Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are...
What To Trade On May 23 - 27?
2022-12-15 • Updated
Last week blew traders' minds!
The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday. As a result, EURUSD increased to 1.0600, and USDJPY plunged to 128. Stock indices found support levels. Chinese Hang Seng rose for the second week in a row. US500 and US100 plunged at the beginning of the previous week but reversed on Thursday. The critical support levels for US500 and US100 are 3850 and 11 700, respectively. The oil market keeps trading sideways as European Union tries to approve the Russian oil embargo. The crypto market followed the US stock indices. As a result, Bitcoin decreased to the local support of $27 000, and it looks like buyers will hold the asset above this level for a while.
On Monday, the head of the Bank of England will participate in a panel discussion regarding the monetary policy's future. More hawkish than expected statements might boost GBPUSD to 1.2800. Otherwise, the pair might decline below 1.2350 once again. On Tuesday, the German flash manufacturing PMI will shake the euro. Better-than-expected data might push EURUSD to 1.0700.
On the other hand, if the actual result is lower than the expectations, the pair might plunge to 1.0350. The period from Wednesday to Friday will be intense for the US dollar. On Wednesday, the FOMC will present the meeting minutes. On Thursday, the prelim GDP will be posted. On Friday, the bureau of economic analysis will publish the core PCE price index. The US dollar index plunged at the end of the previous week with a strong impulse. The trend might continue if the US economic data signals an upcoming recovery.
Next week, Nvidia and Alibaba will post earnings reports.
Nvidia's price lost 50% of its high in January 2022. Better-than-expected report might push the stock to the $200 resistance. On the other hand, in case of a worse-than-expected release, the price might fall to $150.
Alibaba has found its global support, and the price is ready for the massive uptrend. The upcoming report might confirm investors' opinions about the Chinese market recovery.
Oil, gas & metals
XBRUSD has been testing the $112.50 resistance for the past three weeks. As soon as the breakout happens, the price will head towards $118.00. At the same time, XTI is moving towards $120. XAUUSD broke through the upper border of the descending channel. As soon as the price breaks through $1850, it will head towards $1870 and $1900. XAGUSD bounced off the global support of $20.50. If the price breaks through $22.50, it will head towards $24.30.
Commerzbank's analysis suggests a brighter outlook for the New Zealand Dollar (NZD) in the coming months despite recent downward pressure. Factors like broader U.S. Dollar strength and domestic issues have kept the NZD below last year's highs. However, robust labor markets in both New Zealand and Australia and an expected...
What causes the yen to fall, and how does it behave against the USD, EUR, and AUD
Intraday and swing scenarios based on price action and volume profile.
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.