Author: forex24pro

On Friday, Gold traded near $1,910 an ounce, its lowest level in three months. This price move is due to aggressive monetary tightening and hawkish comments from major central banks putting pressure on the precious metal. Federal Reserve Chairman Jerome Powell stressed in his speech to Congress that the members of the Federal Open Market Committee (FOMC) now agree on the need to further raise interest rates because inflation remains too high. In the markets, the Federal Reserve is expected to raise rates by another 25 basis points in July. At the same time, the Bank of England and the…

On Friday, the New Zealand Dollar fell 0.4% to around $0.6143, another weakness for the second straight trading session. This is happening against the backdrop of a stronger US dollar supported by Fed Chairman Powell’s hawkish comments to Congress and confirming further interest rate hikes are possible. Domestically, the Reserve Bank of New Zealand announced a pause in monetary tightening last month after a series of 525 bps hikes in borrowing costs, hitting a 14-year high of 5.5% since October 2021. In terms of data, New Zealand’s trade surplus in May 2023 narrowed significantly from the same period a year…

The Swiss franc continues to hold the level near the level of 0.9 US Dollars, which is approaching its monthly high of 0.89, which was reached on June 15. This comes after the Swiss National Bank’s fifth consecutive interest rate hike and its indication of a possible future rate hike 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 continued spillovers, rising electricity prices, rents and continued inflationary pressure from international sources. The latest forecast suggests that the average annual inflation rate will be…

Bitcoin BTC/USD ends the trading week at 29995, continues to move as part of the development of strong 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 27505. From where we should again expect a rebound upwards and continued growth…

Ethereum ETH/USD ends the trading week at the 1878 level and continues to move as part of the growth and the bullish channel. Moving averages indicate the presence of a bullish trend for ETH/USD. Prices have broken through the area between the signal lines up, which indicates pressure from cryptocurrency buyers and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a price decrease and a test of the support level near the area of 1635. From where we should again expect a rebound upwards and continued growth in the…

Litecoin LTC/USD ends the trading week at 86.53 and continues to move as part of the growth and the formation of the “Triangle” model. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines up. This indicates pressure from buyers of the digital asset and the potential continued growth of the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price correction and a test of the support area near the level of 76.05. Where can we expect a rebound again and an attempt to continue…

Quotes of Silver XAG/USD complete the trading week near the area of 22.25. Quotes continue to move within the growth and bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the metal and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a slight decrease in the value of the asset and a test of the support level near the area of 21.95. Further, the continuation of…

The currency pair Euro to US Dollar (EUR/USD) continues to move within the framework of a bearish correction and a bullish channel. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices are once again testing the area between the signal lines, indicating pressure from buyers of the European currency and the potential continuation of the price increase from current levels. At the time of the forecast publication, the exchange rate of the Euro against the US Dollar is 1.0912. Within the Forex forecast for June 22, 2023, we can expect an attempt to continue…

The currency pair British Pound to US Dollar (GBP/USD) continues to move within the framework of a developing bearish correction and a bullish channel. At the time of the forecast publication, the exchange rate of the British Pound against the US Dollar in Forex is 1.2764. The moving averages indicate the presence of a short-term bullish trend. Prices are once again testing the area between the signal lines, indicating pressure from buyers of the currency pair and a potential continuation of the instrument’s price increase. Currently, we can expect an attempt to develop a correction in the exchange rate of…

The currency pair Australian Dollar to US Dollar (AUD/USD) continues to move within a correction and the formation of a reversal pattern called an “Expanding Formation.” The moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating pressure from buyers of the currency pair and a potential continuation of the price increase from current levels. At the time of the forecast publication, the exchange rate of the Australian Dollar against the US Dollar is 0.6787. Currently, we can expect an attempt to continue the development of the bullish correction…