
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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The confusion created by the Sino-American relations coupled with virus-related economic factors pushed the USD to rise against some currencies and lose against the others in today’s session. Let’s see a technical disposition in the most interesting cases so you can set your trades accordingly.
The last four weeks saw the greenback’s decline against the South African rand and the Mexican peso with the Moving Averages changing their configuration in the middle of May. Currently testing local supports, the prices of these currency pairs are in consolidation that is likely to end soon as well as the balance of the MAs. The Awesome Oscillator identically suggests for both that the reversal is coming so watch for the upswing to emerge.
Against the Turkish lira and the Brazilian real the USD also lost its value. Similar to the above cases, it is not expected that this situation will go for a long time. The fundamentals are still on the USD side. However, watch the support levels to make sure you enter only when the upward reversal is verified. Otherwise, if bears drag the USD down, you will have it confirmed by the breach of the support level.
Against the Swiss franc, the USD is gaining well. It crossed the resistance of all Moving Averages and is not aiming at the resistance of the downtrend. The Awesome Oscillator suggests that there is still upward potential – very likely it will be exactly what is needed to come closer to the resistance of 0.9730. Over there, a reversal is possible, that’s why be careful with that level.
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…
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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