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      10/06/21 10:53

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    Joined 08/02/23 14:41
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    • Volatile trade, following Fed Chair Jerome Powell’s comments at the Economic Club of Washington DC, has ultimately ended in gains for major US indices and some minor losses for the US dollar. Source IG   Forex United States dollar EUR/USD Euro AUD/USD GBP/USD    Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Wednesday 08 February 2023 Acknowledgement from the Fed chair, that the disinflation process had begun, might have provided some excuse for a softer dollar, although there was also a suggestion from Jerome Powell that rates could rise further than markets are currently pricing in if inflation starts to rise again. Markets appeared to dismiss the ‘hawkish’ comments from the Fed, and major benchmark indices have started to extend the bullish trends we have seen this year, while the dollar has paused gains (for now at least). EUR/USD Source IG The moving 20 (red), 50 (green) and 200 (blue) day simple moving averages (MAs) reaffirm the upward trend bias for the EUR/USD. The stochastic oscillator currently trades in oversold territory whilst displaying a positive divergence (dotted red lines) with the price. The technical indications for the EUR/USD remain bullish for the time being. The recent retracement in price looks to have found support at the 50MA and 1.0707 support level. We are looking for a strong close on today’s (8 February 2023) candle. In this scenario 1.1035 becomes the initial upside resistance target from the move, while a close below the low at 1.0670 might be used as a stop loss indication for the trade should it manifest. GBP/USD   Source IG The GBP/USD currently trades in a short to medium term rangebound environment, although the longer term trend is still considered up. The price looks to be forming a bullish price reversal from oversold territory, whilst also displaying a bullish divergence (dotted red lines). The bullish indications suggest a possible range trade opportunity forming. Confirmation thereto would be a strong close on today’s candle. In this scenario, 1.2440 becomes the initial resistance target from the move, while traders might consider using a close below the 1.1850 level as a stop loss indication for the trade (should it manifest). AUD/USD   Source IG The AUD/USD is trading similarly to the EUR/USD currently. The moving 20 (red), 50 (green) and 200 (blue) day simple moving averages (MAs) reaffirm the upward trend bias for the currency pair, while the stochastic oscillator trades through oversold territory (although not displaying a bullish divergence as with the EUR/USD). The technical indications for the AUD/USD remain bullish for the time being. The recent retracement in price looks to have found support at the 50MA and started to reverse off this level. 0.7155 becomes the initial upside resistance target form the move, while a close below the low at 0.6853 might be used as a stop loss indication for the trade.
    • EUR/USD, GBP/USD and USD/JPY start to reverse recent dollar strength Dollar gains start to come under pressure, with EUR/USD and GBP/USD turning upwards as USD/JPY rolls over.  Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 08 February 2023  EUR/USD finds support on inside trendline EUR/USD has managed to stabilize despite yet another reminder from Jay Powell that he plans to raise rates further in the wake of an impressive payrolls figure on Friday. The recent decline has brought about plenty of calls for a top in EUR/USD, but the daily timeframe highlights how this recent move does still remain within a wider uptrend for now. With the ascending inside trendline and 61.8% Fibonacci support coming into play here, another rebound remains a distinct possibility. Conversely, a move back down below this zone would signal the potential for a continuation of this recent sell-off. Ultimately, we would need to see a break below the $1.0483 swing-low to signal an end to this four-month uptrend. Source: ProRealTime GBP/USD turns upward from Fibonacci support GBP/USD has similarly been under pressure of late, with the price hit hard in latter part of last week. However, we are yet to see the double top formation complete with a break below $1.1841. Instead, the price has started to turn upwards from the confluence of trendline and the 76.4% Fibonacci support level. Once again, this highlights the potential for a bullish reversal from here, with a break back below the $1.1841 support level required to reestablish the bearish theme that has been playing out over the short term. Source: ProRealTime USD/JPY reversing after latest upward retracement USD/JPY has started to fade the strength seen in the wake of Friday’s US jobs report, with the push up into the 76.4% Fibonacci retracement level at ¥132.99 coming under pressure. The wider downtrend seen over the course of the past three months does remain intact despite calls for a dollar reversal, with a move up through ¥134.77 required to bring that bullish view into play. Until then, the recent rise looks to have provided another selling opportunity, with yesterday's decline serving to complete a bearish engulfing candlestick pattern that points towards further downside from here. Source: ProRealTime
    • Hi @DominicWalsh   Thanks for sharing your analysis on EURCAD.   All the best - MongiIG
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