Category: Day
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TA of the Day: Gold Surges to New Highs! Is a Reversal in Sight?
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Gold diggers – literally and figuratively – should be in high spirits right now! ? Gold continues to hit new record highs, rising above $2,500, driven by a weaker US dollar and expectations of a Federal Reserve rate cut in September. With its reputation as a stable investment during turbulent…
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Pound approaches the 2023 high in fifth straight day of gains
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We have reached the point where we need to zoom out to paint a clear picture of the forex market. A great example of this is Cable, where the daily chart shows that we are only 60 pips away from the July 2023 high. GBPUSD Daily If this is broken,…
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Fertilizer Canada says rail stoppage to cost industry up to C$63 million a day By Reuters
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(Corrects currency to Canadian dollars from US dollars in title and paragraph 1) Written by Merinalika Roy Canadian Fertilizers warned Tuesday that disruptions affecting all rail services across the country will cost the fertilizer industry an estimated C$55 million (US$40.34 million) to C$63 million (US$46.21 million) in lost sales revenue,…
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TA of the Day: Is EUR/USD’s Steep Ascent Setting Up for a Reversal?
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The US dollar is falling sharply, causing the EUR/USD pair to rise. The dollar’s weakness has fueled dovish comments from Fed officials, especially on the gradual approach to interest rate cuts. This sentiment is supported by recent US economic data (covered in our weekly summary) which points to a decline…
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TA of the Day: Bearish Momentum Builds in Bitcoin
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US government Over 10,000 Bitcoins Moved Recently (BTC) from a government-linked wallet, a transaction worth about $600 million, to a Coinbase Prime-linked wallet. The move follows a previous $2 billion transfer in late July. The U.S. government currently holds about $12 billion in bitcoin, much of it from law enforcement…
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It’s the MLF day in China – No rate cut expected from the People’s Bank of China
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The People’s Bank of China sets the medium-term lending facility rate on the 15th of each month. The rate is currently 2.3%, after the People’s Bank of China made a surprise interest rate cut on the 25th of last month! There is a widespread expectation that there will be no…
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TA of the Day: GBP/USD Bullish Signs Emerge! Is a Trend Reversal Underway?
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the US Dollar The Australian dollar fell against major currencies today as signs of easing inflation emerged, further supporting the possibility of a Federal Reserve interest rate cut in September. The U.S. consumer price index, a key measure of inflation, rose 2.9% annually, just 0.1% below June’s rate. This was…
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TA of the Day: USD/JPY Chills Out And Consolidates But For How Long?
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the Japanese Yen The pound fell against the US dollar on Monday, after a strong run last week. Markets, especially Japanese ones, were rocked last week by the end of the once-popular yen carry trade, which involves borrowing yen at a low cost to buy other currencies and assets that…
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Kickstart the FX trading day for Aug. 9 w/a technical look at the EURUSD, USDJPY & GBPUSD
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In the opening video for August 9, I take a look at three major currency pairs, EURUSD, USDJPY, and GBPUSD from a technical perspective. For the EUR/USD pair, the pair is trading up and down during today’s trading, but has found resistance from sellers against its 100-hour moving average at…
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US stocks are trading mixed to open the final trading day of the week
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Major US stock indexes are trading mixed in early trading. The Nasdaq and S&P were little changed. The Dow Jones Industrial Average was down. A picture of the market 11 minutes after opening, showing: The Dow Industrial Average fell -125.70 points, or -0.32%, to 39,320.80. The S&P 500 fell 2.89…
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NZDUSD finds willing sellers against the 100 day MA this week
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The NZD/USD pair fell to its lowest level this year on Monday on the back of a sharp decline in the Nikkei 225 (-12.4%). However, this new low was only a few pips above the April 2024 low, and the price rose sharply. The momentum stalled near last week’s highs…
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TA of the Day: Solana’s Surprising Comeback! What’s Next for SOL After Crypto Market Turmoil?
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Cryptocurrencies It has seen a recovery from Monday’s massive sell-off, with Solana (SOL) leads the charge. Solana (SOL) has emerged as a strong competitor in the cryptocurrency market, often referred to as the “Ethereum Killer“.” Despite recent volatility, Solana offers compelling reasons for crypto traders to consider adding it to…
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TA of the Day: Key Support Level in Sight for USD/CAD ?
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the Canadian Dollar (scoundrel) strengthened against the US dollar (American dollar), hit a two-week high as market volatility eased. As the turmoil fueled by yen-financed debt reductions and uncertainty over U.S. interest rate cuts eases, market participants are regaining confidence in the Canadian dollar. However, the Bank of Canada remains…
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S&P index getting close to its 100 day moving average
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The S&P 500 is trading near its all-time high, up 115 points or 2.23% at 5301.95. The high so far is 5303.17. This puts the price 5.6 points away from its 100-day moving average. This moving average is at 5308.75. The price hit a low last Friday near this level…
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TA of the Day: Gold Drops Amid Global Market Sell-Off But Bounces. Will the Uptrend Resume?
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Despite being considered a safe haven, gold has not been immune to Market sentiment shifts to a major risk aversion With market participants selling assets on a massive scale. Backed by recession fears and Clearing the global pregnancy tradeGold fell more than 1% today, reaching $2,410 an ounce. The sell-off…
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NZDUSD tumbles lower and rocket higher in a volatile trading day. What next?
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The NZD/USD pair had a rollercoaster ride today as the pair hit a new low for the year (but only by about 3 pips). This low broke the lows of April and July. After the brakes failed, the price rocketed higher, erasing all the declines and trading higher during the…
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Ethereum ETFs See 2nd Green Day Since Launch
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Ethereum exchange-traded funds (ETFs) have recorded their first green day after a four-day losing streak. A week after their launch, massive inflows, led by Grayscale’s Ethereum Trust (ETHE), have outpaced the stellar start of the ether-based investment product. Ethereum ETFs Outperform Outflows The approval of Ethereum (ETH) spot ETFs has…
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Ethereum ETFs See 2nd Green Day Since Launch
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Ethereum exchange-traded funds (ETFs) have recorded their first green day after a four-day losing streak. A week after their launch, massive inflows, led by Grayscale’s Ethereum Trust (ETHE), have outpaced the stellar start of the ether-based investment product. Ethereum ETFs Outperform Outflows The approval of Ethereum (ETH) spot ETFs has…
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TA of the Day: Will Copper’s Support Hold and Ignite a Major Rally?
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copper Oil prices fell sharply, falling to their lowest level in four months on concerns about slowing Chinese demand and rising production. China is the world’s largest consumer of copper, using it extensively in construction, manufacturing, electronics and energy sectors. Because of this, the amount of copper China needs has…