Daily Forex News

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XAU/USD Lacks Directional Conviction on Conflicting Market Forces

XAUUSD had gotten a ailment break of an earlier triangle pattern at $1,898. In any case, its advance can be tempered for the present by $2,001, the 61.8% Fibonacci retracement of the unpredictable March range of $2,070-$1,890.

Bypassing $1,981 opens the entryway for a trial of the psychological $2,000 price boundary. XAUUSD breakthrough has all the earmarks of being in fact driven, and some movements driven by the expansion hedge theme this week with March PPI for definite interest flooding by most in records back to 2010.

This could be only a more limited traversed three-legged adjustment which makes 2,001 an acutely watched resistance stake. So don’t preclude a rollback which safeguards the super bullish pattern given the week after week MACD (Moving average convergence divergence) signal is with the bull – which could convey another plunge, however to go long once more.

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EUR/USD Rising US yields, sour market mood weigh on Euro

EUR/USD has experienced bearish move on early Monday subsequent to having shut the earlier week somewhere down in regrettable territory. Despite the fact that trading conditions stay slender because of the Easter Monday holiday in Europe, rising US Treasury bond yields and risk-averse marketing strategy is developed that the common currency is probably going to make some extreme memories tracking down interest.

Following a long weekend, the benchmark 10-year US T-bond yield opened with a bullish gap and hits at its most grounded level since December 2018 2.8% during the Asian session. Mirroring the positive effect of rising US yields on the greenback, the US Dollar Index sits at a two-year high above 100.70 in the early European session.

In the interim, US stock index futures are down somewhere in the range of 0.25% and 0.8%, highlighting to a risk-averse market environment toward the start of the week.

The US financial agenda won’t offer any high-sway information discharges and the dollar’s market valuation ought to keep on driving EUR/USD’s activity.

The European Central Bank’s (ECB) choice to leave the policy settings unaltered last week made financial investors price in an enlarging policy gap between the ECB and the Fed. Thusly, EUR/USD drooped to its least level in almost two years at 1.0757 on April 14.

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EUR/USD Forecast: Euro on the brink of renewing multi-year lows

XAUUSD Price stays helpless before the price activity in the US dollar and the Treasury yields, kindness of the forceful Fed’s tightening assumptions. In the interim, the shortfall of the primary level US monetary information leaves the consideration on the Fed analysis and rising worries over expansion and development chances, notwithstanding an extended Russia-Ukraine war. Should the market mind-set deteriorate, the safe house interest for the US dollar will be back in play, restricting the potential gain in Gold Price. Furthermore, the reestablished potential gain in the Treasury yields could likewise keep a beware of XAUUSD.

XAUUSD price is battling to take on the recuperation above $1,982, the intermingling of the Fibonacci 61.8% one-day, the earlier week’s high and Bollinger Band one-day Upper.
Acknowledgment over the last option is basic to continue the upswing towards the earlier day’s high of $1,998. In front of that level, a lot of firm resistance levels are seen around $1,991, where the Fibonacci 23.6% one-day, turn point one-week R1 and turn point one-day R1 match.

On the other side, the earlier day’s low of $1,971 goes about as solid support, beneath which a drop towards the Fibonacci 38.2% one-week at $1,966 will in the off. Further down, XAUUSD traders could target strong support at $1,960, the intersection of the earlier year’s high and the Fibonacci 61.8% one-month.

EUR/USD has organized an unobtrusive bounce back to the 1.08 region. Except if the pair figures out how to clear the 1.0830 resistance, traders are probably going to keep on ruling the pair’s activity

Financial traders will keep a nearby on US Treasury yields. On the off chance that the 10-year yield transcends 3%, EUR/USD could go under restored pressure. To expand its bounce back, EUR/USD needs to clear the static level that appears to have shaped at 1.0830. Over that level, the 1.0850/1.0860 , adjusts as the following obstacle in front of 1.09.

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GBP/USD/EUR Beats 14-Year Trend Line Resistance At 127.10/50

GBP/USD stays weighty, flexing against the 1.30 support level. The pair is set to stay under pressure while underneath 1.3150, Financial analysts report.

Support at 1.2980-1.30 still looks firm, support at 1.2980-1.30 still looks firm. Note that the pair has bombed on different occasions at 1.2980-1.30 since mid-March.”

Hidden prospects actually negative until further notice, and that predisposition ought to continue insofar as the pair stays beneath 1.3150

EUR/USD has begun to inch higher early Wednesday in the wake of having shut for all intents and purposes unaltered on Tuesday. The recharged dollar shortcoming in the European session is assisting the pair with holding above 1.0800 and extra recuperation gains could be seen the length of this level stays in one piece.

Albeit the greenback profited by rising US Treasury yields on Tuesday, the 10% increment in Germany’s 10-year yield, the benchmark of the alliance, permitted the common currency to remain strong against its significant adversaries.

In the mean time, yields on the 10-year US Treasury Inflation-Protected Securities moved into the positive territory without precedent for over two years during the Asian session on Wednesday. This advancement recommends that the rally in US yields could be hanging on by a thread and the dollar could find it hard to push higher prior to making a significant revision. The US Dollar Index was losing 0.25% on the day and the 10-year US yield was down over 1%.

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[Zorak]

[b]Federal Trade Commission Cracks Down on Warrior Trading For Misleading Consumers With False Investment Promises
Investing Company and its Owner Will Pay $3 Million in FTC Case.
[/b]
The FTC alleges that Warrior Trading and its CEO, Ross Cameron, used those claims to convince consumers to pay hundreds or thousands of dollars for a trading system that ultimately failed to pay off for most customers.

https://www.ftc.gov/news-events/news/pr ... t-promises

[xtreamforex]

EUR/USD Reach Historical Levels | Xtreamforex

EUR/USD has recovered its foothold in the early European session on Thursday and progressed to its most elevated level in seven days close 1.0900. The specialized standpoint recommends that the bullish predisposition stays in one piece in the close to term and extra gains could be seen in the event that the pair clears the following resistance at 1.0920.

Further developing business sector mind-set and falling US Treasury security yields made the greenback experience weighty misfortunes against its rivals. The US Dollar Index, which tracks the dollar’s presentation against a container of six major currencies, is now down 1% since posting its most noteworthy day to day close in almost two years on Tuesday.

In the interim, hawkish remarks from European Central Bank (ECB) authorities gave an extra lift to the euro and powered EUR/USD’s.

ECB policymakers Martins Kazaks said on Wednesday that an ECB rate hike was conceivable when July. Policymaker Pierre Wunsch told Bloomberg early Thursday that policy rates could turn positive this year and ECB Vice President Luis de Guindos noticed that he was anticipating that the QE should end in July to make ready for a rate hike.

Eurostat will deliver the March Harmonized Index of Consumer Prices (HICP) for the euro region. Consistently, HICP is supposed to show up at 7.5% to match the glimmer gauge. All the more critically, ECB President Christine Lagarde and FOMC Chairman Powell will show up at the IMF Springs Meetings. Except if Lagarde stands up against hiking the policy rate in early-Q3, the euro is probably going to save its solidarity.

Then again, Powell’s remarks are probably not going to set off a rally in US yields as the market valuing shows that financial investors are now anticipating that the Fed should decide on consecutive 50 basis points rate expands in May and June.

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EUR/JPY Price Prediction: Bulls need to break through the 200-EMA to move higher; 130.30 is the target

Despite the bearish opening gap on Monday, the EUR/JPY has been following the primary component of Dow Theory by remaining above Friday’s low of 128.73. The cross continues to form the higher high and higher low structure, but more filters are needed to complete it. On Monday, EUR/JPY opened at 129.16, close to the 61.8 percent Fibonacci retracement (the distance between Friday’s low and high of 128.73 and 130.30). This is typically used to provide significant support for an asset following a correction. These pullbacks are frequently viewed by investors as a good time to buy. The cross is trading in a narrow range of 129.15-129.43, indicating that the volatility bands are being squeezed.

Despite a ‘higher high and higher low’ structure, EUR/JPY is trading below the 50-period and 200-period Exponential Moving Averages (EMA) on a 15-minute scale, indicating a lacklustre move ahead. After trading in a bullish range of 60.00-40.00, the Relative Strength Index (RSI) (14) has dropped sharply near 30.00.Bulls are keeping an eye on the 200-EMA at 129.51, as a break of it will send the cross higher towards Friday’s high at 130.30 and Wednesday’s high at 130.71, respectively.

On the other hand, bulls may lose control if the spot falls below Monday’s low of 129.15 and approaches Friday’s low of 128.73, followed by Thursday’s low of 127.92.

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Oil falls due to global economic fears, ahead of the EU decision on Russia’s oil ban

Oil prices fell on Monday, along with Asian stock markets, on worries of a worldwide recession reducing oil consumption, with investors eyeing European Union discussions on a Russian oil embargo, which is likely to constrain global supply. By 0153 GMT, Brent crude had fallen 28 cents, or 0.3 percent, to $112.11 per barrel. West Texas Intermediate oil in the United States was trading at $109.36 per barrel, down 41 cents, or 0.4 percent.

“The key reasons that impact the oil price are the broader risk-off mood fueled by recession worries, and China’s lockdowns,” CMC Markets analyst Tina Teng said. Concerns about interest rate rises and lengthy COVID-19 lockdowns in China, which are harming the world’s second largest economy, have also rattled global financial markets.

“China’s continued restrictions may continue to impact on short-term oil prices,” Teng added. Saudi Arabia’s price drop reflected concerns about global oil consumption, she added. On Sunday, Saudi Arabia, the world’s largest oil exporter, reduced crude prices for Asia and Europe for June. Brent and WTI jumped for the second week in a row last week on supply worries after the European Commission suggested a phased restriction on Russian oil as part of its toughest-yet package of measures related to the Ukraine war. The plan requires a vote by all EU members.

However, Bulgaria’s Deputy Prime Minister stated late Sunday that if the proposed embargo is not lifted, the nation will reject EU oil penalties against Russia.”The negotiations will continue tomorrow and maybe on Tuesday, with a meeting of the leaders required to finalise them. Our stance is unequivocal. If certain nations receive a dispensation, we would like to receive one as well “Vassilev told BNT national television.

Bulgaria had previously stated that if such opt-outs were permitted, it would seek an exemption from the planned Russian oil ban, but it was unclear if it was seeking a full exemption or a delay similar to the one suggested on Friday for Hungary, Slovakia, and the Czech Republic. According to Teng, the exclusions “will surely make the punishments less effective.”

G7 nations committed on Sunday to limit or phase down Russian oil imports, as Washington imposed further penalties on Gazprombank executives and other firms. Japan, a member of the G7 and one of the top five oil importers in the world, would restrict Russian crude imports “in principle,” Prime Minister Fumio Kishida said on Sunday.

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Big tech and banks are driving Wall Street higher; the Dow is up 2%

On Monday, US equities finished higher as bank gains and a resurgence in market-leading tech companies fueled a broad-based rally following Wall Street’s largest weekly fall since the dotcom bust more than two decades ago. All three major US market indexes rose between 1.6 and 2.0 percent, with resurgent megacap tech titans Apple Inc and Microsoft Corp providing the biggest boost.

Interest rate-sensitive banks rose 5.1 percent after JPMorgan Chase & Co, the largest U.S. lender, boosted its current year interest income outlook. The stock of JPMorgan Chase increased by 6.2 percent. “It appears to be more of a relief rally than a fundamental shift in market attitude,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. “Investors as a group believe another shoe is about to drop, and they are probably correct in the short run.” On Friday, the S&P 500 fell 18.7% from its record closing high set on Jan. 3. If the benchmark index closes 20% or more below that high, it will confirm that the market has been in a downtrend since then.

Concerns over consistently rising inflation and strong moves by the Federal Reserve to contain it have roiled markets in recent weeks, as the global economy deals with the consequences from Russia’s invasion of Ukraine. “Today, it appears the market is less concerned about inflation and the Fed’s ability to orchestrate a smooth landing,” said Chuck Carlson, president and CEO of Horizon Investment Services in Hammond, Indiana. Carlson said that “the bias is still to the downside.”

The Dow Jones Industrial Average increased by 618.34 points, or 1.98 percent, to 31,880.24, the S&P 500 increased by 72.39 points, or 1.86 percent, to 3,973.75, and the NASDAQ Composite increased by 180.66 points, or 1.59 percent, to 11,535.28. On Wednesday, the Fed will disclose minutes from its most recent policy meeting, giving investors a glimpse into its thinking. This week’s economic statistics may provide more evidence that inflation peaked in March, as well as if high prices have harmed consumer purchasing power.

The S&P 500’s 11 major sectors all closed the session in the green, with financials leading the way with a 3.2 percent gain. The first-quarter reporting season is virtually over, with 474 of the S&P 500 businesses having released results. According to Refinitiv, 78 percent of them exceeded expectations. According to Refinitiv, current quarter pre-announcements are typically pessimistic, with 59 negative estimates and 32 positive, compared to 37 negative and 52 positive in the year-ago quarter.

VMWare Inc’s stock jumped 24.8 percent on news that chipmaker Broadcom Inc was in talks to buy the cloud service provider over the weekend. Broadcom’s stock fell 3.1 percent. Didi Global’s U.S.-listed shares fell 4.0 percent after shareholders voted to de-list the Chinese ride-hailing app from the New York Stock Exchange.

On the NYSE, advancers outnumbered decliners by a 2.43-to-1 ratio; on the NASDAQ, advancers outnumbered decliners by a 1.44-to-1 ratio. The S&P 500 added one new 52-week high and 31 new lows, while the NASDAQ Composite added 27 highs and 142 lows. The volume on US exchanges was 10.93 billion shares, down from the average of 13.36 billion during the previous 20 trading days.

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Global oil prices have risen again as EU negotiates with Hungary

Oil prices increased on Thursday, extending a cautious advance this week on signals of constrained supply, as the European Union (EU) negotiates with Hungary over plans to prohibit imports from Russia, the world’s second-largest crude supplier, following its invasion of Ukraine. At 0142 GMT, Brent crude futures for July settlement were up 7 cents, or 0.1 percent, to $114.10 per barrel. WTI crude futures for July delivery in the United States rose 22 cents, or 0.2 percent, to $110.55 a barrel.

“An EU embargo on Russian oil imports is the key upward driver,” Commonwealth Bank commodities analyst. On Wednesday, European Council President Charles Michel expressed confidence that a deal may be struck before the council’s next meeting on May 30. However, Hungary continues to be a stumbling barrier to the EU penalties that require unanimous agreement. Hungary is requesting 750 million Euros ($800 million) to improve its refineries and expand a pipeline from Croatia, allowing it to transition away from Russian oil.

Even without a formal ban, Russian oil is scarce on the market as buyers and traders avoid interacting with the country’s crude and fuel providers. Cargoes from Baltic ports are taking lengthier routes to Asian refineries, according to ANZ analysts, while exports to the Netherlands and France have all but ceased. The Permian Basin’s expected growth in oil output to a record high of 5.2 million barrels per day (bpd) is unlikely to close the 2 million to 3 million bpd gap left by lost Russian supply analyst said. Nonetheless, rigorous COVID-19 lockdowns have curbed this week’s increase in oil markets, raising concerns about falling gasoline demand in China, the world’s largest oil importer, and concerns about inflation slowing global economy.