The most important economic data for this week are: Thursday: US quarterly GDP growth rate on Thursday at 12:30pm GMT. Market participants are expecting the figure to come out at 3.2%, down from 4.9% in the previous quarter. This data might have already been priced in as it’s for the previous quarter, though any significant…
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The most important economic data for this week: Monday: US Services PMI at 15:00 GMT for January. The consensus is for an increase from 50.6 points to 52. This might be rather bullish news for the dollar since it would mean the services sector in the States is still expanding, given that the actual figure…
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USOIL, daily Oil prices are on the rise after Saudi Arabia and Russia announced supply cuts for August. Saudi Arabia extended its voluntary production cut of one million barrels per day (bpd) for another month, while Russia announced it would reduce its oil exports by 500,000 bpd in August. Both countries are trying to prop…
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On the technical side, the price on the cable chart has found resistance on the upper band of the Bollinger bands and has since corrected to the downside, with today's candlestick ticking to the upside at the time of this report. The 50 SMA has crossed is still trading well above the 100 SMA, indicating…
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On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands last Tuesday and has since corrected to the downside. The Bollinger bands are contracting at the time of this report but volatility could pick up later in the week around publication hours of the…
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Dollar-loonie is likely to be highly active later this week because of the respective countries’ job reports on Thursday and Friday. Since the NFP has consistently been higher than expected in 2023 so far, it wouldn’t be very surprising to see a stronger result on Friday with a kneejerk higher for USDCAD. That could provide…
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On the technical side the price of Crude oil on the daily chart is “walking the band” ( touching the Bollinger bands in consecutive sessions) indicating great push by the bears in high volumes. It is trading at a 15 month low with no signals of correcting to the upside just yet while the 50…
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On the technical side the end of the bearish symmetrical triangle is in sight without any clear signal yet as to where the price will head. The Stochastic oscillator is not showing any overbought or oversold levels while the cross of the 50 day moving average above the 100 day moving average gives some indications…
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On the technical side the price has recently broken above the resistances of the 38.2% of the daily Fibonacci retracement level, the 50 and 100 moving averages as well as the bearish symmetrical triangle formation that was in effect since mid November 2022. This major correction to the upside was somewhat “paused” (at the time…
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If there is a continuation to the upside the first point of resistance would be expected around the $84 area which is made up of the 61.8% of the Fibonacci retracement level and also the upper band of the Bollinger bands. Gold-dollar, daily The US Dollar Index (DXY) is in free fall hitting a 7…
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