USDJPY: On Thursday, the USD/JPY pair demonstrated a tendency to consolidate around 143.55 during the early European session. The growth of the major pair is driven by the recovery of the US dollar (USD). On Friday, investors will be monitoring the Bank of Japan’s (BoJ) interest rate decision. At its meeting on Wednesday, the Federal…
Event to pay attention to today: 14:00 GMT+3. GBP – Bank of England Interest Rate Decision GBPUSD: On Wednesday, the GBP/USD pair reached a new 30-month high, approaching the 1.3300 mark following the US Federal Reserve’s (the Fed) decision to cut interest rates by 50 basis points. This marks the first rate cut by a…
The On-Balance Volume (OBV) evaluates market buying and selling intensity by accumulating volume during up days and subtracting volume on down days. Let’s examine how it works in detail. What Is On-Balance Volume? On Balance Volume is a powerful technical analysis tool introduced by Joseph Granville. It helps traders understand the relationship between price movement…
By Supantha Mukherjee STOCKHOLM (Reuters) – An artificial-intelligence advisory body at the United Nations on Thursday released its final report proposing seven recommendations to address AI-related risks and gaps in governance. The U.N. last year created a 39-member advisory body to address issues in the international governance of AI. The recommendations will be discussed during…
Spot gold turned lower from its $2,600 record highs following the Fed’s interest rate cut event! Are we looking at an opportunity to jump in XAU/USD’s long-term uptrend? Let’s take a closer look at the 4-hour time frame: Gold (XAU/USD) 4-hour Forex Chart by TradingView In case you missed it, the Fed had a “Brat…
When it comes to interest rates, the Fed is NOT in control. The Fed does not lead; it follows the market. This chart shows the Federal Funds Rate alongside the U.S. Treasury 2-Year Yield. You can see that at major turning points, it’s the 2-Year Yield that moves first, and then after a while, the…
Data from the Australian Bureau of Statistics (ABS) reflected the resilience of Australia’s labor market amidst an elevated interest rate environment. The economy added a net 47.5K jobs in August, higher than the expected 28.0K increase and only slightly lower than July’s downwardly revised 48.9K uptick. The gains came mostly from part-time employment though full-time…
The USDJPY pair has made a significant technical move, breaking above the falling price channel on the 4-hour chart. This breakout suggests that the downward movement from 147.20 may have found its bottom at 139.57, potentially setting the stage for a new upward trend. Currently, the pair is testing a crucial resistance level at 144.05….
The EURUSD pair has encountered a roadblock, failing to breach the 1.1201 resistance level and subsequently retreating from 1.1188 to 1.1068. This recent pullback is likely a correction within the broader uptrend that began at 1.1001. Despite this setback, the pair may be gearing up for another attempt at the 1.1201 resistance once the current…
The Federal Reserve Open Market Committee (FOMC) cut the target range for the federal funds rate by 50 basis points (bps), to 4.75% to 5.00% and announced it would continue its balance sheet runoff. The Fed noted that it “has gained greater confidence that inflation is moving sustainably toward 2 percent”, and “judges that the…