Tag Archives: technical analysis

EUR/USD – Potential Falling Wedge!

EUR/USD has decreased a little as the USDX has bounced back after the massive drop. The pair is trading at 1.0945 and is fighting hard to increase again because the Dollar Index has found temporary resistance. The price has been moving sideways according to the H1 chart, it has also developed a Falling Wedge pattern, so an upside breakout will confirm a bullish movement on the short term.The USD could drop further if the US data disappoints again today, the Unemployment Claims could increase from 3,283K to 3,600K amid the COVID-19 epidemic effect, an unexpected increase could bring high volatility. EUR/USD will increase only if the USDX drops again, a USDX’s increase will force the pair to drop further, this scenario will happen if the US data comes in better.The EUR/USD Falling Wedge pattern is far from being confirmed, the price is trading much below the upside line and below the 38.2% retracement level. So, only a valid breakout above the 38.2% level and most important from the chart pattern will validate a further increase on EUR/USD.A potential increase will be invalidated if EUR/USD makes a downside breakout from this pattern. The bias is bearish as long as the price stays…

South Korea Inflation Rate Slows To 1.0% In March

Consumer prices in South Korea were up just 1.0 percent on year in March, Statistics Korea said on Thursday. That was in line with expectations and down from 1.1 percent in February. On a monthly basis, inflation gained 0.2 percent – again matching forecasts and up from the flat reading in the previous month. Core consumer prices, which exclude the volatile costs of fresh food items, gained just 0.4 percent on year. That was shy of expectations for 0.5 percent, which would have been unchanged from the February reading. On a monthly basis, core CPI fell 0.2 percent – missing expectations for a flat reading following the 0.1 percent gain a month earlier. The material has been provided by InstaForex Company – www.instaforex.com…

South Korea Inflation Data Due On Thursday

South Korea will on Thursday release March numbers for consumer prices, highlighting a modest day for Asia-Pacific economic activity. In February, overall inflation was flat on month and up 1.1 percent on year, while core CPI added 0.1 percent on month and gained 0.5 percent on year. Japan will provide March figures for monetary base; in February, the monetary base climbed 3.6 percent on year. Australia will see February figures for job vacancies; in January, vacancies were up 1.6 percent on month. The material has been provided by InstaForex Company – www.instaforex.com…

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Gold Pares Early Gains, Settles Lower For 4th Straight Session

Gold prices drifted lower on Wednesday, extending losses to a fourth straight session, although the downside was not much pronounced as rising coronavirus cases continued to raise concerns about growth. A stronger dollar weighed on the yellow metal. The dollar index rose to 99.80, gaining about 0.75%. It was not an entirely weak spell for the yellow metal today, as safe-haven demand pushed up prices early on in the session. Gold futures for June ended down $5.20, or about 0.3%, at $1,591.40 an ounce, after hitting a high of $1,612.40 an ounce in the Asian session. The contract, which dropped to a low of $1,576.00 around mid-morning, recovered and moved past $1,600 again before giving up gains. Silver futures for May ended down $0.172 at $13.984 an ounce, while Copper futures for May settled at $2.1745, per pound, down $0.0535 from previous close. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was…

*U.S. Crude Oil Inventories Spike By 13.8 Million Barrels In Week Ended 3/27

U.S. Crude Oil Inventories Spike By 13.8 Million Barrels In Week Ended 3/27 The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Manufacturing Activity Shows Modest Contraction In March

With the coronavirus outbreak weighing on demand, the Institute for Supply Management released a report on Wednesday showing a contraction in U.S. manufacturing activity in the month of March. The ISM said its purchasing managers index dipped to 49.1 in March after edging down to 50.1 in February. While a reading below 50 indicates a contraction in manufacturing activity, economists had expected the index to show a steeper drop to 45.0. The modest decrease by the headline came as the new orders index tumbled to 42.2 in March from 49.8 in February, hitting its lowest level since March of 2009. The production index also fell to 47.7 in March from 50.3 in February, while the employment index slid to 43.8 from 46.9 in the previous month. The report also said the prices index plunged to 37.4 in March from 45.9 in February, indicating the fastest decrease in prices since January of 2016. “Comments from the panel were negative regarding the near-term outlook, with sentiment clearly impacted by the coronavirus (COVID-19) pandemic and energy market volatility,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee. On Friday, the ISM is scheduled to release a separate report on activity in…

U.S. Private Sector Employment Edges Lower Ahead Of Full Impact Of Coronavirus

Reflecting a significant loss of jobs at small businesses, payroll processor ADP released a report on Wednesday showing a modest decrease in private sector employment in the U.S. in the month of March. ADP said private sector employment fell by 27,000 jobs in March after jumping by a downwardly revised 179,000 jobs in February. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was much smaller than expected but still reflects the first decrease in private sector employment since September of 2017. ADP also noted its national employment report, or NER, only utilizes data through the 12th of the month, which is the same period the Labor Department uses for its more closely watched monthly jobs report. “As such, the March NER does not fully reflect the most recent impact of COVID-19 on the employment situation, including unemployment claims reported on March 26, 2020,” said Ahu Yildirmaz, co-head of the ADP Research Institute. The drop in private sector employment came as small businesses cut 90,000 jobs, more than offsetting an uptick of 7,000 jobs at midsized businesses and the addition of 56,000 jobs…

Dollar Little Changed Following ADP Private Payrolls Data

U.S. ADP private payrolls data for March has been released at 8:15 am ET Wednesday. After the data, the greenback changed little against its major rivals. The greenback was trading at 107.50 against the yen, 0.9657 against the franc, 1.2365 against the pound and 1.0937 against the euro around 8:20 am ET. The material has been provided by InstaForex Company – www.instaforex.com…