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EUR/USD, EUR/GBP and GBP/USD pause ahead of rate decisions

EUR/USD and GBP/USD encounter resistance ahead of central bank meetings, EUR/GBP hovers above support pre-BoE.

USDSource: Bloomberg
 
IG Analyst | Publication date: Thursday 03 February 2022

EUR/USD’s rally stalls ahead of the ECB meeting

Having risen strongly over the past three days, EUR/USD is beginning to encounter resistance ahead of the European Central Bank’s (ECB) press conference which usually generates some intraday volatility. Both the 55-day simple moving average (SMA) and previous channel support line, now because of inverse polarity, resistance line at $1.1305 to $1.131 cap, together with yesterday’s high at $1.133.

Intraday support is found between the late December and early January lows at $1.1274 to $1.1272. Further, more significant, support sits within the $1.1235 to $1.1222 December lows, only a currently unexpected drop through which would engage the $1.1186 November trough.

In case of renewed upside being seen and yesterday’s high at $1.133 being overcome, the late November and December highs at $1.1382 to $1.1386 would be eyed next.

EUR/USD chartSource: IT-Finance.com

EUR/GBP hovers above multi-year key support ahead of BoE rate decision

EUR/GBP continues to float above the £0.8313 to £0.8277 key support area ahead of the Bank of England’s (BoE) monetary policy meeting. The support consists of the December 2016, April 2017, December 2019 and February 2020 lows. Because of the multitude of lows seen in this area over several years it is technically important and is likely to continue to hold for now.

The cross would need to exceed this week’s high at £0.836 in order for the November low, 18 and 21 January highs and two-month resistance line at £0.8377 to £0.8381 to be in play.

Initial support comes in at the 11 January low at £0.8324.

EUR/GBP chartSource: IT-Finance.com

GBP/USD rally is taking a breather ahead of BoE meeting

GBP/USD's advance from its late January low at $1.3365 has practically taken it back to the 61.8% Fibonacci retracement of its January decline at $1.3599. Together with yesterday’s high at $1.3587 it offers resistance whilst awaiting the BoE rate decision.

Support is seen between the mid-November high, 38.2% Fibonacci retracement and the 6 January low at $1.3513 to $1.349.

Resistance above the $1.3587 to $1.3599 region can be spotted at the 9 November high at $1.3607.

GBP/USD chartSource: IT-Finance.com
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EUR/USD, EUR/GBP rally strongly in wake of hawkish ECB while USD/JPY recovers

EUR/USD flirts with the January high after ECB press conference, EUR/GBP reversed from major support and USD/JPY in recovery mode.

GBPSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Friday 04 February 2022 

EUR/USD’s surges higher on hawkish ECB

EUR/USD rallied by more than 150 pips following the European Central Bank’s (ECB) president Lagarde’s hawkish comments in which she declined to rule out an interest rate rise this year saying the bank would assess conditions very carefully and there were "no pledges without conditionalities".

The January peak at $1.1482 is thus within reach, a rise above which would put the $1.1513 to $1.1529 area back on the cards. It consists of the October and 5 November lows.

Potential slips should find support along the breached 2021-to-2022 downtrend line at $1.1412. Further support can be spotted between the late November and December highs at $1.1386 to $1.1382.

EUR/USD chartSource: IT-Finance.com

EUR/GBP rallies from major long-term support in the wake of BoE and ECB meetings

Yesterday EUR/GBP first slipped to its key long-term support at £0.8305 to £0.8277 following the Bank of England’s (BoE) widely anticipated rate hike by 25 basis points (bps) to 0.5% before strongly rallying from it once the ECB's president Lagarde made hawkish comments. This has led to a reversal in the trend with a very long bullish candlestick having been formed, encompassing the last seven trading days which is very bullish price action.

The rally through the three-month downtrend line and above the January peak at £0.8422 bodes well for the bulls with the 200-day simple moving average (SMA) at £0.8516 being targeted. For today minor potential resistance sits at the £0.8454 mid-December low.

Support now comes in between the November trough and breached downtrend line at £0.8381 to £0.8374.

EUR/GBP chartSource: IT-Finance.com

USD/JPY bounces off the 55-day SMA

USD/JPY’s drift lower from the late January high at ¥115.68 paused along the 55-day SMA at ¥114.41 before heading back up again with the mid-January high at ¥115.06 being within its sights.

Next up lurk the November peak at ¥115.52 and late January high at ¥115.68, only a rise above which would lead to the early January high at ¥116.35 being back on the map.

Minor support sits between the one-month support line and 2 February low at ¥114.36 to ¥114.16 with further support coming in at the 8 December high at ¥113.96. More important support lies between the mid-to-late January lows at ¥113.48 to ¥113.47.

USD/JPY chartSource: IT-Finance.co
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EUR/USD, EUR/GBP and USD/JPY encounter headwinds

EUR/USD and EUR/GBP rallies are taking a breather, so does USD/JPY.

EUR/USD, and GBP/USD likely to decline as USD/JPY breaks resistance |  Levels to Watch | IG South Africa
 Axel Rudolph | Market Analyst, London | Publication date: Monday 07 February 2022

EUR/USD does a ‘return to point of breakout’

Last week’s strong bullish trend reversal and rally in EUR/USD in the wake of the European Central Bank’s (ECB) hawkish stance has taken it to the January peak at $1.1482 which capped.

Today a ‘return to point of breakout’ is seen with the cross slipping back towards the breached 2021-to-2022 downtrend line at $1.1407. Below it, the late November and December highs at $1.1386 to $1.1382 may act as support as well as the mid-point of Thursday’s ‘body’ of its long bullish candle at $1.1368. The ‘body’ shows the distance between the open and the close of a candle.

The January and current February highs at $1.1382 to $1.1383 will need to be exceeded for EUR/USD to make further headway, with the October and 5 November lows at $1.1513 to $1.1529 being eyed in this scenario.

EUR/USD chartSource: IT-Finance.com

EUR/GBP’s strong rally stalls post BoE and ECB meetings

Last week EUR/GBP formed a double bottom following its strong rally, triggered by the ECB president Lagarde’s hawkish comments alluding to the possibility of a rate hike later this year.

The rally through the three-month downtrend line and above the January peak at £0.8422 bodes well for the bulls, with the 200-day simple moving average (SMA) at £0.8515 remaining in focus. First a slip back towards the 55-day SMA, January high and 23 December low at £0.8424 to £0.8416 may ensue, though. This support zone is expected to underpin.

Today, minor potential resistance sits at last week’s £0.847 high.

EUR/GBP chartSource: IT-Finance.com

USD/JPY falters below the two-month resistance line at ¥115.46

USD/JPY bounce off the 55-day SMA at ¥114.42 last week took it to ¥115.43, marginally below the two-month resistance line at ¥115.46 which caps for now.

If bettered, the November peak at ¥115.52 and the late January high at ¥115.68 would be targeted, a rise above which would put the early January high at ¥116.35 back on the map.

Good support below the ¥114.97 mid-November high sits between the one-month support line, 55-day SMA and 2 February low at ¥114.46 to ¥114.16 with further support coming in at the 8 December high at ¥113.96.

Major support lies between the mid-to-late January lows at ¥113.48 to ¥113.47.

USD/JPY chartSource: IT-Finance.com
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EUR/USD, EUR/GBP and GBP/USD look top heavy

EUR/USD, EUR/GBP and GBP/USD continue to display a short-term bearish bias.

EuroSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Tuesday 08 February 2022 

EUR/USD capped by January high, revisits breached resistance line, now support

EUR/USD continues to be capped by the January peak at $1.1482 and did a ‘return to point of breakout’ by dipping back to the breached 2021-to-2022 downtrend line at $1.1402.

Slightly further down the late November and December highs at $1.1386 to $1.1382 may act as support as well as the mid-point of Thursday’s long ‘body’ of its candle at $1.1368. The ‘body’ shows the distance between the open and the close of a candle.

The January and current February highs at $1.1382 to $1.1383 will need to be exceeded for EUR/USD to continue its ascent and for the next higher October and 5 November lows at $1.1513 to $1.1529 to be reached.

EUR/USD chartSource: IT-Finance.com

EUR/GBP is to come further off its £0.8478 current February high

EUR/GBP looks short-term toppish and is likely to glide back towards the 55-day simple moving average (SMA), January high and 23 December low at £0.8424 to £0.8416. This support zone may well underpin.

Resistance above Monday’s high at £0.8478 can be found along the 2020-to-2022 downtrend line at £0.8492 and the 200-day SMA at £0.8514.

EUR/GBP chartSource: IT-Finance.com

GBP/USD weighs on the $1.3513 to $1.349 support zone

GBP/USD's advance from its late January low at $1.3365 has so far taken it to last week’s high at $1.3628 before tumbling back to the mid-November high, 38.2% Fibonacci retracement and 6 January low at $1.3513 to $1.349.

A drop through $1.349 may lead to the next lower $1.3441 to $1.3431 support area to be touched. It encompasses the early as well as the 25 and 26 January lows and the 55-day SMA. Further down lies the January trough at $1.3359.

Resistance above the 50% retracement of the January slide at $1.3552 and the 18 January low at $1.3573 can be found along the 61.8% Fibonacci retracement and one-month resistance line at $1.3599 to $1.3602.

GBP/USD chartSource: IT-Finance.com
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EUR/USD falls back as GBP/USD and USD/JPY move higher

The euro is moving lower against the dollar, but sterling is making headway, while USD/JPY is also moving higher.

EUR/USD, and GBP/USD likely to decline as USD/JPY breaks resistance |  Levels to Watch | IG South Africa
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 09 February 2022 

EUR/USD still under pressure

The EUR/USD has retreated from the highs of Monday’s session, close to the highs seen in mid-January. The price has yet to begin a full reversal, but a more bearish view would develop with a drop below $1.136.

A rally back above $1.149 would be needed to open the way to further gains, and would bring $1.1524 and then $1.16 into view.

 

EUR/USD chartSource: ProRealTime

GBP/USD recovers some recent losses

After falling last Friday, the GBP/USD price has edged higher, moving off the 100-day simple moving average (SMA) of $.13508. This then puts $1.36 into view once more, and could see the price target $1.366 and then the 200-day SMA at $1.3706.

A reversal back below $1.35 would certainly reverse the bullish view outlined above, and could see the 50-day SMA at $1.3452 and then the January low around $1.337.

 

GBP/USD chartSource: ProRealTime

USD/JPY looks to make gains

After breaking higher earlier in the week, the USD/JPY price is challenging ¥115.50, and could then be put on a path to return to the December peak at ¥116.34.

In the event of a reversal, the price may find some support at the rising trendline from the January lows, towards ¥115.00.

 

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD await US CPI data, EUR/GBP side-lined

EUR/USD, EUR/GBP and GBP/USD continue to be short-term side-lined ahead of key US CPI data. Video

EUR/USD, and GBP/USD likely to decline as USD/JPY breaks resistance |  Levels to Watch | IG South Africa
 Axel Rudolph | Market Analyst, London | Publication date: Thursday 10 February 2022 

EUR/USD recovers from breached resistance line, now support line

EUR/USD’s retracement from its January and early February highs at around $1.1483 did a ‘return to point of breakout’ by slipping back to the breached 2021-to-2022 downtrend line, now because of inverse polarity a support line at $1.1392, before stabilising above it.

Slightly further down the late November and December highs at $1.1386 to $1.1382 may act as additional support as well as the mid-point of Thursday’s long ‘body’ of its candle at $1.1368 ahead of today’s US consumer price index (CPI) data. The ‘body’ shows the distance between the open and the close of a candle.

The January and current February highs at $1.1382 to $1.1383 will need to be exceeded for EUR/USD to continue its ascent towards the next higher October and 5 November lows at $1.1513 to $1.1529.

EUR/USD chartSource: IT-Finance.com

EUR/GBP is side-lined

EUR/GBP continues to oscillate around the 55-day simple moving average (SMA) at £0.8425, having found minor support at £0.8413 over the past couple of days.

While this level underpins, resistance above Monday’s high at £0.8478 may be revisited and perhaps also the 2020-to-2022 downtrend line at £0.8486 and even the 200-day SMA at £0.8512.

A slip through the £0.8413 low would probably lead to a tumble back towards the November trough at £0.8381 being seen.

EUR/GBP chartSource: IT-Finance.com

GBP/USD still hovers above minor support ahead of US CPI data

GBP/USD saw a minor retracement from its early February high at $1.3628 to the mid-November high, 38.2% Fibonacci retracement and 6 January low at $1.3513 to $1.349 from where it recovered. Further sideways trading is expected to be seen whilst awaiting US CPI readings later today.

For now, yesterday’s high, two-month downtrend line and 61.8% Fibonacci retracement at $1.3589 to $1.3599 are expected to put a lid on the cross. Slightly above this resistance sits the recent $1.3628 high.

Only a slip through Monday’s $1.349 low would have bearish implications and would push the $1.3442 to $1.3431 support zone to the fore. It consists of the early and late January lows and the 55-day SMA. Further down lies the January trough at $1.3359.

GBP/USD chartSource: IT-Finance.com
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EUR/USD rise crippled by strong US inflation data, EUR/GBP and GBP/JPY weaker

EUR/USD, EUR/GBP and GBP/JPY under pressure post 40-year high in US inflation.

EUR/USDSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Friday 11 February 2022 

EUR/USD once again weighs on its support line and is likely to slide further

Yesterday EUR/USD briefly shot up to a three-month high at $1.1495 before US consumer price index (CPI) data came in well above market forecasts of 7.3% at a 40-year high of 7.5% in January of 2022, reversing the currency pair’s uptrend.

EUR/USD thus did a fourth ‘return to point of breakout’ in as many days by slipping to the breached 2021-to-2022 downtrend line and 20 January high at $1.1389 to $1.1369. In case of further downside being witnessed, the 55-day moving average (MA) at $1.1326 would be targeted.

The January and current February highs at $1.1482 to $1.1495 now offer solid resistance.

EUR/USD chartSource: IT-Finance.com

EUR/GBP is likely to decline further still

EUR/GBP now trades below the 55-day simple moving average (SMA) at £0.8424 with it slipping back towards the £0.84 mark and the November trough at £0.8381 on slightly better than expected UK month-on-month gross domestic product (GDP) and industrial production data.

Immediate resistance can be spotted at the £0.8422 late January high and above it at the mid-January £0.8454 low.

EUR/GBP chartSource: IT-Finance.com

GBP/JPY rally stalls at the October peak

Yesterday GBP/JPY broke through its four-month resistance line at ¥157.55 and briefly rose above the January peak at ¥157.77, close to the October high at ¥158.22 which provoked failure, though.

Despite today’s pullback, the late January uptrend remains intact. A rise above the October high at ¥158.22 would push GBP/JPY to a 5 ½ year high and open the way for major resistance at ¥162.61 to ¥163.87 to be reached. It encompasses the June and August 2009 highs, February 2014 low and the March as well as May 2016 highs and as such may stall the advance when first tested.

Overall bullish pressure should be maintained, while the early February high and one-month support line at ¥156.51 to ¥156.05 underpin.

GBP/JPY chartSource: IT-Finance.com
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EUR/USD, EUR/GBP and USD/JPY lower on Ukraine tensions

EUR/USD, EUR/GBP and USD/JPY slip towards support on threat of Russian invasion of Ukraine.

 

 Axel Rudolph | Market Analyst, London | Publication date: Monday 14 February 2022 

EUR/USD dips to 55-day SMA on threat of war in Ukraine

Last week’s EUR/USD three-month high spike at $1.1495 has been swiftly followed by a slide back to the 55-day simple moving average (SMA) at $1.1333, taking the currency pair back towards the middle of its December sideways trading range.

EUR/USD is likely to tumble further towards the early January low at $1.1272 amid rising tensions in Ukraine.

Further potential support sits at the $1.1122 mid-February low. Minor resistance can be found between the late November and December highs at $1.1382 to $1.1386.

14022022_EURUSD-Daily.pngSource: ProRealTime

EUR/GBP tumbles to 61.8% Fibonacci retracement

Friday’s EUR/GBP slip through the 55-day SMA at £0.8421 swiftly took it all the way to the 61.8% Fibonacci retracement of the February rally to £0.8360 which offered support.

If this level were to be slipped through, the early January low at £0.8335 would be eyed next, together with the mid-January low at £0.8324. Key support sits slightly further down between the January and early February lows at £0.8305 to £0.8286.

Resistance is to be seen between the January high and 55-day SMA at £0.8421 to £0.8422.

14022022_EURGBP-Daily.pngSource: ProRealTime

USD/JPY drops towards two-month support line at ¥114.95

Last week’s USD/JPY rejection by its January high at ¥116.35 has been accompanied by a Bearish Engulfing pattern on the daily candlestick chart which could lead to the two-month support line at ¥114.95 soon being reached.

If slipped through, the 55-day SMA at ¥114.51 would be next in line, together with the early February low at ¥114.16. Further minor support is seen at the 8 December high at ¥113.96 and major support between the mid to late January lows at ¥113.48 to ¥113.47.

Significant resistance sits between the January and current February highs at ¥116.33 to ¥116.35.

14022022_USDJPY-Daily.pngSource: ProRealTime
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EUR/USD, EUR/GBP and GBP/USD hold their breath on Ukraine tensions

EUR/USD, EUR/GBP and GBP/USD so far hold at minor support while on watch for war tensions.

GBPSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Tuesday 15 February 2022 

EUR/USD’s slide continues amid ongoing Ukraine tensions

EUR/USD's sharp sell-off from its three-month spike high at $1.1495 has now taken it to below the 55-day simple moving average (SMA) at $1.1325, back to the middle of its December sideways trading range.

The early January low at $1.1272 remains in sight while the threat of war in Ukraine weighs on the cross. Further potential support comes in at the $1.1122 mid-February low.

Minor resistance continues to be seen between the late November and December highs at $1.1382 to $1.1386.

EUR/USD chartSource: IT-Finance.com

EUR/GBP still flirts with the 61.8% Fibonacci retracement

Last week’s fall through the 55-day SMA at £0.8418, took EUR/GBP back to the 61.8% Fibonacci retracement of the February rally to £0.836 around which it is still trying to stabilise.

Below yesterday’s low at £0.8346 lie the early January low at £0.8335 and the mid-January low at £0.8324. Key support is entrenched slightly further down between the January and early February lows at £0.8305 to £0.8286.

Any resistance of note is a long way off, namely between the January high and 55-day SMA at £0.8418 to £0.8422.

EUR/GBP chartSource: IT-Finance.com

GBP/USD so far holds at the minor $1.3513 to $1.349 support zone

GBP/USD’s minor retracement lower from last week’s high at $1.3643 provoked a retest of the $1.3513 to $1.349 minor support area, made up of the mid-November high, 6 January and 7 February lows.

A drop through $1.349 may lead to the next lower $1.3455 to $1.3431 support zone being reached. It is comprised of the early as well as the 25 and 26 January lows and the 55-day SMA. Further down lies the January trough at $1.3359.

The 18 January low at $1.3573 offers minor resistance, ahead of stronger resistance which sits between the current February highs and the two-month resistance line at $1.3609 to $1.3643.

GBP/USD chartSource: IT-Finance.com
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EUR/USD, GBP/USD and USD/JPY all push higher

A recovery in risk appetite as Ukraine tensions appear to ease has helped the euro and sterling move up against the dollar and also for USD/JPY to make small gains.

USD/JPYSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 16 February 2022 

EUR/USD pushes up as risk appetite rebounds

The recovery in risk appetite continues to be felt across a variety of markets, and in this case EUR/USD has managed to make some headway, recouping all of Monday’s losses and moving back above the 50-day simple moving average (SMA), $1.133. Further gains then put the recent double top around $1.147 into view.

Sellers will want to see a drop back below $1.128, the low from Monday’s session, in order to suggest that a move back towards the January lows is in the offing.

EUR/USD chartSource: ProRealTime

GBP/USD finds buyers again

Once again yesterday a dip with GBP/USD below the 100-day SMA ($1.3505) found buyers and the price has pushed higher in the wake of the consumer price index (CPI) reading. Crucially the price has been able to push above trendline resistance from the January high, although previous attempts earlier in the month were rebuffed.

$1.36 remains clear resistance in the short term, but above here the 200-day SMA at $1.3694 comes into view. Sellers will remain frustrated unless they can push the price below $1.348, which would also likely put it below the 50-day SMA.

GBP/USD chartSource: ProRealTime

USD/JPY heads higher

Having recovered from its dip towards ¥115.00 last Friday and at the beginning of the week, USD/JPY is pushing higher once again. This brings the highs from January and early February, around ¥116.40, into play once again.

A reversal below ¥115.00 is required to open the way to additional downside, potentially bringing ¥114.15 and then ¥113.60 into view.

USD/JPY chartSource: ProRealTime
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EUR/USD, EUR/GBP and USD/JPY cautious on Russia tensions

EUR/USD and EUR/GBP mixed while USD/JPY is looking weaker amid a general flight to safety as tensions with Russia remain high.

 

 Axel Rudolph | Market Analyst, London | Publication date: Thursday 17 February 2022 

EUR/USD recovers from early slide despite geopolitical tensions with Russia

EUR/USD briefly dipped to the 55-day simple moving average (SMA) and one-month support line at $1.1328 to $1.1322 before regaining its early morning losses despite ongoing tensions in Eastern Europe.

Minor resistance between the late November, December and yesterday’s highs at $1.1382 to $1.1396 will need to be exceeded for the January and current February highs at $1.1482 to $1.1495 to come back into play.

Only a slide through support at $1.1322 could lead to this week’s low at $1.1281 and the early January low at $1.1272 being revisited.

17022022_EURUSD-Daily.pngSource: ProRealTime

EUR/GBP again flirts with the 61.8% Fibonacci retracement

EUR/GBP trades back around the 61.8% Fibonacci retracement of the February rally at £0.8360 while tensions between Russia and the West persist, having briefly bounced off it earlier in the week.

Were Monday’s low at £0.8346 to give way, the early January low at £0.8335 and the mid-January trough at £0.8324 would be in the spotlight.

Key support remains to be seen slightly further down between the January and early February lows at £0.8305 to £0.8286. Minor resistance above this week’s high at £0.8402 is seen along the 55-day SMA at £0.8413.

17022022_EURGBP-Daily.pngSource: ProRealTime

USD/JPY slips through two-month support line at ¥115.23 amid lasting geopolitical tensions

As tensions with Russia remain high, USD/JPY’s tumble through the two-month support line at ¥115.23 has taken it back to this week’s lows around the ¥115.00 mark. A drop below this level would push the 55-day SMA at ¥114.64 to the fore.

Further down sits the early February low at ¥114.16. Immediate bearish downside pressure should remain in play while the cross trades below this week’s high at ¥115.87.

Above it significant resistance can be spotted between the January and current February highs at ¥116.33 to ¥116.35.

17022022_USDJPY-Daily.pngSource: ProRealTime
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EUR/USD sidelined, EUR/GBP down and GBP/USD up on sterling strength

A stronger British pound due to anticipated further BoE interest rate hikes pushes EUR/GBP lower and GBP/USD higher while EUR/USD remains mixed in low volatility trading.

 

 

 Axel Rudolph | Market Analyst, London | Publication date: Friday 18 February 2022

EUR/USD sidelined ahead of next week’s Russia-US meeting

Volatility has been decreasing in the EUR/USD cross over the past couple of days as traders are getting used to the Russia-Ukraine stalemate.

Yesterday EUR/USD bounced off the 55-day simple moving average (SMA) and one-month support line at $1.1338 to $1.1323 and today it is so far trading within a tiny 30 tick range.

Minor resistance continues to be seen between the late November, December and this week’s highs at $1.1382 to $1.1396. It will need to be exceeded for the January and current February highs at $1.1482 to $1.1495 to be back in the picture.

Only a slide through support at $1.1323 could lead to this week’s low at $1.1281 and the early January low at $1.1272 being retested.

18022022_EURUSD-Daily.pngSource: ProRealTime

Gradual EUR/GBP slide continues

EUR/GBP continues to give back its early February swift gains on the back of recent sterling strength, benefitting from a post-Omicron growth rebound and expectations for further Bank of England (BoE) interest rate hikes.

Were Thursday’s low at £0.8334 to give way, the mid-January trough at £0.8324 would be targeted. Major support remains to be seen between the January and early February lows at £0.8305 to £0.8286.

Minor resistance above the £0.8381 November low and this week’s high at £0.8402 can be found along the 55-day SMA at £0.8409.

18022022_EURGBP-Daily.pngSource: ProRealTime

GBP/USD trades near 4-week highs

GBP/USD’s strong bounce off the $1.3513 to $1.3490 mid-November high, 6 January and 7 February lows, as the pound sterling strengthened amid expectations for further BoE interest rate hikes, has taken it to a one-month high close to last week’s high at $1.3644.

Next up are the 200-day SMA at $1.3690 and the January peak at $1.3749. Only a currently unexpected fall through this week’s $1.3487 low, would push the $1.3455 to $1.3431 support zone back to the fore. It is comprised of the early as well as the 25 and 26 January lows and the 55-day SMA.

Further down lies the January trough at $1.3359.

18022022_GBPUSD-Daily.pngSource: ProRealTime
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EUR/USD, AUD/USD and EUR/GBP slip on escalating tensions between Russia and Ukraine

EUR/USD and AUD/USD drop on renewed war jitters while EUR/GBP slips on strengthening demand for sterling.

DollarSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Tuesday 22 February 2022 

EUR/USD slips amid mounting crisis in Ukraine

EUR/USD is seen heading back down again as President Putin declared parts of Eastern Ukraine as independent entities while President Biden issued an executive order restricting American business in Donetsk and Luhansk.

Last week’s low at $1.1281 and the early January low at $1.1272 are thus back in the spotlight. Further support can be spotted between the late December and January lows at $1.1236 to $1.1222.

While the currency pair stays below the mid-February and yesterday’s highs at around $1.1396, downside pressure should retain the upper hand.

EUR/USD chartSource: IT-Finance.com

The gradual EUR/GBP slide is ongoing

EUR/GBP continues to slide as sterling strengthens, benefitting from a Covid-19 post-Omicron growth rebound and expectations for further Bank of England (BoE) interest rate hikes.

Major support seen between the January and early February lows at £0.8305 to £0.8286 is about to be revisited but is expected to hold today.

Minor resistance can be found along the one-month resistance line at £0.8358. Further up resistance can be spotted at the £0.8381 November low and also at last week’s high and 55-day simple moving average (SMA) at £0.8402.

EUR/GBP chartSource: IT-Finance.com

AUD/USD consolidates below the four-month resistance line at $0.7219

Last week’s rise in AUD/USD is taking a breather with the cross so far remaining below the October-to-February resistance line at $0.7219, a rise above which is needed for the current February spike-high at $0.7248 to be reached. If exceeded, we would favour a bullish extension to the January peak at $0.7314.

Minor support sits between the early February high at $0.7168 and the early January low at $0.713 and more significant support between the August, late December and January lows at $0.7106 to $0.7083. While it underpins, like it did last week, the currency pair remains in a short-term uptrend.

AUD/USD chartSource: IT-Finance.com
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Risk appetite recovers, lifting EUR/USD, GBP/USD and USD/JPY

A calmer atmosphere has seen risk appetite boost the euro and sterling against the dollar, lifting USD/JPY.

USD/JPYSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 23 February 2022 

EUR/USD holds at trendline support

After falling back last week the price has begun to recover with EUR/USD, finding support at the rising trendline from the lows of late January. The run of lower highs since the beginning of the month means that a rally above $1.135 would mark a change and a potential break to the upside. This would bring the February high at $1.149 into view.

A reversal back below $1.13 would see a break of trendline support and revive the bearish view.

EUR/USD chartSource: ProRealTime

GBP/USD looks to push higher

Tuesday’s bounce with GBP/USD has put the buyers back in charge, although they must now push the price on above $1.363, which has marked the limit of gains since the beginning of the month. If this cannot be broken then further sideways movement may result.

A move back below $1.355 would potentially mark the beginning of a deeper turn lower.

GBP/USD chartSource: ProRealTime

USD/JPY recovers 50-day MA

The bounce yesterday with USD/JPY put the price back above the 50-day simple moving average (SMA) at ¥114.86. A higher low may form, and provide a further bullish impulse that may bring ¥116.00 into view.

Today has seen the price open above trendline resistance from the February peak, bolstering a more bullish view. It would require a reversal back below ¥114.50, reversing Tuesday’s gains.

USD/JPY chartSource: ProRealTime
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EUR/USD, AUD/USD tumble as Russia invades Ukraine but EUR/GBP manages to stabilise

EUR/USD and AUD/USD drop on Russian invasion of Ukraine but EUR/GBP weathers the storm.

 

 

 Axel Rudolph | Market Analyst, London | Publication date: Thursday 24 February 2022

EUR/USD slips as Russia invades Ukraine

EUR/USD continues its descent as Russian forces have launched a military assault on Ukraine.

The cross has slid back to the late December and January lows at $1.1236 to $1.1222 but may slide further towards the next lower November low at $1.1186. Below it the January trough can be spotted at $1.1222.

Minor resistance is found between the early-January and mid-February lows at $1.1272 to $1.128. While the currency pair remains below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1328 to $1.1345, immediate downside pressure should prevail.

EUR/USD chartIT-Finance.com

EUR/GBP manages to hold at key support as Russia launches a military attack on Ukraine

EUR/GBP briefly dipped to a major support area, consisting of the January and early-February lows at £0.8305 to £0.8286, on the news that Russia has launched a full-scale invasion of Ukraine, but then bounced off it.

While this support zone continues to hold, minor resistance along the one-month resistance line at £0.8365 may be revisited. Further up resistance can be spotted at the £0.8381 November low, last week’s high and the 55-day SMA at £0.8394 to £0.8402.

EUR/GBP chartIT-Finance.com

AUD/USD spiked to $0.7284 before dropping on news of Russia attacking Ukraine

AUD/USD’s recent advance has probably come to an end at yesterday’s $0.7284 high as it rapidly declined once Russia started invading Ukraine.

From a technical perspective, the fact that an Evening Doji Star pattern is in the process of being formed also points to the cross having topped out. Confirmation of this bearish pattern would be a daily chart close below the $0.72 mark.

A slip through the one-month uptrend line at $0.7172 would probably lead to the August, late December and January lows at $0.7106 to $0.7083 being revisited. Minor resistance above the 18 February high at $0.7227 can be found at the 10 February peak at $0.7248.

AUD/USD chartIT-Finance.com
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EUR/USD, EUR/GBP and AUD/USD bounce off support as traders assess Russia-Ukraine crisis

EUR/USD, EUR/GBP and AUD/USD recoup yesterday’s losses as traders gauge the impact of increased sanctions on Russia.

EURSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Friday 25 February 2022 

EUR/USD stabilises as traders assess Russia-Ukraine conflict

Yesterday EUR/USD slid to its May 2019 low at $1.1106 before recovering back towards the $1.1186 November low earlier today, as traders assess the Russia-Ukraine conflict and the impact of increased European sanctions on Russia.

Key support remains to be seen at the January and current February lows at $1.1122 to $1.1106 with minor resistance coming in between the early January and mid-February lows at $1.1272 to $1.128.

While the currency pair remains below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1325 to $1.1329, downside pressure retains the upper hand. Failure at $1.1106 on a weekly Friday closing basis would have longer-term bearish implications with the April 2020 low at $1.1019 and the minor psychological $1.10 mark being in view.

EUR/USD chartSource: IT-Finance.com

EUR/GBP recovers from key support as traders gauge risk of Russian invasion of Ukraine

EUR/GBP hit and then bounced off major support, consisting of the January and early February lows at £0.8305 to £0.8286, as Russia launched a full-scale invasion of Ukraine on Thursday.

Overnight the UK GfK Consumer Confidence indicator, a gauge for the general economic situation of the country, fell to its lowest level in 13 months at 26 in February, as consumer mood was dampened by fears about the impact of steep energy, food and utilities price rises, increased taxation and interest rate hikes.

This hardly affected the EUR/GBP cross, however, as it continues to try to break through its one-month resistance line at £0.8357 and reach the 55-day SMA and mid-February high at £0.8392 to £0.8402. For today minor support sits at the 11 January low at £0.8324.

EUR/GBP chartSource: IT-Finance.com

AUD/USD recovers from support as traders digest impact of Russia sanctions

AUD/USD’s sharp sell-off in light of the full-scale invasion of Ukraine by Russia on Thursday ended within the $0.7106 to $0.7083 support area, comprising the August, late December and January lows. From there a recovery rally is currently being witnessed.

The mid-December high at $0.7223 is now in focus with the 18 February high sitting slightly above it at $0.7227 as well as the 10 February peak at $0.7248.

The next higher four-month resistance line and this week’s high at $0.7276 to $0.7284 should prove difficult to be overcome today, however.

AUD/USD chartSource: IT-Finance.com
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EUR/USD, EUR/GBP and AUD/USD sidelined as traders assess Russia-Ukraine crisis

EUR/USD, EUR/GBP and AUD/USD mixed as traders gauge impact of stepped-up sanctions on Russia.

EuroSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Monday 28 February 2022 

EUR/USD remains above key support in the midst of Russia-Ukraine conflict

EUR/USD continues to hold above its May 2019, January and current February lows at $1.1122 to $1.1106 amid the fraught situation in Ukraine and stepped-up sanctions on Russia.

While this support area underpins, the early January and mid-February lows at $1.1272 to $1.128 may be revisited, just as they did on Friday. On the way there lies the $1.1186 November low.

As long as the cross stays below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1313 to $1.1324, however, downside pressure should remain in play. Failure at $1.1106 would have longer-term bearish implications with the April 2020 low at $1.1019 and the minor psychological $1.10 mark being in the spotlight.

EUR/USD chartSource: IT-Finance.com

EUR/GBP to remain above key support as traders assess developments in Ukraine

Last week EUR/GBP touched and then bounced off major support, comprising the January and early February lows at £0.8305 to £0.8286, as Russia launched a full-scale invasion of Ukraine.

On Friday EUR/GBP rallied all the way to £0.8408 before dropping back to its breached one-month resistance line, now support line, at £0.8348 in the Asian session.

Today the area between the 55-day SMA at £0.8389 and Friday’s high at £0.8408 is likely to cap with the 11 January low at £0.8324 offering minor support.

EUR/GBP chartSource: IT-Finance.com

AUD/USD recovers from support as traders digest impact of stepped-up Russian sanctions

Last week’s sharp AUD/USD sell-off in light of Russia’s invasion of Ukraine ended within the $0.7106 to $0.7083 support area being probed and it bouncing off it and rallying to Friday’s $0.7237 high. The support zone contains the August, late December and January lows and should continue to hold.

While this is the case, the mid-December high at $0.7223 and Friday’s $0.7237 high are being eyed as well as the 10 February peak at $0.7248.

The next higher four-month resistance line and last week’s high at $0.7276 to $0.7284 should prove difficult to overcome today, however.

AUD/USD chartSource: IT-Finance.com
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EUR/USD, EUR/GBP and GBP/USD mixed as war in Ukraine rages on

EUR/USD and GBP/USD try to recover while EUR/GBP stays sidelined amid ongoing crisis in Eastern Europe.

 

 

 Axel Rudolph | Market Analyst, London | Publication date: Tuesday 01 March 2022 14:00

EUR/USD stays above key support, awaiting Russia-Ukraine developments

EUR/USD remains above the May 2019, January and current February lows at $1.1122 to $1.1106 despite the ongoing crisis in Ukraine.

While this support zone continues to hold, the early January and mid-February lows at $1.1272 to $1.1280 may be revisited. Provided that the cross remains below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1302 to $1.1324, the February downtrend is intact.

A drop through $1.1106 would have longer-term bearish implications with the April 2020 low at $1.1019 and the minor psychological $1.10 mark being targeted.

01032022_EURUSD-Daily.pngSource: ProRealTime

EUR/GBP sidelined amid ongoing geo-political turmoil

Last week EUR/GBP touched and then rallied from major support, containing the January and early February lows at £0.8305 to £0.8286, to £0.8408 before slipping back as Russia attacked Ukraine. Further sideways trading between these two extremes is to be seen in the days to come.

Minor resistance can be spotted along the 55-day SMA at £0.8386 as well as at Friday’s high at £0.8408 with the 11 January low at £0.8324 offering minor support.

01032022_EURGBP-Daily.pngSource: ProRealTime

GBP/USD continues to recover from last week’s two-month low

GBP/USD continues to gradually recover from last week’s sharp sell-off to $1.3273 in the wake of the Russian invasion of Ukraine.

As long as yesterday’s low at $1.3342 holds, the mid-February low and 55-day SMA at $1.3487 to $1.3504 should be in focus but may cap. Further up the 2021-2022 downtrend line, current February high and 200-day SMA can be spotted at $1.3643 to $1.3666.

Only a currently unexpected fall through last week’s $1.3273 low, would put the December trough at $1.3163 back on the map.

01032022_GBPUSD-Daily.pngSource: ProRealTime
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EUR/USD and GBP/USD head lower but USD/JPY looks for gains

Risk aversion has hit EUR/USD and GBP/USD, while USD/JPY is moving cautiously higher.

USD/JPYSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 02 March 2022 

EUR/USD lurches below recent lows

Fresh risk-off moves have driven EUR/USD below the lows of January, and look set to push the price further towards the lows around $1.08. The loss of key support at $1.12 and then at $1.11 puts the sellers firmly in charge.

Intraday rallies continue to be met with selling pressure, and it would take a move back above $1.12 to suggest that at least a short-term low was in play.

EUR/USD chartSource: ProRealTime

GBP/USD heads back down

The move up with GBP/USD on Friday and into Monday has been entirely reversed, and now last Thursday’s low at $1.3272 is in sight. Below this December’s low at $1.32 comes into view, as risk aversion grips markets.

A loss of December’s low will result in fresh lower lows, amplifying the bearish view.

GBP/USD chartSource: ProRealTime

Greenback strength lifts USD/JPY

US dollar strength has meant that USD/JPY has managed to move back above the 50-day simple moving average (SMA) in early trading, recouping Tuesday’s losses. From here trendline resistance at ¥115.60 comes into view, and then last week’s high at ¥115.70, followed up by ¥116.30, the highs of the year so far.

Sellers will want to see a reversal back below ¥114.40 to suggest that fresh declines are likely.

USD/JPY chartSource: ProRealTime
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EUR/USD, EUR/GBP trade in multi-year lows while USD/JPY stays side-lined

EUR/USD, EUR/GBP trade in multi-year lows below key resistance with USD/JPY continuing to range trade amid increasing inflationary worries on the back of sharply rising energy and agricultural commodity prices.

CurrenciesSource: Bloomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Monday 07 March 2022 

EUR/USD slips to 23-month low amid intense shelling in Ukraine

EUR/USD has fallen through the September 2019 low at $1.0879 and so far dropped to $1.0822 before trying to recover some of its recent sharp losses amid heavy shelling in Ukraine and increased worries of an inflationary spiral building. Resistance comes in between the November 2019 low at $1.1003 and the April 2020 low at $1.1019.

Failure at $1.0822 would engage the February and May 2020 troughs at $107.78 to $107.67. Further down the April 2020 low can be seen at $107.27 and the March 2020 low at $106.38. Strong resistance is found between the May 2019, January and February lows at $1.1106 to $1.1122.

EUR/USD chartSource: IT-Finance.com

EUR/GBP fell through key support as fighting in Ukraine intensifies

Last week EUR/GBP fell through its major £0.8305 to £0.8277 support area, which has held since December 2016, as the Russian invasion of Ukraine entered its second week and over a million refugees fled the country. This region should act as strong resistance in the course of this week.

With the 200-month moving average at £0.8199 having practically been hit, the cross is likely to at least short-term stabilise, however. If not, the April 2016 high at £0.8118 would be next in line, together with the June 2010 low at £0.8068.

EUR/GBP chartSource: IT-Finance.com

USD/JPY stays side-lined despite acting as a safe-haven currencies

With the US dollar index trading in 22-month highs as investors pile into the greenback amid the intensifying war in Ukraine and worries about inflationary pressures mounting on the back of sharply rising energy prices, the USD/JPY currency battle continues.

Last week the late January, late February and current March highs at ¥115.68 to ¥115.80 capped the currency pair with it slipping back to its September-to-March uptrend line which held at ¥114.66.

The cross currently trades around the 55-day simple moving average (SMA) at ¥114.98 while being side-lined above the ¥114.41 late-February low. Only failure there would engage the ¥114.16 early-February low whereas only a rise above last week’s ¥115.80 high would push the January and February highs at ¥116.33 to ¥116.35 to the fore.

USD/JPY chartSource: IT-Finance.com
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EUR/USD and GBP/USD remain under pressure but EUR/GBP stabilises

EUR/USD and GBP/USD slide amid ongoing war in Ukraine but EUR/GBP stabilises as sterling weakness dominates.

 

 

 Axel Rudolph | Market Analyst, London | Publication date: Tuesday 08 March 2022 

EUR/USD continues its slide in wake of geopolitical tensions

EUR/USD so far dropped to $1.0806, close to the February and May 2020 lows at $107.78 to $107.67, amid the ongoing war in Ukraine and surging commodity prices which raise the prospect of slowing growth and strong inflation.

Further down the April 2020 low can be seen at $107.27 and the March 2020 low at $106.38.

Minor resistance sits between the November 2019 low at $1.1003 and the April 2020 low at $1.1019. Further resistance is found between the May 2019, January and February lows at $1.1106 to $1.1122.

EUR/USD chartSource: IT-Finance.com

EUR/GBP probes resistance as sterling weakens across the board

EUR/GBP is testing its £0.8277 to £0.8305 previous support, now resistance, area, which stretches as far back as December 2016, in the face of the crumbling British currency. It is the second-worst performing currency of the past week and month as it proves to be a major loser in the financial fallout caused by the war in Ukraine and tightening sanctions on Russia.

The rise above £0.8305 may lead to an extension towards the 55-day simple moving average (SMA) and two-month downtrend line at £0.8366 to £0.8374 being seen in the course of this week.

EUR/GBP chartSource: IT-Finance.com

GBP/USD trades in 1 ¼ year lows

The Pound Sterling has dropped by over -3% in as many weeks as the war in Ukraine and increasing sanctions on Russia have weighed on the currency with it now trading at levels last seen in November 2020.

The cross is nonetheless trying to at least short-term stabilise around the 200-week SMA at $1.3122. This underpinned GBP/USD back in December of last year.

Any short-term bounce is likely to encounter resistance at the $1.3163 December low. Further, more important, resistance comes in at the $1.3273 24 February low. Below today’s low at $1.3083 lies the minor psychological $1.30 mark.

GBP/USD chartSource: IT-Finance.com

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Risk-on moves in FX markets lift EUR/USD, GBP/USD and USD/JPY

After recent losses, EUR/USD and GBP/USD have pushed on in early trading, recouping some lost ground, while USD/JPY is moving higher for a third day.

 

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 09 March 2022 

EUR/USD edges higher

EUR/USD has made some headway from its recent lower low, and might be in the process of building a short-term rebound.

Having been so overstretched to the downside, a short-term recovery could be quite swift, but it will need to make much more progress above $1.12 to really establish a more neutral view that could prompt a longer-term turnaround.

 

EUR/USD chartSource: ProRealTime

GBP/USD stabilises after losses

GBP/USD price has managed to edge up from $1.31, potentially putting a recovery back towards steep trendline resistance into view.

This could take it as far as $1.32. Above this, a more short-term bullish view will develop, as a counter-trend rebound gets underway.

 

GBP/USD chartSource: ProRealTime

USD/JPY pushes to one-month high

The steady gains have been seen here with USD/JPY over the week so far, and having moved above the late February resistance around ¥115.70 a more cautiously bullish view prevails.

The 2022 highs towards ¥116.30 now come into view.

 

USD/JPY chartSource: ProRealTime
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EUR/USD, EUR/GBP and USD/JPY await outcomes of this week’s central bank meetings

Are EUR/USD, EUR/GBP and USD/JPY primed for this week’s plethora of FED, BoE and BoJ rate decisions? What do the charts say?

 

 

EUR/USD holds above its $1.0806 multi-year low ahead of FOMC

EUR/USD revisited but so far held above Friday’s $1.0902 low, ahead of this week’s US Federal Reserve (Fed) meeting which is expected to kick off a new cycle of rate hikes with an anticipated 25 basis point increase in the target fed funds rate.

Failure at $1.0902 would probably lead to last week’s low at $1.0806 being back in the spotlight.

While $1.0902 underpins, however, a gradual advance back towards the January low and last week’s high at $1.1121 to $1.1122 may ensue. Together with the two-month downtrend line at $1.1165 this area is likely to cap the upside, though. Further up meanders the 55-day simple moving average (SMA) at $1.127.

EUR/USD chartSource: IT-Finance.com

EUR/GBP consolidates below its four-month downtrend line ahead of BoE rate decision

Last week’s EUR/GBP sharp rally off its current March low at £0.8203 has taken it all the way back to its four-month downtrend line at £0.8436 as the pound sterling took a beating caused by increased sanctions on Russian oligarchs in the UK and worries on the impact this may have on the British economy.

Since then, the cross has been trading sideways between the 55-day SMA at £0.8362 and last week’s £0.8436 high whilst awaiting this week’s Bank of England (BoE) rate decision with an expected third rate hike to 0.75% already being priced in.

Should the £0.8436 high be overcome, the February peak at £0.8478 would be in focus, together with the 200-day SMA at £0.8482. Minor support can be seen along the breached February-to-March resistance line, now support line, at £0.8354. Further potential support is to be found around the 24 February low at £0.8306.

EUR/GBP chartSource: IT-Finance.com

USD/JPY rockets to 5-year highs ahead of US and Japanese central bank meetings

USD/JPY trades in 5-year highs as worries about mounting inflationary pressures in the US following last week’s strong consumer price index (CPI) reading leads investors to price in the beginning of a new US rate hike cycle at Wednesday’s Fed meeting with the Bank of Japan’s (BoJ) stance likely to remain dovish at its meeting on Friday.

Last week’s break out of its 2022 ascending triangle put the December 2016 peak at ¥118.66 on the map. The next higher minor psychological ¥120.00 region may also be reached in the weeks ahead.

Previous resistance at the ¥116.34 January and February highs, because of inverse polarity, should now act as support.

USD/JPY chartSource: IT-Finance.com
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EUR/USD, EUR/GBP and GBP/JPY await FED, BoE and BoJ rate decisions

EUR/USD consolidates, EUR/GBP tries to break through resistance and GBP/JPY remains slightly bid ahead of this week’s FED, BoE and BoJ central bank meetings.

 

 

EUR/USD consolidates above its $1.0806 multi-year low ahead of FOMC meeting

EUR/USD keeps holding above Friday and Monday’s $1.0902 low, ahead of this week’s US Federal Reserve (Fed) meeting which is likely to lead to a new cycle of rate hikes with an anticipated 25 basis point (bp) increase in the target Fed funds rate.

Failure at $1.0902 would probably lead to last week’s low at $1.0806 being back in the limelight.

While $1.0902 holds, however, a gradual advance back towards the January low and last week’s high at $1.1121 to $1.1122 may ensue. Together with the two-month downtrend line at $1.1149 this area is likely to cap the upside, though. Further up the 55-day simple moving average (SMA) can be spotted at $1.1264.

EUR/USD chartSource: IT-Finance.com

EUR/GBP breaks through four-month downtrend line ahead of BoE rate decision

EUR/GBP has broken through its four-month downtrend line at £0.8428 and risen above last week’s £0.8436 high as investors await the outcome of Wednesday’s Bank of England (BoE) rate decision. The market has priced in a third rate hike in a row, taking the base rate to 0.75%.

The February peak at £0.8478 is now in focus, together with the 200-day SMA at £0.8482.

Potential slips should see support at the late February £0.8408 high and also along the 55-day SMA at £0.8362. 

EUR/GBP chartSource: IT-Finance.com

GBP/JPY is heading back up while awaiting BoE and BoJ meetings

GBP/JPY is likely to continue its recovery from the ¥150.98 early March low and targets the one-month downtrend line, early March high and the 55-day SMA at ¥155.08 to ¥155.23 since the BoE is expected to raise rates by another 25 bp while the Bank of Japan (BoJ) is to remain dovish with no change expected.

Minor support is found along the 200-day SMA at ¥153.35 and also between the January and early March lows at ¥152.91 to ¥152.67.

Key support remains to be seen at the current March low at ¥150.98, a slip through which would put the December trough at ¥148.98 back on the map.

GBP/JPY chartSource: IT-Finance.com
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EUR/USD and GBP/USD edge higher while USD/JPY holds near highs

A pause in downward moves for EUR/USD and GBP/USD is matched by a consolidation for USD/JPY following its huge rally.

EURSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 16 March 2022 

EUR/USD ticks higher for a third day

EUR/USD continues to gain, recouping losses from the recent lower low. However, the downtrend is still firmly in place. So, while we might see a continued rebound towards $1.11 or even $1.12, the outlook still points towards additional losses.

In the short term, a reversal back below $1.09 would put the March low back in view.

EUR/USD chartSource: ProRealTime

GBP/USD struggles to move higher

After nearly hitting $1.30 the GBP/USD price has begun to recover, but only timidly.

The fresh lower low from this week puts new strength into the downtrend. A possible rebound could see the price head back towards $1.32, but even above here a lower low is still likely. Depending on how the Federal Reserve (Fed) and Bank of England (BoE) meetings go, sterling may find some room for upside.

GBP/USD chartSource: ProRealTime

USD/JPY holds above ¥108

The surge in USD/JPY has been one of the most remarkable moves of late, although it has been overlooked due to the rallies in oil prices.

As the preceding two pairs have hit lower lows, this has surged to a new higher high. ¥108.61 is the high from the beginning of 2017, and above here ¥124.45 and then ¥125.75 come into view over a medium-term view. A reversal towards ¥115.00 would leave the uptrend intact and establish a higher low.

USD/JPY chartSource: ProRealTime
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EUR/USD, EUR/GBP and GBP/USD look bid post Fed and ahead of BoE rate decisions

EUR/USD and GBP/USD continue to rise as US dollar weakens post Fed’s quarter point rate high, while EUR/GBP stays side-lined ahead of BoE rate announcement.

 

 

 Axel Rudolph | Market Analyst, London | Publication date: Thursday 17 March 2022 

EUR/USD continues its gradual advance as Fed starts new rate hike cycle for first time since 2018

EUR/USD continues its gradual advance towards the January low and last week’s high at $1.1121 to $1.1122 in the wake of yesterday’s widely anticipated US Federal Reserve (Fed), funds rate hike by a quarter point to 0.25% to 0.50%, and it is announcing that it is ready to raise rates six more times this year to contain inflation.

Further up, meanders the 55-day simple moving average (SMA) at $1.1264. Slips should find support around the minor psychological $1.10 mark with further support seen at last Monday’s $1.0901 low.

EUR/USD chartSource: IT-Finance.com

EUR/GBP consolidates ahead of BoE rate decision

EUR/GBP continues to range trade below this week’s high at £0.8456, whilst remaining above the 55-day SMA at £0.8361 ahead of today’s Bank of England (BoE) rate decision. The market has priced in a third rate hike in a row, taking the base rate to 0.75%.

While the 11 March £0.8361 low underpins, the February peak at £0.8478 remains in focus, together with the 200-day SMA at £0.8479.

EUR/GPB chartSource: IT-Finance.com

GBP/USD remains bid while looking forward to BoE rate decision

GBP/USD has swiftly recovered from its one year 3 months low at $1.3001 and left its one-month downtrend channel amid ongoing peace talks between Russia and Ukraine.

A band or resistance between the late November, December lows and last Thursday’s high at $1.3163 to $1.3194 is being probed ahead of the BoE rate announcement at mid-day. If overcome, minor resistance at the 24 February $1.3273 low should be targeted. In case of a drop being seen, the 8 March low at $130.83 should act as support today.

Only an unexpected fall through this week’s low at $1.3001 would likely lead to the $128.55 to $1.2813 support zone being targeted. It contains the June 2020 high and the November 2020 low.

GBP/USD chartSources: IT-Finance.com
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EUR/USD, EUR/GBP slide while USD/JPY surges higher on hawkish Fed chair’s speech

EUR/USD, EUR/GBP fall for third day in a row while USD/JPY trades in new 6-year highs above the ¥120.00 mark as Fed's chairman Jerome Powell asserts hawkish stance and mentions possibility of 50 basis point rate hike.

 

 

 

 Axel Rudolph | Market Analyst, London | Publication date: Tuesday 22 March 2022 

EUR/USD drops third day in a row on Fed chair’s hawkish speech

EUR/USD, having been rejected by its two-month downtrend line last week, fell for the third day in a row as the US Federal Reserve’s (FED) chairman Jerome Powell struck a more assertive tone than he did in last week’s press conference by hinting at a potential 50 basis point (bp) rate hike going forward.

The mid-March $1.0901 low is thus in focus, a fall through which would lead to the $1.0806 early March low being back in play.

While the cross remains below last week’s high at $1.1137, this year’s downtrend remains intact.

EUR/USD chartSource: IT-Finance.com

EUR/GBP is leaving its recent consolidation range to the downside


EUR/GBP is slipping through the 55-day simple moving average (SMA) and March 11 low at £0.8361 ahead of tomorrow’s February UK consumer price index (CPI) data which will be closely assessed by market players.

Last week the Bank of England’s (BoE) hiked its base rate to 0.75% as it forecast inflation hitting 8% in April with worse to come as the oil price is on the rise again with the war in Ukraine about to enter its second month.

The £0.831 to £0.8286 support zone may be reached in the days to come but is likely to hold, as it did in January and February. Minor resistance above the 17 March low at £0.8368 sits at the £0.8408 25 February high.

EUR/GBP chartSource: IT-Finance.com

USD/JPY trades in 6-year highs above the ¥120.00 mark


USD/JPY accelerated to the upside and traded in new six-year highs above the ¥120.00 mark on the back of Fed chair Jerome Powell’s hawkish speech yesterday. It led to the US 10 year yield hitting fresh multi-year highs around 2.3% last night and drove the US Dollar higher.

The December 2005, December 2014 and March 2015 highs at ¥121.39 to ¥122.02 are being targeted, above which the November 2015 high can be spotted at ¥123.75.

Slips should find support around the minor psychological ¥120.00 level. Below it there is no support to speak of until the 16 March high at ¥119.12.

USD/JPY chartSource: IT-Finance.com
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EUR/USD, GBP/USD and USD/JPY all steady after recent gains

The pound is holding firm in the wake of another strong CPI reading, while EUR/USD and USD/JPY are looking for additional upside.

EUR/USDSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 23 March 2022 

EUR/USD holds around $1.10

A recovery continues here with EUR/USD in the short term, with a bounce from yesterday’s lows helping to maintain the bullish view. However, the price has yet to attempt a move above $1.11 resistance so far this month.

Even a bounce towards $1.12 leaves the downtrend intact. In the near term a fall back below yesterday’s lows at $1.096 would mark a bearish development and potentially bring the $1.08 level back into view.

EUR/USD chartSource: ProRealTime

GBP/USD steady after CPI figures

A solid bounce here with GBP/USD yesterday has put new life into the countertrend rebound that has been in progress since the middle of the month. However, this rebound from a lower low is still within a much broader downtrend, and as with EUR/USD, the possibility of a lower high is still strong.

For now, the buyers have the upper hand, and a move back towards $1.34 seems likely. A reversal below $1.32 would suggest a new leg lower is underway.

GBP/USD chartSource: ProRealTime

USD/JPY holds near highs

The remarkable bounce in USD/JPY shows no sign of slowing, and indeed it has accelerated in pace, surging through the ¥120.00 level. By any measure this is overextended, but for now bullish momentum continues to carry it higher. The 2007 and 2015 highs at ¥124.00 are now the next big levels to watch on the upside.

Buyers should beware of the potential for a pullback however, with a move back towards the 50-day simple moving average (SMA) creating a higher low and leaving the uptrend intact, even if much of the ground gained over the past three weeks is given back.

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD depreciate while EUR/GBP recovers ahead of Friday’s UK March consumer confidence

EUR/USD continues to slide, GBP/USD topped out and EUR/GBP bounces off support amid rising oil prices which stoke inflationary fears.

USDSource: Blomberg
 
 Axel Rudolph | Market Analyst, London | Publication date: Thursday 24 March 2022 

EUR/USD remains under pressure amid rising oil prices and inflationary fears

EUR/USD continues to trade below its two-month downtrend line at $1.1065 as surging oil prices provoke renewed fears of rising inflation and larger than previously expected rate hikes in the US.

The mid-March $1.0901 low thus remains in focus, a fall through which would lead to the $1.0806 early-March low being back on the cards. While the cross remains below last week’s high at $1.1137, this year’s downtrend remains intact.

EUR/USD chartSource: IT-Finance.com

EUR/GBP bounces off support ahead of Friday’s UK March Gfk consumer confidence

EUR/GBP drop through the 55-day simple moving average (SMA) and March 11 low at £0.8361 has taken it to the £0.8305 to £0.8286 support zone which held ahead of tomorrow’s UK March Gfk consumer confidence which is expected to come in at -30 compared to -26 a month ago.

While the January and February lows at £0.8305 to £0.8286 underpin, a bounce back towards the 55-day SMA at £0.836 is likely to ensue. Further, minor resistance lies at the 17 March low at £0.8368 and also at the £0.8408 25 February high.

EUR/GBP chartSource: IT-Finance.com

Recent advance in GBP/USD is taking a breather

GBP/USD’s recovery rally from its 1 ¼ year low at $1.3001 ran out of steam at yesterday’s $1.3298 high as the war in Ukraine enters its second month.
The 22 March low at $1.3121 is back in the picture, since a drop through the December low at $1.3162 has occurred. Slightly further down, potential support can be seen at the 8 March low at $1.3083.

Only a fall through the mid-March low at $1.3001 would put the $1.2855 to $1.2813 June 2020 high and November 2020 low on the map. Resistance above the 17 March high at $1.3211 comes in at yesterday’s $1.3298 high.

GBP/USD chartSource: IT-Finance.com
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EUR/USD, EUR/GBP mixed while USD/JPY stalls amid highest Tokyo CPI reading since April 2019

EUR/USD and EUR/GBP continue to trade sideways in low volatility while USD/JPY pauses its steep ascent in 6-year highs.

 

 Axel Rudolph | Market Analyst, London | Publication date: Friday 25 March 2022 

Loss in volatility is seen in the EUR/USD cross

EUR/USD continues to trade sideways below its two-month downtrend line at $1.1051 as investors remain cautious about the latest developments of the Russia-Ukraine war which is now in its second month.

A slip through this week’s low at $1.0961 would target the mid-March $1.0901 low, a fall through which would lead to the $1.0806 early March low being back in play.

While the cross remains below last week’s high at $1.1137, this year’s downtrend remains valid.

EUR/USD chartSource: IT-Finance.com

EUR/GBP recovery ongoing after UK March GfK consumer confidence hits 16-month low

EUR/GBP is seen heading towards the 55-day simple moving average (SMA) and 11 March low at £0.8361 as UK March GfK consumer confidence came in weaker than expected at -31, its weakest level in 16 months, amid mounting concerns about surging inflation, higher interest rates and the ongoing war in Ukraine. This compared to -26 in February and an expectation of -30 for March.

Furthermore, UK month-on-month (MoM) retail sales surprised to the downside by dropping to -0.3% versus an expected +0.6% and +1.9% previously which pushed the EUR/GBP exchange rate higher.

Resistance above the 55-day SMA can be spotted between the 16 February and 25 February highs at £0.8402 to £0.8408. Support remains to be seen in the £0.8305 to £0.8286 region which held in January and February.

EUR/GBP chartSource: IT-Finance.com

USD/JPY stalls at resistance after three weeks of sharp gains

USD/JPY is heading for its third week of sharp gains and has so far risen to ¥122.43 as the Bank of Japan (BoJ) sticks to its dovish stance despite inflation hitting 3-year highs while traders price in potentially aggressive rate hikes by the US Federal Reserve (FED).

In the wake of yesterday’s Tokyo Core year-on-year (YoY) consumer price index (CPI) rising at its fastest pace since April 2019 to +0.8%, the currency pair stalled marginally above the ¥122.20 January 2007 high. A minor retracement may thus be seen over the coming days but could be used as an opportunity to enter a long trade.

Minor support below the 22 March high at ¥121.41 comes in around the psychological ¥120.00 mark. Were this week’s high at ¥122.43 to be exceeded, the November 2015 peak at ¥123.75 would be eyed next, ahead of the June 2015 peak at ¥125.85.

USD/JPY chartSource: IT-Finance.com
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