, adding more than 1.0% on Wednesday and reclaiming territory north of parity ($1.00). As we can see from the H1 chart, price engulfed parity to the upside and subsequently retested the level as support heading
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View US Dollar Index: According to the US Dollar Index, the US dollar wrapped up the week on the ropes, shedding more than 1.0%. Month over month, however, the buck trades 0.3% lower, poised to snap a four-month bullish phase, shaped by way of a monthly long-legged doji indecision candle. Overall, the technical
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: $0.98 has clearly delivered challenging trading conditions on the short-term H1 timeframe in previous sessions. Wednesday witnessed price dip a toe south of the figure, though, as you can see, swiftly proved to be a ‘bear trap’. Thursday consequently reclaimed the big figure mid-way through London and subsequently
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: EUR/USD buyers failed to extend Monday’s enthusiasm on Tuesday, ending European trading considerably off best levels. Tuesday’s action, evident from the H1 timeframe, is consequently enclosed with what’s referred to as a broadening pattern (low: $0.9835 high: $0.9852). This is not a particularly common pattern; risk and reward
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Monday was a rough session for the greenback; the US dollar index shed more than 1.0% amid upbeat risk sentiment. Consequently, Europe’s single currency welcomed a healthy bid on the back of the dollar’s decline. Downbeat US data also added to EUR/USD strength; general business conditions in the
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Consumer prices in the US accelerated to the upside. Year on year annual inflation in September rose 8.2%, versus a market consensus print of 8.1%. Core year-on-year annual inflation, which excludes food and energy, also recorded a 6.6% reading, versus expectations of a 6.5% increase. The aftermath of
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Overall, it was a muted session for EUR/USD on Wednesday, despite hotter-than-anticipated US PPI data and Minutes from September’s FOMC meeting hitting the wires. Things have been vague for the EUR/USD on the H1 timeframe since Monday, punishing short-term traders around the $0.97 figure (swarming the psychological level
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