
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Don’t waste your time – keep track of how NFP affects the US dollar!
Data Collection Notice
We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.
Join Us on Facebook
Stay on top of company updates, trading news, and so much more!
Thanks, I already follow your page!Beginner Forex Book
Your ultimate guide through the world of trading.
Check Your Inbox!
In our email, you will find the Forex 101 book. Just tap the button to get it!
Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.
77.93% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.
You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.
Information is not investment advice
Gold had to rise above $2 000 after the poor ADP report, but it didn’t, the current rising US dollar has stopped the yellow metal from rallying upward. Analysts widely expected that 1.25 million would have been employed in the USA, but the actual numbers turned out disappointing: 428 000. As you may know, the ADP report is often used as an initial assessment of the US labor market and helps to predict what will be the NFP like. Nevertheless, the last two times ADP reports failed to play this role as they came out worse than the forecasts, while NFP came out better.
The recent dovish Fed statement weighed on the US dollar and underpinned gold, leaving interest rates low for longer. However, later on, upbeat Manufacturing PMI reports from two world’s largest economies improved the overall sentiment and pushed the safe-haven metal to the downside. Most analysts still foresee further declining of the US dollar in the long run, despite the short recovery.
Looking from the technical perspective, the yellow metal has been fluctuating between two converging trend lines and have established a symmetrical triangle on the 4-hour chart. Based on the latest solid rally, the triangle indicates the current consolidation phase and the further bullish continuation. Therefore, pay closer attention to the breakout of the triangle.
There is strong support of $1 950, located just below the current price. The yellow metal is unlikely to break it through, but at the same time, there is no strong movement to the upside at the moment. Gold bulls may find current low levels a good entry point. Traders mainly focus on three resistances: yesterday’s high of $1 990, the psychological mark of $2 000, and the key level of $2 015. However, if the price manages to break the support of $1 950, the way to the next support of $1 930 will be clear. Follow further news and catch the market movement!
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
Your request is accepted.
We will call you at the time interval that you chose
Next callback request for this phone number will be available in 00:30:00
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later