As forecast on Monday, the price for gold has reached the support zone at 1,850.60/1,854.50. The support zone held and caused a retracement back up to the 1,865.00 level and the upper trend line of the descending channel pattern. If the price recovers and breaks the descending pattern, resistance could be encountered not only in round price levels, but also the
Despite reaching below the 130.00 mark, the USD/JPY did not decline during the first half of Tuesday's trading hours. The rate revealed a support zone at 129.78/129.86. Meanwhile, resistance was being provided by the 130.50/130.58 zone and the 50-hour simple moving average. The sideways trading could be explained with the markets expecting the upcoming US Consumer Price Index data on
Since the middle of Monday's trading, the GBP/USD currency pair has remained almost flat, as it trades in the 1.2300/1.2375 range. In the meantime, previous forecasts remained valid. If the rate declines below the 1.2300 mark, the pair could find support in the 2020 July low level at 1.2260. Further below, support is highly likely going to be provided by
Since the middle of Monday's trading hours, the EUR/USD currency exchange rate has been trading around the 1.0560 mark. Short term support is being found in the 1.0540 mark and resistance is provided by the 1.0580 level. Meanwhile, previous forecasts remained valid. If the pair declines, the 1.0500 is expected to act as support, before the last week's low level
The USD/CAD currency exchange rate has revealed a channel up pattern, which has guided it up since the Federal Reserve Rate hike on May 4th. Most recently, at midnight to Tuesday, the pair bounced off the upper trend line of the pattern and started to consolidate near the 1.3000 mark. In the near term future, the pair was expected to
This week, the GBP/JPY currency pair was finding resistance and bouncing off round exchange rate levels. Namely, the 161.50 and 162.00 levels were acting as resistance. In the meantime, support was being provided by the 160.08/160.43 zone. A move below the support zone could almost immediately encounter support in the 160.00 level. Further below, take into account the weekly S1
The decline of the AUD/USD has passed below the low level zone at 0.7030 and the 0.7000 mark. At midnight to Tuesday, the pair touched the 0.6915 level, which acted as support and caused a recovery. However, by the middle of the day's trading, the surge was stopped by the weekly S1 simple pivot point at 0.6978 and the 0.6980
This week, the EUR/JPY currency exchange rate managed to shortly reach above the 138.00 mark. However, the event was followed by a decline. Since the middle of Monday's trading hours, the rate has been finding support in a support zone at 137.05/137.12. If the pair declines below the 137.05/137.12 zone, the rate could look for support in the weekly S1
On Friday, gold bounced off the 1,890.00 mark and started a decline. During the second part of Monday's trading, the price had already reached below the 1,860.00 level. In the near term future, a continuation of the decline could look for support in the May low level zone at 1,850.60/1,854.50. If the price for gold declines below the 1,850.00 mark, the
On Monday morning, the USD Dollar surged against the Yen above the high level zone at 131.00/131.25 and shortly touched the weekly R1 simple pivot point at 131.33. However, almost immediately after the event, the pair sharply declined. By 16:00 GMT, the currency pair had almost reached the combined support of the 130.00 level, the weekly simple pivot point at
Despite shortly reaching below the support zone of 1.2277/1.2325, the rate did not decline, as on Monday morning a recovery started. During the second half of the day's trading, the currency pair was fluctuating between the support of the 1.2300 mark and resistance at 1.2400. If the rate declines below the 1.2300 mark, the pair could find support in the early
The resistance of the 1.0600 level was enough to cause a decline of the pair to the 1.0500 mark, which acted as support. During the second part of the day's European trading hours, the Euro traded near the 1.0550 level against the US Dollar. If the pair declines, the 1.0500 is expected to act as support, before the last week's
The resistance of the 1,910.00 mark was enough to force the yellow metal's price into a decline, which shortly pierced the 1,870.00 level, before starting a recovery. However, by late Friday's trading hours, the price did not manage to reach not only above the 1,900.00 mark, but also the 1,895.00 level. If the price eventually manages to approach and pass above
On Friday, the USD/JPY currency exchange rate returned to trading to levels, where the pair was located before the volatility, which was caused by the Federal Reserve rate hike and following press conference. During the day, the rate had encountered resistance in the 130.70 and 130.80. Meanwhile, support was provided by the previous resistance zone at 130.20/130.50. If the pair continues
In the aftermath of the Bank of England rate hike, the GBP/USD rate found support in the 1.2277/1.2325 zone. Namely, the 1.2300 level appears to be acting as psychological support. Meanwhile, resistance is found in the weekly S1 simple pivot point at 1.2372 and 1.2380. A move below the 1.2277 level could result in the pair looking for support in the
During Friday's trading, the EUR/USD found support in the zone at 1.0472/1.0492 and recovered to the 1.0600 mark, which started to act as resistance. During the late hours of the day's trading, the exchange rate was trading between 1.0600 and the support of the 1.0550 mark. If the EUR/USD declines below 1.0550, the rate might once again look for support
From a technical perspective, the 1.2718/1.2724 zone provided enough support for a surge up to the 1.2870 mark. The 1.2860/1.2870 zone acted as resistance and forced the pair into a retracement to 1.2813/1.2816. At mid-day on Friday, the pair had bounced off the combination of the 1.2813/1.2816 zone and the 200-hour simple moving average. Note that the bounce off was consistent
On Thursday, at 11:00 GMT, the Bank of England crashed the value of the Pound by revealing that the bank expects an incoming recession and inflation above 10.00%. The GBP/JPY plummeted down from the 163.00 level to 160.33. Since the event, the GBP had recovered and revealed a resistance zone at 161.50/161.60 and support at 160.30/160.40. At mid-day on Friday,
The AUD/USD currency exchange rate extended its decline during Friday's trading, as the pair bounced off the technical levels at 0.7120 and by the middle of the day the 0.7065 level had been touched. Note that during the decline the pair mostly ignored the 0.7100 mark. A continuation of the decline of the Australian Dollar against the USD might find support
During the first half of Friday's trading, the EUR/JPY currency exchange rate declined and found support in the 200-hour simple moving average, before suddenly surging to the resistance of the 138.00 mark and shortly reaching above it. If the Euro extends its gains against the Japanese Yen, the currency pair might encounter resistance in the 138.50 and 139.00 levels.
At mid-day on Thursday, the price for gold bounced off the resistance of the 1,910.00 level. By 15:00 GMT, the price had declined to the 1,885.00 level. A continuation of the decline might look for support in the 50 and 100-hour simple moving averages near 1,880.00. In addition, note the 1,872.00/1,878.00 zone, which has acted as both support and resistance. On
The USD/JPY currency pair has recovered in the aftermath of the US rate hike. By the start of the day's US trading start at 13:30 GMT, the USD/JPY had reached back up to the resistance zone at 130.20/130.50. A move above the 130.20/130.50 zone could look for resistance in the 131.00/131.25 zone. Higher above, note the 131.50 level and the
On May 5th, the Bank of England hiked its interest rate from 0.75% up to 1.00%, which is the highest level in 13 years. In addition, the bank revealed how the monetary policy makers voted on the rate hike. Namely, six of the committee voted for a 0.25% hike, but three members wanted a 0.50% hike that would set the
On Thursday, comments made by the Head Economist of the ECB beat down the value of the EUR/USD, as it was revealed that the ECB is only preparing for rate hikes. By the start of the day's US trading hours, the EUR/USD had reached below the 1.0550 mark, where it encountered support. A move below the 1.0550 mark might encounter