On Friday, Gold held above $1950 an ounce after gaining 0.7% in the previous trading session, which was boosted by dollar weakness as the Federal Reserve paused its monetary tightening campaign while other major central banks keep raising interest rates. However, Gold is still close to three-month lows as the Fed hinted at a possible two 0.25% rate hikes this year and the European Central Bank announced a 0.25% rate hike on Thursday and signaled further tightening. The Bank of England also plans to raise rates at its June meeting. At the same time, the People’s Bank of China cut…
Author: forex24pro
forex24pro
I trade in the foreign exchange market, and also invest in cryptocurrencies. I am 35 years old. Trade experience is 12 years. In trade, I use several unique trading systems, as well as simple tools for technical analysis. I plan to write my own book on trading.
On Friday, the New Zealand Dollar NZD/USD advanced and traded around $0.6261, holding its highest level in three weeks. This was driven by a weaker US dollar as the Federal Reserve refrained from raising rates earlier in the week, while other major central banks preferred to continue tightening monetary policy. The New Zealand Dollar continues to show its second consecutive week of growth, as there are signs that employment in the country remains at a high level, which softens the impact of the recession on the country’s economy. Data released on Thursday showed the country’s economy shrinking by 0.1% in…
The Swiss franc strengthened above the 0.9 mark, approaching a two-year high of 0.88 hit on May 3rd. This growth occurred against the backdrop of frequent signals about a possible rate hike from the Swiss National Bank. Although evidence points to a slowdown in inflation in the Swiss economy, fears about the risks associated with higher base prices led the head of the Swiss National Bank, Thomas Jordan, to note a possible rate hike next week. Moreover, demand deposits at the Swiss National Bank fell below CHF 510 billion in June, the lowest since 2016. This indicates that the central…
Bitcoin BTC/USD ends the trading week at 25566, continues to move as part of the development of a bearish correction and a 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 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 22905. From where we should again expect a rebound upwards and continued growth…
Ethereum ETH/USD ends the trading week at the level of 1668 and continues to move as part of the fall 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 down, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a price reduction and a test of the support level near the area of 1525. From where we should again expect a rebound upwards and continued growth…
Litecoin LTC/USD ends the trading week at 75.09 and continues to move as part of the fall and the formation of the Triangle pattern. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines down. This indicates pressure from sellers of the digital asset and a potential continuation of the fall in 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 67.55. Where can we expect a rebound again and an attempt…
Silver complete the trading week near the area of 23.96. Quotes continue to move within the growth and bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the metal and a potential continuation of growth 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 23.75. Further, the continuation of the rise in the…
Quotes of the S&P 500 stock index continue to move as part of growth and a bullish channel. Moving averages indicate a short-term uptrend. Prices broke through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at 4465. At the moment, we should expect an attempt to develop a correction and test the support level near the 4325 area. Where should we expect…
Currency pair Euro/Dollar EUR/USD continues to move as part of a bullish correction and the formation of the “Wedge” reversal pattern. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are again testing the area between the signal lines down, which indicates pressure from sellers of the European currency and a potential continuation of the fall in asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 1.0790. As part of the Forex forecast for June 15, 2023, we should expect an attempt to develop…
Currency pair Pound/Dollar GBP/USD continues to move as part of the development of the fall and the bearish channel. At the time of the publication of the forecast, the Pound to the US Dollar exchange rate on Forex is 1.2607. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt to develop a bullish correction of the British Pound against the US…