InvestMacro

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1068
• Prev Close: 1.0988
• % chg. over the last day: -0.72%

Yesterday, the European Central Bank unexpectedly announced that it would begin cutting its bond-buying program in the third quarter of this year and open the door to raising the interest rate by the end of 2022 to fight rising inflation. The ECB also slightly lowered its growth forecasts for this year and next year and raised inflation expectations.

Trading recommendations

• Support levels: 1.0993, 1.0930, 1.0823
• Resistance levels: 1.1065, 1.1112, 1.1291

From the technical point of view, the EUR/USD currency pair trend on the hourly time frame is bearish, but there are signs that the price may change priority amid more hawkish statements from the ECB. The MACD indicator has become inactive. Under such market conditions, it is better to look for sell trades on the intraday time frames from the resistance of 1.1065 or 1.1112. Buy trades should be considered from the support level of 1.0993 or 1.0930, but only with short targets.

Alternative scenario: if the price breaks out through the 1.1112 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2022.03.11:

• – German Consumer Price Index (m/m) at 09:00 (GMT+2);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3178
• Prev Close: 1.3083
• % chg. over the last day: -0.72%

The British pound is declining as the UK and the US government bond yield spread shows a downward trend. Optimism regarding an early end to the war in Ukraine is decreasing, putting pressure on rising energy prices and negatively affecting the British currency.

Trading recommendations

• Support levels: 1.3091
• Resistance levels: 1.3195, 1.3274, 1.3315, 1.3418

On the hourly time frame, the GBP/USD currency pair trend is bearish. Volatility remains high, and sellers’ pressure is increasing again. The MACD indicator has become negative. Under such market conditions, buy trades should be considered from the support level of 1.3091, but it is better with confirmation because it has been tested by the price before. The best way to sell is to consider the resistance level of 1.3195, but only after the sellers’ initiative.

Alternative scenario: if the price breaks out through the 1.3274 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2022.03.11:

• – UK GDP (m/m) at 09:00 (GMT+2);
• – UK Industrial Production (m/m) at 09:00 (GMT+2);
• – UK Manufacturing Production (m/m) at 09:00 (GMT+2).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 115.79
• Prev Close: 116.12
• % chg. over the last day: +0.28%

The US Federal Reserve and the Bank of Japan will hold monetary policy meetings next week. Still, although the Federal Reserve will almost certainly raise interest rates, the Bank of Japan will remain in monetary policy for a long time. This situation favors the growth of USD/JPY quotes. The dollar has already reached a five-year high against the yen. But investors should remember that the Japanese yen is a safe-haven currency in case of various financial disturbances. In this regard, the war in Ukraine may make adjustments.

Trading recommendations

• Support levels: 116.32, 115.50, 115.13, 114.71, 114.41
• Resistance levels: 117.11

The medium-term trend on the USD/JPY currency pair is bullish. The MACD indicator is in the positive zone. There are signs of overselling but no signs of reversal. Under such market conditions, it is best to look for buy deals after a small pullback, as the price has strongly deviated from the moving averages. A support level of 116.32 would be best, but with additional confirmation. For sell deals, a resistance level of 117.11 can be considered, but it is necessary to wait for the reaction of sellers.

Alternative scenario: if the price fixes below 115.50, the uptrend will likely be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2806
• Prev Close: 1.2768
• % chg. over the last day: -0.30%

The Canadian dollar is a commodity currency, so it is highly dependent not only on the monetary policy of the Bank of Canada but also on the dynamics of oil prices and the dollar index. The dollar index showed a slight growth yesterday, while oil remained stable. As a result, the USD/CAD quotes are traded in the price corridor.

Trading recommendations

• Support levels: 1.2737, 1.2653, 1.2555, 1.2517
• Resistance levels: 1.2815, 1.2871, 1.2890

From a technical point of view, the USD/CAD currency pair trend is bullish. The price trades between the moving averages, indicating a more flat structure within a bullish trend. It is worth trading only with short targets, as both oil and the dollar index are still fundamentally inclined to rise. Under such market conditions, it is better to look for buy trades on lower time frames from the support level of 1.2737, but it is better with additional confirmation. For sell deals, it is better to consider the resistance level of 1.2815.

Alternative scenario: if the price breaks through and consolidates below 1.2737, the downtrend will likely resume.

News feed for 2022.03.11:

• – Canada Unemployment Rate (m/m) at 15:30 (GMT+2).

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.

by JustForex

The US stock indices closed lower yesterday amid negative consumer price index data. The inflation rate in the US reached 7.9% year on year, the highest level in the last 40 years. At the close of the stock market yesterday, the Dow Jones index (US30) was down 0.34%, the S&P 500 index (US500) lost 0.43%, and the NASDAQ technology index (US100) fell by 0.95%. Analysts are now confident that the US Federal Reserve will raise interest rates by 25 bps at subsequent meetings this year. Yesterday, SaxoBank analysts said that “given the strong increase in energy and transportation costs, mainly related to Ukraine, we forecast that the US inflation rate could reach double digits this year.”

European stock indices have started to decline again. At the close of business yesterday, the German DAX (DE30) decreased by 2.93%, the French CAC 40 (FR40) lost 2.83%, the Spanish IBEX 35 (ES35) decreased by 1.15%, and the British FTSE 100 (UK100) fell by 1.27%. At its meeting yesterday, the European Central Bank unexpectedly announced that it would begin cutting its bond-buying program in the third quarter of this year and open the door to raising the interest rate by the end of 2022 to fight rising inflation. The ECB also lowered its forecast for Eurozone economic growth this year to 3.7% from the 4.2% previously expected. The inflation forecast for the current year was raised to 5.1% from 3.2%. Analysts believe that the war in Ukraine will have a serious impact on economic activity and inflation in the Eurozone due to rising energy and commodity prices, undermining international trade, and the weakening of confidence. In addition, market participants were disappointed by the talks between Russian Foreign Minister Sergei Lavrov and Ukrainian Dmitry Kuleba in Turkey.

The US Federal Reserve and the ECB face very difficult challenges in balancing high inflation and slowing economic growth. The situation cannot be left as it is. Otherwise, inflation will continue to rise, which is already at highs. On the other hand, tighter monetary policy will slow economic growth, given that many countries have failed to reach the pre-pandemic levels and could go back into recession. Against this backdrop, European countries are more vulnerable than the US and UK.

At yesterday’s EU summit, the Hungarian Prime Minister said that the EU would not impose sanctions on oil and gas imports from Russia. But at the same time, the heads of the states and governments of the European Community have stated their determination to increase pressure on Russia and Belarus even more.

Asian stock indices are decreasing sharply in trading on Friday amid uncertainty over the situation in Ukraine and concerns about persistently high inflation. Japan’s Nikkei 225 (JP225) decreased by 2.05% from the open, Hong Kong’s Hang Seng (HK50) lost 1.61%, and Australia’s S&P/ASX 200 (AU200) fell by 0.94%. Reserve Bank of Australia Governor Lowe said that the RBA would prepare to raise interest rates this year amid an expected further inflation rise due to a jump in global commodity prices. Two weeks ago, the RBA did not plan to raise rates this year.

Main market quotes:

S&P 500 (F) (US500) 4,259.52 -18.36 (-0.43%)

Dow Jones (US30) 33,174.07 -112.18 (-0.34%)

DAX (DE40) 13,442.10 -405.83 (-2.93%)

FTSE 100 (UK100) 7,099.09 -91.63 (-1.27%)

USD Index 98.54 +0.57 (+0.58%)

• – Australia RBA Lowe’s Speech at 00:15 (GMT+2);
• – UK GDP (m/m) at 09:00 (GMT+2);
• – UK Industrial Production (m/m) at 09:00 (GMT+2);
• – UK Manufacturing Production (m/m) at 09:00 (GMT+2);
• – German Consumer Price Index (m/m) at 09:00 (GMT+2);
• – Canada Unemployment Rate (m/m) at 15:30 (GMT+2);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2).

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.

RoboMarkets, a provider of investment services in financial markets, announced a premium partnership with professional football club Eintracht Frankfurt from Bundesliga starting 2022.

The agreement between RoboMarkets and Eintracht Frankfurt came into effect this year and is valid until the end of the 2023/2024 season. According to the agreement, RoboMarkets will receive the Premium Partner status. The company’s logo will be featured on the club’s home stadium, Deutsche Bank Park. It will also be displayed on advertising panels, and appear in TV advertisements during the matches. Apart from the visual advertising on the stadium, throughout its validity period, the agreement implies a series of marketing and communication activities via the football club’s digital channels.

Along with the basic cooperation package, the agreement also includes a partnership with EintrachtTech, a digital subsidiary of Eintracht Frankfurt that develops an application for fans named Mainaqila. The application runs the club’s breaking news and streams the coverage and interviews on EintrachtTV and EintrachtFM. By using the Mainaqila app, fans can buy merchandise, tickets for matches, and receive access to exclusive offers from partners. The partnership between RoboMarkets and EintrachtTech is focused on collaborative applications of technological solutions, which help to develop and improve Mainaqila and make it more convenient for the club’s fans.

Axel Hellmann, Eintracht Frankfurt board spokesman comments on the partnership: “With RoboMarkets, we’ve managed to onboard a Premium Partner that not just thinks about the future but is actually living in it. With Frankfurt being one of the world’s most important financial centres, there are brand new visions opening up here for all parties, which everyone can be happy about.”

Maximilian Felske and Gottfried Korzuch, General Managers of RoboMarkets Deutschland GmbH, added: “We see Eintracht Frankfurt as our strategic partner in the coming years, who will support us significantly in expanding the awareness levels of RoboMarkets in existing as well as new territories. Our partnership is shaping our ambitious vision of meeting challenges head-on at the very top of our respective leagues in Germany and Europe on a consistent basis.”

About Eintracht Frankfurt

The Frankfurt-based professional football club Eintracht Frankfurt was founded in 1899. The club has been developing for over 100 years and demonstrating remarkable results in Bundesliga, the top German football league. The club has won one German championship and five German knockout football cups. Internationally, Eintracht Frankfurt has won one UEFA Cup and has once finished as runner-up in the European Cup/UEFA Champions League.

About RoboMarkets

RoboMarkets is an investment company, operating under CySEC licence No. 191/13. RoboMarkets offers investment services in European countries by providing access to its proprietary trading platforms to traders who work on financial markets. Find out more about the Company’s products and activities on www.robomarkets.com.

By Orbex

Usually, when there is a move towards safe havens, commodity currencies take a bit of a hit.

So, traders might be a little surprised to see that the AUDUSD has generally been trading higher since the massive risk-off event that was the Russian invasion of Ukraine. Sure, the pair had been moving higher throughout most of February, only correcting a bit in early March. Overall, the trend seems to be towards the upside.

In order for us to understand if it’s likely to continue or turn around, it would be worthwhile to look into some of the possible reasons why this unusual phenomenon is happening.

Things aren’t exactly normal

A quick explanation might simply be that Australia is literally on the other side of the world from the conflict. It would likely be one of the countries that could have the least negative effect. So that might be a good place for investors to park their cash during this uncertain time. That is surely a contributing factor, but not the full explanation.

One of the things that people are becoming increasingly aware of as more sanctions are imposed on Russia, is just how much Europe, in particular, depends on Russia for raw materials. The one we’ve been mostly focusing on has been natural gas. It’s the most obvious, followed by crude oil. Nonetheless, that’s not directly related to Australia.

A potential upside

It turns out that Europe also imports 67% of its metallurgical coal from Russia. Metallurgical coal, coke, or coking coal, is used in steel manufacturing to heat up the iron ore enough to make steel. Germany’s industrial capacity, particularly of cars, would likely experience a major blow if there’s a sanction of Russian coal. This could also happen if there are any shipments interruptions for other reasons.

On top of that, Germany gets over half of its thermal coal from Russia as well. Thermal coal is used for heating, and primarily for electricity generation. Germany’s electric grid is already in trouble because of less wind than the seasonal norm, and the lack of inventories for its natural gas plants.

Russia is the world’s second-largest steel producer. Ukraine is in the top ten. There has been a lot of fighting around Mariupol, where one of the largest steel mills in Europe is. If other countries were to ramp up steel production, they would need both coal and iron ore.

Those are Australia’s two main exports

Coal prices have more than doubled since the start of the Ukrainian crisis. Iron ore prices, which had been declining throughout February, have shot higher. However, they’re still not back to last year’s levels.

So far, there was no interruption of supplies of these materials. But just like with natural gas and crude, buyers are shying away from Russian sources out of fear that they won’t be able to deliver in the future. That has put a premium on material sourced from other countries, like Australia.

Most notably, this concern over not being able to deliver doesn’t appear to be affecting Chinese buyers. But it is enough to push up the international price. It also implies more demand for the Aussie dollar as long as the uncertainty around Ukraine remains.

Test your strategy on how the AUD will fare with Orbex – Open Your Account Now.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Harami reversal pattern close to the resistance level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the downside correctional target may be at 1.0980. However, an alternative scenario implies that the price may continue growing to reach 1.1140 without any corrections towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Shooting Star reversal pattern not far from the resistance level. At the moment, the asset is reversing and may start a new pullback towards the support area. In this case, the downside correctional target may be at 115.80. At the same time, an opposite scenario implies that the price may grow to reach 116.60 and continue the uptrend without any corrections towards the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hanging Man reversal pattern near the resistance area, EURGBP is reversing and may start another descending wave. In this case, the downside target may be at 0.8365. Later, the market may test the support level, break it, and continue the descending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8445 first and then resume trading downwards.

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.

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to test 5/8, break it, and then continue growing to reach the resistance at 6/8. However, this scenario may be cancelled if the price breaks 3/8 to the downside. After that, the instrument may reverse and fall towards the support at 2/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue growing.

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after breaking 8/8, XAUUSD is no longer trading within the “overbought area”. In this case, the price is expected to continue moving downwards to reach the closest support at 7/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and form one more ascending wave towards +1/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

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.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.0896
• Prev Close: 1.1075
• % chg. over the last day: +1.64%

Yesterday, the European currency showed the sharpest daily jump in almost six years after it became known that the foreign ministers of Ukraine and Russia will hold negotiations in Turkey today. The ECB will hold a meeting on monetary policy and an interest rate decision. Analysts believe that amid the war in Ukraine, the ECB will not change anything in monetary policy.

Trading recommendations

• Support levels: 1.0993, 1.0930, 1.0823
• Resistance levels: 1.1065, 1.1144, 1.1291

From the technical point of view, the EUR/USD currency pair trend on the hourly time frame is bearish, but there are signs that the price may change a priority. The MACD indicator has become positive. The price has adopted the structure of sideways movement with a wide range. In such market conditions, it is better to look for sell trades on the intraday time frames from the resistance level of 1.1065. Buy trades can be looked at from the support of 1.0993 or 1.0930, but only with short targets since there is no fundamental reason for the Euro to strengthen right now.

Alternative scenario: if the price breaks out through the 1.1065 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2022.03.10:

• – Eurozone ECB Monetary Policy Statement at 14:45 (GMT+2);
• – Eurozone ECB Interest Rate Decision at 14:45 (GMT+2);
• – Eurozone ECB Press Conference at 15:30 (GMT+2);
• – US Consumer Price Index (m/m) at 15:30 (GMT+2);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3099
• Prev Close: 1.3186
• % chg. over the last day: +0.66%

There are no major economic events related to the UK this week, so the British pound has remained stable in recent days. Today, the US publishes data on consumer inflation, which could significantly shake the dollar, as analysts expect another acceleration of inflation in the United States. If the actual value is worse than expected, the dollar index could strengthen sharply, and the next week’s Fed meeting is likely to decide on a more aggressive increase in interest rates. A rise in the dollar index will cause the GBP/USD to fall. If the real inflation value turns out to be better than expected, the opposite may happen – a decrease in the dollar index and an increase of GBP/USD.

Trading recommendations

• Support levels: 1.3127, 1.3091
• Resistance levels: 1.3274, 1.3315, 1.3418

On the hourly time frame, the trend on the GBP/USD currency pair is bearish. Volatility is high, sellers’ pressure has stopped, the price started trading in a sideways range. The MACD indicator has become positive. Under such market conditions, buy trades should be considered from the support level of 1.3127, but better with confirmation. For sell deals, there are no optimal entry points now.

Alternative scenario: if the price breaks out through the 1.3275 resistance level and fixes above, the mid-term uptrend will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 115.67
• Prev Close: 115.86
• % chg. over the last day: +0.16%

The monetary policy of the central bank of Japan is now aimed at making the Japanese yen cheaper (USD/JPY growth), and the US Federal Reserve will begin to tighten monetary policy this month. Therefore, investors often transfer their funds to the yen in case of any panic moods in the market.

Trading recommendations

• Support levels: 115.89, 115.41, 115.13, 114.71, 114.41
• Resistance levels: 116.32

The medium-term trend on the USD/JPY currency pair is bullish. The MACD indicator is in the positive zone, but there are signs of divergence. Under such market conditions, it is best to look for buy deals on the lower time frames from the support level of 115.89, but with additional confirmation. Sell deals may be considered from the resistance level of 116.32, but it is better to wait for the reaction of sellers.

Alternative scenario: if the price fixes below 115.41, the uptrend will likely be broken.

News feed for 2022.03.10:

• – Japan Producer Price Index (m/m) at 01:50 (GMT+2).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2885
• Prev Close: 1.2805
• % chg. over the last day: -0.62%

The Canadian dollar is a commodity currency, so it is highly dependent not only on the monetary policy of the Bank of Canada but also on the dynamics of oil prices and the dollar index. The dollar index fell yesterday, while oil showed its biggest drop in almost two years after the United Arab Emirates, a member of the Organization of Petroleum Exporting Countries and their allies (OPEC+), said it would support increased production. This situation led to a sharp decline in USD/CAD quotes.

Trading recommendations

• Support levels: 1.2790, 1.2653, 1.2555, 1.2517
• Resistance levels: 1.2871, 1.2890

From a technical point of view, the USD/CAD currency pair trend is bullish. The price trades between the moving averages, indicating a more flat structure within a bullish trend. It is worth trading only with short targets, as both oil and the dollar index are still fundamentally inclined to rise. Under such market conditions, it is better to look for buy trades on lower time frames from the support level of 1.2790, but it is better with additional confirmation. For sell deals, it is better to consider the resistance level of 1.2871.

Alternative scenario: if the price breaks through and consolidates below 1.2726, the downtrend will likely resume.

There is no news feed for today.

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.

By Orbex

EURUSD bounces back

The euro rallies on news that the EU may issue a joint bond to fund energy and defense.

The pair found bids near May 2020’s lows (1.0810). An oversold RSI on the daily chart prompted sellers to take profit, easing the downward pressure. A rally above the immediate resistance at 1.0940 and a bullish MA cross may improve sentiment in the short term.

However, buyers will need to clear the support-turned-resistance at 1.1160 before they could hope for a meaningful rebound. 1.0910 is the support in case of a pullback.

GBPUSD inches higher

The sterling claws back losses as risk appetite makes a timid return across the board.

Following a three-month-long rebound on the daily chart, a lack of support at 1.3200 and a bearish MA cross shows strong selling pressure. A bounce-back above 1.3200 may only offer temporary relief as sellers potentially look to fade the rebound.

1.3350 is a key hurdle that sits along the 20-day moving average. 1.3080 is fresh support and its breach could trigger a new round of sell-off below the next daily support at 1.2880.

USOIL breaks support

WTI crude tumbled after the UAE said consider boosting production.

The parabolic climb came to a halt at 129.00 and pushed the RSI into an extremely overbought condition on the daily chart. A bearish RSI divergence suggested a loss of momentum and foreshadowed a correction as traders would be wary of chasing the rally.

A fall below 115.00 led buyers to bail out, triggering a wave of liquidation. 105.00 is the next support and a breakout could bring the price back to 95.00 near the 30-day moving average.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com