FX

Share: Hello Traders! Today, we will look at the shorter cycles of Micron Technology Inc ($MU) and explain why the stock should remain supported in the near term. This is how we saw it back in March 2023 expecting a bounce to take place first before lower again. $MU 4H Elliott Wave Analysis May 15th 2023 The

Share: The worst-performing EMEA currency over the past week was once again the ZAR. Economists at MUFG Bank believe that the Rand could stage a relief rally this week. Domestic factors contributing to ZAR underperformance “The latest trigger for the deeper ZAR sell-off last week were heightened fears that geopolitical tensions between South Africa and

Share: The US Dollar is meeting resistance near 102.80.  Bears eye a break below the 101.70s, then 100.80s.  The US Dollar fell from a five-week high on Monday as traders move away from the greenback due to the debt ceiling issue, which could force the US government to default on its debt if not resolved. US Dollar,

Share: EUR/GBP reverses an intraday dip to the 0.8700 mark, albeit lacks follow-through buying. The BoE’s less hawkish outlook undermines the GBP and acts as a tailwind for the cross. The mixed comments by ECB policymakers warrant caution for aggressive bullish traders. The EUR/GBP cross attracts some buying following a modest gap down opening on

Share: USD/CAD bulls tear through prior resistance with eyes on the 1.3580s. Bears are lurking, waiting to pounce on a correction.  USD/CAD is on the front side of the bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48% and rallied from a low of 1.3477, scoring a

Share: AUD/USD bears are in the money but bulls are lurking from daily support.  A move back to challenge channel resistance could be on the cards for the initial balance at the start of the week.  AUD/USD could be on the verge of moving back inside of the sell-off range. The M-formation is a reversion pattern and

Share: Pound Sterling vs US Dollar falls by over 100 pips on “Super Thursday”.  BoE Governor Bailey suggests inflation may show a sharp fall in April data, UK growth data paints a more optimistic picture. US Dollar strengthens on safe-haven flows after PacWest records large deposit outflows, renewing banking jitters.  The Pound Sterling (GBP) finds

Share: GBP/USD bears move into the 1.2450s that are holding up currently. 1.2480/2500 is eyed to the upside should the bulls take over.  GBP/USD is down on the day by some 0.45% and has fallen from a high of 1.2540 to a low of 1.2448 on the day as speculators continue to cut their short GBP positions.

Share: Silver drifts lower for the third successive day and hits over a one-month low on Friday. The overnight breakthrough the $24.50-40 horizontal support favours bearish traders. Some follow-through selling below the 38.2% Fibo. will set the stage for deeper losses. Silver remains under some selling pressure for the third successive day on Friday and

Share: USD/MXN trims losses, trading at around 17.50s, as weak US economic data prompts greenback buying. Disappointing US PPI and higher Initial Jobless Claims signal a slowing US economy, impacting the Mexican Peso. Investors watch US debt ceiling discussions, with President Biden resuming talks with Congress leaders on Friday. USD/MXN trims some of its earlier

Share: USD/CHF picks up bids to prod the top line of a bullish chart formation. Upbeat RSI, clear bounce off 0.8870 double-bottom keeps USD/CHF buyers hopeful. Sellers need validation from 0.8880, buyers may aim for 0.8950 on confirming bullish triangle breakout. USD/CHF remains on the front foot around 0.8920, reversing the previous day’s losses heading

Share: Silver price slides from a daily high of nearly $26.00, down nearly 1%. Disinflationary trends in the US economy persist, but core readings hold at 5.5% YoY. XAG/USD technical outlook suggests the potential for further decline, testing key support levels. Silver price slides after hitting a daily high of $25.91, following the release of

Share: The US Bureau of Labor Statistics (BLS) will release the most important inflation measure, the US Consumer Price Index (CPI) figures, on Wednesday, May 10 at 12:30 GMT. As we get closer to the release time, here are the forecasts by the economists and researchers of 10 major banks regarding the upcoming United States

Share: XAU/USD rallies, benefiting from concerns over the US debt ceiling and slowing Chinese manufacturing activity. Falling US Treasury bond yields support gold prices despite strong US Dollar. Eyes on upcoming US CPI data, which has the potential to impact gold prices. Gold price is printing back-to-back bullish days as the XAU/USD meanders nearby Monday’s

Share: Considering advanced prints from CME Group for gold futures markets, open interest resumed the upside and went up by around 6.2K contracts on Monday, this time by around 6.2K contracts. Volume, instead, shrank for the second session in a row, now by around 90.7K contracts. Gold: The hunt for $2070 Gold prices started the

Share: Zscaler stock jumps 21% on guidance raise. ZS stock is now down just 1% on the year. CEO Jay Chaudhry raised revenue guidance by 5%. Fiscal year guidance raised by $30 million. Zscaler (ZS), known for its zero-trust cloud architecture and competitive cybersecurity offerings, saw its shares shoot up on Monday after the company

Share: USD/JPY holds lower ground near intraday low after reversing from 50-SMA. 61.8% Fibonacci retracement level restricts immediate downside ahead of six-week-old support line, 200-SMA. Multiple hurdles toward the north stand tall to challenge Yen pair buyers past 50-SMA, oscillators favor further upside. USD/JPY bulls struggle to keep the reins after snapping three-day downtrend the

Share: USD/CAD bears stay strong and the bulls are pressured to below a key structure.  A move to 1.3320 is eyed for the sessions ahead.  USD/CAD is heading lower on the day and is down some 1.17% as we head towards the forex close in New York. The pair has been pressured below 1.3500 to