The UK100 hits record high The UK100 (FTSE)  hit a fresh record high as softer-than-expected US jobs data boosted investor sentiment. The rally maintained momentum after bouncing off 8120 and jumping over 100 points. Rebounds have so far been capped by stiff buying pressure, with 8280 becoming a fresh resistance. A fall below 8200 would attract more bears and could create a correction to the round number of 8000. 8350 is the critical resistance to clear to resume the uptrend. EURUSD recovering to previous swing high The Euro continues to strive against the dollar after disappointing NF ..read more

Ahead of tomorrow’s rate decision by the Reserve Bank of Australia, the dollar from down under has been getting stronger. Of course it was aided a bit last Friday by some weakness in the greenback after the disappointing jobs numbers. But the rock-solid market consensus on the RBA holding fast once again has started to shake. While it’s still very unlikely that there will be a change in the actual policy, what investors could fret more about is a change in tone. After the last meeting, the RBA set things up as if rates wouldn’t go higher. But in light of the recent data, there has been an inc ..read more

USDCHF tries to hold its ground The US dollar collapsed across the board after weaker-than-expected the NFP numbers. The latest moves have seen over 200 pips wiped off the pair as stiff selling pressure with new swing lows encourages bears to add to their short positions. 0.9000 is a fresh support zone where offers have kept the greenback in check. On the flip side, 0.9080 is the immediate resistance, and its breach could force bargain hunters out and send the price to monthly highs above 0.9220. EURGBP moves higher The euro rallied after news of a weaker dollar spread across the market. A ..read more

UKOIL slips over demand concerns The Oil prices remain under pressure on fears of weakening global demand. Geopolitical tension and supportive fundamentals have led brent speculators to bai out. In addition, OPEC oil output fell in April, capping off a seven-week low for the black gold. While economic hopes are fading, the current outlook remains positive as OPEC+ is not considering rolling out its production cuts at its next meeting in June. Prices are now testing 83.00, with 85.50 being a solid resistance. XAUUSD drops lower Bullion had a decent push from the Fed last week, as prices jump ..read more

There has been a lot to weigh down on WTI this week, so no surprise the price has gone back to where it was back in March. Though at least in the early part of Tuesday, there has been a bit of a rebound. Analysts are still debating whether that’s just a correction on the way down, or a potential bottom after breaking through the $80/bbl handle. Although commodities in general have been on the backfoot lately, WTI is having a particularly hard time of it. The thing that could worry crude bulls is that some of the issues lining up could be signs that a new trend is forming. Though with how vola ..read more

US30 bounces back The Dow Jones 30 rallied as the Fed delivered the higher for longer approach to their interest rate. Whereas the Nasdaq and S&P both slipped, the Dow remained resilient. A move above the recent high of 38000 and the 30-day SMA has put bears under pressure, but with layers of support underneath, this is likely to be a consolidation rather than a bullish reversal. 37600 from the base of the last bottom could be the last saviour before a continuation of the bearish trend. USDJPY remains choppy The Fed halted the bullish rally for the dollar after hitting multi-year highs ..read more

Gold Recovers After Dropping $50! Gold holds the $2300 level as the focus shifts to more US data, including tomorrow’s NFP. With the greenback looking for direction, will we see more progression, or is there a correction on the horizon? Timestamps XAUUSD 00:45 DXY 02:00   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Gold Recovers After Dropping $50! appeared first on Orbex Forex Trading Blog ..read more

In the wake of the recent FOMC decision, the impact of the upcoming NFP figures might be highly contextualized. That means that what has increasingly become unpredictable data results could have an unexpected impact on the market. Which means there could be even more focus on the figures this time around. One of the issues facing analysts trying to predict where the Fed will go with interest rates this year is that there has been a series of contradicting data on the inflation front. And those mixed signals are also replicated in the labor markets. The key issue is whether ongoing “tightness ..read more

USDCAD breaks support The Fed’s decision to stick with its ongoing plan relieved the Canadian dollar. The pair has met some selling pressure in the supply zone at 1.3800. A tentative break below 1.3730 next to the daily SMA would dent the short-term optimism and trigger an extended sell-off with 1.3600 as a potential target. On the upside, 1.3780 is an intermediate resistance, and only a close above 1.3800 would resume the recovery. USDCHF begins the turnaround The US dollar dropped almost 100 pips as the pair fell towards the 0.9100 level. With the Fed holding its fund rate again, inflatio ..read more

The FOMC today concludes its two-day meeting later in what is likely to be the highlight of the week for the markets. The impact could be magnified this time around because most of Europe is away on holiday, meaning there is less liquidity. And with earnings season providing a mixed bag of results, investors might be looking to the Fed for guidance on what’s to happen. The overwhelming consensus is that the FOMC will leave things unchanged once more. The focus will then be on the accompanying statement, which is also expected to maintain the same tone as before. And then there is Fed Chair Je ..read more