Forex Signals Brief July 4: Quiet Markets for US Independence Day

Posted on July 4, 2024July 3, 2024 by Skerdian Meta

Yesterday it started off in the Asian and European session, however the retail sales report from Australia showed a nice jump for May, which kept the Aussie in demand all day. However, the bullish break in this pair came during the US session, after the data from the US was released, which sent the USD tumbling lower.

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Oil Prices Down Again Today, Despite Huge EIA Inventory Draw

Posted on July 3, 2024 by Skerdian Meta

Oil prices were quite bullish in June but this month has started on the wrong foot, and the drawdown in EIA inventories couldn’t stop the decline. WTI climbed more than $10 during last month, reaching above $84 but it has reversed lower this week, falling below 0.83, however, the trend still remains bullish, with moving averages keeping the price supported.

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Forex Signals July 3: Will US Jobs Report Show More Weakness?

Posted on July 3, 2024July 2, 2024 by Skerdian Meta

Yesterday started with the CPI inflation report from the Eurozone, which showed that headline inflation ticked lower to 2.5%, approaching the 2% ECB target, however, core CPI remained stubbornly sticky at 2.9%. But that didn’t help the Euro or change the ECB stance as Christine Lagarde later confirmed.

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S&P 500 Closes Near Record High As Stocks Turn Higher

Posted on July 2, 2024 by Skerdian Meta

Stocks are looking optimistic this week, with the S&P 500 making some decent gains today and getting closer to last week’s record highs. On Friday we saw a steep reversal, however judging by the price action this week and the lack of follow-through, the dive was most likely due to month-end and Q2 cash flows. Continue reading “S&P 500 Closes Near Record High As Stocks Turn Higher” →

Gold Continues Range Bound Price Action After JOLTS Jobs

Posted on July 2, 2024 by Skerdian Meta

Gold price continues to remain rangebound, as the USD remains uncertain, with XAU bouncing between two moving averages, which are acting as support and resistance, offering good trading opportunities. During the Asian and European sessions today, gold (XAU/USD) attracted new sellers, pushing it closer to the critical 100-day Simple Moving Average (green), which has been providing support.

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Forex Signals Brief July 2: EZ CPI Inflation Expected to Fall Again

Posted on July 2, 2024July 1, 2024 by Skerdian Meta

The week started with the Manufacturing and Services PMI data from China which was released over the weekend and showed a slowdown. However, the Caixin manufacturing released early yesterday showed a slight improvement, which balanced the situation.

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Oil Price Highest in 2 Months, Despite Weakening Global Economy

Posted on July 1, 2024 by Skerdian Meta

WTI Oil price is up by around $1.50 today, despite weak economic numbers from all over the world today, reaching a 2-month high. After the dip in the Chinese services PMI over the weekend, I thought that risk assets such as crude Oil would feel some pressure, but Oil up today, after consolidating above the 200 daily SMA last week. Continue reading “Oil Price Highest in 2 Months, Despite Weakening Global Economy” →

Forex Signals Brief July 1: Manufacturing and Services Data Today

Posted on July 1, 2024July 1, 2024 by Skerdian Meta

Last week all the attention was on the PCE inflation report from the US, which left most assets trading in a tight range, while today we have several manufacturing and services report, which will show the shape of these sectors amid a high interest rate environment.

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Forex Signals Brief June 28: All Attention Is on the PCE Prices!

Posted on June 28, 2024June 27, 2024 by Skerdian Meta

Yesterday during the US session, there was a simultaneous release of several US economic data points, creating a challenging environment to decipher. The dollar initially declined by 20 pips amidst mixed news, with attention drawn to higher continuing claims and lower core durable goods orders, but then turned higher after the higher GDP and the prices index.

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Selling the Bounce in EURUSD After Stronger US Q1 Final GDP

Posted on June 27, 2024 by Skerdian Meta

EUR/USD has been consolidating within a range of 1.06 to 1.10 throughout 2024, with both buyers and sellers attempting to create momentum to break out of these levels. The weekly chart highlights moving averages that define this range and today we decided to open a sell forex signal here, after the small jump earlier today.

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