EURUSD finds support with ECB comments The euro began to advance as the ECB reiterated its stance on cutting rates. Unlike the Fed, which stated that if incoming data suggests sticky inflation, it will be appropriate to hold the current restrictive monetary policy stance for longer. This signalled that a rate cut was not happening this half of the year as economists wondered how much more strength the dollar has. Bullish sentiment could lift the euro to 1.0850 with 1.0600 as support. UKOIL retreats as demand uncertain Brent crude suffered a sell-off as inventories increased from the previou ..read more

Oil Falls as Gold Finds Support Gold is looking for another lift as traders expect a test at the recent high. With Oil falling, EIA stockpiles and ongoing geopolitical tensions have seen a dramatic sell-off in the black gold. Timestamps XAUUSD 00:50 WTI: 01:55   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Oil Falls as Gold Finds Support appeared first on Orbex Forex Trading Blog ..read more

BOJ Intervention Alert: Japan March Inflation Figures As the USDJPY gets dangerously close to the 155 handle, there is increasing wonder why the BOJ hasn’t stepped in to shore up the Japanese currency. That’s well above the last time authorities stepped in to stop the slide of their currency. In September of 2022, the USDJPY reached 152 before the Ministry of Finance stepped in, ordering the BOJ to defend the yen. Tensions have ratcheted up in recent days as the yen continues to weaken against the dollar. The latest moves that have driven expectations were a trilateral meeting between Japanes ..read more

NZDUSD tests support The New Zealand dollar attempted to claw back recent losses after bouncing at the mid-0.5800 area. The pair struggled against the greenback after progressive CPI and NFP data saw over 200 pips wiped off the currency. The rebound could come to a halt at 0.5950 at the 20-day SMA. The bulls’ failure to push back would make the Kiwi vulnerable to a broader sell off. A break below 0.5815 could attract momentum sellers and send the pair past the October low of 0.5770. USDCHF struggles to hit new high The US dollar broke out of consolidation as it failed to test the 0.9200 lev ..read more

The euro will look to claw back losses after over 500 pips have been wiped off the EURUSD pair this year. Cable was boosted by falling inflation data, which could mean the BoE acted sooner rather than later with their first-rate cut. Timestamps EURUSD 00:50 GBPUSD 01:45   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Is the Dollar Correcting? appeared first on Orbex Forex Trading Blog ..read more

Dow Jones 30 hits critical floor The Dow Jones 30 (US 30 ) tumbled another 100 points as prices break yet another critical support. A bearish MA deterred sentiment after the index fell from the 38000 level. Bears have flushed out the remaining buying interests as price action aims for the mid-37000 area. A lower break would clear the path for an extension towards 36500, the base from the previous bounce higher. On the upside, 39000 has become a firm target in case of a pullback. USDCAD breaks resistance The Canadian dollar retreated further as the greenback continued the dominance over its ..read more

Dow Corrects as Indices Tumble Indices took another step lower as hundreds of points are wiped off the Nasdaq, S&P and Dow. With rumours of a firm correction in place, is now the time where we move away from record highs? Timestamps #SPX500 00:45 #DOW 02:00 Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Dow Corrects as Indices Tumble appeared first on Orbex Forex Trading Blog ..read more

Gold falls from record Gold falls as ongoing tensions first saw a fresh record above 2430. Then, a dramatic sell-off saw a dive towards 2300 as traders use the wait-and-see approach for the next move in the market. Successive breaks above the level of 2350 could see bulls re-enter the uptrend. 2400 is the first hurdle should the price bounce back. Otherwise, 2330 is the first support for the yellow metal. GBPUSD attempts to rebound Cable found some support after an aggressive dollar opened multi-month lows. The latest sell-off has found support at 1.2430, and a bounce above the immediate re ..read more

Gold & Oil Drop as Tensions Rise Gold jumped to a new record as tensions rose in the Middle East. Oil also dipped as traders looked to the long-term fallout of the recent crisis. With the yellow metal finding support, will we witness another record this week? Timestamps #XAUUSD 01:10 #WTI 02:20   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Gold & Oil Drop as Tensions Rise appeared first on Orbex Forex Trading Blog ..read more

The UK will be releasing a series of key economic data over the course of this week that could substantially rile up cable as investors count down the weeks to when the BOE might cut rates. Evidently inflation will be the focus for investors, but the jobs figures could be just as determinant for the central bank’s decision. and for gauging the overall health of The UK economy. The market is in a remarkably different situation than it was just over a month ago. All through March, the pound has lost ground against the greenback. Although there has been a bit of fluctuation recently, the trend h ..read more