GBP/USD is currently experiencing a decline as market participants speculate about the possibility of a rate cut by the Bank of England. There is a growing concern about global growth, which is adding to the downward pressure on the currency pair. Currently, there is a 53% chance of rate cuts in August according to market
Technical Analysis
The downward trend of Brent crude oil prices has been prominent, with prices dropping to 81.14 USD per barrel as of Wednesday. This decline has persisted for five consecutive sessions, largely due to the noteworthy decrease in US oil inventories. The latest data reports a reduction of 3.9 million barrels, exceeding the anticipated decline of
The EUR/USD pair has been struggling to clear the 1.0950 resistance level and has subsequently declined against the US Dollar. Despite some attempts to break above this level, the pair failed to do so and started a fresh decline below the 1.0900 support. This downward movement led to a breach below the 1.0875 support and
Last week, the dollar index saw a slight rebound after four consecutive weeks of losses. However, upon closer examination, it appears to be a brief period of profit-taking by sellers before a potential new downward trend. The pressure on the US dollar began in late June when the Federal Reserve acknowledged progress in reducing inflation.
The market breadth indicators for the Nasdaq 100 have shown improvement recently, with the percentage of component stocks above their 20-day and 50-day moving averages rising above 50%. This is a positive sign for the short and medium-term trend of the index. However, it is crucial to note that these indicators can fluctuate quickly, so
The NZD/USD pair is currently facing a substantial downturn, hovering around 0.5996. This decline can be attributed to a multitude of factors, including recent global political developments and domestic monetary policy expectations. The surprising announcement by US President Joe Biden that he will not be seeking re-election in 2024 has unexpectedly boosted the US dollar.
EUR/USD has seen a steady increase recently, breaking through the 1.0910 resistance level. The pair managed to climb above the 1.0910 resistance, entering a bullish zone. However, it seems to be currently correcting its gains as it dropped below the 1.0910 level. The pair is now testing the 23.6% Fib retracement level from its recent
The recent movement in Gold prices indicated a downside correction from the high of $2,485. The price surged above the $2,425 resistance level, reaching as high as $2,480 before retracing. This pullback led to a decline below the $2,450 support level and the 50-hour simple moving average. The bears in the market managed to push
Traders have been closely monitoring the USDCHF currency pair, especially after the recent breakout that confirmed a bearish bias. The completion of a medium-term bullish corrective cycle in April 2024 marked a significant turning point for the pair. The weekly chart analysis revealed a supercycle 4th wave completion in December 2016, indicating the beginning of
The recent movement of the EUR/CHF pair has been met with volatility and uncertainty, particularly in light of the ongoing weakness of the France CAC 40. This has led to a negative feedback loop affecting the EUR/CHF pair, with key resistance levels coming into play. The recovery of EUR/CHF from losses incurred in June has
The recent influx of $1.04 billion into Bitcoin Spot ETFs has sparked a renewed sense of confidence among investors in the cryptocurrency market. This surge in investment indicates a positive sentiment towards Bitcoin and may signal a potential short-term increase in its price. As more market participants diversify their crypto holdings, the approval of an
The GBP/USD pair continued its strong momentum on Monday, reaching new yearly highs and trading just below the key psychological barrier of 1.30. However, despite the bullish run of the past two weeks, there are signs that the pair may be losing steam as it faces resistance at the 1.30 level. Daily studies indicate that
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