FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%
EUR/USD
1.1726
BTC/USD
48 251.96
GBP/USD
1.3741
USD/JPY
109.9290
USD/CHF
0.9322
USD/CAD
1.2769
EUR/JPY
128.9017

Dollar crumbles as market mood brightens


29 April 2020

There was no love for king Dollar on Tuesday as investors became increasingly optimistic over countries across the globe easing coronavirus lockdown measures.

The noticeable jump in global sentiment and risk appetite is bad news for safe-haven assets with the Greenback likely to weaken further as market players rush to equities and emerging market currencies.

Technical traders will continue to observe how the Dollar Index behaves below 100.00. Sustained weakness under this point should open the doors towards 98.90.

USDJPY tumbles towards 106.50


Over the past 24 hours, the Japanese Yen has appreciated against every single G10 currency excluding the Swedish Krona and Norwegian Krone.

As risk-on makes a return, investors are less inclined to purchase the Dollar but the same can also be said for the Japanese Yen. Expect the Yen to weaken further this week, especially if the market mood continues to brighten.

Looking at the techicals, the USDJPY is under pressure on the daily charts. A decisive breakdown below 106.50 could open the doors towards 105.80 and possibly lower. Alternatively, if 106.50 proves to be reliable support, prices may rebound towards 108.00.

EURGBP breakout opportunity in play


Since the beginning of April 2020, the EURGBP has traded within a wide 160 pip range with support at 0.8680 and resistance at 0.8850.

Sustained weakness below 0.8770 could encourage a decline towards 0.8680 and 0.8570. Alternatively, a breakout above 0.8770 may open a path towards 0.8850.

Crude Oil depressed and unloved 


US oil prices fell tumbled on Tuesday as concerns over storage capacity rekindled fears over WTI Crude descending back into negative territory.

The West Texas Intermediate contract for June delivery shed 20 per cent to a low of $10.07 a barrel in early London trading before clawing back some loses later in the afternoon. For as long as global recession fears and concerns over lack of storage capacity remain dominant themes, the path of least resistance for Oil remains south.

Commodity spotlight: Gold 


Gold dropped below $1,700 on Tuesday as risk appetite made a return.

The easing of lockdown restrictions in several countries, coupled with rising stock markets exerted downside pressure on Gold. With optimism in the air over the coronavirus developments, Gold and other safe-haven assets are positioned to weaken in the short term.

Regardless of the recent dip in prices, the technical still remain positive and in favour of bulls. Should $1700 prove to be a solid support level, Gold may re-test $1735 and $1750, respectively. Alternatively, a breakdown and daily close below $1700 should open doors to $1675 and $1650.

#source

Related

Dollar jumps, gold slumps, stocks nervous
Dollar jumps, gold slumps, stocks nervous

Worries that the US consumer is rolling over were dealt a major blow yesterday after the nation’s retail sales for August overpowered some gloomy forecasts. The retail sales...

17 Sep 2021

Energy is the play: how we get to $100 crude
Energy is the play: how we get to $100 crude

Natural gas futures in Europe and the UK are flying, while our natural gas (NG) CFD (the underlying is traded on the NYMEX) pushed over $5.60 and into 7-year highs...

16 Sep 2021

Are investors sleeping on systematic risk in China?
Are investors sleeping on systematic risk in China?

It’s time to talk about China. The situation is getting dicier as the nation’s second-largest property developer - Evergrande - is on the verge of default. Trading in the company...

16 Sep 2021

Sentiment sours as the S&P 500 tests key support
Sentiment sours as the S&P 500 tests key support

We head to quadruple witching in the US on Friday and notably options expiration (OPEX), and the weakness we see time and again in the week before seems...

15 Sep 2021

Dollar unscathed by soft inflation, equities resume slide
Dollar unscathed by soft inflation, equities resume slide

Dollar takes little damage despite signs US inflation has peaked - Wall Street resumes selloff - all eyes on China contagion risks - Canadian data coming up ahead of elections, gold wakes up...

15 Sep 2021

US inflation under the microscope
US inflation under the microscope

With the Fed having almost locked in a November taper announcement, the question now is whether Chairman Powell will use next week’s policy meeting to give the markets...

14 Sep 2021


Forex Forecasts

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.