Forex Trading Blog and Market Insights

EURUSD Skewed Triangle Hits New Highs!

Roman Onegin May 9, 2023 107 0

For the EURUSD pair, we can observe the formation of a correction wave IV inside a large impulse. Cycle correction IV, most likely takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. The actionary leg Ⓦ and the bearish corrective…
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Technical Analysis

Intraday Analysis 09.05.2023

Jing Ren May 9, 2023 82 0

USDCHF tries to hold its ground The US dollar steadies as traders await US inflation data in April. Latest rebounds have so far met stiff selling pressure with new swing lows encouraging the bears to add onto their short positions.…
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Fundamental Analysis

China Trade Balance and Westpac Consumer Confidence

Daniel John Grady May 8, 2023 102 0

The FT published a report over the weekend warning of the economic recovery in China that could have knock-on effects to commodity currencies, in particular the Aussie. This comes after the RBA last week warned that at least one more rate…
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Technical Analysis

Gold Finds Support Ahead of Inflation Data!

David Kindley May 8, 2023 103 0

The yellow metal remains on the front foot after holding about the $2K level. A strong NFP report saw gold slide on Friday, however, it maintains its bullish run. However, CPI data could put a halt to a progressive dollar if we see an…
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USDCNH Leading Diagonal Hints at Price Collapse!

Roman Onegin May 8, 2023 68 0

The USDCNH currency chart shows the formation of a double zigzag w-x-y of the cycle degree. In the last section of the chart, the initial part of the actionary wave y can be constructed. It seems that it will take the form of a…
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Technical Analysis

The Week Ahead – Patching cracks

Jing Ren May 8, 2023 55 0

GBPUSD rallies as BoE may stay hawkish The pound inches higher as the BoE is expected to stay the course in its monetary tightening. With the UK’s inflation rate still at double digit, the highest among major economies, a…
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Technical Analysis

Intraday Analysis 08.05.2023

Jing Ren May 8, 2023 77 0

USDJPY bounces off key floor The US dollar recovered after surprisingly robust jobs data in April. Coming off this year’s high of 137.80, the pair is looking to preserve its gains without losing more ground. 133.50 at the base of the…
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Fundamental Analysis

Will the Coronation Affect Cable?

Daniel John Grady May 5, 2023 98 0

The media, both from the UK and around the world, is abuzz with updates ahead of the coronation of a new Monarch in Britain for the first time this century. It will also be the first time that a British coronation will be broadcast on color…
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Technical Analysis

USOIL Bearish Zigzag to reach $62!

Roman Onegin May 5, 2023 102 0

USOIL is forming a large bearish trend taking the form of a triple zigzag. This consists of primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. It seems that the final sub-wave Ⓩ is a triple zigzag. It is possible that the primary wave Ⓩ will have the form of…
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Technical Analysis

Intraday Analysis 05.05.2023

Jing Ren May 5, 2023 79 0

USDCHF struggles to bounce The US dollar recoups some losses as traders reposition ahead of April’s jobs data. The recent bounce has again hit resistance at the psychological level of 0.9000, making this double top a major ceiling in…
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