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GBP/USD waiting for short at resistance?

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The GBP/USD pair has been moving up ever since the market opened this week. The latest temporary swing high was made at 1.2857/80. Moreover, the bulls have broken out from the ascending channel and downside trend line from 1.3440, which is another confirmation of the positive sentiment despite the overbought market situation.

The monthly base is at the level of 1.2000, the key long term technical resistance is seen at the level of 1.3218. Only if one of these levels are clearly violated, the main trend might reverse.

The U.S. tally for confirmed cases of the coronavirus illness COVID-19 has currently climbed above 4.29 million today, with the death toll exceeding 148,000. The U.S. counted another 1,000 COVID-19 fatalities on Monday for a sixth straight day, according to data aggregated by Johns Hopkins University. The virus continues to spread in the South and West and governors are responding in different ways.

This news has caused a spike in the price of Gold with the precious metal currently hovering at the 1950 range in a bid to breakout into the 2000 range.

Investors are advised to be nimble, to develop sophistication and have stringent risk-control measures in place to protect their capital. In addition to the long term promises of Gold, there are many short-term opportunities in silver ETF SLV, +0.27%.

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Forex Trading

Pounds finds base against Dollars.

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The Great Britain pounds and United States dollar pair looks as if it has found a supportive base around the 1.36100 level with recent prior highs and the 21- and 51-day simple moving averages around 1.3785 the next level of resistance. Cable may find itself trading sideways between these two levels this week unless disrupted by any central bank speak

Retail trader data show71.68% of traders are net-long with the ratio of traders long to short at 2.54 to 1.5. The number of traders net-long is 3.14% higher than yesterday and 22.75% higher from last week, while the number of traders net-short is 0.16% higher than yesterday and 18.27% lower from last week

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Forex Trading

EUR/USD Recovery Looks Weak and Increasingly Vulnerable.

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The new assembly in US Treasury yields has not completely taken care of through into the US dollar with the greenback actually slacking different majors. While the auction can be seen in other USD-sets, including USD/CAD, EUR/USD has stayed in a one major figure exchanging range throughout the last week with price activity over the most recent five days restricted to a 70 penny range. For sure the 14-day ATR is exchanging at a multi-week low of around 42 pennies featuring the absence of instability in the pair. As US Treasury yields edge higher, the dollar will fortify against the Euro and the new close ranges will probably break to the drawback. 

The every day outline features the new shortcoming in the pair with two or three twofold low prints made in lateAugust and recently. Beneath here we return to levels last found in November 2020. For the pair to completely separate, the November 4 low at 1.1604 should be broken to proceed with the example of lower highs and lower lows. The pair additionally exchange underneath every one of the three straightforward moving midpoints, a negative specialized set-up.

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British Pound Battles US Dollar After FOMC

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The British Pound moved higher through the Asian meeting as the US Dollar had a blended day in the result of the FOMC meeting. The goal of the Evergrande security coupon installment due today is as yet developing however the value market was adequately energetic to post additions on most bourses, South Korea being the special case. 

The FOMC followed through on assumptions and the Fed is presently accepted to start tightening upgrade at the November meeting. A rate climb is as yet far off it appears, albeit the slant of the “speck plot” – a rundown of Fed authorities’ estimates for the course of the bank’s objective loan cost – moved from 7 to 9 individuals out of 18 hoping to climb rates in 2022. 

The US yield bend smoothed and the US Dollar mobilized on the news. The USD pulled up barely shy of making another high for the year as estimated by the US Dollar record (DXY). GBP and EUR recuperated some ground today while JPY kept on exchanging close to its post-FOMC lows. 

Looking forward, the Bank of England is because of meet to talk about financial approach, yet the market expects no change as the UK is encountering high expansion and deteriorating development. US jobless cases numbers are likewise due to be out later.

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