What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
How will Gold and USD react to NFP?
Information is not investment advice
Oh, look at that! NFP is coming up shortly, and while some predict that XAU/USD could reach new heights in 2023, reports from other analysts reveal that the price of Gold has dropped to around $1,950 due to the US Treasury bond yield bouncing back. So, while we watch for potential buying opportunities, we must also exercise caution as we position ourselves to follow whatever immediate move the market presents us first. Let's see what the charts are saying!
XAUUSD - Weekly
Gold, on the weekly timeframe, is trading within a descending channel. The trendline resistance fits into the order block created by the rally-base-drop supply. The price has also created a 'turnkey' trendline resistance that aligns with the supply zone. Based on the confluence of the Fibonacci retracement tool and the other factors mentioned, we would see some bearish retracement from Gold in the coming days, possibly due to the NFP figures.
Analysts’ Expectations:
Direction: Bullish
Target: $1888
Invalidation: $2062
US DOLLAR - Daily
Based on the chart attached, we can see a clear AMD pattern created by price on the Daily timeframe. Moreover, there is a clear reaction of price away from the 88% of the Fibonacci retracement zone. The confluence of factors points solidly towards a potential bullish move, which I expect to be triggered by the NFP release.
Analysts’ Expectations:
Direction: Bullish
Target: 104.399
Invalidation: 100.815
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
Legal disclaimer: The content of this material is a marketing communication, and not independent investment advice or research. The material is provided as general market information and/or market commentary. Nothing in this material is or should be considered to be legal, financial, investment or other advice on which reliance should be placed. No opinion included in the material constitutes a recommendation by Tradestone Ltd or the author that any particular investment security, transaction or investment strategy is suitable for any specific person. All information is indicative and subject to change without notice and may be out of date at any given time. Neither Tradestone Ltd nor the author of this material shall be responsible for any loss you may incur, either directly or indirectly, arising from any investment based on any information contained herein. You should always seek independent advice suitable to your needs.
Similar
Will Australia's "Rampant Inflation" Prevail in May?
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
How Will BoJ Meeting Affect the Yen
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
Popular
What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Will Australia's "Rampant Inflation" Prevail in May?
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
How Will BoJ Meeting Affect the Yen
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
Choose your payment system
