NZD/JPY pulls back from a fresh weekly high (83.92) with NZD/USD also registering a fresh weekly high (0.6382) as the Reserve Bank of New Zealand (RBNZ) delivered a 50bp rate hike.
The correlation coeffect now reflects a positive relationship between NZD/JPY and NZD/USD as it climbs to +0.46, but the inverse relationship may resurface as a shift in carry-trade...
The OPEC+ decision means nearly 1.7 million barrels of oil per day will be held back from global supply. This should help to keep the WTI supported.
• Significant reduction from oil supply should keep downside limited
• Demand concerns overstated
• We think WTI could reach $85 to $90
WTI crude oil hit a fresh post-OPEC high above $81.80 on Tuesday, before...
There is a massive multi-month consolidation taking place in USD/CAD.
The 2023 yearly opening-range is preserved heading into April.
Now testing the August trendline with key support eyed just lower at 200DMA / 78.6% retracement at 1.3380/90.
Yearly open resistance at 1.3545 backed by 3688 and the yearly high-close at 1.3828.
Ultimately, the immediate focus...
The price of gold clears the March high ($2010) to register a fresh yearly high ($2032), while bitcoin trades within last week’s range.
The price of gold and bitcoin continues to share a positive relationship as the correlation coefficient stands at a +0.90 to indicate a significant reading, but bullion may continue to outperform bitcoin as the bullish momentum...
GBP/USD is testing slope resistance here at fresh yearly highs.
Price has been trading within the confines of an ascending pitchfork formation with an embedded channel guiding this latest advance.
Initial support along the channel backed by 1.2249/58 - bullish invalidation at 1.2078.
A topside breach from here exposes 1.2660 and 1.2763.
Michael Boutros , Sr...
GBP/USD clears the January high (1.2448) to trade to a fresh yearly high (1.2526), with the Relative Strength Index (RSI) reflecting a similar dynamic as it climbs toward overbought territory.
GBP/USD Rate Outlook
GBP/USD may attempt to test the May 2022 high (1.2667) as it initiates a series of higher highs and lows, and a move above 70 in the RSI is likely...
AUD/JPY appears to be on track to test the 50-Day SMA (90.60) after clearing last week’s high (89.69), but the positive relationship with the S&P 500 index continues to unravel despite the recovery in investor confidence.
The correlation coefficient has fallen to an insignificant reading of +0.16 as AUD/JPY trades less than 1% higher from the start of the year,...
Key levels on the major currency pairs, gold and indices, as well as macro events to watch by our market analyst Fawad Razaqzada. NOT intended for U.S. audience
$SPY testing confluent uptrend resistance today at the 100% extension of the March advance at 411- looking for possible inflection up here.
Support now back at 402/04 with short-term bullish invalidation raised to the the uncovered gap near 400.
A topside breach from here keeps the focus on the 2023 high-day close at 416 and the stretch high at 418.
Michael...
As mentioned in my previous oil update a couple of weeks ago that “the OPEC might have to cut even more production to prevent prices from falling significantly further,” that’s precisely what they did at the weekend, creating a big gap in oil prices. Oil prices eased off their highs slightly, but not by much. At the time of writing, there were approaching the...
The price of gold trades to a fresh weekly high ($1984), with bitcoin reflecting a similar behavior going to the end of March.
The price of gold and bitcoin may continue to share a positive relationship as the correlation coefficient current stands at a more significant reading of +0.93 compared to the +0.76 reading from last week.
Gold Price Outlook
The price...
A close above the 61.8% retracement of the 2022 decline threatens a test of key resistance just higher at the September uncovered-gap / 61.8% extension of the yearly advance at 163.43-164.42 - look for a larger reaction there IF reached.
Key support now at former resistance at 155.74-156.29.
Michael Boutros , Sr Technical Strategist with FOREX.com
Follow...
SPY is approaching confluent downtrend resistance at 402.90-403.92 - a region defined by the 61.8% extension of the monthly advance, the March high-day close and the 61.8% retracement of the yearly range . Look for a larger reaction there IF reached.
Key support now rests with the 200-day moving average / March 22 outside reversal close at 392 (near-term...
USD/JPY approaches the 50-Day SMA (132.79) as it climbs to a fresh weekly high (132.77), with the 10-Year US Treasury yield reflecting a similar development as it retraces the decline from last week.
The positive relationship between USD/JPY and US Treasury yields looks poised to persist as the correlation coefficient sits at a significant level, with the gauge...
EUR/USD approaches the monthly high (1.0930) as it continues to bounce back from the 50-Day SMA (1.0731), with the price of gold at a similar place as it holds above last week’s low ($1934).
The positive relationship between EUR/USD and the price of gold looks poised to persist as the correlation coefficient current stands at +0.84, with a break/close above the...
Stock markets have been uninspiring so far today, mainly due to the lack of fresh catalysts to encourage market participants to trade. At the time of writing, the markets were holding losses in Europe and US. That said, the losses were limited, and lacked any real momentum. So, we may yet see some bargain hunting later in the session for some downbeat stocks,...
AUD/JPY traded at its lowest level since March 2022 as it slipped to a fresh yearly low (86.06) last week, while the S&P 500 index advances for the third consecutive day to indicate an improvement in risk sentiment.
The positive relationship between AUD/JPY and the S&P 500 appears to be unraveling as the correlation coefficient currently sits at +0.39 from a more...
Key levels on the major currency pairs, gold and indices, as well as macro events to watch by our market analyst Fawad Razaqzada. NOT intended for U.S. audience
