Start your investment and trading journey with a deep education on financial market.
The beginner's guide to Forex market
Home > Articles posted by BabyNew2 (Page 4)

Archives
Comex, Education, Investing Psychology, Investing Strategies, Market, Technical Analysis
6 months ago by

XAU/USD Technical Overview – 13, Dec

The daily chart for the XAU/USD pair shows that it retreated below the 200 SMA, which is now providing dynamic resistance at around 1,791.20. A more relevant one is the daily high of $1,797.10. The 20 SMA has turned flat below the current level but still stands well above the 100 SMA. Finally, technical indicators ease within positive levels, reflecting the ongoing slide rather than suggesting more declines ahead.

In the near term, and according to the 4-hour chart, XAU/USD is neutral-to-bearish. The bright metal has extended its decline below a mildly bullish 20 SMA, while the longer ones remain far below the current level. The Momentum indicator, in the meantime, is now flat at around its 100 line, while the RSI heads firmly south at around 46, anticipating a potential slide.

Support levels: 1,775.15 1,762.70 1,749.10  

Resistance levels: 1,797.10 1,807.30 1,818.90
Economic Calendar Tab, Forex, Investing Psychology, Investing Strategies, Uncategorized
6 months ago by

Weekly FX Recap 5 Dec – 9 Dec

News & Economic Updates:

  • China services activity index shrunk from 48.4 in October to six-month low of 46.7 in November
  • J.P.Morgan Global PMI Output Index fell to 48.0 in November from 49.0 in October; Global Services Business Activity Index fell to 48.1 in November from 49.2 in October
  • EIA crude oil inventories fell by 5.2M barrels vs. projected reduction of 3.5M barrels
  • China’s exports (-8.7% y/y) and imports (-10.6% y/y) shrank at their steepest pace in at least 2.5 years
  • China announced on Wednesday that asymptomatic COVID-19 cases and people with mild symptoms can now quarantine at home
  • Ethereum devs announced on Thursday that the “Shanghai” hard fork’s projected release date will be in March 2023. This upgrade will add the EIP 4895 code, which will allow withdrawals of staked ether (ETH) from the Beacon Chain.
  • Shanghai to remove COVID test requirement for food and entertainment venues; “Hong Kong is expected to loosen up COVID restrictions on isolation and masking
  • More than 14,000 barrels of crude oil leaked into a creek in Kansas, prompting Canadian company TC Energy to shut down its Keystone pipeline in the U.S.

FOREX MARKET WEEKLY RECAP

  • ISM Services Index in November: 56.5 from 54.4 in October
  • U.S. Factory Orders in October: 1.0% m/m vs. 0.3% m/m in September
  • U.S. Trade Deficit: $78.2 billion in October vs. $78.1 billion in September
  • U.S. Consumer Credit in October came in below expectations at $27.1B but above the previous month, which was revised higher to $25.8B
  • Weekly Initial U.S. jobless claims rose to 230K in the week ending December 3rd vs. 226K the previous week.
  • U.S. Producer Price Index for November: +0.3% m/m +0.3% m/m previous; core PPI at +0.4%
  • Preliminary U.S. consumer sentiment index for December: 59.1 vs. 56.8, above expectations of 56.9
  • UK new car sales up more than 20% in November
  • U.K. BRC retail sales monitor rose from 1.2% to 4.1% y/y in Nov
  • U.K. Construction PMI for November: 50.4 vs. 53.2 in October
  • Halifax: U.K. house prices fall 2.3% from October to November, the fastest rate in 14 years
  • U.K. RICS survey showed most widespread drop in house prices since May 2020
  • ECB’s Lagarde says inflation hasn’t peaked, may surprise to the upside
  • Eurozone Services Business Activity Index was at 48.5 in November vs. 48.6 in October
  • France Services PMI for November: 49.3 from 51.7 in October
  • Germany Services PMI for November: 46.1 vs. 46.5 in October; prices remain elevated
  • The volume of retail trade in the euro area was down by -1.8% m/m in October 2022 and by -1.7% m/m in the European Union
  • Sentix Investor Confidence improved to -21.0 in Dec. vs. -27.1 forecast; the expectations index rose to -22.0 vs. -32.3 previous
  • Germany industrial production declined by 0.1% in Oct (vs. 1.1% in Sept) as high energy prices take toll
  • Swiss jobless rate rose from 1.9% to 2.0% as expected in November, below 2.1% forecast
  • Canada Ivey PMI: 51.4 in November vs. 50.1 in October; Employment Index ticks down to 54.3; Prices Index decreased from 69.8 to 63.5
  • The value of Canada’s merchandise exports increased by 1.5% in October, while the value of its imports rose by 0.6%. As a direct consequence of this, the merchandise trade surplus that Canada enjoyed with the rest of the world increased from $607M in September to $1.2B in October.
  • Bank of Canada raised the overnight interest rate by 50 bps to 4.25% on Wednesday; hinted that the they may be nearing the end of the tightening cycle
  • Canada Capacity Utilization Rate for Q3: 82.6% vs. 82.8% previous
  • Global Daily Trade Price Index rose +0.6% to $3.60 since the last auction
  • NZ manufacturing sales improve from -3.2% to 5.1% q/q in Q3 2022
  • NZ credit card spending up by 0.3% from October to November as consumers spend more on essentials
  • AU construction contraction improves from 43.3 to 48.2 in November
  • AU MI inflation gauge accelerates from 0.4% to a four-month high of 1.0% in November
  • RBA hiked interest rates by 25bp from 2.85% to 3.10% as expected
  • Australian Q3 current account balance showed 2.3B AUD deficit vs. projected 5.9B AUD surplus
  • AIG PMI: Australia’s services sector shrunk from 47.7 to 45.6 in November on weakening demand
  • Japanese Oct household spending down from 2.3% to 1.2% y/y vs. 0.9% forecast; Real wages fell -2.6% y/y
  • Japan’s Economy Watchers sentiment index down from 49.9 to 48.1 in Nov.
  • The recent weakness of the yen & rising oil prices caused Japan to record its first current account deficit in nine months in October, the Finance Ministry reported on Thursday. The shortfall was ¥64.1B ($470 million).
  • Japan GDP for Q3 2022 was revised higher to -0.2% q/q vs. -0.3% q/q previous
Comex, Investing Psychology, Investing Strategies, Market, Technical Analysis
6 months ago by

XAU/USD Technical Outlook – 9, Dec

Looking at the daily chart, the renewed upside in the Gold price is likely to gain momentum, as bulls have recaptured the mildly bearish 200-Daily Moving Average (DMA) at $1,792.

With the 14-day Relative Strength Index (RSI) pointing north above the midline, Gold price remains on course to retest the five-month highs at $1,810. The next key resistance is seen at the upper boundary of the month-long rising wedge pattern, now placed at $1,816.

In case, the Gold price yields a weekly closing below the 200DMA on a renewed selling pressure, then the correction could resume toward the lower boundary of the wedge at $1,777.

Daily closing below the abovementioned rising trendline support could confirm a reversal to the ongoing uptrend, as it will validate a bearish wedge.

The horizontal (dashed) trendline at $1,725 could come to Gold buyers’ rescue, although they need to beat the bullish 21DMA at $1,767 first.
Comex, Investing Strategies, Market, Position Size Calculator, Psychology, Technical Analysis
6 months ago by

XAU/USD Technical Outlook – 8, Dec

Gold price regained the downward-pointing 21-Simple Moving Average (SMA) on the four-hour chart, now at $1,781, having defended that critical mildly bullish 50SMA support at $1,774.

Despite the downside break from the rising wedge seen earlier this week, bulls continued defying bearish expectations. Acceptance above the 21SMA will initiate a meaningful recovery toward the $1,800 mark. The next upside target is pegged at the multi-month highs at $1,810.

The tide seems to have turned in favor Gold buyers, as the Relative Strength Index (RSI) has swung back into bullish territory. The rising wedge breakdown on the four-hour chart remains in play, keeping Gold price on the defensive in the lower range of this week’s trading range so far.

On the flip side, a four-hourly candlestick closing below the 21SMA resistance-turned-support could reinforce the bearish momentum, bringing the 50SMA back on sellers’ radars. The horizontal 100SMA at $1,764 will be a tough nut to crack for Gold bears on their way to the $1,750 psychological level.
Comex, Investing Psychology, Investing Strategies, Psychology, Technical Analysis
6 months ago by

XAU/USD Technical Outlook- 5, Dec

Gold price is retreating to test the critical 200-Daily Moving Average (DMA) at $1,796, at the time of writing.

Gold bulls reclaimed that barrier for the first time since mid-June on Thursday.

The 14-day Relative Strength Index (RSI) has turned flat just beneath the overbought territory, justifying the latest leg down in Gold price.

Should the 200DMA resistance-turned-support give way, then a drop toward the November 15 high at $1,787 cannot be ruled out.

The next corrective target is seen at the previous day’s low of $1,768, below which floors will open up for a test of the bullish 21DMA at $1,749.

Alternatively, Gold buyers year for a weekly closing above the 200DMA, above which the $1,800 mark will be challenged once again.

Further up, the previous day’s high at $1,805 and the August 10 top at $1,808 will be put to test.
Comex, Education, Forex, Investing Psychology, Investing Strategies, Market, Psychology
6 months ago by

Week Ahead in FX (5, Dec – 9, Dec)

Major Economic Events:

RBA monetary policy decision (Dec. 6, 3:30 am GMT) – First up, we’ve got Australia’s central bank scheduled to announce their rate decision early in the week

Australia’s Q3 GDP (Dec. 7, 12:30 am GMT) – The action ain’t over for Aussie pairs even after the RBA decision, as the country’s third quarter GDP is up for release the next day.

BOC monetary policy statement (Dec. 7, 3:00 pm GMT) – Canada’s central bank is also expected to announce a 0.25% interest rate hike this week, slowing down from its earlier 0.50% rate increase.

U.S. leading inflation data – Uncle Sam has a couple of leading indicators on inflation to watch out for, namely the ISM services PMI due early in the week and the PPI report scheduled on Friday.

Chinese CPI and PPI (Dec. 9, 1:30 am GMT) – Weaker price pressures are eyed for China, as both the CPI and PPI might print subdued readings for November.

Source: forexfactory.com
Comex, Education, Investing Strategies, Market Hours, Technical Analysis
6 months ago by

XAU/USD Technical Outlook – 1, Dec

The XAU/USD pair currently trades at around $1,780, positive changed for a sixth consecutive day. The daily chart shows that the Momentum indicator is pressuring its 100 level to the downside, reflecting the lack of upward strength. At the same time, the RSI indicator consolidates at around 59, maintaining the risk skewed to the upside. Furthermore, the 20 SMA heads north below the current level, providing dynamic support at around $1,737.40.

The near-term picture reflects the ongoing slide but falls short of supporting a downward extension. The pair is trading above the 23.6% retracement of its latest daily advance at $1,745.50, while a bullish 100 SMA converges with the mentioned Fibonacci level. The 20 SMA is flat, with the price seesawing around it, while technical indicators turned lower but remain within neutral levels. A clear break below the aforementioned static support level could open the door for a stepper decline towards the $1,725 price zone.

Support levels: 1,765.50 1,757.40 1,735.65  

Resistance levels: 1790, 1805, 1815
Comex, Education, Investing Strategies, Technical Analysis
6 months ago by

XAU/USD Technical Outlook – 30, Nov

Gold price is on the verge of yielding a symmetrical triangle breakout on the four-hour chart. The bright metal needs a  four-hour candle stick close above the falling trendline resistance at $1,759 to confirm the upside break. If Federal Reserve Chair Jerome Powell backs the dovish pivot, Gold bulls could see the much-needed boost.

A fresh upswing toward the $1,770 round figure cannot be ruled out. The next upside target is envisioned at the multi-month highs at $1,787. The Relative Strength Index (RSI) is trading listlessly while above the midline, keeping bulls hopeful.  

On the flip side, strong support is seen around the $1,750 level, where the 21, 50 and 100-Simple Moving Averages (SMA) converge. A breach of the latter will expose the rising trendline support at $1,745. A sustained move below that support could validate a downside break from the symmetrical triangle, opening floors for deeper declines toward the $1,730 round figure.
Comex, Education, Investing Strategies, Market, Technical Analysis
6 months ago by

XAU/USD Technical Overview – 29, Nov

The XAU/USD daily chart shows another failure to hold above the $1,760 zone, a sign of difficulties for gold bulls. The positive for the yellow metal is that it remains well above the 20 and 100 SMAs. The Momentum indicator turned south, although it remains above the 100 level. RSI also is now pointing to the downside. The main trend remains bullish but the outlook favors some correction ahead while limited by $1,760. A decline under $1,720 would increase the bearish pressure.

In the near term, and according to the 4-hour chart, XAU/USD is pointing to the downside. The critical level in the chart is seen around $1,735 that should keep losses controlled. A break lower would put deteriorated further the outlook for the yellow metal, exposing the recent low at $1,720$. Technical indicators are directionless.

Support levels: 1,735.50 1,720.75 1,703.00  

Resistance levels: 1,760.00 1,771.10 1,785.00
Education, Forex, Investing Strategies, Market, Technical Analysis
6 months ago by

EUR/USD Technical Overview – 28, Nov

EUR/USD is displaying a lackluster performance in the Tokyo session after resurfacing from the critical support of 1.0382. The Euro pair is oscillating above the round-level support of 1.0400. The major is awaiting a potential trigger for a fresh impetus as the market mood is extremely quiet amid the holiday in the United States on account of Thanksgiving Day.

EUR/USD is playing with the 200-period Exponential Moving Average (EMA) at 1.0389 on a daily scale. The corrective move in the asset after printing a high of 1.0482 on November 15 to near 1.0226 has been supported by the upward-sloping trendline placed from November low at 0.9730. Going forward, potential resistances are plotted from June 27 high at 1.0615, and May 30 high at 1.0787.

The Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates that the upside momentum is active.

Back to Top
Product has been added to your cart
Close