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EURUSD: Price wedge widening, what is the next trend?Dear readers, EUR/USD has once again dropped to a low of 1.0850 as the currency pair continues to fluctuate within familiar levels this week. The downward price trend has pushed the Euro lower against the US Dollar following the ECB's decision to maintain interest rates and better-than-expected US GDP data. On the 4-hour chart, the currency pair is trading near the lower end of an ongoing consolidation process around the 1.0890 level, indicating a period of consolidation. Support is seen at 1.080. On the other hand, upward price movements may attempt to reach the 1.090 level, but prices could decline further from this area as it completes a test of the EMA 34, 89.
Short
by RKarina
EURUSD: discount?Dear friends, overall EURUSD is not receiving much support as the main trend is downward, surpassing the psychological support level of 1.090. The prevailing risk aversion sentiment, driven by escalating geopolitical tensions in the Middle East, is causing traders to favor the US dollar (USD), putting downward pressure on the EUR/USD pair, which is trading near 1.083 today. This week, we will have several important news releases, particularly the US Housing Price Index and Consumer Confidence data, which will be released on Tuesday, providing more detailed information about the market. This careful consideration is expected to strengthen following the upcoming statement from the Federal Open Market Committee (FOMC) on Wednesday.
Short
by RKarina
XAUUSDThe gold price today seems to have remained unchanged from earlier this morning, mainly ranging between 2021 - 2022 USD. Although the US GDP growth has exceeded expectations and core orders have increased, negative factors such as rising unemployment claims and inventory levels, along with reduced personal consumption, will pose challenges to the US economy. As a result, some investors have returned to buying gold. However, there are still many investors who remain on the sidelines, observing the market. Inflation in Europe has decreased to 2.9%, prompting the European Central Bank to maintain interest rates. The European Central Bank predicts that inflation in the region will gradually decrease to around 2.7% in 2024. Considering the above information, it will be difficult for the gold price to rise significantly given the positive economic growth in the US. This indicates that the world's largest economy will not experience a recession and will achieve the desired soft landing as expected by its central bank.
OANDA:XAUUSD
by RKarina
Gold price today, increase or decrease further?Gold prices today surged from $2013 to $2020 per ounce at 6 am on January 26th. The reason behind this is the improved economy of the United States and the cooling inflation in the country. Specifically, in 2023, the US GDP is projected to grow by 2.5%, a significant improvement compared to the 1.9% growth in 2022. On the other hand, after excluding food and energy prices, the US core personal consumption expenditure (PCE) index retreated to 2%. This data indicates a decreasing inflation rate in the US, which could prompt the Federal Reserve (FED) to lower interest rates in the coming months. In such a scenario, the value of the USD would depreciate, benefiting the global gold prices.
OANDA:XAUUSDShort
by RKarina
USDJPYHello dear friends! Today, USDJPY is trading around 147.66 and is in a corrective wave within its trend, as the currency pair has just experienced a downward breakout from a marked support level. Accordingly, the USD/JPY pair is undergoing a downward trend as market confidence recovers due to expectations that the Federal Reserve will begin implementing interest rate cuts in March. Currently, the probability of this scenario is estimated at around 50:50, indicating the uncertainty of market participants. The USD/JPY pair traded lower near the 147.50 level during the European trading session on Thursday. The price has reached the 0.5 Fibonacci retracement level, making this a sensitive moment for sellers to continue their attack once again. In this scenario, the EMA 89 line will be retested and prices may further decline towards 145.500.
Short
by RKarina
GBPUSD: Check the channel price againDear friends, currently the GBP/USD pair continues to trade within an upward channel during the early Asian trading hours on Thursday. The major currency pair has rebounded above the 1.2700 level due to risk acceptance sentiment. However, the release of the US preliminary Q4 GDP growth figures on Thursday could cause market volatility. In the short term, the 4-hour chart indicates a potential downward correction, with a projected retreat towards the support level below 1.2700. Immediate support is located at 1.2680 before reaching 1.2650.
by RKarina
EURUSD: Buy or Sell?Hello dear friends, today EURUSD continues to decline as widespread forecasts of weak US PMI data have weakened market sentiment and pushed EUR/USD lower as investors anticipate the momentum of the day and retreat to the safe haven of the US Dollar (USD). The price is currently trading within a downtrend channel, while it has completed a correction at the resistance level of 1.093. The chart shows a convergence between EMA 34, 89, and resistance, indicating a high likelihood of further price decline with a target set at the support level of 1.0756.
Short
by RKarina
USDJPY: Transactions are filled with greenDear friends, currently USDJPY is maintaining a strong upward trend, reaching 147.89 in early week trading. In the short term, technical indicators continue to support the upward trajectory of USDJPY. This currency pair is attempting to recover after finding significant support around 148.00. The upward momentum may be further bolstered by the US Dollar Index (DXY) gaining traction from expectations that the Federal Reserve may cut interest rates in March.
Long
by RKarina
EURUSD declines? What is the reason?Dear friends, it's RKarina again. Are you curious about the next trend of EURUSD? Here are some insights I have about this currency pair. Looking at the daily chart, we can see that the previous upward momentum of EURUSD is gradually weakening, especially as it started to decline from the near 1.111 level. The trend seems to be shifting sideways and may even decrease further, especially as the RSI indicator and candlestick patterns are showing divergence, indicating a gradual decrease in buying pressure. Furthermore, the recent weakness of the US dollar (USD) has not generated significant momentum for EUR/USD, and has even added downward pressure on this currency pair. For these reasons, RKarina sets a target and expects EURUSD to decrease to the support level of 1.076.
Short
by RKarina
Gold prices continue to plummet!Hello dear friends! Gold prices experienced significant fluctuations yesterday, with the precious metal continuing to decline and reaching $2011. However, there has been a slight recovery, and it is currently adjusting back to $2015 during the early trading hours on Thursday. Accordingly, the optimistic PMI index from the United States has helped the yield on 10-year US Treasury bonds recover from its daily decrease, putting pressure on XAU/USD. From the observed chart: Gold is still trapped in a parallel downward channel and has broken the short-term uptrend trendline, as well as surpassed the support level near $2020. Prices may continue to decrease after the end of the short-term trend correction. The next target for sellers is the $2005 mark. If gold surpasses this level, it will continue to seek new momentum around $1982 and the lower limit of the downward price channel. What do you think? Do you believe gold will continue to decline further?
OANDA:XAUUSDShort
by RKarina
USDJPYToday, USDJPY continues its trading around the level of 147.83 and is in the process of forming a triple top pattern. As a result, the Japanese Yen benefits from the hawkish stance of the Bank of Japan on Tuesday, despite the lack of further action. Political tensions and uncertain global economic prospects are not a solid foundation for the safe-haven status of the JPY, which limits the upside potential of the USDJPY currency pair. Regarding the outlook: If the triple top pattern is confirmed, the price is likely to decline further after breaking out of the range and move swiftly towards at least 146.97.
Short
by RKarina
XAUUSDThe price of gold today continues to trade quietly with little volatility, mainly moving sideways around the $2025 level and being confined within a narrow price range. As a result, this precious metal is facing pressure as investors continue to lower their expectations of the Fed's first interest rate cut in March 2024. This factor has driven up US bond yields and the value of the USD, exerting downward pressure on the price of gold. The current focus of the market is awaiting the release of the US Gross Domestic Product (GDP) data for the fourth quarter of 2023 on January 25th, followed by the Personal Consumption Expenditures (PCE) index on January 26th. These two pieces of information are expected to help shape the Federal Reserve's monetary policy more clearly in the near future, which will have a definite impact on the trend of the global gold price.
OANDA:XAUUSDShort
by RKarina
XAUUSDIn the European trading session on Wednesday, the price of gold (XAU/USD) continued its downward trend, despite a lack of strong selling pressure. The trading range has been maintained for several days, with traders exercising caution and waiting for further signals from the Federal Reserve regarding interest rate cuts. The market's focus is currently on key economic data from the United States this week, starting with the flash PMI index today, followed by Q4 GDP figures and Core PCE Price Index on Thursday and Friday. Given the risks associated with this important data, expectations for the first interest rate cut by the Fed have now been pushed back from March to May, negatively impacting the price of gold. This is reflected in the slight decline in US Treasury bond yields, strengthening the US Dollar (USD) and limiting the recovery potential of XAUUSD. It is expected that the long-term downward trend in gold prices will continue in the near future.
OANDA:XAUUSDShort
by RKarina
btcusdtThe downward trend of BTCUSDT continued on Wednesday, surpassing the psychological support level of $40,000 and trading around $39,600. The strong support for further decline is evident as it trades below both EMA lines and shows clear reversal signals from the EMA 34. Based on chart analysis and the use of Fibonacci, there is a potential for a DOW (Dead Cat Bounce) after the corrective phase. The low point below the 1.618 level (around $35,100) would be the first profit-taking opportunity for sellers at the current time and in the scenario mentioned above.
Short
by RKarina
EURUSD: DowntrendThe EURUSD continues to show no change in its bearish trend from yesterday until now, further damaging the European currency and pushing EUR/USD to new lows in weeks around the 1.0820 level. The continued strong buying interest in the greenback has reduced risk appetite and pushed the US Dollar Index (DXY) to new yearly highs around 103.80, supported by higher US bond yields, particularly at the long end of the maturity spectrum. This serves as a strong psychological arrow to traders, prompting them to sell EURUSD massively and pushing this currency pair down to near the support level at 1.0777.
Short
by RKarina
XAUUSD: Up or down?Hello everyone!! The price of gold today is mainly flat with not much fluctuation around the $2021 mark. With a visible resistance level at $2035 and positioned below the EMA 34 and 89 lines, the downward trend is still continuing despite signs of cooling down. Regarding news that affects the price of gold, investors are anticipating important economic reports from the US this week, including the PMI report, Q4 GDP data, and personal spending. This information will provide new indications about the Fed's interest rate policy. According to the CME FedWatch Tool, the likelihood of a Fed rate cut in March has decreased from over 70% to 43.5%, weakening the potential for a sharp increase in gold prices. RKarina predicts that the price of gold may continue to decline but still remain within the defensive range from $2005 to $2008. Gold still has a chance to reverse its direction if it holds above this support level. What are your expectations for the price of gold in the near
OANDA:XAUUSD
by RKarina
XAUUSD: Buy or Sell?Dear friends, currently the price of gold has dropped by about 6 USD after reaching a high of 2031 USD, following a clear downward trend on the chart. This is due to the strengthening of the US dollar, as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates. In addition, the core personal consumption expenditure index of the US, an important measure of inflation, also affects the Federal Reserve's decision on monetary policy easing. However, macroeconomic data from the US may not have a significant impact if the price of gold remains below 2,000 USD/ounce. James Stanley, a senior strategist at Forex, predicts that the price of gold will stabilize around the 2,000 USD/ounce mark. He emphasizes that any price below this level would be a buying opportunity for investors.
OANDA:XAUUSDShort
by RKarina
How does gold price change?It is great to meet you all again to discuss today's gold trading strategy! At the beginning of the new week's trading session, gold prices have slightly increased. At the time of writing, the price is trading around $2029, marking a growth of $4 compared to the previous closing. Looking at the prospects for this week, all eyes are focused on the fluctuations of the USD in the context of monetary policy decisions by major central banks. In particular, the European Central Bank (ECB) will be closely monitored. Their recent stance at the World Economic Forum in Davos could significantly impact the USD and potentially support the price of gold. What do you think? How will gold perform this week?
OANDA:XAUUSDLong
by RKarina