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News
July 302020
US Dollar Strengthens As Economy Enters Recession
The US dollar has snapped its losing streak and is making gains against its G10 currency rivals on Thursday. The greenback is finding support on the US government reporting better-than-expected initial jobless claims and GDP data in the second quarter. The buck, which has been on a downward trend over the last three months, is looking to reverse its losses as traders seek refuge in a safe-haven asset. According to the Department of Labor, the number […]
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July 302020
Bullish Determination Sent GBP/CAD Above 1.7285
The Great Britain pound versus the Canadian dollar currency pair printed a strong rally. Could the bears invalidate it? Long-term perspective After the three failed attempts to conquer the strict 1.7567 resistance level, the bulls let the bears do what they know best. As a result, the price got brought around the 1.6724 major support level, where the first bullish opposition towards the continuation of the fall noted the 1.6750 low. Even if […]
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July 292020
Sterling Inches Higher Against the Dollar on Sentiment, Fed Decision
The Sterling pound today inched higher against the US dollar for the ninth consecutive session as investors remained worried about the rising coronavirus cases in the US. The GBP/USD currency pair today broke out of an initial trading range during the Asian session and headed higher boosted by positive UK releases. The GBP/USD currency pair today rallied from a low of 1.2912 in the Asian session to a high of 1.3014 in the American session before giving up some […]
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July 292020
US Dollar Falls As Federal Reserve Leaves Interest Rates Unchanged
The US dollar is sliding against many of its most traded currency rivals midweek after the US central bank left its key interest rates unchanged. The greenback has been steadily declining since the market meltdown in March, and analysts are warning that the buck could fall even further amid inflation fears. With the Federal Reserve maintaining its dovish stance, how much more could the dollar […]
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July 292020
AUD/NZD Back Above 1.0707
The Australian versus the New Zealand dollar currency pair seems to have the bulls on its side. But is it really so? Long-term perspective The rally that started from the 0.9991 low extended to as high as 1.0880. This peak acted as a false piercing of the firm 1.0826 resistance level, and as a consequence, the bears took the opportunity to send the price lower. As a result, the next major support, 1.0707, was passed, leading to the piercing of the 1.0631 intermediary […]
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July 282020
Euro Trades Sideways Above 1.17 As Investors Await Fed Decision
The euro today fell against the US dollar after hitting highs last seen in September 2018 yesterday as the greenback sold off. The EUR/USD currency pair was stuck trading in a sideways range slightly lower from its opening price driven by the non-volatile market environment. The EUR/USD currency pair today traded at a high of 1.1773 before falling to a low of 1.1699 and then trading sideways from there and was still down for the day […]
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July 282020
Brazilian Real Weakens Despite Rise in Foreign Direct Investment, Soybean Exports
The Brazilian real is weakening against the US dollar and several other major currency counterparts on Tuesday, despite positive domestic economic data. The real has rebounded since hitting a record low against the greenback in May, but jitters in global financial markets may be hitting the pause button on emerging market currencies. According to central bank data, foreign direct investment increased for the third consecutive month in June to $4.75 billion, […]
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July 282020
GBP/USD Passes 1.2818 High and on Its Way to 1.3000
The Great Britain pound versus the United States dollar currency pair continues the movement towards the north. Are the bears anywhere near? Long-term perspective The rejection from the 1.4376 dominant support, which printed the 1.1409 low, extended — in the first run — until the 1.2647 high. After the price retraced to confirm the important level of 1.2092 as support, the bulls were able to print a rally that noted a new higher high — 1.2818 — and also start […]
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July 272020
Chinese Yuan Strengthens on PBoC Easing Reports, Industrial Profits Gains
The Chinese yuan gained against some of its key currency manipulators to kick off the trading week. The yuan is looking to break below the seven mark against the US dollar on news that the central bank is reportedly keeping its monetary stimulus unchanged due to a stronger-than-expected economic recovery. The yuan is also looking to extend its momentum on additional data on Monday. On Friday, Reuters published a report that suggested the Peopleâs […]
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July 272020
AUD/USD Above 0.7000. Whatâs Next?
The Australian dollar versus the United States dollar currency pair conquered the 0.7000 psychological level. But is this truly a bullish victory? Long-term perspective The retracement from the solid support of 0.5516 managed to stabilize above the double resistance area defined by the 0.6306 level and the descending trendline that starts from the 0.7019 high. After this, the bulls headed for their next target, 0.7000, an old but important area, and also a psychological […]
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