After last week’s triple “intervention” by authorities, the USDJPY keeps trending back up. Does that mean more intervention will happen? Why isn’t the currency getting stronger now that it appears the BOJ bank of Japan has drawn a line in the sand? There are a lot of reasonable questions about the performance of the yen over the past week. We have to talk about “intervention” in quotes, because so far there is no official confirmation that the Ministry of Finance did order the BOJ to support the yen. That’s different from the last time, back in September of 2022, when the Ministry confirmed i ..read more

NZDUSD seeks support The Kiwi moved higher as the US dollar remained under pressure. The pair wants to hold on to its gains after a tentative break above the psychological level of 0.6000. While sentiment might have turned bullish, the rally could run out of steam with a bearish RSI divergence, indicating a loss of momentum. A break below the immediate support 0.5980 would force leveraged buyers to bail out and trigger a correction. 0.6050 is the next level for buyers to remain interested. GBPUSD ignores BoE decision Cable fluctuated after the BoE signalled that rate cuts could come as soon ..read more

Cable Bounces as BoE Signals Rate Cuts The Bank of England hinted it would begin cutting rates if inflation stayed low. So, will the Fed act sooner to cut rates, or will we wait until next year? Timestamps GBPUSD 00:45 EURUSD 01:55 Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Cable Bounces as BoE Signals Rate Cuts appeared first on Orbex Forex Trading Blog ..read more

Canada Employment: Foreshadowing for Central Banks? Tomorrow Canada will report its monthly labor statistics. Normally this data gets overshadowed by the release of US NFP at the same time. But this time Canada is reporting one week after the US, giving the traders to look at the data independently. And this can provide some valuable insight into not just the loonie, but what could be in store for the greenback. Canada is very closely tied economically to the US, as the largest trade partner and sharing the only land border. The US imports a lot of oil from its northern neighbor, but also a l ..read more

DAX 40 (GER ) hitting key resistance The Dax 40 bounces higher as it tests a critical resistance. The price has come off the psychological tag 18000, where a previous spike revealed vital selling interests. The subsequent retracement was supported at 17800, giving bulls another chance to push higher. The index needs a break above 18600 for a continuation higher to move past the previous top. USDCHF another correction The US dollar fell from its recent high after dropping over 100 pips. The pair has been grinding its way up from a yearly low near 0.8430 and is aiming at the psychological lev ..read more

Dow Recovering as Global Indices Hit New Highs As global indices progress, the S&P hits its first 4-day winning streak since March. With the Dow hitting a similar milestone, how long before we see more record highs? Timestamps SPX500 00:50 DOW 01:40 Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Dow Recovering as Global Indices Hit New Highs appeared first on Orbex Forex Trading Blog ..read more

The BOE to Meet Before GDP Data Comes Out There is a chance that the upcoming BOE meeting might cause some shake-up in the markets. That’s because there are several different courses that the central bank could take in terms of guiding where rates will be. And the market seems to be a bit disconcerted about which of the options to get ready for. Meaning that no matter what happens, someone will have to adjust and that likely will push the price of the pound. That having been said, the expectations around the Fed have had a heavier hand in the GBPUSD lately as investors look to find yields and ..read more

XAUUSD tests resistance Gold remains intact after briefly falling below the psychological 2300 level. On the chart, the price seeks to consolidate after a $30 whipsaw swing, which saw a recent high at 2325. Zooming into the hourly chart, a drop below the first support 2280 will dent the impetus, causing some short-term buyers to take profit. 2160 at the base of the recent rally is a critical floor. A close back above 2360 would keep the bulls interested in another record high. AUDUSD aiming to break triple top The Australian dollar increased as the fallout from Friday’s NFP numbers continue ..read more

Oil Slips Lower as Tensions Rise Oil continues to look uncertain amid continued global tensions. If the sell-off continues, will we see fresh lows below $70? Timestamps USOIL 00:50 UKOIL 01:45 Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Oil Slips Lower as Tensions Rise! appeared first on Orbex Forex Trading Blog ..read more

Is That It For the Dollar’s Rise? The dollar has been on the retreat since last Wednesday’s Fed meeting, without much in the way of data this week to give it fundamental support. Realistically, the turn to the downside for the dollar happened after Friday’s weaker than expected jobs data. But, like we warned ahead of the data release, the NFP forecasts might not have been capturing the growing weakness in the jobs market. The issue is that the April jobs data was sort of out of line with prior readings. But also not entirely unexpected. Which means that there are still a substantial number of ..read more