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News
July 32020
Inverted Head and Shoulders on USD/JPY from 108.05?
The United States dollar versus the Japanese yen currency pair, at first glance, seems to be in bullish hands. But is it so? Long-term perspective The fall that started from the 109.85 high extended, in a primary phase, until the 106.57 firm level, being rejected by its supportive role. However, the bears continued pressuring the price, thus drawing another leg down and etching the 106.07 low. Since 106.07 is very […]
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July 22020
Indian Rupee Settles at Three-Month High on Foreign Inflows, Vaccine Hopes
The Indian rupee is settling at its best level against the US dollar in three months as foreign inflows and vaccine hopes elevated the currency. The rupee has been Asiaâs worst-performing currency this year, driven primarily by the coronavirus pandemic and volatility in global financial markets. Could analystsâ forecasts of further appreciation in the second half of 2020 come true? Because the US and other major stock markets have relatively stabilized in recent weeks, […]
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July 22020
US Dollar Stalls As Economy Creates 4.8 Million Jobs in June, Factory Orders Surge
The US dollar is stalling against many of its G10 currency rivals on Thursday after a strong and better-than-expected June jobs report. The stellar labor reading sparked a rally in the stock market, raising the risk tolerance of traders in equities. After the last couple of weeks of investors being spooked by a resurgence in coronavirus cases, the millions of new jobs suspended these fears for now. According to the Bureau of Labor Statistics (BLS), the US economy created 4.8 […]
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July 22020
Bulls on GBP/CAD Trying Their Best from 1.6800
The Great Britain pound versus the Canadian dollar currency pair seems not to be willing to go beneath 1.6724. Can the bulls put the double bottom formation to their use? Long-term perspective The depreciation that started after the third unsuccessful bullish attempt to go beyond the firm 1.7567 resistance level back in May extended a hair away from the solid support of 1.6724. To be more exact, the 1.6800 psychological level — not […]
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July 12020
Pound Rallies on UK Manufacturing PMI and Positive Sentiment
The British pound today rallied higher against the US dollar extending yesterday’s positive momentum boosted by Boris Johnson‘s promises of more spending to boost the UK economy. The weak dollar also raised the GBP/USD currency pair as investors reacted to news that a potential coronavirus vaccine had shown positive results in early clinical trials. The GBP/USD currency pair today rallied from a low of 1.2360 in the Asian market to a high of 1.2490 during the American […]
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July 12020
Chinese Yuan Weakens Despite Strong PMI Readings, PBoC Stimulus
The Chinese yuan is weakening against the US dollar and other major currency rivals in the middle of the trading week. Global financial markets were pleased to learn that manufacturing and non-manufacturing activity has rebounded at a faster-than-expected clip over the last month, leading to optimism that Chinaâs economic recovery is beginning to accelerate. With additional central bank stimulus can Beijing achieve growth in 2020? On Wednesday, the Caixin China General Manufacturing […]
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July 12020
Euro Falls on Upbeat Euro Area PMIs, Rallies on Upbeat US PMI Data
The euro today fell against the US dollar despite upbeat releases from German combined with positive euro area PMI data released by Markit Economics. The EUR/USD currency pair rallied higher after the release of upbeat US PMI data, which was surprising given that the print beat analysts expectations by a wide margin. The EUR/USD currency pair today rallied from a daily low of 1.1185 to a high of 1.1275 during […]
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July 12020
Rising Wedge on AUD/NZD at 1.0707?
The Australian dollar versus the New Zealand dollar currency pair seems to draw a falling wedge. Is this, finally, the moment the bears have been waiting for? Long-term perspective The rally that started at the 0.9991 low, after the 1.0013 level got confirmed as support, evolved until the peak of 1.0880, but did not manage to validate 1.0826 as support, despite oscillating above it. From there, the price retraced under the firm […]
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June 302020
Canadian Dollar Strengthens on Better-Than-Expected April GDP
The Canadian dollar is strengthening on Tuesday after the economyâs April contraction was better than what the market had initially forecast. The loonie is also finding support in housing data, as well as investors exiting its American counterpart. The Canadian dollar will finish the month higher against the greenback. According to Statistics Canada, the gross domestic product (GDP) fell 11.6% in April, down from a 7.5% contraction in March. This is […]
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June 302020
GBP/USD Keeps Falling from 1.2514
The Great Britain pound versus the US dollar currency pair seems to be in bearish hands. Do the bulls still have any chances? Long-term perspective The appreciation from 1.1409 peaked at 1.2647 before making a throwback to the major support level of 1.2092. From there, another appreciation commenced, one that managed to pass the previous high and touched the intermediary level of 1.2777. However, the throwback that was supposed to validate 1.2514 as support […]
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