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Garis Masa Berita Forex

Rabu, Mei 18, 2022

GBP/USD bulls take a breather around 1.2500, after rising the most in 19 months the previous day. That said, the cable pair battles with the 20-DMA ar

GBP/USD grinds higher around weekly top after rising the most since October 2020.Monthly resistance break, firmer RSI keep buyers hopeful.Previous support line from December 2021 lures buyers.GBP/USD bulls take a breather around 1.2500, after rising the most in 19 months the previous day. That said, the cable pair battles with the 20-DMA around the weekly top by the press time of Wednesday’s Asian session, while waiting for the monthly inflation data from the UK. Read: UK CPI Preview: Inflation “apocalypse” priced in, GBP/USD has room to fall Although the 20-DMA level near 1.2500 tests the GBP/USD bulls, the cable pair’s ability to cross the one-month-old descending trend line, around 1.2250 at the latest, joins the firmer RSI line to underpin bullish bias. That said, the quote presently aims for the monthly peak surrounding 1.2640 before approaching the support-turned-resistance line from late 2021, around 1.2900 by the press time. On the contrary, two-week-old horizontal support around 1.2400 could restrict the short-term pullback of the GBP/USD prices before directing the bears toward the previous resistance line near 1.2250. In a case where GBP/USD drops below 1.2250, a south-run towards the latest multi-month low of 1.2155 and the 1.2000 psychological magnet can’t be ruled out. GBP/USD: Daily chart Trend: Further upside expected  

USD/CAD is moving below critical support on the charts and the pair could be in for a deeper run towards structure lower down. The following illustrat

USD/CAD is in the hands of the bears that are taking out key support structures. Price imbalance mitigation between 1.2700 and 1.2900 would be expected to play out over the coming days. USD/CAD is moving below critical support on the charts and the pair could be in for a deeper run towards structure lower down. The following illustrates the potential price path on various time frames for the foreseeable future. USD/CAD daily chart The price would be expected to meet with demand in the low 1.2700s and potentially mitigate upside territory and price imbalances over the course of the coming days between there and 1.2900 vs. the counter trendline.   USD/CAD H4 and H1 charts  The price has melted all the way through four-hour support and is now embarking on a run even lower to test the next critical layer of support in the 1.2770s.  This is identified even clearer on the hourly chart. 

The USD/JPY pair is witnessing a gradual fall in the Asian session after the Japanese Cabinet Office reported the annual Gross Domestic Product (GDP)

USD/JPY has failed to overstep 129.50 on higher-than-expected Japan’s GDP.Fed may feature more 50 bps rate hikes to cool off the heated inflation.Japan’s inflation may elevate to 1.5% vs. 1.2% this week.The USD/JPY pair is witnessing a gradual fall in the Asian session after the Japanese Cabinet Office reported the annual Gross Domestic Product (GDP) numbers at -1% vs. the expectation of -1.8% and the prior print of 3.8%. A less negative GDP figure has supported the Japanese yen against the greenback. The quarterly GDP numbers have also outperformed after landing at -0.2% against the estimated figure of -0.4%. Apart from the GDP numbers, the vulnerable performance of the US dollar index (DXY) is also hurting the asset. The DXY is set to display more losses as the asset has tumbled below Tuesday’s low at 103.23. An improvement in the risk appetite of the market participants has dampened the safe-haven appeal of the DXY. Meanwhile, odds of a 50 basis point (bps) rate hike by the Federal Reserve (Fed) has been bolstered as the Fed is focusing on scaling down the soaring inflation in a most ‘convincing’ way. To cool off the heated inflation, Fed needs to feature more rate hikes sooner rather than later. Investors should brace for more than two jumbo rate hikes in the calendar year. It is worth noting that the Fed has already announced one jumbo rate hike in the first week of May. This week, the major event will be Japan’s inflation numbers, which are due on Friday. A preliminary estimate for the annual Consumer Price Index (CPI) figure is 1.5% vs. the prior print of 1.2%. Along with this, the core CPI could drop to -0.9%, against the former figure of 0.7%.      

Australia Westpac Leading Index (MoM) down to -0.2% in April from previous 0.35%

Having witnessed an upbeat start to the week, trading sentiment eased during the mid-Asian session on Wednesday as a lack of major catalyst, as well a

Global markets stabilize as risk-on mood fades amid hawkish Fedspeak, light calendar.Fed’s Evans pushes for faster rate hikes to reach 2.25-2.5% neutral range.Fed Chairman Powell, Bullard backed 50 bps but firmer data favored yields.China’s covid optimism, recently upbeat data across the globe underpinned positive sentiment of late.Having witnessed an upbeat start to the week, trading sentiment eased during the mid-Asian session on Wednesday as a lack of major catalyst, as well as hawkish comments from the Fed official, challenged previous optimism. Amid these plays, the Wall Street benchmarks closed positive even if the US 10-year Treasury yields rose nearly 10 bps to 2.99% at the latest. The S&P 500 Futures struggle, however, around 4,090 by the press time. That said, recent comments from Chicago Fed President Charles Evans seem to have weighed on the market’s mood by renewing fears of a faster rate hike as the policymaker said, “(the Fed) Should raise rates to 2.25%-2.5% neutral range 'expeditiously'.” On Tuesday, Fed Chair Jerome Powell and a generally-hawkish St Louis Fed President James Bullard pushed for a 50 bps rate hike and weighed on the USD. Also weighing on the market’s mood is the news, shared by Reuters, suggesting that the European Commission is up for releasing plans to escape route from Russian fossil fuels. It’s worth noting that Shanghai’s plans for unlock, after witnessing a three-day streak of zero covid cases outside the quarantine area, joined the dragon nation’s readiness for further infrastructure spending to underpin market optimism the previous day. On the same line were firmer Eurozone GDP and the US Retail Sales figures that shrug off growth concerns. The preliminary Eurozone GDP for Q1 2022. The bloc’s GDP rose past 5.0% YoY to 5.1% while also rising above 0.2% QoQ expectations to 0.3%. On the other hand, the US Retail Sales rose at a pace of 0.9% MoM in April, slightly better than the expected pace of 0.7% but softer than the upwardly revised 1.4% growth (from 0.5%). Recently, Japan’s preliminary readings of Q1 2022 GDP rose past -0.4% expectations to -0.2% QoQ whereas the Annualized GDP improved to -1.0% versus -1.8% forecasted. Moving on, headlines concerning covid, geopolitics and growth become crucial for short-term directions amid a light calendar day ahead, except for inflation numbers from Eurozone and Canada, not to forget second-tier housing data from the US. Also read: Forex Today: Dollar extends its decline as sentiment improves

Silver (XAG/USD) steadies around $21.60, following a pullback from the weekly high, during Wednesday’s Asian session. In doing so, the bright metal ju

Silver prices struggle to extend monthly resistance breakout.Bearish candlestick, 10-DMA probes upside momentum.Impending bull cross on MACD, clear break of short-term resistance, not support, keeps buyers hopeful.Silver (XAG/USD) steadies around $21.60, following a pullback from the weekly high, during Wednesday’s Asian session. In doing so, the bright metal justifies Tuesday’s Gravestone Doji candlestick while also portraying failures to cross the 10-DMA, around $21.65 by the press time. Even so, a looming bull cross of the MACD signal joins the metal’s successful break of a one-month-old resistance, now support around $21.20, to keep silver buyers hopeful. Should the quote rises past $21.65, the $22.00 may offer an intermediate halt during the run-up to a monthly high near $23.30. Meanwhile, a downside break of the resistance-turned-support, near $21.20, won’t hesitate to direct XAG/USD towards the multi-month low marked in May around $20.45. Following that, the $20.00 psychological magnet will be crucial for the bears to watch. Overall, silver remains directed towards the north but short-term hurdles test recovery moves. Silver: Daily chart Trend: Further upside expected  

The USD/CHF pair is struggling below 0.9950 as the risk-on market mood deepens and safe-haven appeal loses strength. The pair has remained vulnerable

USD/CHF is auctioning below 0.9950 on positive market sentiment.Fed’s focus on bringing price stability will force it to announce more rate hikes.The Swiss franc bulls are awaiting the release of the Industrial Production, which is due on Friday.The USD/CHF pair is struggling below 0.9950 as the risk-on market mood deepens and safe-haven appeal loses strength. The pair has remained vulnerable after surrendering the psychological cushion of 1.0000 on Tuesday and has dropped to near 0.9920. The US dollar index (DXY) has shifted into a correction phase after remaining firmer for the past few trading weeks. The DXY has tumbled to near 103.20 and has eased 1.5% after registering a fresh 19-year high at 105.00 last week. It looks like the market participants have already discounted the interest rate hikes, which are to be announced by the Federal Reserve (Fed) this year. The Q&A session with Fed chair Jerome Powell at Wall Street Journal (WSJ), has cleared the intentions of the Fed towards bringing price stability to the economy. Mounting inflationary pressures are hurting the paychecks of the households. To contain the soaring inflation, the Fed would resort to deploying strict quantitative measures to scale down the heated inflation. On the Swiss franc front, investors are awaiting the release of the Industrial Production numbers, which are due on Friday. Earlier, the Swiss Statistics reported the quarterly Industrial Production at 7.3%. A higher-than-expected figure will further strengthen the Swiss franc bulls against the greenback. Alternatively, the greenback bulls could regain control if the occurrence reverses.    

Japan's Gross Domestic Product, released by the Cabinet Office, has been released as follows: Japanese GDP Annualised SA (QoQ) Q1 P: -1.0% (exp -1.8%

  Japan's Gross Domestic Product, released by the Cabinet Office, has been released as follows: Japanese GDP Annualised SA (QoQ) Q1 P: -1.0% (exp -1.8%; R previous 3.8%). GDP SA (QoQ) Q1 P: -0.2% (exp -0.4%; R previos 0.9%). ''The omicron outbreak and associated hit to consumption were anticipated to weigh heavily on GDP growth in Q1,'' analysts at Westpac said. ''Meanwhile, supply issues will continue to be a headwind to industrial production in March.'' USD/JPY is steady on the release around 129.50.  About the Gross Domestic Product GDP is released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative

Japan Gross Domestic Product Deflator (YoY) above expectations (-1.2%) in 1Q: Actual (-0.4%)

Japan Gross Domestic Product Annualized above expectations (-1.8%) in 1Q: Actual (-1%)

Japan Gross Domestic Product (QoQ) registered at -0.2% above expectations (-0.4%) in 1Q

AUD/USD seesaws around the weekly high, pausing a three-day rebound from the two-year low, as it takes rounds to 0.7030 during Wednesday’s Asian sessi

AUD/USD struggles to extend three-day uptrend, grinds higher of late.Fed’s Evans pushes for an ‘expeditious’ rate hike to 2.25-2.50% neutral range.US dollar weakness, hawkish RBA Minutes and covid optimism in China previously favored bulls.Aussie Wage Price Index for Q1 2022 will be crucial considering RBA’s 40 bps talks.AUD/USD seesaws around the weekly high, pausing a three-day rebound from the two-year low, as it takes rounds to 0.7030 during Wednesday’s Asian session. The Aussie pair’s latest inaction could be linked to the lack of positive sentiment in the market, mainly triggered by the fresh fears of the US Fed’s faster rate hikes. Also challenging the AUD/USD buyers is the anxiety ahead of the quarterly Wage Price Index from Australia. Recent comments from Chicago Fed President Charles Evans seem to have weighed on the market’s mood by renewing fears of a faster rate hike as the policymaker said, “(the Fed) Should raise rates to 2.25%-2.5% neutral range 'expeditiously'.” On Tuesday, Fed Chair Jerome Powell and a generally-hawkish St Louis Fed President James Bullard pushed for a 50 bps rate hike and weighed on the USD. It’s worth noting that chatters of 40 basis points (bps) of a rate hike by the Reserve Bank of Australia (RBA), spread via the Minutes of the latest RBA meeting, underpinned the AUD/USD pair’s upside momentum the previous day. On the same line were headlines suggesting Shanghai’s nearness to reversing the covid-led activity restrictions. Also favoring the quote were headlines suggesting more investments from China and firmer prices of equities, as well as commodities. That said, the Wall Street benchmarks closed positive even if the US 10-year Treasury yields rose nearly 10 bps to 2.99% at the latest. The S&P 500 Futures struggle, however, around 4,090 by the press time. Moving on, Aussie Wage Price Index for Q1 2022, expected 0.8% QoQ versus 0.7% prior, will be important for immediate direction amid hawkish concerns over RBA. Following that, the US housing numbers and risk catalysts will be crucial for trading impetus. Technical analysis A clear upside break of the 10-DMA level of 0.6984, as well as lows marked during January 2022 surrounding 0.6965, directs AUD/USD buyers toward a monthly resistance line near 0.7080.  

The GBP/USD pair is displaying back and forth moves in a narrow range of 1.2484-1.2496 in the Asian session as investors are on the sidelines ahead of

GBP/USD is juggling in a 1.2484-1.2496 as investors await UK Inflation.The annual UK CPI is seen at 9.1% against the prior print of 7%.Pound bulls have strengthened on upbeat market mood and Employment data.The GBP/USD pair is displaying back and forth moves in a narrow range of 1.2484-1.2496 in the Asian session as investors are on the sidelines ahead of the UK Consumer Price Index (CPI) figures on Wednesday. As per the market consensus, the annual inflation figure is eyeing the rooftop. The yearly CPI figure is seen at 9.1%, potentially higher than the prior print of 7%. While, the annual core CPI would jump to 6.2%, against the former figure of 5.7%. A higher reading of the UK inflation is compelling for more rate hikes by the Bank of England (BOE) in the next monetary policy meetings. It would be justified to state that BOE Governor Andrew Bailey could feature a jumbo rate hike to contain the inflation mess. The inflation looks sky-rocketing in the UK zone and the BOE needs to take certain quantitative measures to safeguard the paychecks of the households. Meanwhile, the jobless claims in the sterling area have reduced sharply by 56.9k, higher than the expectations of 38.8k. Also, the monthly ILO Unemployment Rate has been improved to 3.7% than the consensus and prior print of 3.8%. On the dollar front, the US dollar index (DXY) is hovering around 103.30 and is expected to scale lower amid an improvement in the risk appetite of the market participants. The odds of a jumbo rate hike by the Federal Reserve (Fed) in June are advancing sharply as the Fed is focusing to bring price stability sooner. Fed chair Jerome Powell has stated in Q&A at Wall Street Journal that inflation needs to get dropped in a ‘convincing’ way.  

NZD/USD takes rounds to 0.6360 as it battles with the short-term key hurdle during Wednesday’s Asian session, after a three-day rebound from the two-y

NZD/USD struggles to extend three-day uptrend around weekly top.One-month-old descending resistance line, 100-SMA probe buyers, 50-SMA restricts immediate downside.RSI, MACD conditions signal firmer upside momentum of late.NZD/USD takes rounds to 0.6360 as it battles with the short-term key hurdle during Wednesday’s Asian session, after a three-day rebound from the two-year low. In doing so, the Kiwi pair jostles with a downward sloping resistance line from late April amid firmer RSI and MACD conditions. It’s worth noting that the 100-SMA level of 0.6405 also challenges the NZD/USD buyers, even if they manage to successfully cross the 0.6360 hurdle. Following that, a run-up towards the 0.6500 and then to the monthly high near 0.6570 can’t be ruled out. Alternatively, the 50-SMA level surrounding 0.6315-10 restricts the short-term downside of the NZD/USD pair ahead of the monthly low near 0.6215. In a case where the pair drops below 0.6215, a late 2019 bottom around 0.6200 will be crucial to watch. NZD/USD: Four-hour chart Trend: Further upside expected  

The GBP/JPY rallied for the third straight day and reached a fresh weekly high around 161.85, recording minimal gains as the Asian Pacific session beg

On Tuesday, the GBP/JPY gained around 1.58%, pushing the weekly gains to 2.04%.Sentiment improved as Shanghai is about to lift restrictions, helping to ease the supply chain constraints.GBP/JPY Price Forecast: Upward biased, but bulls would face solid resistance around 162.00.The GBP/JPY rallied for the third straight day and reached a fresh weekly high around 161.85, recording minimal gains as the Asian Pacific session began. At the time of writing, the GBP/JPY is trading at 161.67, up 0.07%. Sentiment-wise, Wall Street’s session was positive, as reflected by US equities. Asian futures point to a higher open, courtesy of the improvement in the Covid-19 outbreak in China, particularly Shanghai, the second largest industrial hub in China, which reported zero coronavirus cases for the third consecutive day. “From June 1 to mid-and late June, as long as risks of a rebound in infections are controlled, we will fully implement epidemic prevention and control, normalise management and fully restore normal production and life in the city,” deputy mayor Zong Ming said. Meanwhile, on Tuesday, the GBP/JPY opened near the day’s lows, around 158.70s, and then rallied 250-pips during the day, breaking several figures on its way north, until settling around 161.50.GBP/JPY Price Forecast: Technical outlookThe GBP/JPY remains upward biased, as shown by the daily chart. However, traders need to be aware that a head-and-shoulders chart pattern is still in play, but a daily close above April 28 swing high at 164.25, would invalidate the chart pattern and would open the door for further gains. Upwards, the GBP/JPY’s first resistance would be May 9, the daily high at 162.18. A breach of the latter would expose the 163.00 mark, followed by April 28 swing high at 164.25. On the other hand, the GBP/JPY first support would be the head-and-shoulders neckline around 160.00. Break below could send the pair aiming toward the 100-day moving average (DMA) at 158.09, followed by May 12 swing low at 155.58.Key Technical Levels 

Japan manufacturers' mood slips to 15-month low in May – Reuters Tankan Poll More to come

Japan manufacturers' mood slips to 15-month low in May – Reuters Tankan Poll   More to come

WTI takes the bids to regain $111.00, paring the losses from a seven-week high flashed recently, as oil buyers cheer API inventories, as well as fears

WTI picks up bids to reverse pullback from seven-week top.API Weekly Crude Oil Stock registered surprise fall of 2.445M for the week ended May 13.Market sentiment improves as Fedspeak refrains from 75 bps idea, firmer macros, China news also favors buyers.Updates over European oil embargo on Russia, coronavirus and EIA stockpiles will be important for fresh directions.WTI takes the bids to regain $111.00, paring the losses from a seven-week high flashed recently, as oil buyers cheer API inventories, as well as fears of more supply crunch, during Wednesday’s early Asian session. That said, the weekly prints of the American Petroleum Institute’s (API) Crude Oil Stock data for the period ended on May 13 flashed a depletion of 2.445M barrels versus the previous addition of 1.618M. Other than the API inventories, news from Reuters that the European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027 favored oil buyers of late. “To wean countries off those fuels, Brussels will propose a three-pronged plan: a switch to import more non-Russian gas, a faster rollout of renewable energy, and more effort to save energy, according to draft documents seen by Reuters,” said the news. Elsewhere, China’s hopes of overcoming covid-led lockdowns in Shanghai and recently firmer data in the US and the Eurozone, coupled with the OPEC+ failures to meet the monthly target output, also favor the WTI crude oil buyers. Additionally, a softer USD offered an extra strength to the black gold prices. Alternatively, inflation fears and hawkish comments from the key central bankers keep a tab on the energy prices. On the same line is global energy producers’ rejection to cut output. Moving on, the official weekly oil inventory data from the Energy Information Administration (EIA), expected 1.533M versus 8.487M prior, will direct short-term oil prices. Also important are the risk catalysts including China's covid conditions, rate hike concerns and geopolitical woes. Technical analysis An upward sloping trend line from late March, around 111.40 by the press time, appears the key short-term hurdle for WTI buyers ahead of aiming for a late March swing high near $115.85. Meanwhile, sellers will wait for a clear break of the 10-DMA, around $106.80 by the press time.  

Gold price (XAU/USD) is establishing below $1,820.00 after a modest fall from a high of $1,836.55 on Tuesday. The precious metal has failed to capital

Gold price is oscillating below $1,820.00, seeking a rally after a pullback.The Fed is focusing on bringing price stability to the economy.The precious metal is holding above 50% Fibo retracement.Gold price (XAU/USD) is establishing below $1,820.00 after a modest fall from a high of $1,836.55 on Tuesday. The precious metal has failed to capitalize upon the diminishing safe-haven appeal of the US dollar index (DXY). The DXY has eased more than 1.5%, at the press time, from its recent 19-year high of 105.00 in the last two trading sessions. A balance in a range of 103.23-103.55 has been witnessed in the New York session, which is expected to get imbalanced sooner. Fed Powell’s focus on bringing price stability Federal Reserve (Fed) chair Jerome Powell has already announced two more jumbo rate hikes in the next two monetary policy meetings to curb the inflation mess, in an interview with Marketplace National Radio Station. Carry-forwarding his views in Q&A at Wall Street Journal, the focus of Fed’s Powell is to bring price stability to the economy. Fed’s Powell has also dictated that the central bank will keep with its tightening monetary policy until the inflation drops significantly. This week, the light economic calendar will keep bringing topsy-turvy moves in the precious metal and investors will keep focusing on statements from Fed policymakers. Gold technical analysis On an hourly scale, XAU/USD is holding above the 50% Fibonacci retracement (placed from Monday’s low $1,786.94 to Tuesday’s high at $1,836.15) at $1,811.63. The precious metal has tumbled below the 50-period Exponential Moving Average (EMA) at $1,821.02. The Relative Strength Index (RSI) (14) is sensing support at 40.00 levels, which indicates the availability of responsive buying participants. Gold hourly chart    

Chicago Fed President Charles Evans on Wednesday said that (the Fed) should raise rates to 2.25%-2.5% neutral range 'expeditiously'. more to come

Chicago Fed President Charles Evans on Wednesday said that (the Fed) should raise rates to 2.25%-2.5% neutral range 'expeditiously'.   more to come  

The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use

The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away from Moscow to quicken its shift to green energy, per Reuters.  more to come

EUR/USD bulls take a breather around mid-1.0500s, the weekly high, after positing the heaviest daily jump since early March. That said, the major curr

EUR/USD steadies around weekly top following the heavy run-up.Hawkish ECBspeak, EU GDP data favored Euro bulls amid market’s cautious optimism.US dollar stayed pressured despite firmer US statistics, upbeat yields.Second-tier data may entertain traders, risk catalysts are more important for fresh impulses.EUR/USD bulls take a breather around mid-1.0500s, the weekly high, after positing the heaviest daily jump since early March. That said, the major currency pair has been trading inside a 30-pip range during the last hours of Tuesday, after a stellar rise, poking the range high surrounding 1.0550 as Asian traders brace for Wednesday’s work, A fresh round of hawkish comments from the European Central Bank (ECB) policymakers has been the key support to the regional currency. Among them, Tuesday’s comments from European Central Bank (ECB) Governing Council member Klaas Knot was the most hawkish and fuelling the EUR/USD prices. ECB’s Knot told the Dutch TV that a 50 basis points (bps) rate hike should not be excluded if data in the next few months suggest that inflation is broadening and accumulating. On the same line were comments from European Central Bank Governing Council member Mario Centeno said on Tuesday that the normalization of monetary policy is desired and must happen, reported Reuters. Additionally favoring the EUR/USD bulls was a slightly better-than-forecast reading of the preliminary Eurozone GDP for Q1 2022. The bloc’s GDP rose past 5.0% YoY to 5.1% while also rising above 0.2% QoQ expectations to 0.3%. On the other hand, Fed Chairman Jerome Powell repeated his usual push for the 50 bps rate hike and didn’t surprise markets, despite pausing equity bulls. However, St Louis Fed President and outspoken hawkish FOMC member James Bullard’s preference for a 50 bps move, versus the previous support to the 75 bps action, seemed to have weighed on the US dollar. That said, the US Treasury yields remained firmer, up nearly 10 bps to 2.99% at the latest. Talking about the US data, US Retail Sales rose at a pace of 0.9% MoM in April, slightly better than the expected pace of 0.7% but softer than the upwardly revised 1.4% growth (from 0.5%). US Retail Sales ex Autos, popularly known as Core Retail Sales, rose 0.6% MoM in April versus the 0.4% expected gain. It is worth noting that there was a big upward revision to the previous month’s Core Retail Sales figures, to 2.1% MoM versus the prior estimate of 1.1%.  Elsewhere, improvement in covid conditions in China previously spread optimism in Asia, backed by softer US data. However, fears emanating from the Russia-Ukraine tussles challenge the bulls. Moving on, final readings of Eurozone HICP for April precedes the US housing numbers to entertain EUR/USD traders. However, major attention will be given to talks of rate hikes, inflation and growth, not to forget covid and geopolitics, for clear directions. Technical analysis A previous support line from late 2021 challenges immediate EUR/USD upside around 1.0550 ahead of the 21-DMA hurdle surrounding 1.0575. Meanwhile, a fresh downside can aim for April’s low of 1.0471.  

As per the prior analysis, AUD/USD Price Analysis: Bulls are taking charge at critical daily resistance, the bulls have moved in to the target area on

AUD/USD bears are looking for a discount at critical level.The bulls are testing bear's commitments at daily resistance. As per the prior analysis, AUD/USD Price Analysis: Bulls are taking charge at critical daily resistance, the bulls have moved in to the target area on the daily chart as follows: AUD/USD daioy chart, prior analysis AUD/USD live charts The price could now struggle at this juncture and if the bears commit at a diocount, then we coudl see a follow though into the weekly targt areas for the forseeible future: AUD/USD weekly chart The bears will be looking to the 0.68 figure to mitigate the price imbalance between 0.6776 and 0.6828 ahead of 0.6536.

The EUR/JPY pair is hovering around 136.50 in the early Asian session after a bullish Tuesday. The cross witnessed some significant bets from the mark

EUR/JPY may continue its three-day winning streak amid a rebound in the risk-on impulse.The odds of a rate hike by the ECB in July have risen strongly.In today’s session, Eurozone HICP and Japan’s GDP will remain in focus.The EUR/JPY pair is hovering around 136.50 in the early Asian session after a bullish Tuesday. The cross witnessed some significant bets from the market participants as investors underpinned risk-on impulse in the global market. The asset has displayed a three-day winning streak and is likely to continue further amid a firmer market mood. The shared currency bulls are performing strongly against the Japanese yen on strong Gross Domestic Product (GDP) numbers. The annual figure has landed at 5.1%, a little higher than the former figure of 5%. Apart from that, Employment Change in the eurozone failed to keep up with the forecasts. The Employment Change landed at 2.6%, lower than the estimates of 2.7%. Going forward, investors will keep an eye on the HICP number by the Eurostat. The yearly HICP figure is seen as stable at 7.5%. The shared currency bulls got extra mileage on Tuesday amid rising hopes of a 25 basis point (bps) rate hike in July. European Central Bank (ECB) Governing Council member Klaas Knot, speaking on Dutch TV, claimed that mounting price pressures could open doors for a 50 bps rate hike, however, a quarter-to-a-percent seems more realistic. Meanwhile, the yen bulls are awaiting the release of the GDP numbers on Wednesday. The annual GDP figure is expected to release at -1.8%, against the previous figure of 4.6%. While the quarterly figure may decline to -0.4% in comparison with the prior print of 1.1%.  

The AUD/JPY advances as the North American session winds down, gaining 1.01%, courtesy of a positive market mood. Reports from China say that Shanghai

The AUD/JPY extended its gains for the third straight day, courtesy of a buoyant market mood.Improvement in the Covid-19 situation in China shifted sentiment positively, as reflected by global equities rallying.AUD/JPY Price Forecast: Neutral-upwards in both time-frames, though a bearish flag in the hourly chart could send the pair sliding towards 90.00.The AUD/JPY advances as the North American session winds down, gaining 1.01%, courtesy of a positive market mood. Reports from China say that Shanghai has not reported Covid-19 cases for the third straight day, as the deputy major Zong Ming noted that Shanghai’s reopening would be carried out in stages. At the time of writing, the AUD/JPY is trading at 90.94. Reflection of the above-mentioned is the behavior of US equities, finishing the session with gains. At the same time, Asian futures are pointing to a higher open, carrying on sentiment from Tuesday. On Tuesday, the AUD/JPY opened around the 90.00 mark, and as China’s news crossed newswires, the risk barometer of the FX space rallied 120-pips, reaching a daily high at around 91.16, to finally retreat below the 91.00 threshold as the New York session came to an end.AUD/JPY Price Forecast: Technical outlookDaily chartThe AUD/JPY daily chart depicts the pair as neutral-upward biased, as the exchange rate is trapped between the 50 and the 100-day moving averages (DMAs), each at 91.19 and 86.97, respectively. MACD’s histogram shows that the distance between the MACD-line and the signal is reducing, suggesting that the former would crossover the latter, triggering a bullish signal that, if achieved, the cross-currency pair would face solid resistance at around 92.55-65.Hourly chartThe AUD/JPY is also neutral-upward biased in this time frame, but it is close to the 200-hour simple moving average (SMA) at around 90.47. It is worth noting that the pair is moving within the boundaries of an ascending channel, meaning that a bearish flag is forming, suggesting the AUD/JPY might resume the previous downtrend unless it breaks above the top-trendline of the channel. Upwards, the AUD/JPY first resistance would be the R1 daily pivot at 91.45. Break above would expose the confluence of the R2 pivot point and April 27, 2020, daily high at 91.98, followed by a downslope trendline, around 92.50-65. On the other hand, the AUD/JPY first support would be the daily pivot point at around 90.66. Break below would expose the 200-hour SMA at 90.47, followed by the confluence of the 100-hour SMA and the S1 daily pivot at 90.07.  

The Telegraph has reported that ''the EU will offer Britain new concessions on the Northern Ireland Protocol, but has threatened a trade war if Boris

The Telegraph has reported that ''the EU will offer Britain new concessions on the Northern Ireland Protocol, but has threatened a trade war if Boris Johnson refuses to agree a compromise.'' The British pound has been vunerable this week on such angst surrounding Brexit, so this should come as a relief to investors of Uk assets. GBP/USd is trading at 1.2490, supported on the news as well as an improved risk sentiment in markets on Tuesday.  Meanwhie, the Telegraph wrrote that it ''understands that the European Commission will propose tweaking the bloc’s own laws to ease checks between mainland Britain and the province in order to end the long-running row over Brexit rules.'' According to sources, the Telegraph said, ''Maros Sefcovic, the EU’s chief negotiator, set out the olive branch in a call with Liz Truss after weeks of acrimony between the pair.'' ''Details of their conversion emerged after the Foreign Secretary vowed on Tuesday to introduce new powers to tear up the post-Brexit solution and suspend border checks in the Irish Sea. Despite the threat, insiders said that Mr Sefcovic was willing to agree significant compromises to virtually eliminate all customs and food safety checks between Great Britain and Northern Ireland, as he did with medicines.''  

The USD/CAD pair is scaling lower after sensing rejection from its crucial resistance of 1.2850. The asset is oscillating around Tuesday’s low at 1.28

USD/CAD is expecting more downside as DXY weakens significantly on a positive market mood.The Fed will keep a restricted policy until inflation comes down drastically.Canada’s annual CPI figure is seen unchanged at 6.7%The USD/CAD pair is scaling lower after sensing rejection from its crucial resistance of 1.2850. The asset is oscillating around Tuesday’s low at 1.2807 and is expected to extend its losses after violating the same. A sheer downside move in the major after failing to sustain above the psychological support of 1.3000 intensified selling pressures, which resulted in a three-day losing streak. A firmer rebound in the risk-on impulse has brought weakness in the US dollar index (DXY)’s safe-haven appeal. The DXY has tumbled to near 103.30 despite higher-than-expected US Retail Sales. The US Census Bureau reported the Retail Sales at 0.9%, higher than the consensus of 0.7%. The rebound in the positive market sentiment is so strong this time that a bearish reversal in the DXY looks likely. The DXY has eased more than 1.5% in the last three trading sessions after hitting a 19-year high of 105.00 last week. Meanwhile, Federal Reserve (Fed) chair Jerome Powell in his Q&A with Wall Street Journal has emphasized on bring price stability to the economy. The Fed will continue with its tightening policy until the inflation drops in a convincing way. On the loonie front, investors are focusing on the release of the Consumer Price Index (CPI) numbers. The core annual inflation figure that excludes food and energy is seen at 5.4%, a little lower than the prior print of 5.5%. While the wholesome annual figure is expected to remain stable at 6.7%. This will keep the odds of one more rate hike by the Bank of Canada (BOC) intact.  

United States API Weekly Crude Oil Stock dipped from previous 1.618M to -2.445M in May 13

At 129.34, USD/JPY is higher by some 0.18% into the close on Wall Street. Risk rallied on Tuesday as April industrial production and retail sales grew

USD/JPY held ground despite weakness in the US dollar and firmer risk appetite. The Fed chair failed to deliver anything new in his WSJ interview and risk appetite recovered on Wall Street. At 129.34, USD/JPY is higher by some 0.18% into the close on Wall Street. Risk rallied on Tuesday as April industrial production and retail sales grew more than expected, indicating the strength of the economy which to some extent helped the US dollar vs the safe-haven yen. As a consequence of the good mood, the S&P 500 and the Dow advanced 2.0% and 1.3%, respectively, while the tech-heavy Nasdaq jumped 2.8%. However, besides the yen, the dollar fell for a third straight day on Tuesday vs.s a basket of currencies. The greenback was pulling back from a two-decade high against a basket of major peers, as an uptick in investors' appetite for riskier bets diminished the US currency's appeal. The US 10-year yield jumped by 10.5 basis points to 2.98%.  The U.S. Dollar Currency Index (DXY), which tracks the greenback against six major currencies, was down 0.84% at 103.226, its lowest since May 6. The index hit a two-decade high last week supported by a hawkish Federal Reserve and worries over the global economic situation. Fed Chair Jerome Powell, speaking at a Wall Street Journal event, vowed to "keep pushing" until it was clear the current inflationary wave is on the wane but this failed to keep risk down for long and equities rallied into the close for fresh highs.  As for data, Retail Sales and industrial output data provided a dose of optimism for market participants who fear the expected series of 50-basis-point interest rate hikes could drag the economy into recession. Additionally,  reports that authorities in China are preparing to relax COVID-19 restrictions allayed worries over the risks to supply chains and weakening Chinese demand that would be expected to continue weighing on the global outlook.  
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