Daily Market Forecast By Capitalcore

USDJPY Price Action Nears Critical Support Zone

The USDJPY forex pair, often referred to by its nickname “the ninja,” is one of the most actively traded currency pairs in the foreign exchange market. Known for its high liquidity and tight spreads, it represents the exchange rate between the US dollar (USD) and the Japanese yen (JPY). As a major currency pair, it is influenced by economic policies and geopolitical developments in both the United States and Japan.
Fundamentally, the upcoming news for today includes several events that could impact the USDJPY pair. FOMC members Bowman and Logan are expected to deliver low-impact speeches, which might provide subtle hints about future monetary policy. Additionally, President Biden’s announcement on his decision to drop out of the 2024 presidential race is expected to have a low impact. However, high-impact events such as the release of the Advance GDP q/q with a forecast of 2.0%, and Unemployment Claims forecasted at 237K, will be critical. These indicators reflect the overall economic health and labor market conditions in the US. An actual GDP figure above the forecast would be bullish for the USD, while lower-than-expected unemployment claims would also support the dollar. The Advance GDP Price Index and Core Durable Goods Orders m/m are medium-impact events that could further influence the market sentiment.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the USDJPY H4 chart, we observe that the price has been moving in the lower half of the Bollinger Bands, indicating a bearish trend. The bands have widened, reflecting increased volatility. However, the latest candle is green, suggesting a potential bullish reversal. The Fibonacci retracement levels show significant resistance and support areas, with the price recently bouncing off the 0.786 level. The MACD indicator shows that the MACD line has crossed below the signal line, confirming bearish momentum. However, the histogram shows a reduction in bearish momentum, aligning with the recent green candle, which could indicate a possible trend reversal.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.

Capitalcore

EUR/GBP Analysis for: Key Levels and News Impact






EUR/GBP forex pair, often referred to as "Chunnel" has been exhibiting a steady bearish trend on the H4 candlestick chart today. The price of Euro against The Great Britain Pound has been consistently forming lower lows and lower highs within a descending channel, highlighting the persistent bearish momentum. Currently, the price is approaching a critical resistance level around 0.84300. The reaction of the price to this resistance zone will be crucial in determining the next move. Given the established bearish channel, this is predicted that the price on this pair will face rejection at this resistance and continue its downward trajectory.
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Chart Notes: 


 • Chart time-zone is UTC (+03:00)
 • Candles’ time-frame is 4h.


In terms of upcoming economic indicators relating to this forex pair, the EUR is set to see significant activity with the release of the French Flash Manufacturing and French Flash Services PMI. Additionally, the German Flash Manufacturing PMI and German Flash Services PMI are also scheduled for release. These figures are critical as they can significantly influence the EUR’s strength and therefore this could greatly affect the price predictions on EURGBP. Analyzing the news On the GBP side, the Flash Manufacturing PMI and Flash Services PMI will be released. Positive PMI data from Germany and France could support the EUR, potentially leading to a test of the resistance zone. Conversely, better-than-expected UK PMI figures could strengthen the GBP, reinforcing the bearish outlook for EUR/GBP and driving the price lower within the bearish channel.


In summary, traders should closely monitor the price action around the 0.84300 resistance level. The upcoming PMI data releases for both EUR and GBP will be pivotal in determining the short-term direction of EUR/GBP on H4 candlestick chart. Considering the current technical setup and fundamental expectations, a continuation of the bearish trend remains the most probable scenario.


• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

EUR/USD Price Prediction for July 23rd

The EUR/USD forex pair, often referred to as the “Fiber,” is a major currency pair that represents the exchange rate between the Euro and the US Dollar. This pair is highly popular among traders due to its liquidity and volatility, making it a key focus in the forex market. In the current EUR/USD H4 candlestick chart, we observe an interesting setup that suggests a potential bullish move is on the horizon.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The MACD indicator on EURUSD chart is showing signs of entering an ascending phase, indicating increasing bullish momentum. Additionally, the RSI, which has recently started a smooth upward trajectory from below 50, further supports the bullish sentiment on the Fiber. Analyzing the price actions of this forex pair, it’s evident that EURUSD has been forming higher highs without recording a lower low, strengthening the bullish outlook. For traders and investors looking for EUR/USD H4 price action and chart forecast, today’s analysis highlights an opportunity for a bullish continuation in the short term.
In summary, the combination of technical indicators and price action patterns on the EUR/USD H4 chart suggests a favorable scenario for a bullish move. As the MACD and RSI both indicate strengthening bullish momentum, and the price action shows consistent higher highs, the EUR/USD pair looks poised for further gains.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.

Capitalcore

The NZD/USD forex pair, often referred to as the “Kiwi,” is a popular trading pair known for its volatility and liquidity. The upcoming New Zealand trade balance report, with a forecast of 294 million, is expected to have a low impact on the NZD. A higher-than-expected figure would be favorable, indicating stronger export demand. Concurrently, President Joe Biden’s withdrawal from the 2024 presidential race and his endorsement of Kamala Harris are significant developments. This unexpected political shift may introduce high volatility for the USD Currency, potentially impacting the NZDUSD pair.

Analyzing GBPUSD’s Strength on the H4 Chart

The GBPUSD forex pair, commonly referred to as the “Cable,” represents the exchange rate between the British Pound (GBP) and the US Dollar (USD). It is one of the most traded currency pairs in the world, offering significant liquidity and numerous trading opportunities due to its relative volatility and market depth. The nickname “Cable” originates from the first transatlantic communication cable that connected the UK and USA, which was used to transmit currency prices between the two economies. Today’s fundamental analysis for GBPUSD is shaped by a series of high, middle, and low impact news events affecting both currencies. For the GBP, key releases include the Claimant Count Change and Average Earnings Index, which are crucial indicators of labor market health and are likely to influence the Bank of England’s monetary policy decisions. Simultaneously, the USD faces its own critical data with the Unemployment Claims and the Philly Fed Manufacturing Index, providing insights into the US economic landscape. The interplay of these reports could lead to increased volatility and trading opportunities in the GBPUSD pair, with potential strengthening in the Pound if the UK’s employment data outperforms expectations and weakening if US data suggests a robust economic outlook.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the uploaded H4 chart of the GBPUSD pair with indicators such as Bollinger Bands, MACD, and Fibonacci levels, we observe a bullish trend. The candles have predominantly been in the upper half of the Bollinger Bands, oscillating between the middle and upper bands, indicating a sustained uptrend. The MACD shows a bullish momentum as it remains above the signal line. Additionally, the recent price action respecting the Fibonacci retracement levels suggests strong support and resistance zones, aiding traders in identifying potential entry and exit points.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.

Capitalcore

USD/CAD Bears Eye Further Downside


The USD/CAD forex pair, often referred to as the “Loonie,” is currently exhibiting bearish tendencies as it remains constrained within a descending triangle pattern on the H4 candlestick chart. The Ichimoku Cloud on this forex pair has turned red, and the price has broken below the cloud, signaling a potential further downside. Additionally, the RSI indicator is trending below 50, which supports the bearish outlook on the Loonie. These technical indicators suggest that the USD/CAD pair might experience a decline in the near term. Traders observing USDCAD price movements should be mindful of these bearish signals and adjust their strategies accordingly.


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   Chart Notes: 
  • Chart time-zone is UTC (+03:00)
  • Candles’ time-frame is 4h.

Today’s economic releases and events are crucial for the USD/CAD pair’s price action. Canada will release its Foreign Securities Purchases data, which previously stood at 41.16B. For the US, significant data includes Building Permits and Housing Starts, both anticipated to have slight changes, and the Industrial Production m/m expected to decrease from 0.9% to 0.3%. Additionally, the speeches from FOMC members and the release of the Beige Book can create significant volatility. These fundamental factors, combined with the current technical analysis, could influence the USD/CAD trading signals and price prediction, potentially validating the bearish outlook for the Loonie. Traders should closely monitor these developments as they might present opportunities or risks for the USD/CAD forex pair.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

EURUSD Price Analysis and Forecast

The EURUSD forex pair today is hovering around a significant resistance zone, indicating potential bearish movements in the near term. Analysing the technical indicators on this pair suggest a possible downturn as the price line maintains a considerable distance from the Ichimoku Cloud, signaling overbought conditions. The RSI indicator analysis is revealing negative divergence while remaining above the 70 level, reinforcing the overbought status and hinting at an impending bearish phase. Also, the recent candlestick patterns on this pair, the fiber, display bearish characteristics, adding to the likelihood of a price decline. Traders should be cautious and consider the fiber’s chart trading signals when making trading decisions.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In addition to the technical outlook, fundamental factors are poised to influence EURUSD movements. Key economic data releases are scheduled, including the Italian Trade Balance, the Eurozone Trade Balance, and the ZEW Economic Sentiment for both the Eurozone and Germany. The forecasts indicate potential declines compared to previous figures, suggesting weaker economic sentiment and trade performance in the Eurozone. If the actual data aligns with or falls below these forecasts, it could exert additional downward pressure on the EURUSD, amplifying the bearish sentiment observed in the technical analysis.
Traders should monitor these economic releases on EUR and USD currencies closely as they can significantly impact the EURUSD price action, potentially validating the bearish predictions derived from the current technical indicators.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.

Capitalcore

Fundamental and Technical Insights for USD/CAD H4 Chart Analysis


The USD/CAD pair, often referred to as the "Loonie," is a widely traded forex pair representing the exchange rate between the US Dollar and the Canadian Dollar. The USD/CAD news analysis today is heavily influenced by economic data releases and geopolitical events from both countries, making it a popular choice for traders seeking opportunities based on economic indicators and policy announcements. Today's news for the CAD includes low-impact data such as Manufacturing Sales and Wholesale Sales, both indicative of the current state of the Canadian economy. The Bank of Canada's Business Outlook Survey, although generally low-impact, provides insights into business sentiment and future economic conditions. As for the USD, the Empire State Manufacturing Index is highly anticipated, with a forecast of -5.5. This index serves as a leading indicator of economic health, and its outcome could significantly impact the USD. Additionally, speeches from Federal Reserve Chair, and FOMC members are expected to provide clues about future monetary policy, potentially introducing volatility to the USD/CAD forecast today.
[You must be registered and logged in to see this image.]Chart Notes: 

• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The USD/CAD H4 chart shows that the price has entered the Ichimoku Cloud, indicating a potential bullish trend continuation. The Stochastic RSI is in the overbought territory, suggesting a possible correction phase before the bullish trend resumes. Key support levels are found at 1.36251 and 1.36320, while resistance levels are noted at 1.36442 and 1.36528. The Loonie’s price action and the movement within the rising channel indicate a sustained bullish trend for the pair, although traders should be cautious of a pullback given the overbought conditions on the Stochastic RSI.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.

Capitalcore

Fundamental and Technical Analysis of NZDUSD

The NZDUSD forex pair, often referred to as the “Kiwi,” represents the trading relationship between the New Zealand Dollar (NZD) and the US Dollar (USD). This pair is popular among traders due to its liquidity and the interest rate differentials between New Zealand and the United States. Today, traders should watch the BusinessNZ Manufacturing Index for NZD and several high-impact data releases for USD, including Core PPI, PPI, and Prelim UoM Consumer Sentiment. Fundamentally, the NZDUSD pair faces mixed impacts. The BusinessNZ Manufacturing Index is expected to show slight movement with low impact, while the USD could see significant fluctuations due to high-impact data releases. The Core PPI (forecasted at 0.2%) and PPI (forecasted at 0.1%) releases will provide insights into producer inflation, which is a leading indicator of consumer inflation. Higher-than-expected figures are bullish for USD. Additionally, the Prelim UoM Consumer Sentiment, forecasted at 68.5, will reflect consumer confidence, a key driver of economic activity. Positive results here will further support the USD, potentially leading to downward pressure on the NZDUSD pair.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Technically, the NZDUSD H4 chart shows the price moving from the lower Bollinger Band towards the middle band, breaking above briefly before dropping back below the middle band with three consecutive bearish candles. The price is currently in the lower half of the bands but close to the middle band, indicating a potential range-bound scenario or further downside. The MACD indicator shows bearish momentum, which supports the recent bearish candles. Fibonacci retracement levels highlight key support and resistance zones, with the 0.382 level acting as immediate resistance around 0.60820.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.

Capitalcore

 
 

NZD/USD Price Analysis and Forecast

The NZD/USD pair, often referred to as the “Kiwi,” presents an interesting scenario on the chart. In this analysis, we explore the implications of recent economic data and upcoming events that could influence this currency pair. The Kiwi’s H4 chart shows a well-defined Fibonacci retracement pattern, indicating critical levels of support and resistance. Recently, the price line attempted to break above the 0.236 Fibonacci level but faced significant resistance, resulting in multiple reactions at this level. This repeated inability to break above the 0.236 level suggests a strong resistance zone, causing the price to reverse and indicating potential bearish sentiment.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Given the technical setup, the price on NZDUSD is expected to fall towards the 0.382 Fibonacci level, around the 0.61000 price mark. This level has historically acted as a support zone, and traders will be keenly observing how NZDUSD the price reacts at this level. A breach below the 0.382 level could signal a further decline, while a bounce back could suggest a potential retracement towards higher Fibonacci levels.
Upcoming economic releases and events analysis could be pivotal for the news forcast of NZD/USD. A positive report indicating more exports than imports could strengthen the NZD, potentially leading to downward pressure on the NZD/USD pair if exports significantly exceed expectations. On the U.S. side, a series of influential data releases and public engagements by Federal Reserve officials, including the President of the Federal Reserve Bank of New York, could impact the USD. His participation in a panel discussion on interest rates suggests that any hawkish signals might reinforce the USD’s strength. Similarly, upcoming employment data such as the ADP Employment Change and Initial Jobless Claims could further influence market sentiment and volatility in this currency pair. These factors combined will guide traders in shaping their strategies around the NZD/USD in the coming weeks.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

USD/JPY H4: Fundamental and Technical Overview

The USD/JPY currency pair, also known as “The Ninja,” is a key barometer of the forex market, providing insights into the economic health and monetary policy stances of both the United States and Japan. The USD JPY pair’s movements are influenced by various economic indicators, central bank policies, and geopolitical events. As we look ahead to the upcoming economic data releases today, we can anticipate their potential impacts on the pair’s performance. Today, the focus is on several Japanese economic indicators, including Average Cash Earnings, Bank Lending, Current Account, and Economy Watchers Sentiment. The Average Cash Earnings forecast of 2.1% indicates modest wage growth, suggesting stable consumer spending potential, while Bank Lending at 3.1% reflects a positive borrowing environment, indicating confidence among businesses and consumers. The Current Account forecast of 2.07 trillion yen underscores a healthy trade surplus, potentially boosting the yen through increased foreign currency demand. Finally, the Economy Watchers Sentiment at 46.1 points to mild pessimism but remains a crucial gauge of consumer sentiment. In the U.S., the Consumer Credit data forecast at 10.7 billion USD suggests an increase in consumer borrowing, highlighting confidence in financial stability and spending capability. These mixed signals from Japan and steady consumer behavior from the U.S. will likely keep the USD-JPY in a state of cautious trading, awaiting more decisive trends.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the H4 chart of USD/JPY, we observe the price action within a descending channel following a recent peak. The Bollinger Bands show the price moving within the lower half, indicating a bearish trend. This is supported by the RSI, which has dropped below the neutral 50 level and stands at 40.61, suggesting further downside momentum. Fibonacci retracement levels reveal critical support and resistance points, with the price currently hovering around the 0.236 level at 160.191, struggling to find direction. The overall market sentiment has shifted bearish after a strong bullish trend throughout June and early July, with the last 15 candles showing a majority of bearish pressure. The current price behavior, along with these technical indicators, suggests a continuation of the bearish trend unless significant fundamental changes provide new direction.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

EUR/USD H4 Chart Analysis: Key Levels and Indicators

The EUR/USD forex pair, often nicknamed “Fiber,” represents the exchange rate between the Euro and the US Dollar. Today, the market is particularly attentive to several significant US economic data releases, including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate, which are high-impact events likely to influence USD volatility. Additionally, low-impact data from Germany and France, alongside speeches from key financial figures, could also affect market sentiment.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In the H4 chart of EUR USD, the price has been trending positively, moving within the upper half of the Bollinger Bands and frequently touching the upper band. Among the last 16 candles, six have been bearish, including the most recent two, yet the overall EUR-USD trend remains upward. The widening Bollinger Bands suggest increasing volatility, while the RSI indicates that the market is nearing overbought conditions. The price movements align with key Fibonacci retracement levels, with resistance around the 0.382 and support around the 0.618 levels, suggesting potential areas for future price action.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

GBPCHF H4 Technical Analysis: Post-Election Market Reaction

The GBPCHF forex pair, often referred to as “Geppy” or “The Beast,” represents the exchange rate between the British Pound (GBP) and the Swiss Franc (CHF). This pair is known for its volatility, influenced by political and economic events in both the UK and Switzerland. Today, market participants are closely watching the GBP due to high-impact Parliamentary Elections, which could lead to significant market moves based on early vote counts and exit polling. Additionally, the GBP Construction PMI, forecasted at 54.0, is expected to show expansion in the industry if the actual figure exceeds expectations. For the CHF, the Consumer Price Index (CPI) with an expected 0.1% increase will also be crucial as it indicates inflation trends that might influence the Swiss National Bank’s policy decisions.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the GBPCHF H4 chart, the pair has been trading within the upper half of the Bollinger Bands, oscillating between the middle band and the upper band, which has acted as a resistance level. The last ten candles have been predominantly bullish, though the last two candles were red but short, indicating potential hesitation among traders. The GBPCHF’s price movement is currently between the 0.618 and 0.5 Fibonacci retracement levels, suggesting a consolidation phase. The MACD indicator shows bullish momentum, supporting the upward trend, but traders should watch for any divergence or shifts in momentum.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

Analyzing USD/CAD: Economic Indicators and Trend Forecast


The USD/CAD pair, often referred to as the "Loonie," due to the loon depicted on the Canadian one-dollar coin, presents an interesting scenario on the chart. In this analysis, we explore the implications of recent economic data and upcoming events that could influence this currency pair.
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Chart Notes: 
  • Chart time-zone is UTC (+03:00)
  • Candles’ time-frame is 4h.
The Loonie’s H4 chart shows a well-defined upward channel indicating a bullish trend in USD/CAD over the selected period. Recently, the price has tested the upper boundary of the channel and faced resistance, leading to a pullback towards the mid-line of the channel. This suggests a potential consolidation phase or a retracement before further upward movement. The resistance and support lines within the channel provide critical levels for traders to watch. If the price breaks above the current resistance, it could signal a continuation of the bullish trend, while a breach below the channel may indicate a reversal or stronger retracement.
Upcoming economic releases and events could be pivotal for the news analysis of USD/CAD. From the Canadian side, the International Merchandise Trade data is due on August 6, 2024. A positive report indicating more exports than imports could strengthen the CAD, potentially leading to a downward pressure on the USD/CAD pair if exports significantly exceed expectations. On the U.S. side, a series of influential data releases and public engagements by Federal Reserve officials, including the President of the Federal Reserve Bank of New York, could impact the USD. His participation in a panel discussion on interest rates suggests that any hawkish signals might reinforce the USD’s strength. Similarly, upcoming employment data such as the ADP Employment Change and Initial Jobless Claims could further influence market sentiment and volatility in this currency pair. These factors combined will guide traders in shaping their strategies around the USD/CAD in the coming weeks.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.
Capitalcore

GBPUSD H4 Technical Analysis of Recent Uptrends

The GBPUSD pair, commonly known as “Cable,” is a significant forex pair that tracks the exchange rate between the British Pound and the US Dollar. It is a vital financial instrument for traders due to the economic prominence of both nations. Today, fundamental analysis must consider a slew of U.S. economic data including GDP, unemployment claims, and durable goods orders, alongside British economic releases like the BOE Financial Stability Report and BOE Governor Bailey’s speech. These factors could significantly influence Cable, with stronger-than-expected U.S. data potentially bolstering the USD, while hawkish remarks from Governor Bailey could lend strength to the GBP.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the uploaded GBPUSD H4 chart, the recent price action reveals a bullish trend. The last seven candles have shown a consistent bullish momentum, progressing from the lower Bollinger band toward the middle and surging past it to touch and currently flirt with the upper band. This movement is underscored by widening Bollinger bands, indicating increasing volatility and bullish strength in the market. The RSI, hovering near the 66 mark, suggests the market is approaching overbought territory but still has room before extreme levels, supporting the potential for continued bullish behavior in the short term.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

Bearish Trend Signals in EURUSD: Technical Analysis

In our latest analysis of the EURUSD pair, the market trend shows a bearish inclination. The recent price action indicates a potential break of structure (BOS), suggesting a short-selling opportunity. Utilizing Fibonacci retracement, we identify the optimal entry zone between the 0.618 to 0.382 levels, where the price is likely to find resistance before continuing its downward movement. Additionally, the RSI indicator supports a neutral to slightly bearish outlook, implying that the asset's performance is currently below average and not exhibiting strong momentum.

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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.


Based on the USD/JPY H4 chart, the pair is currently trading within a rising channel, indicating a bullish trend on this pair. The price action of USD/JPY shows that the pair has recently tested the upper boundary of the channel around 159.60, facing resistance and showing signs of consolidation. Key support levels to watch include 159.33 and 159.11, which coincide with the lower boundary of the channel and the previous resistance turned support. The RSI indicator is currently in the overbought zone, suggesting a potential for a minor pullback before any further upward movement.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

USDJPY Analysis, Key Indicators and Market Movements

The USD/JPY currency pair, often referred to by traders as the “Gopher,” is a significant forex pair representing the exchange rate between the US dollar and the Japanese yen. This pair is heavily influenced by the economic policies and conditions in both the United States and Japan, making it a focal point for forex traders aiming to exploit macroeconomic trends and news releases. In the context of the USD/JPY news forecast today, the Corporate Services Price Index (CSPI) and the Consumer Price Index (CPI) from the Bank of Japan play crucial roles. The higher-than-expected CSPI indicates rising costs for corporations, potentially leading to increased inflationary pressures. On the other hand, the upcoming Federal Reserve Governor Michelle Bowman’s speech could provide insights into US monetary policy, potentially impacting the USD/JPY pair. Traders should closely monitor these fundamental indicators alongside technical levels to make informed trading decisions.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Based on the USD/JPY H4 chart, the pair is currently trading within a rising channel, indicating a bullish trend on this pair. The price action of USD/JPY shows that the pair has recently tested the upper boundary of the channel around 159.60, facing resistance and showing signs of consolidation. Key support levels to watch include 159.33 and 159.11, which coincide with the lower boundary of the channel and the previous resistance turned support. The RSI indicator is currently in the overbought zone, suggesting a potential for a minor pullback before any further upward movement.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore

Technical Analysis of USD/CAD Indicators

The USD/CAD forex pair, commonly referred to as the “Loonie,” is a prominent currency pair in the forex market, representing the exchange rate between the US Dollar and the Canadian Dollar. It is influenced by various factors, including economic data releases, central bank policies, and commodity prices, especially oil. Understanding its movements is crucial for traders due to its high liquidity and sensitivity to geopolitical and economic events. Today, the market anticipates several important events that could impact USDCAD. Federal Reserve FOMC members Mary Daly and Christopher Waller are set to speak, and their remarks could offer insights into future US monetary policy, potentially strengthening the USD if their tone is hawkish. Concurrently, Bank of Canada Governor Tiff Macklem is scheduled to speak, with traders keenly awaiting his comments for clues on Canada’s economic outlook and interest rate policy. A hawkish stance from Macklem could support the CAD currency, introducing significant volatility to the pair.
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Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the H4 chart of USD/CAD, the recent price action has been oscillating between the lower and middle Bollinger Bands, indicating a bearish trend with intermittent bullish candles. The last five candles have generally moved from the lower band towards the middle band, with four out of five being bullish, including the current one. Despite this, the overall trend remains bearish, highlighted by the pattern of alternating bullish and bearish candles. The USD/CAD’s RSI indicator is positioned below 50, suggesting bearish momentum, while volumes indicate fluctuating interest. The Fibonacci retracement levels provide additional support and resistance points, aligning with the observed price movements within the Bollinger Bands.


• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.

Capitalcore