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Forex World News | Gold Futures Downside seen limited

Date : 2021 / 06 / 23

Gold remains supported around $1,760

Tuesday’s downtick in gold prices was amidst shrinking open interest and volume, leaving the probability of a deeper pullback not favoured in the very near term. That said, the $1,760 mark per ounce troy continues to hold the downside for the time being. Occasional bullish attempts are expected to meet the next hurdle at the $1,800 mark.

Traders trimmed their open interest positions in gold futures markets for yet another session on Tuesday, this time by around 2.6K contracts according to flash data from CME Group. It is worth noting that the downtrend in open interest is in place since June 11. In the same line, volume shrank for the third session in a row, now by around 23.6K contracts.

Written by FTG, Author from Investing

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Forex World News : US Dollar Index pushes higher

Date : 2021 / 06 / 17

US Dollar Index bid post-Fed

 

The index is up for the third session in a row on Thursday and advances past the key 200-day SMA (91.51), all following Wednesday’s FOMC event.

In fact, the Fed brough forward any chances of starting the tapering talk at its meeting on Wednesday, while the “dots plot” now projects two interest rate hikes by end of 2023. Regarding inflation, the Fed sticks to the view that consumer prices will return to the target at some point in 2022.

In the wake of the Fed’s meeting, yields of the key US 10-year reference leapt to the vicinity of 1.60% from sub-1.50% levels, while the 5-year breakeven eased to 2.41%.

What to look for around USD

The index jumped beyond the 91.00 mark in the wake of the unexpected upbeat tone from the FOMC event on Wednesday. The likeliness that the tapering talk could kick in before anyone has anticipated and the views of higher rates by end of 2023 fuel the change of heart in the buck and the upside in DXY to levels last seen in mid-April. However, the still unchanged view on “transient” higher inflation and hence the continuation of the dovish stance by the Federal Reserve carries the potential to temper the current momentum in the dollar. A sustained break above the critical 200-day SMA should shift the dollar’s outlook to a more constructive one.

Key events in the US this week: Initial Claims, Philly Fed Index (Thursday).

Written by FTG, Author from Investing

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GENERAL ADVICE WARNING : The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and after considering the legal documents.
REGIONAL RESTRICTIONS : We do not offer our services to residents of certain jurisdictions such as North Korea, Canada, United States and some other regions.
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Daily Analytics : NZD/USD remains pressured inside a bearish chart pattern

What to Watch : NZD/USD 1-hour

NZD_USD_15062021-637593248625264741

NZD/USD edges lower around 0.7140, down 0.04% intraday, amid early Tuesday. In doing so, the kiwi pair portrays a bearish flag chart pattern on the hourly (1H) play while staying below key Hourly Moving Averages (HMAs).

Considering the Momentum retreat, NZD/USD sellers are likely to keep the reins. However, a clear downside break of 0.7130 becomes necessary for them before targeting the theoretical target of near 0.7025-30, surrounding late March levels.

 

During the fall, lows marked during May and the monthly bottom around 0.7115 acts as the key hurdle for the bears.

On the flip side, the 50-HMA level of 0.7150 acts as an immediate resistance ahead of the flag’s upper line close to 0.7160.

It’s worth noting that the quote’s run-up beyond 0.7160 isn’t a free pass to the NZD/USD bulls as 200-HMA, close to 0.7184, followed by a downward sloping trend line from late May near 0.7195, will test the further upside.

Written by Big Pippin, Author from Baby Pips

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GENERAL ADVICE WARNING : The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and after considering the legal documents.
REGIONAL RESTRICTIONS : We do not offer our services to residents of certain jurisdictions such as North Korea, Canada, United States and some other regions.
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Fintech Global LLC trading under FTG, is authorised by SAINT VINCENT and THE GRENADINES number 588 LLC 2020. / Fintech Global Limited trading under FTG, is authorised by HONG KONG number 2979659.

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Daily Analytics : AUD/USD Price Analysis

What to Watch : AUD/USD 4-hour

AUD_USD_15062021-637593291088624796

AUD/USD picks up bids to 0.7110 in a run-up to consolidate the day’s losses amid a sluggish trading session during early Tuesday.

It should, however, be noted that the pair’s failures to cross 50-SMA the previous day joins the looming crossover of the stated SMA above 21-SMA, to back the bearish bias towards a horizontal area comprising multiple lows since mid-May.

Though, a clear downtrend below the 0.7700 threshold becomes necessary for the pair to aim for monthly horizontal support near 0.7690-85.

In a case where AUD/USD remains pressured below 0.7685, it becomes vulnerable to attack the monthly bottom, also the lowest since April 14, surrounding 0.7645.

Alternatively, receding bearish bias of MACD signals another attempt to cross the key SMA confluence near 0.7725.

The same, if confirmed, will trigger recovery moves targeting the month’s top close to the 0.7800 round figure.

Overall, AUD/USD traders should wait for confirmation of a bearish cross to take fresh short positions, until then odds of the quote’s corrective pullback targeting 0.7725 can’t be ruled out.

Written by Big Pippin, Author from Baby Pips

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RISK WARNING : Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
GENERAL ADVICE WARNING : The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and after considering the legal documents.
REGIONAL RESTRICTIONS : We do not offer our services to residents of certain jurisdictions such as North Korea, Canada, United States and some other regions.
FINTECH GLOBAL GROUP OF COMPANIES IS AUTHORIZED IN VARIOUS JURISDICTIONS :
Fintech Global LLC trading under FTG, is authorised by SAINT VINCENT and THE GRENADINES number 588 LLC 2020. / Fintech Global Limited trading under FTG, is authorised by HONG KONG number 2979659.

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