Weak Yen from Japan’s loose policy, strong US dollar, and global inflation. Fed meeting eyed for rate hike clues.
Tech and Fundamental
EURGBP currency pair can be expected to fall further toward the next support level 0.8500, which has been reversing the price from August.,
US inflation data came in hotter than expected, pressuring the Federal Reserve to potentially raise interest rates and causing the US Dollar to rise against the Euro as the Eurozone faces economic uncertainties.
USDJPY currency pair can be expected to rise further toward the next resistance level 160.00, target price for the completion of the active impulse sequence (C).
Solana cryptocurrency can be expected to fall further toward the next support level 130.00, target price for the completion of the active impulse wave (i).
Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.
EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.
WTI crude oil can be expected to rise further toward the next major resistance level 86.00, which has been reversing the price from October.
US Dollar strengthens as easing Middle East tensions and strong economic data boost investor confidence, while dovish central banks and weak data weigh on the Euro.
GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.
The Federal Reserve walks a delicate line, addressing high inflation through a hawkish stance while avoiding stifling economic growth.
Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 67000.00, top of the previous minor correction ii.
EURUSD currency pair can be expected to fall further toward the next support level 1.0600 (which reversed the price earlier this month).
The Fed’s hawkish stance on interest rates is strengthening the US dollar while central banks globally grapple with inflation and economic growth.
S&P 500 index can be expected to fall further toward the next support level 5000.00, followed by 4940.00 (which reversed the price twice in February).
The US dollar continues its upward trajectory, buoyed by robust retail sales figures and shifting expectations around Federal Reserve rate cuts.
Last night (Australian time) at 10:30 pm, a highly anticipated economic indicator was released from the United States: Retail Sales and Core Retail Sales MoM.
Hong Kong’s stock market has embarked on a dramatic recovery, reversing last week’s steep declines amid a backdrop of significant historical and economic shifts.
Looking at the landscape of the foreign exchange market right now, understanding the dynamics at play becomes paramount, particularly as the USD asserts its dominance amidst a backdrop of global turbulence.
