Financial News

Archive for Financial News – Page 300

The Analytical Overview of the Main Currency Pairs on 2022.09.14

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.0121
Prev Close: 0.9968
% chg. over the last day: -1.53 %

Germany’s Consumer Price Index showed 7.9% YoY after 7.5% in July. Inflation has been above 7% for more than six months. The main reason for the high inflation is still an increase in energy and food prices. The annualized inflation rate in Spain has declined from 10.7% to 10.5%. The US Consumer Price Index increased by 0.1% last month, with core inflation up to 0.6%, against expectations of 0.3%. Thus, US inflation showed no signs of slowing, which caused a sharp flow of money into the dollar index, on expectations that the US Federal Reserve will continue to raise interest rates aggressively.

Trading recommendations

Support levels: 0.9971, 0.9912.
Resistance levels: 1.0111, 1.0162, 1.0230

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bullish. But the price formed a false breakout zone above the level of 1.0111 and returned to the wide range. The MACD indicator became negative, and the sellers’ pressure intensified. Under such market conditions, it is best to look for buy trades on intraday time frames from the support level of 0.9971, but with confirmation. Sell trades can be considered from resistance levels of 1.0111 or 1.0162.

Alternative scenario: if the price breaks down through the support level of 0.9912 and fixes below, the downtrend will likely resume.

News feed for 2022.09.14:

– Eurozone Industrial Production (m/m) at 12:00 (GMT+3);
– US Producer Price Index (m/m) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.1676
Prev Close: 1.1491
% chg. over the last day: -1.61 %

UK labor market data showed that average payrolls, including bonuses, rose from 5.2% to 5.5%, jobless claims increased by 6,300, and the unemployment rate fell from 3.8% to 3.6%. Total UK jobs rose by 290,000 for the quarter to a record 35.8 million, exceeding the December 2019 pre-coronavirus level for the first time. Thus, the UK labor market remains strong, opening room for the Bank of England to be more aggressive. The question is whether the Bank of England will act more aggressively under a new prime minister.

Trading recommendations

Support levels: 1.1503, 1.1449, 1.1400
Resistance levels: 1.1627, 1.1693, 1.1816, 1.1901, 1.1994, 1.2035, 1.2167

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bullish. At the moment, the price is trading below the moving averages again, and the MACD indicator is in the negative zone. Buy trades can be considered from the support level of 1.1503, but only with confirmation. Sell trades are best to look for on intraday time frames, and the nearest resistance level is 1.1627 and 1.1693.

Alternative scenario: if the price breaks down the support level of 1.1449 and fixes below it, the downtrend will likely resume.

News feed for 2022.09.14:

– UK Consumer Price Index (m/m) at 09:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 142.82
Prev Close: 144.52
% chg. over the last day: +1.19 %

The situation on the USD/JPY currency pair remains the same. Japan’s Central Bank keeps interest rates ultra-low and its monetary policy ultra-soft, while the US Federal Reserve is in a cycle of monetary tightening, raising interest rates, and reducing the balance sheet. This divergent policy has already sent the USD/JPY quotes to a 24-year high. Analysts expect the quotes will continue to rise as no changes are expected in the near term.

Trading recommendations

Support levels: 142.86, 141.77, 141.00, 139.61, 138.78, 137.65, 136.80, 135.20
Resistance levels: 145.00

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. The price is trading at the level of moving averages. The MACD indicator has become positive, but the buyers’ pressure remains. Under such market conditions, buy trades can be sought from the support level of 142.86, but with additional confirmation. Sell deals can be considered on the intraday time frames from the level of 145.00, but only with additional confirmation, as fundamentally, USD/JPY quotes are inclined to growth.

Alternative scenario: If the price fixes below 141.00, the downtrend will likely resume.

News feed for 2022.09.14:

– Japan Industrial Production (m/m) at 07:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.2976
Prev Close: 1.3173
% chg. over the last day: +1.52 %

Macroeconomic forecasts continue to reflect a relatively higher growth rate in Canada compared to the US this year and next year. Analysts expect the Bank of Canada rate to peak at 3.75% this year, slightly higher than the (revised) forecast of 3.5%. The USD/CAD exchange rate is forecast at 1.30 at the end of the year and 1.25 at the end of next year.

Trading recommendations

Support levels: 1.3053, 1.2990, 1.2958, 1.2936, 1.2900
Resistance levels: 1.3169, 1.3220

From the point of view of technical analysis, the trend on the USD/CAD currency pair is bullish. The price is trading above the moving averages, the MACD indicator is in the positive zone, and signs of bullish pressure remain. Under such market conditions, buy trades should be considered on the lower time frames from the support level of 1.3053 after the pullback, as the price has strongly deviated from the averages. For sell deals, it is best to consider the resistance level of 1.3169 or 1.3220, but only after the additional confirmation.

Alternative scenario: if the price breaks down and consolidates below the 1.2990 support level, the downtrend will likely resume.

News feed for 2022.09.14:

– US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

By JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Financial News Forex and Currency News

14 Sep

Inflationary pressure persists in the US. The EU plans to introduce an electricity consumption norm

By JustForex

Inflationary pressures in the United States failed to decline significantly last month, despite falling gas prices. This is a sign that the Federal Reserve still has much work to do to restore price stability and provide long-term relief to US households. According to the US Bureau of Labor Statistics, the Consumer Price Index increased by 0.1% on a seasonally adjusted basis after stabilizing in July, exceeding consensus forecasts. On an annualized basis, the consumer price index fell to 8.3% from 8.5%. Economists polled by Bloomberg had expected inflation to fall to 8.1%. Core inflation (excluding food and energy prices) rose by 0.6% last month. On an annualized basis, core inflation rose from 5.9% to 6.3%.

Treasury bond yields jumped sharply after the CPI data, with the two-year rate soaring 21 basis points to about 3.78%, the highest level since October 2007. The yield on the benchmark 10-year bond increased by 10 basis points to 3.46%, while the dollar strengthened against major currencies and US stocks fell. S&P 500 stocks fell the hardest as high-priced stocks suffered from a sharp rise in US Treasury yields.

As the stock market closed yesterday, the Dow Jones Index (US30) decreased by 3.94%, and the S&P 500 Index (US500) lost 4.32%. The NASDAQ Technology Index (US100) decreased by 3.53% on Tuesday.

According to analysts, the Fed is going to raise rates another 75 basis points next week, and the question is, will the Fed eventually raise rates to 4.5% or higher? This is keeping the whole market in suspense since rates are still low with this inflation.

Despite the widespread market expectation of a further 75 basis point hike, Prince – a global economist and advocate of economic reform – said the Fed would likely deviate from its hawkish trajectory in three steps as the gap between wealthy investors and institutions and the “real economy” widens. By first reducing the rate hikes to 50 basis points and then neutralizing policy, Prins expects the Fed to begin to reverse course as the US has posted two consecutive quarters of negative GDP growth.

Equity markets in Europe also fell yesterday. German DAX (DE30) fell by 1.59%, French CAC 40 (FR40) decreased by 1.39%, Spanish IBEX 35 (ES35) lost 1.59%, British FTSE 100 (UK100) closed down by 1.17%.

The Dutch Cabinet plans aid for energy bills. One million households in the Netherlands are facing financial problems due to rising energy prices. About 600,000 of these households have never experienced financial difficulties before. Now, these households have had to deal with debt counseling to get rid of these debts, which will cost the government dearly.

Germany’s Consumer Price Index was 7.9% annually, after 7.5% in July. The inflation rate has been above 7% for over six months. The main reason for the high inflation is still an increase in energy and food prices. The German economy minister Habek said yesterday that Germany would have to go into recession next year. Spain’s annual inflation rate has fallen from 10.7% to 10.5%.

The European Union wants to cap revenues from cheaper power producers; impose an excess profits tax on fossil fuel companies, and impose mandatory consumption cuts. Commission President Ursula von der Leyen’s plans have yet to be finalized and eventually approved by other states, and there are deep divisions over how to deal with the crisis. Already, the most controversial idea – limiting the price of imported Russian gas – has been postponed until further negotiations.

Oil prices fell nearly 1% on Tuesday, reversing earlier gains. US Consumer Prices unexpectedly rose in August, giving the US Federal Reserve another chance to raise interest rates sharply next week.

Asian markets were trading higher yesterday. Japan’s Nikkei 225 (JP225) gained 0.25%, Hong Kong’s Hang Seng (HK50) ended the day down by 0.18%, and Australia’s S&P/ASX 200 (AU200) ended Tuesday up to 0.65%.

S&P 500 (F) (US500) 3,932.69 −177.72 (−4.32%)

Dow Jones (US30) 31,104.97 −1,276.37 (−3.94%)

DAX (DE40) 13,188.95 −213.32 (−1.59%)

FTSE 100 (UK100) 7,385.86 −87.17 (−1.17%)

USD Index 109.89 +1.57 (+1.45%)

Important events for today:

– Japan Industrial Production (m/m) at 07:30 (GMT+3);
– UK Consumer Price Index (m/m) at 09:00 (GMT+3);
– Eurozone Industrial Production (m/m) at 12:00 (GMT+3);
– US Producer Price Index (m/m) at 15:30 (GMT+3);
– US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

By JustForex

Economics & Fundamentals Financial News

13 Sep

Ichimoku Cloud Analysis 13.09.2022 (GBPUSD, USDCAD, NZDUSD)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

The pair is testing the upper border of the Cloud. The quotes are above the Cloud, which indicates an uptrend. A test of the lower border of the Cloud at 1.1510 is expected, followed by growth to 1.2025. One more signal confirming the growth will be a bounce off the upper border of the bearish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 1.1445, which will mean further falling to 1.1355.

USDCAD, “US Dollar vs Canadian Dollar”

The pair is pushing off the Tenkan-Sen line, going under the Ichimoku Cloud, which means the prevalence of a downtrend. A test of the lower border of the Cloud is expected at 1.3040, followed by falling to 1.2765. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The scenario can be cancelled by a breakaway of the upper border of the Cloud and securing above 1.3175, which will entail further growth to 1.3265.

NZDUSD, “New Zealand Dollar vs US Dollar”

The pair is getting ready to break through the Cloud. The pair is going inside the Cloud, indicating a flat. A test of the lower border of the Cloud is expected at 0.6075, followed by growth to 0.6295. Growth of the pair will be signaled by a bounce off the upper border of the descending channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 0.6020, which will entail further falling to 0.5925.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Financial News Forex and Currency News

13 Sep

Japanese Candlesticks Analysis 13.09.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

At a pullback, near the support area, gold has formed a Harami reversal pattern. The pair is going by the pattern by an ascending impulse. The goal of growth might be 1740.00. However, the quotes might fall to 1710.50 before growing.

NZDUSD, “New Zealand Dollar vs US Dollar”

On H4 near the resistance area the pair has formed a Harami reversal pattern. Currently, going by the signal, the pair might end up in a descending impulse. The goal of the decline might be 0.5965. After a breakaway of the support level, the pair might continue the downtrend. However, the price might still grow to 0.6205 before declining.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, at the support level, the pair has formed a reversal Engulfing pattern. The pair is now going by the pattern in an ascending impulse. The goal of growth might be the resistance level at 1.1845, and if the price manages to break through it, the pair will have a chance for an uptrend. However, the price might fall to 1.1650 before growing to the resistance level.

Article By RoboForex.com

Financial News Forex and Currency News

13 Sep

The Analytical Overview of the Main Currency Pairs on 2022.09.13

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.0099
Prev Close: 1.0121
% chg. over the last day: +0.22 %

The European Central Bank started working on its quantitative easing (QT) program. Policymakers will potentially announce it formally at the ECB’s October meeting. There are a lot of speeches planned by ECB officials this week, so traders need to watch for new hints regarding the next steps in interest rate hikes. Special attention should be paid to the EU energy meeting. The euro rose to a three-week high against the dollar as European Central Bank officials are in favor of further aggressive tightening of monetary policy.

Trading recommendations

Support levels: 1.0111, 1.0016, 0.9971, 0.9912
Resistance levels: 1.0230

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame has changed to bullish. The price has consolidated above the priority change level and is trading above the moving averages. The MACD indicator has become positive, but the buying pressure remains. Under such market conditions, buy trades are best sought on intraday time frames from the support level of 1.0111. Sell trades can be considered from the resistance levels of 1.0230, but only after an additional confirmation in the form of a false breakout of the level and reverse initiative.

Alternative scenario: if the price breaks down through the support level of 0.9912 and fixes below, the downtrend will likely resume.

News feed for 2022.09.013:

– Eurozone German Consumer Price Index (m/m) at 09:00 (GMT+3);
– Eurozone Spanish Consumer Price Index (m/m) at 10:00 (GMT+3);
– Eurozone German ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
– Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
– US Consumer Price Index (m/m) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.1640
Prev Close: 1.1679
% chg. over the last day: +0.33 %

UK GDP rose by 0.2% last month. At the same time, industrial production decreased by 0.3%. GDP growth is small, but it’s positive. But on the other hand, falling economic indicators are still negatively affecting the British currency. The new British government has confirmed the independence of the Bank of England but hinted that the Bank of England should not be so aggressive in tightening as it will only worsen the already large number of problems in the economy.

Trading recommendations

Support levels: 1.1623, 1.1516, 1.1449, 1.1400
Resistance levels: 1.1816, 1.1901, 1.1994, 1.2035, 1.2167

From the technical point of view, the GBP/USD currency pair trend on the hour timeframe has changed to bullish. At the moment, the price is trading above the moving averages, and the MACD indicator is in the positive zone. Buy trades can be considered from the support level of 1.1623, but only with confirmation. It is best to look for sell deals on intraday time frames, and the nearest resistance level is 1.1816.

Alternative scenario: if the price breaks down the support level of 1.1449 and fixes below it, the downtrend will likely resume.

News feed for 2022.09.013:

– UK GDP (q/q) at 09:00 (GMT+3);
– UK Average Earnings Index (m/m) at 09:00 (GMT+3);
– UK Claimant Count Change (m/m) at 09:00 (GMT+3);
– UK Unemployment Rate (m/m) at 09:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 142.11
Prev Close: 142.82
% chg. over the last day: +0.49 %

The Japanese Finance Ministry has repeatedly and strongly expressed its dissatisfaction with the yen depreciation this year, but the Central Bank is independent and is legally obliged to monitor inflation and the economy, not the exchange rate. So the Bank of Japan will not raise interest rates or adjust its stimulus policy to support the yen. Japan’s economic weakness gives the Bank of Japan little reason to cancel monetary stimulus. The central bank intends to maintain ultra-low interest rates and a dovish policy at its meeting on September 21 and 22. When the Ministry of Finance expresses its dissatisfaction with the yen’s fall, it is said to hint that it may intervene in the market to support the currency. This is done to make traders cautious when selling the yen, a kind of verbal intervention.

Trading recommendations

Support levels: 141.77, 141.00, 139.61, 138.78, 137.65, 136.80, 135.20
Resistance levels: 144.05, 145.00

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. The price is trading at the level of moving averages, and a narrow balance is being formed. The MACD indicator has become inactive. Under such market conditions, buy trades can be sought from the support level of 141.77 or 141.00, but with additional confirmation. Sell positions can be searched for on the intraday time frames from the level of 144.05, but only with an additional confirmation because, fundamentally, USD/JPY quotes are inclined to grow.

Alternative scenario: If the price fixes below 141.00, the downtrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.3029
Prev Close: 1.2983
% chg. over the last day: -0.35 %

The Canadian dollar continues to strengthen as the dollar index is down ahead of important US inflation data, while oil prices are rising on the back of the Iran nuclear deal being stalled again. All of these factors support the Canadian currency, which is a commodity currency. However, with new blockages in China due to falling demand, oil prices might drop in the coming days, which might negatively affect the Canadian currency.

Trading recommendations

Support levels: 1.2990, 1.2958, 1.2936, 1.2900
Resistance levels: 1.3108, 1.3220

From the point of view of technical analysis, the trend on the USD/CAD currency pair is bullish. The price is now trading below the moving averages, the MACD indicator has become negative and the price has consolidated below the priority change level. But it should be noted that at the moment, it looks like the formation of a false breakdown, as the price is consolidating below the level. Under such market conditions, buy trades should be considered on the lower time frames from the support level of 1.2990 if the price returns above the level. For sell deals, it is best to consider the resistance level of 1.3108, but only after the additional confirmation.

Alternative scenario: if the price breaks down and consolidates below the 1.2990 support level, the downtrend will likely resume.

There is no news feed for today.

By JustForex

Financial News Forex and Currency News

13 Sep

Today investors’ attention is focused on US inflation data

By JustForex

The US stock indices rose ahead of key inflation data, which is expected to show a further cooling in consumer prices. At the close of the stock market yesterday, the Dow Jones Index (US30) increased by 0.72%, and the S&P 500 Index (US500) added 1.07%. Technology Index NASDAQ (US100) gained 1.34% on Monday.

The US will publish an important inflation report today. Analysts forecast that the consumer price index will show a decline for the second month in a row. The expectation of lower inflation has already put pressure on the US dollar in recent days.

According to the Federal Reserve Bank of New York’s monthly survey of consumer expectations released Monday, expectations for US inflation for the three years ahead fell to 2.8% in August from 3.2% the previous month and 3.6% in June. The one-year-ahead inflation forecast fell to 5.7% from 6.2%. Consumers now expect 2% inflation versus 2.3% on the five-year horizon. The US inflation expectations for gas price increases have also declined, and households now expect them to be flat one year from now. The US central banks, aiming for 2% inflation, are rapidly raising interest rates to curb the highest inflation in nearly 40 years. They are expected to hold their third consecutive 75 basis point hike when they meet next week.

Equity markets in Europe mostly rose yesterday. Germany’s DAX (DE30) gained 2.40%, France’s CAC 40 (FR40) gained 1.95%, Spain’s IBEX 35 Index (ES35) jumped by 2.01%, and Britain’s FTSE 100 (UK100) closed up 1.66%.

According to ECB Vice President Luis de Guindos, the European Central Bank’s massive interest rate hike last week was designed to keep inflation expectations anchored. The ECB followed the Federal Reserve in choosing a massive move, with some officials signaling that they are open to a repeat of this step when they next meet in October. ECB policymakers see growing risks that the central bank will have to raise its key interest rate to 2% or more to curb record Eurozone inflation.

In the oil market, the Iran nuclear deal has again stalled, pushing oil prices higher. Also, it should be noted that OPEC+ countries decided to cut oil production starting in October in order to keep oil prices from falling significantly. And all this is because from October, the “low season” begins for oil when oil prices tend to go down. Analysts at ANZ believe that the outlook for oil still looks challenging as Chinese authorities are likely to tighten restrictions ahead of the Communist Party meeting in October.

Gold and silver prices continue to rise as the dollar index, and government bond yields fall. But it should be noted that the current growth is temporary because, at the moment, there are no fundamental factors for gold and silver price growth, as the US Federal Reserve is in the cycle of tightening monetary policy.

Asian markets traded higher last week. Japan’s Nikkei 225 (JP225) gained 1.16% yesterday, Hong Kong’s Hang Seng (HK50) gained 2.69% for the day, and Australia’s S&P/ASX 200 (AU200) was up 1.02% on Monday.

Wholesale inflation in Japan reached 9% in August. Wholesale prices increased by 0.2% in August compared to the previous month.

In Australia, business confidence rose to 10 index points. The report indicates employment growth and improved trading conditions in most sectors. Only the construction sector remains problematic.

S&P 500 (F) (US500) 4,110.69 +43.33 (+1.07%)

Dow Jones (US30) 32,383.18 +231.47 (+0.72%)

DAX (DE40) 13,402.27 +314.06 (+2.40%)

FTSE 100 (UK100) 7,473.03 +121.96 (+1.66%)

USD Index 108.34 −0.67 (−0.61%)

Important events for today:

– Australia NAB Business Confidence (m/m) at 04:30 (GMT+3);
– UK Average Earnings Index (m/m) at 09:00 (GMT+3);
– UK Claimant Count Change (m/m) at 09:00 (GMT+3);
– UK Unemployment Rate (m/m) at 09:00 (GMT+3);
– Eurozone German Consumer Price Index (m/m) at 09:00 (GMT+3);
– Eurozone Spanish Consumer Price Index (m/m) at 10:00 (GMT+3);
– Eurozone German ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
– Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
– US Consumer Price Index (m/m) at 15:30 (GMT+3).

By JustForex

Economics & Fundamentals Financial News

12 Sep

Brent is Stressed Again

By RoboForex Analytical Department

The commodity market remains extremely volatile. On Monday, a Brent barrel is declining to 91.50 USD and looks unstable. Previously, the market was afraid that Russia will cut down on supply and pushed prices upwards, but risks of stable demand have become more serious now.

This week, investors will keep an eye on the flow of inflation statistics both from the EU and the US. In the latter case, the information will help to form clearer expectations from the results of the Fed’s meeting in September.

Baker Hughes statistics, published earlier, demonstrated a decline in the number of active oil rigs in the US – by 5 units to 591 rigs.

Regardless of Brent falling on, the current movement can still be interpreted as a correction of a mighty bullish trend. The quotes are now testing the support area that used to be a strong resistance level in 2018 and 2020. It was broken away only at the beginning of this year. The price pattern is a bullish 5-0. By this pattern, after a correction the price will head for renewing the high, so in the long run, the quotes may rise to 139.00. The downtrend may start again only if the lower border of the Cloud is broken and prices secure under 70.00.

On H4, Brent has bounced off the lower border of a bullish Wolfe Wave. The goal of the movement is 105.45. A strong signal confirming the growth of the pair will be a breakaway of the upper border of the descending channel. With it, the descending movement that started at the end of August will be over. The second signal is a Double Bottom reversal pattern forming on the RSI. The indicator is already testing the upper border of the pattern, and as soon as it is broken away, they might hit 80. A negative scenario for the bulls will be another price decline and securing under 86.00, which will cancel the bullish pattern and indicate further falling.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Energy Financial News

12 Sep

Murray Math Lines 12.09.2022 (EURUSD, GBPUSD)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. A breakaway of 5/8 downwards is expected, followed by falling to the support level of 3/8. The scenario can be cancelled by rising over the resistance level of 6/8, which might lead to a trend reversal and growth to 7/8.

On M15, falling can be additionally supported by a breakaway of the lower border of VoltyChannel.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the quotes are under the 200-day Moving Average, which indicates the prevalence of a downtrend. A downward breakaway of the support level of 3/8 should be expected, followed by further falling to 2/8. The scenario can be cancelled by an upward breakaway of the resistance level of 4/8. If it happens, the pair might rise to 5/8.

On M15, a breakaway of the VoltyChannel lower border will increase the probability of further price falling.

Article By RoboForex.com

Financial News Forex and Currency News

12 Sep

The cryptocurrency market digest for 12.09.2022

Article By RoboForex.com

On Monday, the BTC grew to 21,716 USD. This is good news, because previously there was little chance that digital assets would be able to recover after sales and a lengthy flat.

So, an important local resistance area in the BTC is now at 21,900-22,000 USD. The next spto is 22,500 USD. The market will remain under bearish control until it manages to secure above the mentioned levels.

This week, the market will be focused on the update of Ethereum. After The Merge update comes into power, the market will get access to the Proof-of-Stake mechanism, and mining of the ETH will become impossible in the current form.

Moreover, investors will focus on fresh inflation statistics from the US. Previously, assets and indices dropped quite a bit, so if no surprises occur, the market will be buying them back and going up. Correlation remains between the S&P 500 and Nasdaq indices and the BTC, so crypto might follow the indices.

For the first time since quite long ago, capitalisation of the crypto market has reached 1.019 trillion USD.

Google launched count-down before Ethereum update

To support the upcoming Merge update of the Ethereum network, Google launched a count-down before the event. The Merge is scheduled for 15 September. Near the timer, there is a cartoon shown about two pandas running towards each other with their paws stretched.

Association of Blockchains joined in trial of Ripple

The world’s leading association of blockchains Chamber of digital commerce is ready to speak in court against Ripple. The main accusation remains the same: XRP sales could be interpreted as offering unregistered securities, but the token as such is not a security.

Coinbase token accumulated over 1 billion USD of investments

The cbETH token of the Coinbase crypto exchange attracted over 1 billion USD of investments. The token is an inverted digital asset that yields profit on stacking.

Article By RoboForex.com

Cryptocurrencies Financial News

12 Sep

The Analytical Overview of the Main Currency Pairs on 2022.09.12

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 0.9993
Prev Close: 1.0036
% chg. over the last day: +0.43 %

According to Bundesbank President Joachim Nagel, the European Central Bank will have to keep raising interest rates if the current trend in Сonsumer Prices continues. The ECB tightened policy by a historic 75 basis points last week. Officials are poised to announce another major interest rate hike at its October meeting if inflation data shows signs of growth later this week. Although there are now some signs that the economy could stagnate or even contract in the second half of 2022 and that this trend could continue into next year, Nagel said any recession could be shallow.

Trading recommendations

Support levels: 1.0016, 0.9971, 0.9912
Resistance levels: 1.0111, 1.0150

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bearish, but the price is trading at the priority change level, and the probability of a trend change is very high. Technically, the price is still trading in a wide balance with a range of 0.9912-1.0111. The MACD indicator became positive, and there is buying pressure. Under such market conditions, buy trades are best sought on intraday time frames from the support level of 1.0016 or 0.9971. Sell trades can be considered from the resistance levels of 1.0111, but only after an additional confirmation in the form of a false breakout of the level and reverse initiative.

Alternative scenario: if the price breaks out of the 1.0111 resistance level and fixes above, the uptrend will likely resume.

There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.1497
Prev Close: 1.1587
% chg. over the last day: +0.78 %

This week the UK will publish a lot of economic data. Today traders should pay attention to GDP data. At the same time, the Bank of England postponed the interest rate decision due to the death of the Queen of Great Britain. The Central Bank said that its Monetary Policy Committee (MPC) would hold its next meeting on Thursday, a week later than planned, as Britain is observing a period of national mourning.

Trading recommendations

Support levels: 1.1516, 1.1449, 1.1400
Resistance levels: 1.1669, 1.1816, 1.1901, 1.1994, 1.2035, 1.2167

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bearish. At the moment, the price is trading at the level of moving averages, and the MACD indicator is positive again. It is best to look for sell trades on intraday time frames, and the nearest resistance level is 1.1669. Buy trades can be considered from the support level of 1.1516, but only with confirmation.

Alternative scenario: if the price breaks out through the 1.1669 resistance level and fixes above, the uptrend will likely resume.

News feed for 2022.09.012:

– UK GDP (q/q) at 09:00 (GMT+3);
– UK Industrial Production (m/m) at 09:00 (GMT+3);
– UK Manufacturing Production (m/m) at 09:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 144.09
Prev Close: 142.55
% chg. over the last day: -1.08 %

The Japanese yen is trading at a 24-year low against the US dollar. The Japanese government must take the necessary measures to counter the excessive yen decline, a senior government official said Sunday. These are signs of deep concern on the part of the authorities. The government is considering lifting Japan’s visitor restrictions by October. This would help boost demand for the Japanese currency.

Trading recommendations

Support levels: 141.77, 141.00, 139.61, 138.78, 137.65, 136.80, 135.20
Resistance levels: 144.05, 145.00

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. The price is trading at the level of moving averages. The MACD indicator has become inactive. Under such market conditions, buy trades can be sought from the support level of 141.77 or 141.00, but with additional confirmation. Sell positions can be searched for on the intraday time frames from the level of 144.05, but only with an additional confirmation because, fundamentally, USD/JPY quotes are inclined to grow.

Alternative scenario: If the price fixes below 141.00, the downtrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.3092
Prev Close: 1.3020
% chg. over the last day: -0.55 %

The Canadian dollar strengthened on Friday despite a significant change in labor market dynamics. Canada reported a 39,700 job loss in August, reinforcing economists’ expectations of a recession and a slowdown in the pace of interest rate hikes by the Bank of Canada. Even with the Bank of Canada’s (BoC) earlier 75 bps interest rate hike, the narrative is shifting in favor of the US dollar, which remains supported by an aggressive Federal Reserve, a strong economy, and demand for safe-haven assets as recession fears grow. In the oil market, crude oil could face significant downward pressure as lower demand gathers momentum, which could cause the Canadian dollar to plummet.

Trading recommendations

Support levels: 1.2990, 1.2958, 1.2936, 1.2900
Resistance levels: 1.3108, 1.3220

From the point of view of technical analysis, the trend on the USD/CAD currency pair is bullish. The price is now trading below the moving averages, the MACD indicator has become negative, and there is slight seller pressure. Under such market conditions, buy trades should be considered on the lower time frames from the support level 1.2990 or 1.2936, but only with confirmation. For sell deals, it is best to consider the resistance level of 1.3108, but only after the additional confirmation.

Alternative scenario: if the price breaks down and consolidates below the 1.3020 support level, the downtrend will likely resume.

There is no news feed for today.

By JustForex

Financial News Forex and Currency News

Risk Disclosure: Foreign Currency trading and trading on margin carries a high level of risk and can result in loss of part or all of your investment. Due to the level of risk and market volatility, Foreign Currency trading may not be suitable for all investors and you should not invest money you cannot afford to lose. Before deciding to invest in the foreign currency exchange market you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading, and seek advice from an independent financial advisor should you have any doubts.

All information and opinions on this website are for general informational purposes only and do not constitute investment advice.