Should in case of a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge in the market, if not, the market may move bearishly. Now, Stellar (XLM) is hovering at 431 SAT, traders can expect close support at 345 SAT and below. However, the possible resistance levels could be located at $0.14, $0.15, and $0.16 if the coin spikes above the channel. The EUR/USD exchange rate remains vulnerable to further losses and looks set to take another step towards the key support level of 1.05 in the coming days. EUR/USD receives additional interest from volume generated by the Euro-crosses (e.g. euro/British pound (EUR/GBP), EUR/CHF and EUR/JPY. This interest tends to be contrary to the underlying U.S. dollar direction, making it an attractive market for short-term traders.
- Meanwhile, traders can expect a bullish continuation, and as the technical indicator, Relative Strength Index (14) reveals, the signal line is seen moving to cross above the 50-level.
- Gold prices have dropped to levels last seen in March as the Fed’s hawkish narrative gains traction through Fed speakers.
- Silver is currently clinging to the support level at the base of the long-term consolidation area, persistently challenging the $22.50 zone.
- However, speculation, based on a flood of liquidity, could be fueling momentum and good old greed is pushing prices higher until larger players are on board so that the selling can begin.
AUD/NZD is setup both fundamentally and from a technical analysis standpoint to push higher. Fed lifts dot plot, adds fuel to dollar’s enginesFocus turns to core PCE index, the Fed’s preferred inflation gaugeSlowdown could hurt the dollar, but broader outlook remains brightThe… The move above the .9150 is quickly reversing is forex trade profitable today as the sentiment was about as bearish as we have seen in recent years (the Daily Sentiment Index was at… USDCAD gives up weekly gains; might be due to a pullbackPotential support could next emerge near 1.3400US core PCE inflation index on the agendaUSDCAD erased Tuesday’s bounce as the 20-day simple…
USDJPY: What technical levels are in play for the week starting October 2, 2023.
This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching. In addition to trade ideas for tomorrow, any how to buy leash coin of the presented FOREX analysis can also be used at the moment. Presented analytic at today is not losing relevance at the time of publication.
- The EUR/USD exchange rate remains vulnerable to further losses and looks set to take another step towards the key support level of 1.05 in the coming days.
- The most viable option for traders is dependent on their time frame and access to information.
- The USD/JPY experienced a slight decline during Thursday’s trading session, indicating a stretched market.
- The rest of the trading day will be centered around Fed guidance including the Fed Chair Jerome Powell.
Get the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of September 24th, 2023 here. The EUR/USD experienced a slight rally during Thursday’s trading session, a logical response given the market’s oversold condition and the bounce from the pivotal 1.05 level. It offers an exhaustive analysis of EUR/USD, EUR/GBP, and EUR/JPY, providing insights into the pivotal factors that could determine their performance in the fourth quarter. It offers an exhaustive analysis of the Japanese currency, discussing major risk factors that could dictate the trend in the fourth quarter. According to the daily chart, XLM/USD is running a little retracement move toward the resistance level of $0.110. However, for the fact that the coin is recording a slight loss, the Stellar price may begin to maintain a bullish movement within the channel if the coin crosses above the 21-day moving average.
Nike (NKE) stock has surged over 9% in Friday’s premarket, climbing above $98 per share, following late Thursday’s fiscal first-quarter earnings release. Nike beat pessimistic earnings expectations by more than 23% and hiked its dividend by 9%. CFDs and Forex are complex instruments and come with a high risk of losing money. You should consider whether you understand how CFDs and Forex work and whether you can afford to take the high risk of losing your money.
Meanwhile, the technical indicator Relative Strength Index (14) moves above the 40-level, suggesting bullish signals. The EUR/USD faced a tough battle in the recent trading session as it attempted to rally, but the absence of substantial momentum suggests that it’s not out of the woods yet. The Euro endured a significant decline in value during the recent trading session, reflecting the prevailing turbulence and uncertainties in the market.
There is no “best” method of analysis for forex trading between technical and fundamental analysis. The most viable option for traders is dependent on their time frame and access to information. For a short-term trader with only delayed information to economic data, but real-time access to quotes, technical analysis may be the preferred method. Alternatively, traders that have access to up-to-the-minute news reports and economic data may prefer fundamental analysis.
From the beginning of the year 2023 until now, the price of gold rose by only 3.4% after rising by 10%. The prices of silver, which is the sister commodity of gold, fell below 23 dollars per ounce again. The price of the white metal is already down 3% this week and down over 7% this month.
Forex analysis and market forecasts
Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. The euro is testing key support and may breakdown further should fundamentals align with stockstotrade/free training the bearish technical chart signals. Canada’s GDP expected to improve
US PCE Core Prices projected to stay steady at 0.2%
The Canadian dollar has posted losses on Friday. Eurozone inflation falls to 4.5%
US Core PCE Price Index eases to 3.9%
The euro has moved upwards on Friday.
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The GBP/USD has continued to deliver fast trading, and the currency pair’s momentum lower late last week was sparked by the Bank of England’s rate decision. There is a much higher chance of a successful trade if one can find turning points on the longer timeframes, then switch down to a shorter time period to fine-tune an entry. We can gain a perspective of whether or not the markets are reaching a turning point consensus by charting other instruments on the same weekly or monthly basis. From there, we can take advantage of the consensus to enter a trade in an instrument that will be affected by the turn.
USDCHF corrects lower after September run higher. Pair tests 100 hour MA
This is a move that could easily pave the way for gains above the 21-day moving average to touch the resistance level of $0.120. Therefore, if the technical indicator Relative Strength Index (14) crosses above the 50-level, the market may show that the bullish grip is getting stronger. The Stellar price is hovering at $0.112 but yet to cross above the 21-day MA may push the market price toward the upper boundary of the channel. Meanwhile, traders can expect a bullish continuation, and as the technical indicator, Relative Strength Index (14) reveals, the signal line is seen moving to cross above the 50-level. US GDP printed roughly in line with expectations but the miss on initial jobless claims data reinforced the robust US labor market narrative.
The AUD/USD experienced a significant rebound during the trading session on Thursday, indicating attempts to regain the 0.64 level. The GBP/USD experienced an initial surge during Thursday’s trading session but is already exhibiting signs of reluctance. The USD/JPY experienced a slight decline during Thursday’s trading session, indicating a stretched market. The natural gas markets are currently in a state of flux, witnessing a rise of over 1% in a recent Thursday trading session. The USD/MXN initially tried to rally during the trading session on Thursday, but the 200-Day EMA just above is causing a bit of a headache.
DailyFX TV
The impending government shutdown will be economically disruptive and will restrict the flow of data the Fed will need to see to justify hiking interest rates further. Global economic growth is weakening and the cycle of interest rate hikes is at or about to peak in the Eurozone and the USA. In global equity markets, we expect only slight growth with increased volatility.
As a rule, any trader gets into a situation where it is necessary to know the opinion of professional traders on the market situation. We publish reviews of the major currency pairs as well as gold and silver, and we never forget to publish oil analysis. A day trader’s currency trading system may be manually applied, or the trader may make use of automated forex trading strategies that incorporate technical and fundamental analysis.