The Chinese economy’s optimism had a positive impact on the Canadian dollar, giving the commodity currency a big lift. Being a significant global supplier of numerous commodities, the loonie gained traction despite declining crude oil prices. Since then, COVID cases in China have continued to constrain the upside for commodity demand, as we have seen […]
XAU/USD has been impressive as it reclaimed the $1,800 price level. Furthermore, prices have since been on a progressive move towards higher resistance, and have now broken the $1,850, to sit at roughly $1,854. However, in this session, downward forces appear to be making efforts to seize control of price action in this market. Important […]
The euro-dollar (EUR/USD) pair continues to trade around 1.0600 following the release of the US Federal Reserve’s (Fed) December monetary policy minutes, which revealed that policymakers remain committed to combating inflation and do not foresee a rate reduction in 2023. As a result, the EUR/USD fell to 1.0585 before rising to the current price. The […]
Market Analysis – January 4 USDCAD ascending strength begins to wane. The buyers are showing signs of exhaustion as the price keeps rising. USDCAD Key Levels Supply Levels: 1.390, 1.370, 1.420 Demand Levels: 1.330, 1.290, 1.250 USDCAD Long-term Trend: Bullish The buyers have ruled over the market since the price tookoff from the oversold region […]
Key Resistance Levels: 132.00, 133.00, 134.00Key Support Levels: 129.00, 128.00, 126.00 EUR/JPY Price Long-term Trend: BearishThe price of the EUR/JPY pair has fallen below the moving average lines, with a target of 134.16. Buyers have been attempting to break the overhead resistance at level 146.00 since October 2022. Buyers failed to maintain the price above […]
Market Analysis – January 3 EURCHF is set for a breakout on the daily timeframe. The market has narrowed down to a point where a breakout could occur. EURCHF Key Levels Supply Levels: 0.99120, 0.99500, 1.00520, 1.05120 Demand Levels: 0.98210, 0.97230, 0.96479, 0.94300 EURCHF Long term Trend: Ranging EURCHF is currently in a correction phase. […]
Today marked a further strengthening of the Japanese Yen as the USD/JPY fell below the 130 mark for the first time since June 2022. Following the Bank of Japan’s policy reversal in December, speculation has grown about likely future tightening in 2023. Today is a holiday in Japan, so it will be interesting to see […]
Market Analysis – January 1 NZDUSD begins to ascend after a retracement. The short-term retracement sees an end as the uptrend resumes in the daily timeframe. The market has bounced off the $0.620 support level. NZDUSD Key Levels Supply Levels: 0.7000, 0.6570, 0.6450 Demand Levels: 0.6200, 0.6000, 0.5600 NZDUSD Long-term Trend: Bullish The NZDUSD price […]
Market Analysis – January 2 The AUDJPY market continues its bearish order flow. The key level at 91.20 failed to hold. The same level has been converted to function as resistance. AUDJPY Key Levels Supply Levels: 91.20, 92.60, 94.0 Demand Levels: 89.20, 87.90, 87.00 AUDJPY Long-term Trend: Bearish The AUDJPY market is on a downward […]
