Mid-week Forecast – Dollar pare losses to attempt bullish retracement
The dollar cut back losses during Wednesday’s Asian session as the index retraced to 93. Ahead of the London open, the Sterling and Yen joined the greenback on the gainers list while Swissy falls further as CAD and Aussie retreat slightly. What’s coming ahead? There is little to talk about on the economic calendar on […]
US CPI Preview – how inflation report could drive the Dollar and EURUSD
The dollar stays firm ahead of the US inflation reports coming later today. The index is close to breaking toward its highest level in over four months. However, the rally is squeezing around a key resistance level. The dollar continues to dominate its peers, gaining the edge from the recent tapering comments from Fed members. […]
Market Forecast: Gold bulls look for momentum to breach 1900
The Gold bullish trend is back to full effect as the treasury yield and dollar look downbeat following Friday’s NFP miss. How high could the yellow metal go this week? After a fast collapse that was just shy of the 1850 psychological level, Gold resumed the long-term bullish trend as it rallied nearly 400 pips […]
Market Forecast: Gold faces a critical resistance ahead of fresh retracement
Gold is all up as the bulls are finally set on a journey to another record high. However, with the treasury yield bound to have one more rally, the yellow metal might start a retracement as it approaches a key resistance level. Isn’t it clear now that the long-term bullish trend has resumed? It will […]
Gold Forecast: when will the yellow metal resume the long-term rally?
The yellow metal will complete the first bullish month in 2021 after it bottomed at 1677 in March as a result of a falling treasury yield. Will the long-term bullish trend continue from here? Gold is up by over 3.5% in April. The last bullish month prior was in December when the commodity gained nearly […]
GBPUSD Forecast – Will the Bank of England hike the Pound or unsettle it?
The Cable is approaching the 1.4 psychological level ahead of the BoE monetary policy statements. Will there be a flash dip below the critical level or the pair will be supported enough to fly above it? A dovish/less-hawkish-than-expected Fed on Wednesday opened the ground for the dollar bears. the index slumped to 91.3 before a […]
Market Forecast- EURCAD paints downside possibilities amid rallying oil prices
EURCAD might turn downside next week as oil prices shoot higher. Meanwhile, the EUR may stay neutral or even retreat after making multiple highs in recent weeks. The strength of the oil market could trigger a sharp decline on EURCAD as fundamental and technical factors support the bears more. The currency pair has gained over […]
Dollar plummets to 30-month low as risk appetite improves
The dollar is back on the back foot this week as the dollar plummets to 30 months low. Further decline is very much likely to 90 as the current risk-on pushed stocks to fresh highs. Risk appetite has improved in the last quarter of the year. Although rising Covid cases is capable of inflicting global […]
Mid-week technical analysis – USD off to intraday correction
The Dollar Index (DXY) has gained nearly 0.6% this week after falling short in the three weeks prior. The greenback has dragged the major currency pairs along as it sheds some profit on Wednesday leading to a bearish correction. Let’s take a technical look at some of the major pairs for the second half of […]
Daily market update – what next for the dollar?
The dollar weakens further on Tuesday as traders await the next action from the Fed amid swift economic recoveries despite rising global Covid-19 cases. The US-Sino affairs run mildly underneath while political tensions surge in the US ahead of the November general elections in the world’s biggest economy. EURUSD hits a fresh weekly high and […]