Author: forex24pro

The American currency showed a decline on Wednesday, July 4, 2024, influenced by disappointing economic data from the United States. A weak services report and ADP jobs report, signaling a slowdown in economic growth, weighed on the dollar versus the euro. Initial jobless claims data, which showed rising unemployment, also contributed to the dollar’s decline. Currency strategists at Rabobank said the data reinforces expectations that the labor market is weakening, which could force the Fed to cut rates this year. Participants are already pricing in two interest rate cuts by the Federal Reserve in 2024. The first reduction of 25…

The Pound/Dollar GBP/USD currency pair continues to move as part of the development of the rise and has consolidated above the upper boundary of the downward channel. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2749. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and potential continued growth of the instrument. At the moment, we should expect an attempt to develop the growth rate of the British Pound against the American…

The currency pair Australian Dollar to US Dollar (AUDUSD) continues to move as part of the development of the rise and the beginning of the development of the “Triangle” model. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of the growth in the value of the instrument from current levels. At the time of publication of the forecast, the Australian Dollar to US Dollar exchange rate is 0.6716. At the moment, we should expect an attempt to…

The quotes of the USD/JPY currency pair continue to move as part of the development of a minor correction and a bullish channel. At the time of publication of the forecast, the US Dollar to Japanese Yen exchange rate is 161.33. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth from current levels. As part of the forecast for the Japanese Yen rate on July 5, 2024, we should expect an attempt…

Oil prices remain near a two-month high. This was due to a significant reduction in US oil reserves. The data was presented last week, along with an optimistic outlook for US fuel demand. The US Energy Information Administration (EIA) reported a decrease in crude oil inventories of 12.2 million barrels, which significantly exceeded expectations for a decrease of 680 thousand barrels. Additionally, weaker U.S. economic data has fueled expectations that the Federal Reserve will cut interest rates in September, bolstering confidence in economic growth and energy consumption. Brent Forecast for July 5, 2024 Brent oil quotes continue to move as…

Currency pair US Dollar Canadian Dollar USD/CAD continues to move as part of the development of the correction and the formation of the “Triangle” pattern. At the time of publication of the forecast, the US Dollar to Canadian Dollar exchange rate is 1.3623. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall of the price pair in the near future. At the moment, it is worth considering an attempt to develop a price decline and a…

XAU/USD quotes continue to move as part of the development of a bullish correction and the formation of a “Triangle” pattern. At the time of publication of the forecast, the price of Gold today is 2355 Dollars per Troy Ounce. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of growth from current levels. At the moment, we can expect an attempt to develop a bullish correction and a test of the resistance level near the 2365 area. From…

The quotes of XAG/USD continue to move as part of the development of a strong bullish correction and have left the bullish channel. At the time of publication of the forecast, the price of Silver is 30.29. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a rise in the value of the metal and a test of the resistance level near the area of ​​30.75. Where…

The quotes of the currency pair NZD/USD continue to move as part of the development of the rise and the bullish channel. Moving averages indicate a short-term bullish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of the growth in the value of the instrument from current levels. At the time of publication of the Forex forecast, the exchange rate of the New Zealand Dollar to the US Dollar is 0.6115. At the moment, we should expect an attempt to…

The USD/CHF currency pair continues to move as part of the development of the growth of the bearish channel. At the time of publication of the Forex forecast, the US Dollar to Swiss Franc rate is 0.9032. Moving averages indicate a short-term bearish trend for the pair. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of growth in the value of the asset from current levels. At the moment, we should expect an attempt to develop the growth of the US Dollar against the Swiss Franc and test…