Prospects for the British Pound remains heavily weighed by the thought of a dovish Bank of England with an upcoming policy meeting on Thursday 11am GMT. Until then we have very little market moving economic data and as such expect limited ranges though keeping a bearish bias. Resistance Support The combination of long wicks, a…
Nothing is ever easy. Brent Crude saw a whipsaw in US Trading Monday though ranges were limited effectively telling us this remains an indecisive market. Geopolitics continues to take a back seat for Oil even as Hamas has accepted the Israeli ceasefire proposal. With abundant supplies in the US and global demand still weak there…
Dollar Yen and the Crosses have pulled back sharply over the past week or so easing back to the prior month long consolidation zone. Across the three pairs we have seen prices already coming off the 50D Moving Average though absent any compelling reason for a rally we do not expect to see a test…
Euro saw limited ranges given multiple holidays Monday, and the lack of fresh incentive to take action. It is telling though that we have another long wick in the daily charts, this time with a substantially limited body. With very few data of note that directly impacts EURUSD we fall back to charts with the…
Ahead of the Reserve Bank of Australia’s (RBA) policy meeting today (0430GMT), the market is closely watching the central bank’s next move amidst inflation concerns and fluctuating expectations on interest rate cuts. The Australian dollar (AUD) hit a two-month high recently due to broad-based dollar weakness, influenced by a less hawkish Federal Open Market Committee…
Gold has remained in consolidation mode since coming off its historic highs. Although whipsawing with the rest of the major currencies on US jobs data it will be prudent to remember that the yellow metal at this point is about geopolitics. A flare up of violence in the Israel-Hamas conflict could happen any time fueling…
The Bitcoin network has reached a significant milestone by processing its one billionth transaction, marking a major achievement 15 years after its inception. This milestone was reached 15 years, four months, and four days after Bitcoin’s pseudonymous creator, Satoshi Nakamoto, mined the network’s first block on January 3, 2009. Throughout its 5,603-day history, the Bitcoin…
Oil prices quickly sold-off with the release of weak US jobs data reinforcing concerns over the demand side of the price equation. With the shocking build-up in stocks from the US and the Israel-Hamas conflict going into a slow gear we have little reason to see oil pickup up. As such we will look for…
Even more so that the Euro, the British Pound proved unable to hold on to its NFP driven spike in GBPUSD with a long wick underscoring its rejection from its trend line. As they were US numbers were not drastically weak to likely change the Fed’s stance more concerned with inflation pressures than generating jobs….
EURUSD’s knee-jerk response to the poor showing in US Jobs data proved unsustainable with a rejection from the bearish trend line. Although US NFP fell-short of consensus at 175,000 and the Unemployment Rate inched up to 3.9% these are not drastic enough results to change the Fed’s thinking and convince it to cut rates in…