USDCAD is trending upwards ⬆️ 63.68% of traders have a Short ⬇️ position open!

Gold prices were closed at 1702.04 after placing a high of 1710.96 and a low of 1693.74. Overall the movement of gold remained slightly bullish throughout the day. Gold prices rose and returned to the level of 1700 on Tuesday amid the fall of US CPI in April; however, it remained range-bound as the market ignored the CPI results in later sessions. At 15:00 GMT, the NFIB Small Business Index for April exceeded the expectations of 86.7 and came in as 90.9 and supported the US dollar. At 17:30 GMT, the CPI for April was declined by 0.8% against the forecasted decline by 0.7% and weighed onus dollar. The closely watched Core CPI also declined in April to -0.4% against the forecasted -0.2% and weighed on the US dollar. At 23:00 GMT, the Federal Budget Balance from the US showed a deficit of -737.9B against the forecasted -729.7BB and supported the US dollar. Another reason for the Gold surge was the renewed call for negative interest rates by Trump on Tuesday. In his tweet, Donald Trump said that the US should accept the gift of negative interest rates. He renewed his calls for the Federal Reserve to push rates further down. Federal Reserve lowered its rates near zero to reduce the economic destruction caused by the coronavirus pandemic. Bank has said that it would use other tools to aid US markets and the economy instead of reducing rates to negative territory. XAUSD - Daily Technical Levels Support Resistance 1,694.64 1,717.84 1,682.47 1,728.87 1,671.44 1,741.04 Pivot Point 1,705.67 Gold was range-bound in between 1,710 - 1,699 level until the release of Fed Chair Powel's speech. Since the speech, the gold is showing dramatic bullish move, having crossed over 1,710 levels, which may lead the gold prices towards 1,722. The RSI has crossed over 50, suggesting chances of further bullish bias in gold. While the 50 EMA is also supporting the buying trend. The recent close of 120 minutes candle is signaling bullish bias in gold. Let's consider taking buying trades in gold over 1,710 level today. Good luck!

The AUD/USD pair is flashing green and struggling to hit above the 0.6500 level while taking bids near the 0.6485 level and representing 0.20% gains on the day mainly due to the fresh selling in the U.S. dollar. The improving risk sentiment in the market also providing support to the Australian dollar an keeps the currency pair bullish. The AUD/USD is trading at 0.6483 and consolidates in the range between the 0.6451 - 0.6492. However, the traders are keenly awaiting the Federal Reserve Chairman Jerome Powell’s speech on economic issues. The greenback looking flat and struggles to gain any meaningful traction by the expectations that the Fed might be required to drive interest rates below zero. However, the expectations for negative Fed rates further bolstered after the U.S. President Donald Trump on Tuesday urged the U.S. central bank to do more policy easing. While the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.90 at 2:50 AM ET (0650 GMT). The reason for the risk-on market sentiment could be attributed to the Better-than-expected UK growth numbers. The fresh ease in the Australian-China trade tensions also keeps the market light, with S&P 500 futures turn positive above 2,800 levels. Moreover, the latest gains in the gold prices and copper prices also contributed to the commodity-currency, the Aussie bullish omentum. Meanwhile, markets digest the in-line with estimates Australian Wage Price Index data released in Asia. Technically, the AUD/USD is trading with a bullish bias, having surged above 0.6480 area, which has opened further room for buying until 0.6525 and 0.6560 level. Recently, the pair has formed bullish engulfing above the 50-period EMA which is suggestings odds of bullish trend continuation. However, the sideways trend and thin volatility in the market is keeping pressure on the AUD/USD pair. We should consider taking buying trades over 0.6465 area today, elsewhere, selling can be seen below 0.6465 to target 0.6415. Good luck!

GBP/CHF produced a bearish candle on the daily chart yesterday. The price made a bullish correction on the H1 chart. As of writing, the price has been bearish in the last candle. The price finds its resistance at a flipped level. If the level produces a bearish reversal candle, the price may head towards the South to make a breakout at yesterday’s lowest low. That would drive the price towards the South further with more bearish momentum. Chart 1 GBP/CHF H1 Chart After being very bearish, the price had a bounce at 1.18750 and had an upside correction. It headed towards the North with a moderate bullish momentum. It had a rejection at 1.19430, where the price had had a bounce earlier. If the level of 1.19430 produces a bearish reversal candle, the sellers may go short below 1.18750. Trade Summary: Entry: Sell below 1.18750 Stop Loss: Above 1.19430 Take Profit 1: 1.18465 Take Profit 2: 1.18300 Take Profit 3: 1.18000

USD/CHF produced a bearish engulfing candle on the daily chart yesterday. The price upon finding its double top resistance produced two bearish candles consecutively followed by a bullish inside bar. Yesterday’s bearish candle has set a strong bearish tone; thus, the sellers may look to go short in the daily chart. Major intraday charts such as the H4 and the H1 look good for the bear as well. Let us now have a look at those three charts. Chart 1 USD/CHF Daily Chart The chart shows that the price had a rejection at 0.97605 twice. Upon producing a shooting star, the price headed towards the South with one more candle. It then produced a bullish inside bar followed by yesterday’s bearish engulfing candle. The sellers may go short below 0.96655. The price may find its next support around 0.95935. Chart 2 USD/CHF H4 Chart The chart shows that the price made a strong bearish move and breached the level of 0.97000. The pair is trading around the breakout level now. If the price produces a bearish reversal candle, the sellers may go short and drive the price towards the South. The price may find its next support around 0.96110. On the contrary, if the resistance is breached, the price may head towards the North and find its resistance around 0.97155. Chart 3 USD/CHF H1 Chart The H1 chart shows that the price made a strong bearish move and had a bounce at 0.96680. Upon producing a bullish engulfing candle, the price has been heading towards the North. The level of 0.97000 has been working as a level of resistance. It has already produced a bearish engulfing candle, but it did not create bearish momentum. The pair is trading around the resistance level. If it produces a bearish reversal candle again, it would be considered double top resistance. This may make the sellers interested to go short in the pair and drive the price towards the level of 0.96680. In case of a breakout at the level of 0.96680, the price may head towards the South with more bearish momentum and find its support around 0.96300. In case of a bullish breakout, the price may find its resistance 0.97060. Considering these three charts, it seems that the pair may produce another bearish candle on the daily chart. There is enough space for the price to travel towards the downside. Thus the candle may end up being a long bearish candle as well.

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let's wait for Fed Chair's speech today.   The BTC/USD prices continue to consolidate with in the same trading range of 9,000 - 8,600 level. The BTC/USD price prolongs restoration over $8,900 but declines below $9,000. Gains over $9,000 would open the way to barter with the resistance at $9,532. Bitcoin buyers are eventually rising from their hiding following a grisly four days. The largest cryptocurrency has fought with improvement from the weekend lows at $8,100. Nevertheless, progress has been made towards $9,000 after the seller congestion zone at $8,900 was cleared. The BTC/USD is trading at $8,910, following a trivial improvement from a high of $8,979. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin's downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230. BTC/USD - Daily Technical Levels Support Resistance 8,590 9,010 8,362 9,202 8,170 9,430 Pivot Point 8,782 BTC/USD – Daily Forecast Since the drop of the BTC/USD below 10K psychological resistance level to 8,500 support zone, the leading crypto pair hasn't exhibited any one-sided movement. Currently, the BTC/USD prices are gaining support above 8,400 level and 8,100 level. Today, bearish breakout and closing of candles below 8,450 level may extend selling bias until the next support level of 8,120. However, if Bitcoin continues to close candles above the 8,500 level, we may see bullish correction until the 9,000 level. The EUR/USD pair was closed at 1.08482 after placing a high of 1.08851and a low of 1.07842. Overall the movement of pair EUR/USD remained bullish throughout the day. EUR/USD pair was trimmed the previous day's losses and started gaining on Tuesday and moved to its highest level since May 5. EUR/USD pair crossed 1.088 level and was seen heading towards 1.0900 level after poor and disappointing U.S. inflation data. The US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. On the news front, according to a senior E.U. figure, Britain and European Union no-longer trust on each other. The European Vice President Katrina Barley said that she was pessimistic about the trade talks with Britain. She criticized the U.K.'s response towards making a deal with E.U. and complained about the slow progress around the negotiations for the post-Brexit deal. She also warned that in the next round of trade talks on the relationship with Britain after Brexit, there would be no enthusiasm from both sides. On the other hand, coronavirus has hit European Union in ways that would have been unthinkable only months ago. It has not costed human lives but also has destroyed the E.U. economy severely. The Chairman of Parliament's Budget Committee, Johan Van Overtveldt, warned about the slow and gradual economic recovery and called the latest prediction of 7.5% contraction in economic activity this year as a mild forecast. EUR/USD - Daily Technical Levels Support Resistance 1.0793 1.0894 1.0738 1.094 1.0691 1.0995 Pivot Point 1.0839 EUR/USD – Daily Forecast On Wednesday, the EUR/USD is trading at 1.0842, holding above an intraday pivot point resistance level of 1.0839. A bearish breakout of 1.0839 level can lead the EUR/USD prices towards the next support area of 1.07630, which marks the double bottom level. Below this, the next support holds around 1.0725. On the higher side, resistance holds around 1.0864. The RSI is holding below 50, which is keeping the EUR/USD in a bearish mode while the 50 EMA is also suggesting odds of selling trend in the EUR/USD. Consider staying bearish below 1.082 today, while buying can also be seen above this level today. The GBP/USD currency pair stops its 2-day losing streak and hovering near the late-April low 1.2250 as traders are cautious about placing any strong position ahead of critical U.K. macro releases. As we mentioned, the market participants are waiting for the key data while staying near April low, a continued break of a bullish sloping trend line from April 06 keeps sellers hopeful of targeting April month low near 1.2165 beneath 1.2250. The GBP/USD currency pair is currently trading at 1.2271 and consolidates in the range between the 1.2251 - 1.2284. At the data front, the U.K.'s heavy economic calendar is going to control the markets moves at 06:00 GMT with the first quarter (Q1) GDP figures for 2020. As well as, the March month Trade Balance and Industrial Production detail will also decorate the economic calendar. According to the forecasted view about GDP, the United Kingdom GDP is expected to reach -8.0% MoM in March against -0.1% prior, while the Index of Services (3M/3M) in the same timeframe is seen higher from 0.2% to 0.30%. The GDP stands for Gross Domestic Product, which is usually shown by the Office for National Statistics (ONS) is a gauge of the total value of all goods and services produced by the U.K. The GDP plays a key role in U.K. economic activity. Usually speaking, an increasing trend has seen as a positive or bullish for the GBP currency. Alternatively, a falling trend is seen as negative (or bearish). The Manufacturing Production, which produced approximately 80% of total industrial production, is expected to fall 6% MoM in March against +0.5% recorded in February. Moreover, the total Industrial Production is expected to arrive in at -5.6% MoM for March against the previous reading of +0.1%. At the yearly front, the Industrial Production for March is expected to have declined by 9.3% against -2.8% previous while the Manufacturing Production is also expected to have declined by 10.4% in the reported month against -3.9% last. Support Resistance 1.2217 1.2339 1.2175 1.2419 1.2095 1.2462 Pivot Point 1.2297 The GBP/USD fell below the sideways trading range of 1.2350 - 1.2285, to trade at 1.2260 before reverting back to 1.2297. Overall, the Cable's trading bias is still bearish as it's holding below 50 EMA, which is extending resistance at 1.2370. The GBP/USD is now testing the daily pivot point level of 1.2297, which is suggesting odds of the selling trend in the Cable. However, the bullish breakout of 1.2297 level may extend buying until 1.2375 and 1.2460. The RSI and 50 EMA are suggesting the chances of a selling bias today. On the lower side, the GBP/USD prices are likely to find support at around 1.2204. Let's look for selling trades below 1.2297 and buying above the same level today. Good luck!

NZDUSD is trending downwards ⬇️ 50.81% of traders have a Short ⬇️ position open!

The AUD/USD pair was closed at 0.64880 after placing a high of 0.65611 and a low of 0.6456. Overall the movement of AUD/USD remained bearish throughout the day. On the back of the risk-on market sentiment, the US dollar gained traction after easing in lockdown from countries across the globe. The fears of the second wave of COVID-19 has kept US dollar higher on Monday. The US dollar index raised more than1% and reached above 100 level on Monday.  The strength of the US dollar weighed on AUD/USD prices on the starting day of the week. However, adding in the downfall of Aussie could also be attributed to a new trade war between China & Australia. In response to this, Scott Morrison, the Australian PM, said on Monday that if the plan of China to impose tariffs on barley imports was connected to the broader diplomatic dispute over the investigation into coronavirus origin, then he would be very disappointed. Besides, the Australian government has signaled that it would take the case to WTO if China would follow the planned duties of around 80% on barley imports. Aussie lost its traction after the increasing tensions between China & Australia. Weakened Aussie dragged down the prices of AUD/USD further to a point near 0.654 level on Monday. Daily Technical Levels Support Resistance 0.6441 0.6545 0.6396 0.6606 0.6336 0.6650 Pivot Point: 0.6501 Technically, the AUD/USD is trading with a bullish bias, having surged above 0.6492 area, which has opened further room for buying until 0.6560 level. Recently, the pair has formed three white soldiers pattern, which usually suggests odds of a bullish trend in the Aussie pair, but considering the recent sideways trend and lack of continuity in the mark are making it harder for Aussie dollar pair to target 0.6562. Still, we should consider taking buying trades over 0.6495 area today. Good luck!

During Tuesday's Asian session, the USD/CAD currency pair erasing its early-day gains to 3-weeks high but still trading above the key 1.40 psychological mark. The currency pair extended its previous day's strong intraday recovery move from the 1.3900 marks and rose above mid-1.4000 earlier in the morning. However, multiple factors like weaker U.S. dollar and rise in the oil prices kees the currency pair gains limited. At this particular time, the USD/CAD currency pair is currently trading at 1.4014 and consolidates in the range between the 1.4002 - 1.4064. The commodity-linked currency Loonie came under pressure after the WTI prices fell, and hence, USD/CAD started to move in an upward direction to post gains. Furthermore, adding in the upward movement of USD/CAD pair prices was the strength of the U.S. dollar across the board on Monday amid the increased U.S. Treasury Yields. The U.S. Dollar Index, which measures the value of the dollar against a basket of six currencies, rose 1.03% on that day and reached to 100.27. There was no economic data from USD or CAD side on Monday, so the movement of pair was attributed to the WTI crude oil prices or broad-based U.S. dollar strength. On News front, the Deputy PM of Canada, Chrystia Freeland, said that Canada and the U.S. were working on plans to deal with the increased cross-border traffic after both countries have eased down in restrictions. Canada almost reached near the death toll of 5000 by standing at 4871; the total cases of coronavirus are close to 69,000 in Canada with 32,000 active cases. Daily Technical Levels Support Resistance 1.3933 1.4075 1.3846 1.4130 1.3792 1.4217 Pivot Point: 1.3988 Technically, the USD/CAD is now trading with a bearish bias at 1.3985, having formed three black crows on the 4-hour timeframe. A drop in the USD/CAD prices may lead the pair lower towards an immediate support level of 1.3965. Below 1.3965, the USD/CAD may drop further until 1.3900, but that will be more practical if the U.S. retail sales fail to surprise the market. On the higher side, resistance stays at 1.4075 and 1.4165. Let's wait for the market to test the 1.3900 area to decide when to enter the market. Good luck!

EURUSD is trending upwards ⬆️ 74.56% of traders have a Long ⬆️ position open!