Author: forex24pro

Quotes of BRENT oil complete the trading week near the area of 74.75 dollars per barrel. The asset continues to move within the framework of the decline and the downward channel. Moving averages indicate a bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of raw materials and a potential continuation of the decline already from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 67.05. Then, it is worth considering a rebound upwards and the continuation…

The British pound slipped to $1.26 at the end of June, after hitting a 14-month high of $1.2848 on June 16, triggered by investor fears of a possible recession after the Bank of England’s aggressive tightening in recent months. The head of the Bank of England, Andrew Bailey, said that the recent hike in interest rates reflects the resilience of the economy and unexpectedly stable inflation, which supports maintaining a tough stance. In June, British policymakers raised rates by 50 basis points more than expected and expressed readiness for further tightening after data showed persistently high inflation in May. Investors…

Currency pair Dollar Ruble USD/RUB completes the trading week near the level of 88.22 Rubles per US Dollar. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US dollar and a likely continuation of the pair’s growth already from these levels. In the current trading week July 3 — 7, 2023 we should expect an attempt to develop a correction and test the support area near the level of 85.65. Where should we expect a…

The Aussie slipped below $0.665 to hit its lowest level in three weeks as weaker-than-expected domestic inflation data fueled speculation that the Reserve Bank of Australia may pause its rate hike cycle. The information indicates that Australia’s monthly CPI slowed to 5.6% in May from 6.8% in April, the slowest increase in 13 months and below the forecast of 6.1%. Earlier in June, the Reserve Bank of Australia unexpectedly raised interest rates by 25 basis points, bringing the overall increase to 400 basis points and setting the cost of borrowing at an 11-year high of 4.1%. However, in the latest…

Currency pair Canadian Dollar to US Dollar USD/CAD completes the trading week near the level of 1.3253. The pair continues to move as part of the development of the correction and the bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the near future. At the moment, we should expect an attempt to develop a slight correction and a test of the support level near the area of 1.3115. Then, a rebound up…

The Japanese yen has consolidated above 144 dollars per US dollar for the first time since the beginning of November. The pair approached the key level of 145 as close as possible, which prompted the Japanese authorities to intervene in September and October last year. Senior country officials have already begun to warn of a sharp fall in the yen, saying they are watching the market closely and will react accordingly if moves become overly aggressive. The yen weakened after Bank of Japan Governor Kazuo Ueda reiterated that “there is still a long way to go” to reach 2% inflation…

The price of Gold stabilized above $1,900 an ounce on Friday, but there is still room for further decline on the back of strong US economic data and hawkish reports from the Federal Reserve pointing to potential rate hikes going forward. US GDP growth for the first quarter was sharply revised upward to 2% from 1.3%, while initial jobless claims eased unexpectedly last week, giving the Fed room for further rate hikes. Fed Chairman Jerome Powell said it would take time to bring inflation down to the 2% target and reiterated two more rate hikes this year that are putting…

The New Zealand Dollar rose 0.3% to $0.6088 on Friday, trying to recover from its lowest level in three weeks. Prime Minister Chris Hipkins this week signed a cooperation agreement with the country’s largest trading partner, China, during his visit to Beijing. This agreement is aimed at strengthening market exports, expanding e-commerce and green economy, as well as establishing a dialogue on new energy vehicles. However, disappointing Chinese manufacturing activity data in June capped growth as concerns persist over an uneven economic recovery after Beijing lifted all pandemic control measures in December last year. NZD/USD Weekly Forecast July 3 —…

The Swiss franc continues to stay close to 0.9 per US dollar, which is very close to its monthly high of 0.89, which the USD/CHF pair showed to market participants on June 15th. All this comes against the backdrop of the fifth consecutive rate hike by the Swiss National Bank and its indication of a potential rate hike in the future to overcome inflationary pressures. Despite a downward revision to the inflation forecast for 2023, the central bank raised its inflation forecast for 2024 due to rising electricity prices and rents, as well as persistent inflationary pressures in other neighboring…

Bitcoin BTC/USD ends the trading week at 30814, continues to move as part of the development of growth and a bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of the growth of asset quotes. At the moment, we should expect an attempt to develop a correction in the price of the coin and a test of the support area near the level of 27605. From where we should again expect a rebound upwards and continued growth in…