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Friday, 23rd of February 2024 (European Market)

Slow start to proceedings for the major currencies

-There’s a slow start to proceedings in the forex market this morning with little to nothing to work with in terms of market leading headlines or catalyst today. PMI’s from yesterday saw EUR and GBP lose grounds against the Dollar extensively but there’s no follow through yet today.

-The US Dollar is little changed on the session with the USDIndex holding steady around 103.70 on the day. EURUSD is barely up about 17 pips today while GBPUSD and USDJPY are trading around the same bracket of about 28 pips on the day showing the state of the market.

-There’s a bank holiday in Japan today but let’s see what we have on the JPY pairs; CADJPY is up about 28 pips today, trading near highs from yesterday. EURJPY has just pushed about 163.00 on the day with price potentially setting sights at 163.500 while CHFJPY is up about 20 pips.

Commodities fails to sustain upside

-USOIL ran into resistance around $78.90 yesterday with price now trading around $78.00/bbl on the day. If price clears the support around this level, then we could potentially set sights at testing lows around $77.00/bbl.

-GOLD lost grounds yesterday as well with the US Dollar picking up pace with price dropping lower towards $2021, price retraced and is currently back trading around this same key level again today. If price clears this level, we could be looking at a test of $2015.

Sentiment and Cumulative Strength/Weakness

-Risk mood (sentiment) is tilting towards positivity in the market today although convictions are lower. Equities are holding on to highs on the day with the US500 trading at the highest level while Commodities are still trading mixed on the day.

-In FX, Australian Dollar leads the majors to the upside on the day while CHF and JPY lags the most on the day although not so much in the moves.

Cumulative Strength: AUD (0.21%)
Cumulative Weakness: CHF (-0.11%) & JPY (-0.11%)

-AUDJPY is up about 45 pips today but trading near resistance around 99.000 which could stall any further upsides while AUDCHF is up about 0.30% with price down to test support around 0.57830, if this level holds then buyers could be interested in further entry into the market.

-Looking ahead, it’s a relatively light session ahead of us on the economic calendar today which means current flows are expected to remain in place.

Monday, 5th of January 2023 (European Market)

SLOW START TO PROCEEDINGS IN THE CURRENCY MARKET

-There's a slow start to proceedings this morning following an eventful past week. FOMC decision and a big Beat in NFP figures was the major highlights of the week with the US Dollar taking full advantage.

-Talking about the US Dollar, the currency is little changed today although USDIndex trades above 104.00 for the first time since December last year. USDJPY ranges around 148.40 this morning having recovered from 146.50 last week.

-GBPUSD is down 0.11% today, consolidating losses from trading on Friday but price is below a key resistance around 1.2650 which could still spur further downsides. EURUSD is also holding flat on the day but trading close to a key support around 1.0750 on the day.

HIGHER YIELDS PRESSURES COMMODITIES

-The strength of the US Dollar and rising yields is one of the major driving factors in the market. USOIL currently trades flat, holding on to support around $72.00/bbl but further sides could ensue if we get a pullback.

-GOLD is struggling near a key support around $2045 which is stalling further price movements to the downside but a clearance of this level could see market set sights at $2030 before price finds support again.

SENTIMENT AND CUMULATIVE STRENGTH/WEAKNESS

-Risk mood (sentiment) is mixed this morning although with higher yields, we could still see some negative flows. Equities are flat across board for now while Commodities are mostly pressured on the board but in small ranges.

-In FX, major currencies are still trading mostly mixed on the board for now although the strength of the US Dollar could be something the market could work with later in the day.

Cumulative Strength: NIL
Cumulative Weakness: NIL

-There's US PMI on the economic calendar today which could still create moves in the market; EURUSD still could still be in the mix for further downsides in the market should we see a better than expected report.

-Looking ahead, it's a relatively light session ahead of us on the economic calendar with the US PMI the only event to look forward to.

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Summary

-The US Dollar is calm for now following the sell-off we saw yesterday; further moves could come from the Advanced GDP and Unemployment Claims later today.

-EUR is in focus for the market today with the ECB decision ahead, dovish undertone should see the EUR weaken across board especially against the JPY.

-USOIL finds the push above $75.00, prices could still push higher. GOLD drips lower yesterday but flattish today, trading below key resistance around $2020.

-we could look for the continuation of the strength of the JPY especially against the Canadian Dollar following the decision of the Bank of Canada (BOC) yesterday.

SELL AUDNZD
ENTRY 1.0770
SL 1.0880
TP 1.0750
TP 1.0720
TP 1.0670

It's a New week, remember to register an account with https://www.hfm.com/sv/en/?refid=322597 to start making profit trading FOREX.

HFM - World Leader in Online Trading | Regulated Broker HFM (Formerly known as HotForex) is a multi-asset regulated, licensed global broker, providing trading services & facilities to both retail & institutional clients.

https://www.hfm.com/sv/en/?refid=322597

HFM - World Leader in Online Trading | Regulated Broker HFM (Formerly known as HotForex) is a multi-asset regulated, licensed global broker, providing trading services & facilities to both retail & institutional clients.

Blazing with V75....join up https://t.me/+V_Ig07edsByKb04z

The fundamental analysis guys should pay attention to GBP(high Impact trade) and every pairs affected by it, today. A lot of money to be printed.