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News
October 222020
Chances for Bulls to Validate 1.7285 as Support on GBP/CAD?
After the rally to 1.7285, would the level cede in front of the bullish momentum or serve as the perfect spot for the bears to short the market at a very good price? Long-term perspective After the price validated the major level of 1.6724 as support, it managed to rise until the important 1.7567 area. But as the intermediary level of 1.7705 limited further bullish advancement, the result was a decline well under 1.7567. As a result, the price almost retouched the 1.6724 level. However, […]
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October 212020
Turkish Lira Strengthens to Two-Week High as Markets Bet on Rate Hike
The Turkish lira is strengthening to its best level in two weeks against the US dollar. The lira, which recently crashed to a fresh all-time low, is finding support on widespread expectations that the central bank will raise interest rates to prevent further currency depreciation and to support the economy. On Thursday, central bank officials will hold their October policy meeting. Analysts believe that Ankara will vote to continue tightening […]
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October 212020
Bulls Searching for Support at 1.0707 on AUD/NZD?
The Australian versus New Zealand dollar currency pair retraced until the 1.0707 level. Are the bulls able to pull off another rise? Long-term perspective After validating 1.0013 as support, the price printed a rally that extended until the 1.0880 high. From the 1.0880 high, which is part of the false piercing of the 1.0826 firm resistance area, the price passed 1.0707 — also a steady level — only to stop near the next one, […]
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October 202020
US Dollar Erases Gains As Nancy Pelosi Says Stimulus Deal Possible by Dayâs End
The US dollar erased its gains on Tuesday and deepened into negative territory after House Speaker Nancy Pelosi revealed that a coronavirus stimulus and relief package could be done by the dayâs end. This sent stocks and other asset classes rallying as investors were confident that the White House and the Democratic leadership could reach an agreement over a $2 trillion bill. One day after telling President Donald Trump […]
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October 202020
GBP/USD Encountering Bearish Resistance at 1.3000?
The Great Britain pound versus the United States dollar currency pair seems to limit the bullish efforts. Are the bulls out of steam? Long-term perspective The rally that started from the 1.1476 firm support level extended above 1.2092 but was stopped by 1.2514, leading to a consolidative phase. This phase printed the low of 1.2075 before validating 1.2092 as support and thrusting to the 1.2818 high. The retracement that came about from 1.2818, […]
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October 192020
Chinese Yuan Strengthens Against USD on Upbeat GDP, Retail Sales
The Chinese yuan reversed its recent downward trend against the US dollar to kick off the trading week, breaking below 6.7 on positive economic data. The latest figures show that the post-coronavirus recovery is doing well, from growth to retail sales. This has Beijing anticipating that the worldâs second-largest economy will be one of the few Asian countries to report growth in 2020. How will this benefit the currency? […]
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October 192020
Safety Net at 0.7010 on AUD/USD for the Pressured Bulls?
The Australian versus the US dollar currency pair seems to have a hard time resuming the upward movement. It is the trend approaching the end of its evolution? Long-term perspective After the rise that started following the validation as support of the 0.5516 firm area, the price started an ascending trend. The first part of this unfolding was under strict bullish control, as they conquered 0.6386 fairly quickly. Their next objective, 0.7010, required […]
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October 162020
USD/CHF Flat on Inflation, Investors Weigh SNB Comments
The Swiss franc is trading relatively flat against the US dollar to finish the trading week. The safe-haven asset, which has been one of the top-performing currencies in this yearâs chaotic financial market, was struggling to find direction amid the latest producer and import prices and the central bankâs lack of enthusiasm over negative interest rates. Despite a bombardment of foreign exchange interventions, the franc continues to appreciate, frustrating policymakers. According to the Swiss Federal […]
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October 162020
Great Britain Pound Flat Despite Worrying Brexit News
The Great Britain pound was mostly flat today despite concerning Brexit news headlines. While the sterling was trading either near the opening level or slightly higher against most of its rivals, it fell versus the Canadian dollar. The European Union and the United Kingdom decided yesterday to prolong Brexit talks beyond the October 15 deadline. But it seems that UK Prime Minister Boris Johnson wants to walk […]
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October 162020
Canadian Dollar Rallies Against US Peer Driven by Dollar Dynamics
The Canadian dollar today rallied against its US peer benefitting heavily from the latter’s decline as investors remained cautiously optimistic about the global economy. The USD/CAD currency pair fell as the loonie rallied driven by the upbeat investor sentiment as Canada insists that it will not open its borders to Americans given the surge in US coronavirus cases. The USD/CAD currency pair today fell from a high of 1.3237 in the Asian session […]
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