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AUD/USD kicked off the new week on a weaker note, though lacked follow-through selling. The recent slide in commodities, Chinese economic woes acted as a headwind for the aussie. The risk-on impulse undermined the safe-haven USD and helped limit losses for the major. The AUD/USD pair  struggled to capitalize on Friday's goodish rebound from sub-0.6900 levels and met with a fresh supply on the first day of a new week. The pair maintained its offered tone through the first half of the European session and was last seen trading around the 0.6920 area, just a few pips above the daily low. The recent slump in commodity prices is a key factor undermining the resources-linked Australian dollar. Another factor adding downward pressure on the China-proxy aussie is the fact that the Chinese economy is facing headwinds amid the resurgence of COVID-19 cases. That said, a combination of factors has also held back traders from placing aggressive bearish bets on the AUD/USD pair, helping to...

  EUR/USD keeps the erratic activity well in place this week. The 1.0670/80 band continues to cap the upside so far. EUR/USD   resumes the upside bias past the 1.0500 mark following Thursday’s decent pullback. So far, and as long as the 4-month line in the 1.0670/80 band limits the upside, extra pullbacks in the pair should remain on the cards in the near term. The surpass of this area, however, could spark a bull run to the June top at 1.0773 and the May peak at 1.0786. In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1136.

  GBP/USD kicked off the new week on a positive note amid the emergence of fresh USD selling. The recent decline in the US bond yields and a positive risk tone weighed on the safe-haven buck. Hawkish Fed expectations should limit any further USD losses and cap the upside for the major. The GBP/USD pair built on its modest intraday gains and climbed to a fresh daily high, around the 1.2275-1.2280 region during the mid-European session. Against the backdrop of the post-FOMC slide in the US Treasury bond yields, a generally positive risk tone exerted some downward pressure on the safe-haven  US dollar  on Monday. This, in turn, was seen as a key factor that assisted the GBP/USD pair to regain positive traction and recover a part of Friday's losses. That said, any meaningful recovery move still seems elusive, warranting caution for aggressive bullish traders. Investors remain concerned that a more aggressive move by major central banks to curb inflation would pose challenges ...

  GBP/USD has regained its traction and recovered above 1.2100 after having dropped sharply with the initial reaction to the Bank of England's (BOE) decision to hike its policy rate by 25 basis points. Focus now shifts to US Housing Starts and Jobless Claims data. The pair was last seen trading near 1.2120, where the 20-period SMA on the four-hour chart and the  Fibonacci  23.6% retracement of the latest downtrend align. In case this support fails, additional losses toward 1.2050 (static level) and 1.2000 (psychological level) could be witnessed. Meanwhile, the Relates Strength Index (RSI) indicator on the same chart stays below 50 despite Wednesday's rebound, suggesting that buyers remain hesitant to commit additional gains in the near term. On the upside, stiff resistance is located at 1.2200 (Fibonacci 38.2% retracement). A four-hour close above that level could be seen as a bullish development and open the door for an extended rebound toward 12300 (Fibonacci 50% retra...

  NZD/USD has rebounded to close to 0.6250 after hitting its lowest since June 2020 on Tuesday.  Traders are focused on imminent US Retail Sales data and the upcoming Fed policy announcement.   A  bout of pre-US Retail Sales data and Fed policy announcement meeting weakness in the  US dollar , that seems partially driven by a modest improvement in risk appetite as European equities rebound from Tuesday’s multi-month lows and global yields pare back from highs, is boosting NZD/USD in pre-US open Wednesday trade. The pair was last trading higher by about 0.7% in the 0.6250 region, a little over 50 pips higher versus Tuesday’s lows just under 0.6200, which was the lowest the pair has been since June 2020.  A mid a lack of major macro updates, traders have their attention fixated on Wednesday’s  economic calendar . US Retail Sales figures for May are due at 1230GMT and will be viewed in the context of rising US recession fears. Given that inflation in the...

  AUD/USD staged a modest recovery from a near one-month low, though lacked follow-through. The risk-on impulse, retreating US bond yields undermine the USD and extended some support. Recession fears kept a lid on the optimistic move in the markets and the risk-sensitive aussie. Fed rate hike bets favour the USD bulls and support prospects for further losses for the major. The AUD/USD pair struggled to capitalize on its modest recovery gains and has now retreated nearly 40 pips from the daily peak. The pair was last seen hovering near the 0.6930-0.6935 region, up less than 0.15% for the day. The early optimistic move in the markets ran out of steam amid concerns that a more aggressive policy tightening by major central banks to curb inflation would pose challenges to the global economy. This, in turn, was seen as a key factor that acted as a headwind for the risk-sensitive  aussie , though modest  US dollar  weakness could help limit further losses for the AUD/USD pa...

  EUR/USD has continued to push lower early Monday after having lost more than 200 pips last week. The pair trades below 1.0500 in the European morning and the technical outlook suggests that there could be a technical correction before the next leg lower. On Friday, the data from the US showed that annual inflation, as measured by the Consumer Price Index (CPI), jumped to its highest level in four decades at 8.6% in May. Following the European Central Bank's (ECB) cautious on the rate  outlook, the hot inflation data from the US reminded investors of the policy divergence between the Fed and the ECB. Although some Fed policymakers said that it could be appropriate to pause rate hikes in September, market participants don't think this is a likely scenario after CPI readings. According to the CME Group FedWatch Tool, markets fully price in a total of 150 basis points (bps) of Fed rate hikes in the next three meetings. Meanwhile, the intense flight to safety provides an ad...

  Gold has been in the range of $1,800-1,850 since mid-May. Strategists at ANZ Bank expect the yellow metal to confirm an upside move on a break past $1,900. XAUUSD is consolidating, the range looks indecisive “The current price range of $1,800-1,900 will not provide any clear direction until prices break either side of the range.” “A convincing break of above $1,900, which is also a trend break-out, will be required before a short-term bullish  outlook  can be called. Once this level breaks, prices could touch the previous highs of $1,950 and $2,000.” “Key supports are at $1,800 and $1,760.”  

   ✍️ World  Gold  Review on June 9, 2022: - The precious metal market yesterday did not have too much volatility as it mainly fluctuated in the range from 1844-1859.  Closing the session at around 1853. With Gold still moving sideways and not seeing many changes, my view in today's session will be waiting to buy at low price and take profit at the margin.  on the horizontal zone.  - The price support zone pushing the price of precious metals should be around 1844-1848 and the upper resistance zone around 1865.

    The market’s cautiouS  sentiment could be witnessed via the S&P 500 Futures and the US 10-year Treasury yields as both of them struggle around 4,175 and 2.91% even if the Wall Street benchmarks rose the most in a week on Thursday. Elsewhere, the Australia and New Zealand Banking Group ( ANZ ) highlights the difference between the currency BOE rate and the one per Taylor rule to suggest more work for the “Old Lady”. Further, a Tory critic, who is a UK Member of Parliament (MP), suggested rejoining the bloc and chatters over a no-confidence vote for UK Prime Minister (PM) Boris Johnson also weighed on the  GBP/USD  prices. Looking forward, expectations of likely softer US data may keep GBP/USD buyers hopeful. That said, the headline US NFP is expected to ease to 325K versus 428K prior whereas the ISM Services PMI may retreat from 57.1 to 56.4. Other than the data, US President Joe Biden’s speech will also be important. However, a Platinum Jubilee Bank Holi...

  📕 Comment on Gold on June 3, 2022:  - In yesterday's session, precious metal Gold went right with the analysis trend when it bounced up from 1844 to 1870 ($26) and closed the day session with a bullish candle around 1868. The strength of the tree.  Yesterday's candle was the strongest in the past 9 sessions.  Therefore, in my opinion, the possibility of Gold will continue to increase in today's session.  - Switch to the H4 time frame, the nearest support area for this precious metal is around 1863-1867.  Here we can refer to buying with a safe target below 1874 and above 1880.

   📕 Comment on  Gold  on June 2, 2022:  - After the strong declines of the first 2 weeks of May, 2 weeks later, the precious metal Gold regained nearly half of the decline of the beginning of the month.  Closing the session in May Gold still closed with a bearish candle but retreated quite a lot and closed around 1836 (this is a strong support area) so my view in the first trading sessions of June  In this case, it is likely that Gold will still be prioritized for the uptrend.  -In yesterday's trading session, after gold fell to 1828, it immediately bounced back to 1849. Closing the day session with a bullish candle right after the previous day ended with a falling tree.  My personal opinion in today's trading session is still prioritizing the option to increase.  The nearest support price zone for precious metal Gold 1835-1840.  If Gold has any slight correction here, we can establish a buy position with target 1855.-1860.

  USD/CAD continued with its struggle to capitalize on modest intraday recovery gains. An uptick in oil prices underpinned the loonie and acted as a headwind for the major. The downside seems cushioned amid sustained USD buying and ahead of the BoC. The USD/ CAD pair surrendered modest intraday gains and slipped below mid-1.2600s during the first half of the European session, back closer to over a one-month low touched the previous day. Crude oil prices edged higher on Wednesday and reversed a major part of the overnight retracement slide from a near three-month high amid worries over a tighter global supply. European Union leaders agreed to a partial and phased ban on oil imports from Russia. Apart from this, expectations of demand recovery in China acted as a tailwind for the black liquid. This, in turn, undermined the commodity-linked loonie and capped the USD/CAD pair's attempted recovery move.