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The FxPro Analyst Team

FxPro Forex Analysis: Gold and USDZAR Analysis – February 28, 2018

Gold dropped back lower yesterday, with a loss of the 1330.00 area. It is currently trading around 1317.00, with yesterday’s low at 1312.90. Further support comes at 1311.14 and the 13000.00 level. Below is 1289.50 and 1276.40. The chart shows that, so far, a higher low has been created above the support levels reached in early February. While price stays above that low, gold bulls remain in control. Comments from Chairman Powell yesterday seem to have led to the current decline. Resistance ...

Alexander Kuptsikevich

FxPro Forex Analysis: Powell’s Hawkish Tone and Weak Data Cause Loss of Risk Appetite

Wednesday morning saw stocks predominantly in the red, as Powell’s recent comments seem to have pushed the USD higher and led to a sell-off of risky assets. Yesterday, the Fed’s new chairman said that strong economic data is fuelling confidence in accelerating inflation, which could force the Central Bank to restrain the economy to prevent it from overheating. This quite hawkish stance contrasts with the positions maintained by Yellen, who had a more cautious approach to monetary policy and ...

The FxPro Analyst Team

FxPro Forex Analysis: US WTI Oil and USDCAD Analysis – February 28, 2018

In his first public appearance, the new Federal Reserve Chairman Jerome Powell, yesterday hinted that the Fed could raise interest rates more quickly this year, as the U.S. economy grows along with a pickup in inflation and wages. The U.S Dollar surged to the upside in reaction to these hawkish comments. The stronger U.S Dollar, coupled with a sharp retracement in crude oil prices led to a strong upside move in the commodity-linked Loonie (USDCAD). US WTI Oil Crude oil prices declined amid ...

The FxPro Analyst Team

FxPro Forex Analysis: Bundesbank Are Prepared for the End of Negative Rates Says Board Member Thiele

German Buba President Weidmann spoke about the Bundesbank's Annual Report, in Frankfurt, with the following comments made: policy normalisation will take a long time and if the economic upswing continues and prices rise, there is no reason to not end QE this year. He said it is important to "gradually and dependably" reduce ECB stimulus. Rapid Eurozone growth confirms that inflation will move towards the target. There is evidence that FX movements are having a smaller impact on inflation than ...

The FxPro Analyst Team

FxPro Forex Analysis: Institutional Investors Buy Bitcoin as Casual Investor Interest Begins to Fade

The direction towards which the cryptocurrency market is heading is not certain yet, with a Bitcoin whale investor purchasing $335 million worth of BTC, now owning a portfolio that is worth nearly $1 billion (99.797BTC). This is the second such notable purchase to take place recently, possibly hinting at large investor confidence in crypto market prospects. Another new trend in the crypto market is mergers and acquisitions, with payment app Circle, which has attracted investments by Goldman ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPUSD and GBPJPY Analysis – February 27, 2018

The British Pound (GBP) has come under renewed pressure amid the ongoing Brexit drama. Hopes of an orderly Brexit, supported by the main opposition Labour Party, were dashed on Monday as the party took a different stance. Labour is seeking a completely different Brexit deal involving a new customs union with the E.U., which raises the prospect of a lost vote on the deal when it is debated in Parliament. Moreover, European Council President Donald Tusk has commented that the U.K.'s position on ...

The FxPro Analyst Team

FxPro Forex Analysis: USDJPY and USDCHF Analysis – February 27, 2018

In the 4-hour timeframe, USDJPY has managed to hold above the 106.000 level and is this morning in a range between the 50-period MA at 107.112 and the supporting blue trend line at 106.353. Below the supporting trend line, the 106.30 level comes into play, with a move below targeting the 105.623 trend line and the 105.504 level. The 105.000 level remains an attractive target if shorts have the strength to reach it. Resistance above can be found at 107.307, followed by the 100-period MA at ...

The FxPro Analyst Team

FxPro Forex Analysis: FX Markets Are Calm as they Wait for New Fed Chairman Powell

The ECB’s Coeure spoke in Frankfurt at a working group meeting regarding euro risk-free rates. He said that a reform of reference interest rate will help to underpin good functioning euro area money markets and trust in its related products. He also added that it is vital since monetary policy is initially transmitted through financial markets. He added that smooth and successful reform of reference interest rate is vital. The US Fed’s Bullard made a scheduled speech from Washington with the ...

The FxPro Analyst Team

FxPro Forex Analysis: S&P 500 and FTSE 100 Analysis – February 26, 2018

The S&P 500 (SPX) rallied strongly on Friday, finishing the week in positive territory. U.S. Treasury yields and Federal Reserve interest rate hike expectations remain a key factor. After the Federal Reserve released minutes of the meeting of its decision-making Federal Open Market Committee (FOMC), U.S 10-year yield hit a fresh four-year high of 2.95% but pulled back by the end of last week. An important development to note is that the SPX has recovered and had a weekly close above 2744, ...