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Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex News Timeline

Saturday, August 8, 2020

Gold (XAU/USD) bulls remained in the charge the past week and went onto hit a strong of fresh all-time highs above the $2050 mark. The spot, however,

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.Gold (XAU/USD) bulls remained in the charge the past week and went onto hit a strong of fresh all-time highs above the $2050 mark. The spot, however, paused the surge and corrected sharply by 2% on Friday to settle the week below the latter. Despite the corrective pullback, the yellow metal booked a ninth straight weekly gain, the longest winning streak on a weekly basis.   The non-yielding gold extended its bullish momentum and clocked fresh life-time highs at $2075 last week, mainly driven by the record low US inflation-adjusted real Treasury yields. The lower Treasury yields indicated faltering US economic recovery and knocked-off the US dollar to fresh two-year lows across its main competitors. Meanwhile, disappointing employment sub-indices of the ISM Manufacturing and Services PMIs combined with downbeat ADP jobs data pointed to slowing labor market recovery in the US amid coronavirus crisis, exacerbating the pain in the greenback. Heading into Friday, the tide turned against the USD bears amid a resurgence of the safe-haven demand, as the US-China tech war escalated after US President Donald Trump signed orders banning the Chinese tech apps. Collaborating with the dollar’s comeback was the report that the US is considering sanctions on the Hong Kong leader Carrie Lam, which accelerated the declines in gold. Also, US fiscal wrangling and above-forecasts US NFP data bolstered the dollar bulls. In the week ahead, the spotlight will remain on the US-China trade talks, in the face of souring diplomatic ties and worsening virus situation worldwide. The light US calendar will keep the focus shifted towards the broader risk trends and dollar dynamics. Gold: XAU/USD Key levels to watch    

There has been a key reversal on the daily NZD/USD chart and zooming in on the 4-hour you can see why. The price had been struggling for most of the s

NZD/USD is the worst-performing major on Friday down 1.27%.The price has broken a key trendline and support zone on the 4-hour chart.NZD/USD 4-hour chart There has been a key reversal on the daily NZD/USD chart and zooming in on the 4-hour you can see why. The price had been struggling for most of the session but when the non-farm payroll data was released things got from back to worse and the pair fell further.  Looking at the chart below, the price has test the red resistance line at 0.6594. More importantly, the black trendline has broken to the downside. The next support on the way down could be just below 0.6520. The price has also made the low high but now all that is left to confirm the trend change is the lower low wave.  The indicators have turned bearish too. The MACD histogram is now red and the signal lines have crossed over to the downside. The Relative Strength Index is very close to the oversold level but has not yet printed below 30. Next week the market will get the latest RBNZ rate decision. They might be concerned about the strength of the NZD even though it has fallen today. There is not expected to be any movement on rates but there may be an adjustment to QE.  Additional levels  
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