InvestMacro

By Lukman Otunuga Research Analyst, ForexTime

Article by ForexTime

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

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the instrument is forming another correction. After forming several reversal patterns, such as Shooting Star, close to the resistance level, XAUUSD is reversing. In this case, the correctional target may be the support area at 1770.00. At the same time, an opposite scenario implies that the price may grow to reach 1815.00 without testing the support level.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the correction continues. By now, NZDUSD has formed several reversal patterns, such as Shooting Star, close to the resistance level. The pattern materialization target may be at 0.7125. Later, the price may test the support area, rebound from it, and resume moving upwards. However, an alternative scenario implies that the price may continue growing towards 0.7270 without testing the support level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is still correcting within the ascending tendency. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair is reversing in favor of further growth. In this case, the upside target may be at 1.3970. After that, the instrument may break the resistance area and boost the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 1.3827 before resuming the ascending tendency.

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

BRENT

Brent is trading at 67.39; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 65.95 and then resume moving upwards to reach 72.45. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 64.35. In this case, the pair may continue falling towards 60.65.

AUDNZD, “Australian Dollar vs New Zealand Dollar”

AUDNZD is trading at 1.0802; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.0770 and then resume moving upwards to reach 1.0895. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.0705. In this case, the pair may continue falling towards 1.0605.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7170; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7205 and then resume moving downwards to reach 0.6995. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7265. In this case, the pair may continue growing towards 0.7355. To confirm further decline, the asset must break the support level and fix below 0.7120 to complete the Head & Shoulders reversal pattern.

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

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 Dow Jones index closed higher Monday based on signs of a faster economic recovery which pushed up several sectors, including energy, health care, and commodities.

The Dow Jones Industrial Average rose by +0.70%, the S&P 500  was up by +0.27%, and the Nasdaq Composite was down by -0.44%.

European stock prices rose slightly on Monday despite the negative statistical data on the Manufacturing PMI in European countries.

The energy market boomed yesterday thanks to rising oil prices as investors once again expect a recovery in oil demand, despite the continuing rise in Covid-19 cases in India.

Gold fell Tuesday morning in Asia after hitting a more than two-month high in the previous session as the dollar strengthened and investors discussed U.S. Federal Reserve Chairman Jerome Powell’s optimistic comments about the economic recovery.

By the start of the Asian session, MSCI Asia-Pacific’s broadest index of stocks was up just by +0.15%, amid holidays in China and Japan, with volatility remaining low.

Main market quotes:

S&P 500 (F) 4,192.66 +11.49 (+0.27%)

Dow Jones 34,113.23 +238.38 (+0.70%)

DAX 15,236.47 +100.56 (+0.66%)

FTSE 100 6,969.81 0 (0%)

USD Index 90.96 -0.33 (-0.33%)

• – US Trade Balance (m/m) at 15:30 (GMT+3);
• – Canadian Trade Balance (m/m) at 15:30 (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.

By Han Tan Market Analyst, ForexTime

The dollar index (DXY) yesterday pared some of Friday’s gains, dipping below the psychological 91 mark before resurfacing.

The dollar’s declines come as Fed Chair Jerome Powell reminded markets that the US economic recovery needs to be more equitable, with almost 1 out of every 5 of the lowest-paid workers in America still unemployed since the pandemic broke out over a year ago. Powell’s comments prompted some segments of the markets to walk back expectations that the Fed could start removing its support for financial markets sooner than expected. The benchmark 10-year Treasury yields moderated back below the psychologically-important 1.60% mark on Monday, which in turn prompted a softening of the dollar.

Monday’s lower-than-expected readings for the final Markit US manufacturing PMI and the ISM manufacturing print, which registered 60.5 and 60.7 respectively, also underwhelmed dollar bulls. Compare the US data points against the latest economic indicators out of Europe on Monday. Germany’s March retail sales far exceeded market expectations, while the Markit Eurozone manufacturing PMI posted a record high.

Noting that the euro accounts for 57.6% of the DXY, the euro’s gains against the dollar heaped downward pressure on the dollar index. EURUSD is currently testing its 100-day moving average for support.

Meanwhile, despite the Pound’s climb yesterday, GBPUSD remains very much rangebound, with the 1.40 psychological level proving a tough nut to crack. With markets expecting a 60.7 print for the UK’s Markit manufacturing PMI announcement later today, a positive surprise could help lift Sterling higher. The Pound accounts for 11.9% of the DXY, hence Sterling gains tend to exert downward pressure on the DXY.

The buck has clearly started off the new month on the back foot against its G10 peers, and could continue being weighed down by dovish Fed commentary.

The slate of speeches by Fed officials over the coming days could force further moves in the greenback:

Tuesday, May 4

• San Fran. Fed President Mary Daly
• Minneapolis Fed President Neel Kashkari

Wednesday, May 5

• Chicago Fed President Charles Evans
• Cleveland Fed President Loretta Mester

Thursday, May 6

• Dallas Fed President Robert Kaplan
• Cleveland Fed President Loretta Mester

The far-reaching impact of the Fed’s next policy move extends beyond major currencies. US stocks have also been swaying to such shifts in market expectations.

On Monday, the reflation trade made its presence known, with the Dow Jones Industrial Average gaining 0.7% while the Nasdaq 100 fell by about 0.5%.

Investors bought up stocks in sectors that stand to benefit from the US economic reopening, such as energy, materials and industrials. Meanwhile, the S&P 500’s consumer discretionary sector was weighed down by the likes of Amazon and Tesla, as investors shy away from these pandemic-era darlings.

As long as market participants continue pinning their hopes on the global vaccination drive that is set to bring the world out of the pandemic, and worry less about the nagging concerns in the likes of India and Southeast Asia, that could ensure more legs for the reflation trade. As such, the tech-heavy Nasdaq 100 could underperform in the interim, with the index still trying to shed its tag of having too-rich valuations.

At the time of writing, the futures contracts for all 3 major US benchmark indices are in the red, suggesting declines at Tuesday’s market open, should this trend persist until then.

Article by ForexTime

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

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, a local divergence on MACD made XAUUSD complete the ascending wave at 38.2% fibo and start a new pullback to the downside. After the pullback is over, the rising dynamics may resume towards 50.0%, 61.8%, and 76.0% fibo at 1818.15, 1851.32, and 1891.40 respectively. The scenario that implies a further downtrend towards the low at 1676.78 is very unlikely.

In the H1 chart, a convergence on MACD made the pair stop the correctional downtrend at 50.0% fibo and start a new growth. There is a possibility of another descending impulse towards 61.8% fibo at 1752.00 but the key scenario implies a further uptrend to reach the current high at 1797.87.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, a convergence on MACD made the pair stop at 61.8% fibo and start a new ascending wave towards the high at 0.9473. Another scenario suggests one more decline to reach 76.0% fibo at 0.9015 but it is very unlikely.

The H1 chart shows potential short-term upside targets after a convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 0.9173, 0.9230, and 0.9277 respectively. The local support is the low at 0.9080.

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

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

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 Hussein Sayed Chief Market Strategist (Gulf & MENA), ForexTime

Article by ForexTime

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