April 21, 2024

29 December Forex Signals Brief: Choppy Markets Besides JPY and Oil

USD recorded a minor bearish pressure on Tuesday, with most leading currencies soaring against the United States dollar apart from the yen. The JOY continued to surrender gains recorded following BoJ’s policy change.

Meanwhile, Bank of Japan staff issues dovish signs, cooling the intense sentiment after the latest policy adjustment. Moreover, Tuesday’s BoJ summary indicated that besides the minor but massive effect of the policy tweak, there’s little to confirm any upcoming tightening, which pressured the Japanese yen.

Nonetheless, an individual close to BoJ’s Kuroda stated that the bank might be heading toward normalization. That could have triggered bullishness, but he isn’t the primary contender for the post once Kuroda leaves.

The United States dollar witnessed selling momentum again until midday, when a sharp reversal emerged, sending the currency 60 pips up. That confirmed that both sellers and buyers want to control the situation.

Today’s Market Forecast

Markets are open, yet most participants will remain on holiday until next week. Thus, the market will likely experience low volatility, with the price remaining choppy like the past 48 hours. Meanwhile, enthusiasts will track price action as the market boast trade opportunities, especially in Gold and JPY pairs.

The Bank of England quarterly bulletin will come sometime today before the crude Oil inventories from EIA (which could have a notable effect on Oil prices) United States unemployment claims.

Forex Signals Update

Yesterday saw decent volatility and Tuesday’s price action repeated, with risk currencies continuing to push higher before resorting to sharp reversals early into the United States session. FX Leaders analysts opened four signals, and three closed in profit. The remaining EUR-USD is still open.

WTI Oil Bearish

Crude Oil turned bullish over the past month amid declined USD and improved risk sentiment. Thus, analysts have remained long on Oil within the previous two months. Nonetheless, a $4 dip occurred yesterday, sending prices beneath $80 again. Also, FXLeaders analysts opened a selling signal, which closed in profit.

Gold Signal

Gold has been bearish between Mach and November this year, though it saw a reversal from the support as sellers lost power to push under $1,600. That welcomed bullishness as the 100 Simple Moving Average has offered 4-hour chart support within the past several months. Participants have purchased lower pullbacks and opened a buy Gold signal following the recent drop after the uptick to $1,833.

Crypto Update

Cryptos showed buying pressure early this month and late November, following improved sentiment within the financial markets. Nonetheless, most leading cryptocurrencies remained range-bound over the last week. Meanwhile, the selling push resumed yesterday, and digital coins saw downward actions.

BTC Resumes Downsides

Bitcoin soared early this month after demonstrating bullish pressure for multiple weeks. Meantime, buyers propelled BTC-USD beyond $18,300. Then, however, a reversal emerged, and the momentum became bearish again. As a result, bitcoin plunged under the Moving Averages (MAs), and the 100 Simple Moving Average presents resistance on the 4hr chart.

ETH Records Higher Lows

ETH also resorted to bearishness fourteen days ago following 50bp rate hikes by four central banks. Nonetheless, the drop stopped, and the alt has printed higher lows, indicating buying momentum. However, buyers must still overcome the 100 Simple Moving Average yesterday amidst the initial attempt.

Stay around for the latest market updates.

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