2022-09-07 • Updated
All eyes seem to be on the US Dollar as traders await the Federal Reserve Chair's speech this Thursday. Mr. Powell, who will be speaking at the Cato Institute's Annual Monetary Conference, is expected to give actionable clues as to the Fed's decision regarding interest rates. The Dollar which is currently trading above the 20-year high of 108.9, seems to be heading even higher as there are speculations in favor of even more hawkish measures from the Federal Reserve Bank.
BTCUSD
Dim hopes for BTC as we approach a confluence of support. After declining over 72% from its All-Time-High since November, there may yet be some hope for a bullish bounce as BTC approaches a confluence region. The zone between $18,500 - $17,500 could provide some bullish relief for traders and investors alike. However, there are no clear indications of a bullish rally in sight just yet.
GBPAUD
GBPAUD has ended the day prior with a huge impulsive candle on the daily from the base of the channel, breaking above the previous 4-Hour high at 1.20353. Continuing along this road should take prices into the resistance zone between 1.21247 and 1.22417, from where the bearish trend can be expected to continue.
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During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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