Forex

Yesterday's USDOLLAR article indicated that the primary trend of the greenback is up. Today we zoom in on the price action. Past performance is not an indicator of future results. The left chart shows the USDOLLAR daily time frame. Price remains in the strong area between the upper blue and upper red bands. Moreover, the daily RSI is on the bullish side of 50. The right chart shows the hourly…

The Eurodollar started the day on a solid footing, following its post-NFP’s rebound, but it comes under pressure during the start of the European session

The US Dollar is weighed today by the decline in US 10Year Yields, but the Aussie struggles to benefit

The pair started the week on the back foot and as the US markets open, it faces more selling pressure and deepens its correction, after the multiyear highs of October

Past performance is not an indicator of future results Source: www.tradingview.com Last week's decision by the BoE to hold rates steady surprised the market and GBPUSD was heavily sold. The left chart shows the daily timeframe. Here, GBPUSD is in the weak area – between the lower blue and lower red bands. The right chart shows the hourly timeframe. Here, cable has managed to stabilise in a sideways pattern (red…

Past performance is not an indicator of future results. Last week's price action confirmed the USDOLLAR's reference low, by closing above the previous week's high (aqua horizontal). It's important to acknowledge that the reference low does not guarantee a bullish swing. However, for a bullish swing to chart, this confirmation was necessary. Moreover, the confirmation respected the current USDOLLAR's momentum. Past performance is not an indicator of future results. Trends…

The pair’s kneejerk reaction was lower following Friday’s US NFPs, but managed to close the day in positive territory and starts the current week with positive undertone

The Bank of England did not raise rates from 0.1% on Thursday, as it handed down its monetary policy, with two officials dissenting in favor of rate hikes, while the Quantitative Easing program stayed at £895 billion

The pair consolidates and is likely to remain in such pattern as investors await the always-important Jobs Report from the United States, the outcome of which could decide the next leg of the move

The BoE kept its policy rate at 0.1%. The votes came in at 7-2, with Ramsden and Saunders as the dissenters. Comments from the summary refer to an expectation of inflation dissipating over time, with the central bank viewing supply chain disruptions and global demand as normalising. The market was divided as to whether or not the BoE would hike. This was fuelled by the number of hawkish comments over…

In our previous article, we suggested that the USDOLLAR was at a potential swing low point. That is still the case after the Fed announcement yesterday. The next challenge for the greenback will be tomorrow when the non-farm employment change (NFP) is released. Given that this is one of the most anticipated data releases on the monthly calendar, it will be interesting to see if the swing low continues to…