USDCAD Wave Analysis
USDCAD reversed from support level 1.2450 Likely to rise to resistance level 1.2650 USDCAD recently reversed up sharply from the powerful support level 1.2450 (which has been repeatedly reversing the price from the middle of January). The upward reversal from...
BTCUSD Extends Sideways Move but Downside Risks Linger
BTCUSD (Bitcoin) has been trending downwards since late March when further price advances got curbed at the 48,000 region. Although the price has managed to halt its decline and is currently experiencing a consolidation phase, the technical picture seems to be deteriorating for the cryptocurrency. The...
EUR/USD Resumes Weakness after Hawkish Powell’s Comments
The risk-off is in full swing following FOMC Jerome Powell speech, who mentioned that they are planning to get interest rates “expeditiously” to neutral. Powell acknowledged that 50 basis points rate hikes will be on the table at the upcoming...
Oil Price Declined Below $100 to Move into a Bearish Zone
Crude oil price started a downward move from well above the $108 level against the US Dollar. The price declined below the $100 level to move into a short-term bearish zone. A low was formed near $98.77 before there was...
Can the BoJ alter the one-way selling in the JPY?
As most FX traders would attest to – the JPY has been taken to the woodshed, where the flow has been one way; it’s been brutal, but it’s been thoroughly deserved. In a world where every G10 central bank is...
Many factory workers in Shanghai can’t get back to work, even after Covid controls ease
BEIJING — Foreign businesses are struggling to bring workers back to factories after weeks of lockdowns in Shanghai, as the country battles its worst Covid outbreak since the pandemic began. Nearly a month since Covid restrictions began in earnest in...
Dollar Rises on Risk Aversion and Yields, Euro Rebound Faltered
Overall markets are relatively mixed. Euro’s rebound attempt yesterday was rather disappointing, but it’s nonetheless still the best performer for the week. Dollar staged a strong rebound overnight, with help from hawkish Fed and rising yield, but there is no...
Watch Fed Chairman Jerome Powell speak live at IMF debate
[The stream is slated to start at 1 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell speaks Thursday on a panel presented by the International Monetary...
It Will Take More than Words to Lift EUR/USD
Forex traders have suddenly become woke to the possibility of an end to ECB QE and interest rate hikes this year. As a result, EUR/USD, after two consecutive weeks of declines, has found a bit of support as traders return...
Weekly jobless claims total 184,000, just above expectations in tight labor market
Initial jobless claims last week were a bit higher than expected but still reflective of a labor market where employers are loathe to fire workers. First-time claims for benefits in the week ended April 16 totaled 184,000, a decline of...