[{"post_url":"https:\/\/psxon.com\/bojs-dovishness-puts-usd-jpy-channel-breakout-in-play\/","description":"USD\/JPY FORECAST: Monetary policy divergences between the Federal Reserve and the Bank of Japan will continue to weigh on the","date":"September 24, 2023","views":0,"post_id":753,"content":"\nUSD\/JPY FORECAST:\n\nMonetary policy divergences between the Federal Reserve and the Bank of Japan will continue to weigh on the outlook for the Japanese yen\nThe U.S. dollar retains a constructive profile for now\nThis article looks at USD\/JPY key levels to watch in the coming days\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\nMost Read: Euro Forecast: EUR\/USD on Breakdown Watch, EUR\/GBP Stuck in No Man\u2019s Land For Now\nBoth the Federal Reserve and the Bank of Japan held their September monetary policy meetings this past week. For starters, the Fed maintained a hawkish bias, indicating that it may deliver additional tightening this year and forecasting that interest rates will remain high for longer. For its part, the BoJ adhered to its longstanding ultra-loose stance, refraining from signaling any imminent changes in its strategy.\nThis pronounced divergence in monetary policy between these two central banks has created a landscape that favors the US dollar\u2019s strength for now. This means that the yen may find itself inclined towards further depreciation in the near term, albeit with some moderation, as on-and-off talk of FX intervention by the Japanese government may deter speculators from precipitating excessive weakness.\nIf you are puzzled by trading losses, download our guide to the \u201cTraits of Successful Traders\u201d and learn how to overcome the common pitfalls that can lead to missteps.\n\n\n\nRecommended by                    Diego Colman\n\n\nTraits of Successful Traders\n\n\n\nFrom a technical standpoint, USD\/JPY rallied on Friday on BoJ\u2019s dovish position, pushing past the 148.00 handle but falling short of breaching the upper boundary of a rising channel in effect since December 2022, presently positioned at 148.50. While taking out this barrier could prove challenging for buyers, a successful breakout could spark a strong upward pressure, exposing 148.80, followed by 150.50.\nIn the event of an unexpected shift in market sentiment in favor of sellers and price rejection from current levels, the first line of support is observed at 147.30, succeeded by 145.90. Should bearish impetus persist, there is a possibility of a retracement towards 144.55, which currently sits slightly below the 50-day simple moving average.\nTake your trading game to the next level with a copy of the yen\u2019s outlook today! Seize the opportunity to access exclusive insights into potential market-moving factors for USD\/JPY!\n\n\n\nRecommended by                    Diego Colman\n\n\nGet Your Free JPY Forecast\n\n\n\nUSD\/JPY TECHNICAL ANALYSIS\n\nUSD\/JPY Chart Prepared Using TradingView\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"BoJ\u2019s Dovishness Puts USD\/JPY Channel Breakout in Play","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1695553893_image1.png"},{"post_url":"https:\/\/psxon.com\/eur-usd-on-breakdown-watch-eur-gbp-stuck-in-no-mans-land-for-now\/","description":"Trade Smarter \u2013 Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe","date":"September 23, 2023","views":0,"post_id":750,"content":"\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\nEUR\/USD ANALYSIS\nEUR\/USD has been falling on a sustained basis since mid-July more or less. This downward trend has been primarily driven by the contrasting economic performance of the United States and the Euro Area, alongside disparities in the monetary policies pursued by their respective central banks, with this divergence pushing U.S. Treasury yields to multi-year highs across maturities in recent days.\nPresently, the Federal Reserve\u2019s benchmark rate stands at an impressive 5.25%-5.50%, well ahead of the European Central Bank\u2019s deposit facility rate of 4.0%. This gap could widen further in the coming months, as U.S. borrowing costs could rise by another 25 basis points in 2023, while those across the Atlantic could remain unchanged, with the ECB having signaled that the tightening campaign is over.\nAlthough investors harbor doubts that the Fed will hike again this year, the market\u2019s assessment could change if U.S. macro data stays hot. For this reason, traders should closely watch next week\u2019s U.S. personal consumption expenditure figures for August. Any indication that the U.S. consumer continues to spend strongly and that price pressures remain sticky should be bullish for the U.S. dollar.\nHone the skills that lead to trading consistency. Grab your copy of the \u201cHow to Trade EUR\/USD\u201d guide, featuring priceless insights and tips from our team of experts!\n\n\n\nRecommended by                    Diego Colman\n\n\nHow to Trade EUR\/USD\n\n\n\nKEY US ECONOMIC DATA NEXT WEEK\n\nSource: DailyFX Economic Calendar\nFrom a technical analysis perspective, EUR\/USD has anchored itself to a support region surrounding a key Fibonacci level at 1.0610 after its recent retracement. Although this zone may offer robust protection against further losses, a breach could unleash substantial downward pressure, paving the way for a descent towards 1.0570, followed by 1.0500.\nOn the flip side, if buyers unexpectedly reassert their dominance in the market and spark a bullish turnaround, initial resistance can be spotted in the 1.0760\/1.0785 range, as shown in the accompanying chart below. Upside clearance of this barrier could boost upward momentum, setting the stage for a rally toward the 200-day SMA at 1.0830. On further strength, the focus shifts to 1.1025.\nDiscover the power of crowd sentiment. Download the sentiment guide to understand how EUR\/USD\u2019s positioning can influence the pair\u2019s direction!\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-3%\n3%\n-1%\n\n\nWeekly\n-10%\n16%\n-2%\n\n\n\n\nEUR\/USD TECHNICAL CHART\n\nEUR\/USD Chart Prepared Using TradingView\nWondering why trading can be so challenging? Uncover the traits that set successful traders apart from the rest! Grab the guide below to find out!\n\n\n\nRecommended by                    Diego Colman\n\n\nTraits of Successful Traders\n\n\n\nEUR\/GBP ANALYSIS\nEUR\/GBP has been trekking upwards since early September, as shown on the daily chart below, but over a longer time horizon, the pair has lacked strong directional conviction, trading largely sideways, trapped within the confines of an impeccable lateral channel (no man\u2019s land so to speak) \u2013 a sign of indecision given the weak fundamentals of both currencies.\nRanging markets can be predictable and easy to trade at times, but the whole premise is to establish a short position in the underlying when its price moves toward resistance in anticipation of a pullback or to go long at technical support ahead of a possible rebound.\nLooking at EUR\/GBP, prices are currently approaching the upper limit of the horizontal corridor at 0.8700, which also coincides with trendline resistance and the 200-day SMA. A substantial number of sellers may be clustered in this area, so a pullback is likely on a retest, though a breakout could open the door to a move towards 0.8792, the 38.2% Fib retracement of the Sept 2022\/Aug 2023 slump.\nIn case of a bearish rejection, we could see a drop towards 0.8610. On further weakness, the focus shifts to 0.8520, a region near the 2023 lows.\nEUR\/GBP TECHNICAL CHART\n\nEUR\/GBP Chart Prepared Using TradingView\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"EUR\/USD on Breakdown Watch, EUR\/GBP Stuck in No Man\u2019s Land For Now","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1695464849_image1.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-looks-toppish-while-dax-and-sp-500-are-in-freefall\/","description":"Article written by Axel Rudolph, Senior Market Analyst at IG FTSE  once more comes off its  month high","date":"September 22, 2023","views":1003,"post_id":747,"content":"\nArticle written by Axel Rudolph, Senior Market Analyst at IG\nFTSE 100 once more comes off its 3 month high\nOn Thursday the FTSE 100 tried to overcome last week\u2019s high at 7,747 but failed to do so as heavy selling in the US dragged it down later in the day with the 200-day simple moving average (SMA) at 7,646 once more acting as support.\nOn Friday morning the FTSE 100 bounced off the moving average and headed towards the 7,688 June high. If bettered, the 7,723 July peak and at last week\u2019s 7,747 high would be back in sight. These highs will need to be overcome for the psychological 7,800 mark and the 7,817 8 May high to be back in play.\nA slip through this week\u2019s low at 7,634 would eye the 10 August low at 7,624 and then the early July high at 7,562.\nFTSE 100 Daily Chart\n\nsource: IG\nDAX 40 hits three-month low\nThe DAX 40\u2019s swift 2.5% sell-off this week has taken it to a three-month low with a slip to a six-month low looking probable as major support between the July-to-August lows at 15,469 to 15,455 is threatened.\nA further slide would have the mid-January high at 15,272 in its sights.\nWere the DAX 40 to once again stabilize, though, it would encounter resistance between the 15,561 mid-September low and the 200-day simple moving average (SMA) at 15,578.\nOnly a rise and daily chart close above Wednesday\u2019s high at 15,810 would show that this year\u2019s major support zone might once again have held. Unless this high gets exceeded, the risk of another sharp sell-off remains in play.\nDAX 40 Daily Chart\n\nsource: IG\nFind out the #1 mistake traders make and avoid it! IG and DailyFX analysed thousands of live positions to uncover this valuable takeaway:\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\nS&P 500 has seen five consecutive days of declining prices\nThe US Federal Reserve\u2019s (Fed) hawkish pause provoked a sharp sell-off in US equity indices with the S&P 500 falling to its June low at 4,328 which represents key support.\nIf fallen through on a daily chart closing basis, the early June low at 4,257 would represent the next downside target ahead of the 200-day simple moving average (SMA) at 4,200.\nAny short-term bounce into the weekend would have to grapple with the 4,356 to 4,378 10 July and 25 August lows. More significant resistance can be found between the June and early July highs as well as the 24 August high at 4,447 to 4,474.\nS&P 500 Daily Chart\n\nSource: IG\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n20%\n-13%\n2%\n\n\nWeekly\n52%\n-28%\n0%\n\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100 looks toppish while DAX and S&P 500 are in freefall","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/MicrosoftTeams-image-19.png"},{"post_url":"https:\/\/psxon.com\/dow-nasdaq-100-and-nikkei-225-all-fall-back-after-hawkish-fed-decision\/","description":"Article by IG Chief Market Analyst Chris Beauchamp Dow Jones, Nasdaq , Nikkei  Analysis and Charts \u200b\u200b\u200bDow slumps following","date":"September 21, 2023","views":100225,"post_id":744,"content":"\nArticle by IG Chief Market Analyst Chris Beauchamp\nDow Jones, Nasdaq 100, Nikkei 225 Analysis and Charts\n\u200b\u200b\u200bDow slumps following Fed decision\n\u200bThe index saw a substantial reversal yesterday and has moved back towards the lows of last week.\u200bThe 100-day SMA could now provide some support, but below this,the 34,000 level and the 200-day SMA could also see some buying emerge.\n\u200bA revival above 35,000 would be needed to secure a more bullish short-term view.\nDowJones Daily Chart\n\nSee how the latest Daily and Weekly Changes affect Dow Jones Sentiment\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n0%\n-2%\n-1%\n\n\nWeekly\n13%\n-10%\n-1%\n\n\n\n\n\u200b\n\u200bNasdaq 100 gives back more gains\n\u200bLosses continue here, with yesterday\u2019s drop further eating into the gains made from the August lows. \u200bThe price is currently sitting on the 100-day SMA, and a close below this opens the way in short order to 14,690. Below this, the August low at 14,500 comes into view. From here, the next major level to watch would be the August 2022 high at 13,722.\n\u200bA rally above 15,300 would be needed to suggest that the buyers have succeeded in reasserting control.\nNasdaq 100 Daily Chart\n\nLearn Tips from the Professionals on How to Trade\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n\u200b\n\u200bNikkei 225 sees further losses\n\u200bThe drift lower of earlier in the week has turned into a more dramatic move lower.\u200bThis has put the sellers back in control. Below the 50- and 100-day SMAs, the price then moves on to target 32,076, and then to the August low at 31,295.\nBuyers will want to see a move back above 33,000 to suggest that the selling has been halted for the time being.\nNikkei 225 Daily Chart\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"\u200b\u200b\u200b\u200bDow, Nasdaq 100 and Nikkei 225 all Fall Back after Hawkish Fed Decision","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/Dow210923.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-and-sp-500-try-to-stabilize-ahead-of-fomc-meeting\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX , S&P  Analysis and Charts \u200b\u200b\u200bFTSE  rises","date":"September 20, 2023","views":10040500100,"post_id":741,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX 40, S&P 500 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 rises as UK inflation diminishes\n\u200bThe FTSE 100 bounced off its 200-day simple moving average (SMA) at 7,643 as UK consumer price inflation (CPI) for August came in at a better-than-expected 6.7% year-on-year (YoY) versus an expected 7.0% and 6.8% in July. Core inflation dropped to 6.2% YoY versus 6.9% in July and an expected 6.8%.\n\u200bPotential upside targets are the 7,723 July peak and at last week\u2019s 7,747 high ahead of Thursday\u2019s Bank of England rate decision where another 25 basis-point rate hike may still be on the cards. If these highs were to be exceeded, the psychological 7,800 mark and the 7,817 8 May high could be in focus.\n\u200bA fall through Wednesday morning\u2019s 7,636 low would engage the 10 August high at 7,624 and perhaps also the early July high at 7,562.\nFTSE 100 Daily Chart\n\nSee the Latest Daily and Weekly Changes in FTSE Sentiment\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-2%\n4%\n2%\n\n\nWeekly\n-34%\n52%\n7%\n\n\n\n\n\u200b\n\u200bDAX 40 continues to range trade\n\u200bThe DAX 40 is trying to stabilize ahead of today\u2019s US Federal Reserve (Fed) rate decision despite German producer prices (PPI) coming in at a higher-than-expected 0.3% month-on-month (mom) in September versus a forecast 0.1% and -1.1% in August.\n\u200bMinor resistance sits at the 7 September high at 15,797 and further resistance can be spotted at the 15,871 11 September peak. \u200bBelow Tuesday\u2019s low at 15,629 meanders the 200-day simple moving average (SMA) at 15,563 and lies last week\u2019s low at 15,561.\nDAX 40 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTop Trading Lessons\n\n\n\n\u200b\n\u200bRisk-off for S&P 500 ahead of FOMC\n\u200bFollowing last Friday\u2019s Bearish Engulfing pattern on the daily candlestick chart the S&P 500 slid for three consecutive days ahead of today\u2019s Federal Open Market Committee (FOMC) at which no rate hike is expected.\u200bFuture economic projections will take center stage, though, to see whether rates will have to remain higher for longer given resurging inflationary pressures such as the swift rise in the oil price.\n\u200bAs long as Tuesday\u2019s low at 4,416 holds, a rise back towards the 4,474 to 4,482 24 August high and 55-day simple moving average (SMA) may unfold. Only a currently unexpected bullish reversal and advance above last week\u2019s high at 4,516 would put the bulls back in control, though.\n\u200bFailure at 4,416 would open the way for the 4,378 July low.\nS&P 500 Daily Chart\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100, DAX 40 and S&P 500 Try to Stabilize Ahead of FOMC Meeting","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/20092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/dow-nikkei-cac40-edge-up-in-morning-trading\/","description":"Article by IG Chief Market Analyst Chris Beauchamp Dow Jones, Nikkei , CAC  Analysis and Charts \u200b\u200b\u200bDow holds above","date":"September 19, 2023","views":22540,"post_id":738,"content":"\nArticle by IG Chief Market Analyst Chris Beauchamp\nDow Jones, Nikkei 225, CAC 40 Analysis and Charts\n\u200b\u200b\u200bDow holds above trendline support\n\u200bAfter Friday\u2019s slump the index struggled to make much headway on Monday.\u200bThe 35,000 level is the barrier to any short-term upside, beyond which the highs of August towards 35,800 loom. For the moment, trendline support from the August low continues to hold, propping up the index and preventing any near-term decline.\n\u200bA close below 34,500 would be a bearish catalyst, and see the price test the early September low (34,330), then the 100-day SMA, and then the August low just above 34,000.\nDow Jones Daily Chart\n\nSee Daily and Weekly Dow Jones Sentiment Changes\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n7%\n4%\n5%\n\n\nWeekly\n-3%\n-1%\n-2%\n\n\n\n\n\u200b\n\u200bNikkei 225 consolidates after recent surge\n\u200bAfter surging on Thursday last week the index has seen a loss of momentum, though it has held on to most of those gains.\u200bAs with the Dow, trendline support from the August low continues to underpin the index. It would need a close back below 33,000 to suggest that a bearish view prevails in the short term.\n\u200bFurther upside targets the June highs at 34,000, once the 33,500 level has been breached on a daily close basis.\nNikkei 225 Daily Chart\n\nSee How Top Traders Approach the Market\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n\u200b\n\u200bCAC 40 fights to remain above 200-day MA\n\u200bThe CAC 40 suffered a severe loss of momentum on Monday, reversing from Friday\u2019s 7400 high.\u200bOnce more the index has seen bullish momentum fade, and a return to the 200-day SMA looks likely. This has stalled any deeper retracement since mid-August, while below this the 7100 support zone looms.\n\u200bA close above 7400 would provide a much-needed bullish catalyst, and open the way to 7508 and 7587. \nCAC 40 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Dow, Nikkei & CAC40 Edge up in Morning Trading","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/Dow190923.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-and-nasdaq-100-look-fragile\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX , Nasdaq  Analysis and Charts \u200b\u200b\u200bFTSE  consolidates","date":"September 18, 2023","views":10040100100,"post_id":735,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX 40, Nasdaq 100 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 consolidates below its 3 \u00bd month high\n\u200b\u200bLast week the FTSE 100 had its best week in nine months as it rose by over 3%, buoyed by the rising oil price and mining stocks after China cut its reserve requirements for the second time in 2023. The UK blue chip index is expected to at least short-term consolidate below its 3 \u00bd month high at 7,747 as UK rental prices surge to multi-year highs while house prices stagnate and as traders await Thursday\u2019s Bank of England (BoE) rate decision.\n\u200bA slip back to the 7,688 to 7,679 mid-May low and mid-June high thus looks probable with the 200-day simple moving average (SMA) at 7,642 possibly being reached as well.\u200bMinor resistance can be spotted around the 7,723 July peak and at last week\u2019s 7,747 high. If bettered, the psychological 7,800 mark and the 7,817 8 May high could be in focus.\nFTSE 100 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nOptions for Beginners\n\n\n\n\u200b\n\u200bDAX 40 continues to range trade\n\u200bThe DAX 40 rallied last week as the European Central Bank (ECB) raised its deposit rate to 4% whilst announcing that it wasn\u2019t planning any more rate hikes as it was lowering its Eurozone growth forecasts for the years to come.\u200bThe German stock index rose above its 55-day simple moving average (SMA) at 15,907 and reached a high at 15,992 on Friday before slipping back towards its open. The moving average acts as a resistance line on Monday morning.\n\u200bMinor support below the 55-day SMA at 15,907 can be found at last Monday\u2019s 15,871 high ahead of the 7 September high at 15,797. Further minor support sits at the 15,739 high seen last Wednesday. \u200bOnly a rise above last week\u2019s high at 15,992 would engage the August peak at 16,044. It needs to be overcome for a medium-term bottoming formation to be confirmed. In this case, a rise back toward the July high at 16,532 may unfold until year-end.\nDAX 40 Daily Chart\n\nDownload the Free DAX Sentiment Survey\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n37%\n11%\n18%\n\n\nWeekly\n-24%\n7%\n-5%\n\n\n\n\n\u200b\n\u200bNasdaq 100 is seen topping out\n\u200bThe Nasdaq 100 dropped by 1.75% on Friday, bringing the index back down towards its previous week\u2019s low at 15,135 as US consumer sentiment fell more than expected and US import prices rose the most in over a year, re-igniting inflationary fears.\n\u200bWere the 15,135 low to be slipped through, the March-to-September uptrend line at 15,125 may act as support. If not, a drop back towards the late June and August lows at 14,689 to 14,554 might ensue. \u200bResistance comes in along the 55-day simple moving average (SMA) at 15,312 and at Thursday\u2019s 15,332 low.\n\u200bFor a bullish reversal to be seen, a rise and daily chart close above last week\u2019s high at 15,520 would need to occur. Slightly above it lies the early September high at 15,628.\nNasdaq 100 Daily Chart\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100, DAX 40 and Nasdaq 100 Look Fragile","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/18092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/dxy-firmly-focused-on-fed-rate-announcement\/","description":"U.S. DOLLAR ANALYSIS Stout US economy may extend appetite for future rate hikes. Fed expected to hold rates at current","date":"September 17, 2023","views":0,"post_id":732,"content":"\nU.S. DOLLAR ANALYSIS\n\nStout US economy may extend appetite for future rate hikes.\nFed expected to hold rates at current levels.\nBearish divergence suggests short-term dollar weakness to come.\n\n\n\n\nRecommended by                    Warren Venketas\n\n\nGet Your Free USD Forecast\n\n\n\nDOLLAR INDEX FUNDAMENTAL FACTORS\nThe US dollar had a rollercoaster of a week with beginning with mixed US CPI figures followed by PPI and retail sales that reinforced the robust state of the US economy and hinted at potential inflationary pressures to come. Although the \u2018higher for longer\u2019 message remains and potentially looks to be more persistent, the outlook for next weeks Fed rate announcement is likely to result in a rate pause.\nMoney market pricing as shown below reflects the possibility for one more rate hike if needed (as suggested by Fed speakers) but the sustained elevated interest rate environment could maintain greenback strength. Interestingly, rate cuts for December 2024 was revised lower by roughly 7bps on Friday to 81bps in response to recent US economic data despite a drop off in the latest Michigan consumer sentiment report. In addition, a weakening euro could supplement dollar upside with the euro comprising 57.6% of the Dollar Index (DXY).\nIMPLED FED FUNDS FUTURES\n\nSource: Refinitiv\nThe announcement next week (see economic calendar below) will be more about what comes next in terms of guidance around hiking in November or December this year. I expect more of the same from Fed Chair Jerome Powell in that the messaging will reiterate the importance of data dependency while keeping the door open for future rate hikes if required. Building permit data will precede the Fed\u2019s announcement but should not have a major material impact on decision making.\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\nUS ECONOMIC CALENDAR (GMT +02:00)\n\nSource: DailyFX economic calendar\nTECHNICAL ANALYSIS\nU.S. DOLLAR INDEX (DXY) DAILY CHART\n\nChart prepared by Warren Venketas, IG\nPrice action on the daily DXY chart above could paint a picture of two tales, the first being bearish\/negative divergence where prices exhibit higher highs while the Relative Strength Index (RSI) prints lower highs often leading to subsequent downside to come (a possibility if markets perceive the Fed\u2019s guidance as dovish).\nFrom a bullish perspective, although not quite developed is the chance for a golden cross formation should the 50-day moving average (yellow) cross above the 200-day moving average (blue). The likelihood of another push higher is less than that of a pullback towards subsequent support zones.\nResistance levels:\nSupport levels:\n\n\nIntroduction to Technical Analysis\nCandlestick Patterns\n\nRecommended by Warren Venketas\n\n\n\nContact and followWarrenon Twitter:@WVenketas\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"DXY Firmly Focused on Fed Rate Announcement","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1694946557_image1.png"},{"post_url":"https:\/\/psxon.com\/all-eyes-on-the-bank-of-england-rate-decision\/","description":"GBP\/USD Analysis and Charts The Bank of England is likely to raise rates by bps next Thursday. Will the BoE","date":"September 16, 2023","views":25,"post_id":729,"content":"\nGBP\/USD Analysis and Charts\n\nThe Bank of England is likely to raise rates by 25bps next Thursday.\nWill the BoE follow the trend of a \u2018hike and hold\u2019\n\nFor all market-moving economic data and events, see the DailyFX Calendar\n\n\n\nRecommended by                    Nick Cawley\n\n\nHow to Trade GBP\/USD\n\n\n\nNext week\u2019s Bank of England interest rate decision is likely to be a closer call than current market pricing suggests. Markets are looking for the BoE to raise interest rates by a quarter of a percent from 5.25% to 5.50%, a fresh 15-year high. It is unlikely that this decision will be unanimous as various voting members of late have been giving out differing views on the path of rates going forward. At the last meeting, a dovish Swati Dhingra voted to keep interest rates unchanged, while a hawkish Catherine Mann and Jonathan Haskell pressed for a larger, 50bps, hike.\n\n\n\n\nRecommended by                    Nick Cawley\n\n\nTraits of Successful Traders\n\n\n\nYesterday the ECB hiked rates and then suggested that they would hold rates at the new level in the coming months. This follows in the trend set by other major central banks, including the Federal Reserve, which it seems have hit, or are very close to, peak rates if market pricing is to be believed. Will the Bank of England follow in the Fed\u2019s steps and give a faint hint that rates are near, or at, their peak?\nThe Bank of England will have the opportunity to see the latest inflation report before they make their decision. The August CPI report, released on Wednesday at 07:00 UK, is expected to show core inflation nudging lower by 0.1% to 6.8%, while headline inflation is seen moving 0.2% higher to 7.0%.\nCable is struggling to keep above 1.2400 as the US dollar goes from strength to strength. The greenback has been boosted by a weak Euro and stronger-than-expected US data, leaving the Fed some extra room to hikes rates if required. The US dollar index is touching levels last seen back in March, while a bullish 50-day\/200-day crossover \u2013 golden cross \u2013 can also be seen on the daily chart.\nUS Dollar Index Daily Chart\n\nCable is breaking below the 200-day sma and heading lower. A confirmed close and open below the longer-dated indicator would likely see GBP\/USD make an attempt at 1.2303, the late May swing low. Below here, GBP\/USD may be vulnerable to sharp moves lower with little recent price action below 1.2303.\nGBP\/USD Daily Price Chart\n\nCharts using TradingView\nSee How GBP\/USD Traders are Currently Positioned\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-3%\n-5%\n-3%\n\n\nWeekly\n11%\n-11%\n3%\n\n\n\n\nWhat is your view on the British Pound \u2013 bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"All Eyes on the Bank of England Rate Decision","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1694859359_image1.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-and-sp-500-rally-on-improved-sentiment\/","description":"\u200b\u200bOutlook on FTSE , DAX  and S&P  following ECB rate hike, second reduction in reserve ratio requirement by","date":"September 15, 2023","views":10040500,"post_id":728,"content":" \n\u200b\u200bOutlook on FTSE 100, DAX 40 and S&P 500 following ECB rate hike, second reduction in reserve ratio requirement by PBOC and successful Arm IPO.\n\nSource link The post \u200b\u200b\u200bFTSE 100, DAX 40 and S&P 500 Rally on Improved Sentiment\u200b\u200b\u200b first appeared on Forex Trader Hub.","title":"\u200b\u200b\u200bFTSE 100, DAX 40 and S&P 500 Rally on Improved Sentiment\u200b\u200b\u200b","img_url":false},{"post_url":"https:\/\/psxon.com\/dow-mixed-but-nasdaq-100-and-nikkei-start-to-show-renewed-bullish-momentum\/","description":"Article by IG Chief Market Analyst Chris Beauchamp Dow Jones, Nikkei , Nasdaq  Analysis and Charts Dow struggles to","date":"September 14, 2023","views":225100,"post_id":725,"content":"\nArticle by IG Chief Market Analyst Chris Beauchamp\nDow Jones, Nikkei 225, Nasdaq 100 Analysis and Charts\nDow struggles to push higher\n\u200bThe index has spent the week trying to break higher, but gains above 34,700 have proven impossible to sustain. \u200bFor the moment, while the buyers have not been able to seize control, sellers have been unable to drive the price lower, with 34,540 acting as an area of support. Last week\u2019s low at 34,280, and then the late August low around 34,050 could provide support.\n\u200b\u200bA close above the 50-day SMA would provide a more bullish view and could see the price test the 35,000 level again.\nDow Jones Daily Chart\n\u200b\n\n\n\n\nRecommended by                    IG\n\n\nBuilding Confidence in Trading\n\n\n\n\u200bNasdaq 100 holds above 50-day MA\n\u200bHere the bulls are showing signs of strength, keeping the index above the 50-day SMA and stepping yesterday to hold the price above 15,260.\u200bA close above 15,575 might help to catalyze a more bullish view, as it would see the price push on above the late August high. From there, the 15,750 and 15,930 highs from July come into view.\n\u200bThe recovery from the August low is intact, though a drop back below 15,200 would put pressure on that, and potentially open the way to another test of the 100-day SMA and then the August lows around 14,690.\nNasdaq 100 Daily Chart\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\n\u200b\n\u200bNikkei 225 surges\n\u200bSteady gains in the first three days of the week were followed up by a surge on Thursday that has taken the index back to the early September highs.\u200bA close above 33,337 would mark a bullish breakout, with the next target being the early August peak at 33,40, followed up by the lower highs of July and then June.\n\u200bOverall the rally from the August low is still in place, with the bounce of the past week taking place off a higher low. A close back below 32,400 would negate this bullish view in the short term.\nNikkei 225 Daily Chart\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Dow Mixed but Nasdaq 100 and Nikkei Start to Show Renewed Bullish Momentum\u200b\u200b\u200b\u200b","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/Dow140923.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-and-sp-500-drop-ahead-of-us-cpi\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX , S&P  Analysis and Charts \u200b\u200b\u200bFTSE  drops","date":"September 13, 2023","views":10040500100,"post_id":722,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX 40, S&P 500 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 drops on disappointing UK growth\n\u200bThe FTSE 100 is about to end its four straight day winning streak as much weaker-than-expected UK GDP pushes the index lower. UK GDP dropped by 0.5% month-on-month in July, the quickest pace in seven months, versus an expected 0.2% decline. Year-on-year GDP dropped to 0% versus a forecast 0.4%.\n\u200bThe UK blue chip index is seen slipping back towards the 55-day simple moving average (SMA) at 7,476. Below it, the breached July-to-September downtrend line at 7,468, because of inverse polarity, might also act as support. \u200bWhile this and last week\u2019s highs at 7,524 to 7,551 cap, the index is expected to range trade with a slight downward bias.\n\u200bOnly a rise and daily chart close above Tuesday\u2019s high at 7,551 could open the way for the 200-day simple moving average (SMA) at 7,638.\nFTSE 100 Daily Chart\n\nDownload the Free FTSE 100 Sentiment Report\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-9%\n6%\n-2%\n\n\nWeekly\n-28%\n49%\n-5%\n\n\n\n\n\u200b\n\u200bDAX 40 on track for second day of losses\n\u200bThe DAX 40 is heading back down again as European Central Bank (ECB) sources suggested last night that inflation forecasts would remain above 3% in 2024, strengthening the view that an interest rate hike will follow at the meeting on Thursday. Last week\u2019s low at 15,575 is thus back in focus. As long as it holds on a daily chart closing basis, Monday\u2019s low at 15,723 may be revisited. The next higher July-to-September downtrend line at 15,850 and the 24 August high at 15,895 are unlikely to be revisited on Wednesday, though.\n\u200bWere last week\u2019s low at 15,575 to be slid through on a daily chart closing basis, the 200-day simple moving average (SMA) and August low at 15,528 to 15,469 would be in focus.\nDAX 40 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n\u200b\n\u200bS&P 500under pressure\n\u200bFollowing a weaker finish on Wall Street, where tech stocks fell after disappointment around the Apple product event and pre-CPI nervousness, the index remains under pressure. \u200bA tumble back toward last Thursday\u2019s low at 4,430 low may be underway.\n\u200bProvided that last week\u2019s low at 4,430 holds, a bounce back towards the 24 August high and the 55-day simple moving average (SMA) at 4,474 to 4,479 may once more be seen, though. Above these sits this week\u2019s high at 4,491 which needs to be overcome for the bulls to be back in control.\u200bA drop through 4,430 would put the March-to-September uptrend line at 4,416 on the map.\nS&P 500 Daily Chart\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100, DAX 40 and S&P 500 Drop Ahead of US CPI\u200b\u200b\u200b","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/13092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/dow-jones-nasdaq-100-cac-40-push-higher\/","description":"Article by IG Chief Market Analyst Chris Beauchamp Dow Jones, Nasdaq , CAC  Analysis and Charts \u200b\u200b\u200bDow makes further","date":"September 12, 2023","views":10040,"post_id":719,"content":"\nArticle by IG Chief Market Analyst Chris Beauchamp\nDow Jones, Nasdaq 100, CAC 40 Analysis and Charts\n\u200b\u200b\u200bDow makes further gains\n\u200bThe index has spent the past three sessions rallying from last week\u2019s low and is now challenging the 50-day SMA from below. \u200bA close above 35,000 is critical to a renewed bullish view emerging, as this would signal that a higher low has formed in late August and early September, and could see a fresh move back to 35,600, the high from July.\n\u200b\u200bSellers will need a close back below 34,280 in order to suggest that a new leg lower is developing.\nDow Jones Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTop Trading Lessons\n\n\n\n\u200b\n\u200bNasdaq 100 rallies off 50-day MA\n\u200bAfter stabilizing on Friday, the index pushed back above the 50-day SMA on Monday, setting up another possible attempt to break above the late August high. \u200bFrom there the 15,760, 15,932, and then the 16,021 levels come into view. The recovery from the August lows has helped to renew the bullish view.\n\u200bIt would require a move back below 15,270 to negate the short-term bullish view, and this might then bring the 14,690 support zone back into play.\nNasdaq 100 Daily Chart\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\n\u200bCAC40 rises for another day\n\u200bThe index maintained the bullish momentum seen on Friday after the price rallied back above the 200-day SMA. \u200bHaving averted a deeper pullback for now, the index could now push back to 7400, or on to the late July highs at 7509. This would then put the index back on course to target the 2023 high at 7588.\n\u200bSellers will need a close back below 7110 to result in another test of the 7100 support zone.\nCAC 40 Daily Chart\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Dow Jones, Nasdaq 100, CAC 40 Push Higher","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/Dow120923.png"},{"post_url":"https:\/\/psxon.com\/nikkei-225-under-pressure-on-hawkish-boj-but-ftse-100-dax-40-positive\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX , Nikkei , Analysis and Charts \u200b\u200b\u200bFTSE  still","date":"September 11, 2023","views":10040225100,"post_id":716,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX 40, Nikkei 225, Analysis and Charts\n\u200b\u200b\u200bFTSE 100 still tries to push ahead\n\u200b\u200bLast week the FTSE 100 outperformed its European and US counterparts by ending the week up 0.2% and not in the red like the others as the index benefitted from the rise in oil and gas prices. The UK blue chip index is seen breaking through its July-to-September downtrend line at 7,485, attacking the early September high at 7,524. Further up the early July peak can be spotted at 7,532 ahead of the 200-day simple moving average (SMA) at 7,638.\n\u200bMinor support can be seen along the 55-day simple moving average (SMA) at 7,475 and also at the 7,437 early August low as well as the 7,419 late August low.\nFTSE 100 Daily Chart\n\u200b\n\nDownload the Free FTSE 100 Sentiment Guide\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-6%\n17%\n3%\n\n\nWeekly\n-15%\n19%\n-2%\n\n\n\n\n\u200bDAX 40 to open up after dismal week\n\u200bThe DAX 40 dropped 1.2% last week as Euro Zone growth worries, a rising US dollar and yields pushed the index to a two-week low at 15,575 before stabilizing on Friday. While last week\u2019s low at 15,575 holds on a daily chart closing basis, the 24 August high and July-to-September downtrend line at 15,895 may be revisited. This scenario would become more likely if today\u2019s daily chart close were to be made above Friday\u2019s 15,787 daily candlestick \u201cHammer\u201d high which would trigger a bullish technical reversal signal. \u200bSlightly further up meanders the 55-day simple moving average (SMA) at 15,927.\n\u200bWere last week\u2019s low at 15,575 to fall through on a daily chart closing basis, though, the 200-day SMA and August low at 15,514 to 15,469 would be back in sight.\n\u200b DAX 40 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n\u200bNikkei 225 opens lower\n\u200bFollowing last week\u2019s slide in line with other major global stock indices on worsening sentiment, the Nikkei 225 also began this week on a weaker footing.\u200bThe index dropped by half a percentage point as the governor of the Bank of Japan (BoJ) Kazuo Ueda signaled that the negative rates policy could be ended by the start of 2024 if wage inflation were to persist. \u200bThe Nikkei 225 touched the 55-day simple moving average (SMA) at 32,411.9 which so far acted as interim support. Below it the August-to-September tentative uptrend line can be found at 32,294.0 which would be expected to hold, though.\n\u200bA rise above Monday\u2019s 32,759.0 intraday high is needed for at least a minor bottom to be formed.\nNikkei 225 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nBuilding Confidence in Trading\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"\u200b\u200bNikkei 225 Under Pressure on Hawkish BoJ but FTSE 100, DAX 40 Positive","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/11092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/usd-cad-dips-on-solid-canadian-data-but-broader-outlook-tied-to-us-inflation\/","description":"CANADIAN DOLLAR FORECAST: USD\/CAD slides in response to robust employment survey results from Canada Canadian employers added , jobs last","date":"September 10, 2023","views":39900,"post_id":713,"content":"\nCANADIAN DOLLAR FORECAST:\n\nUSD\/CAD slides in response to robust employment survey results from Canada\nCanadian employers added 39,900 jobs last month versus 15,000 expected, signaling economic resilience\nIn the upcoming week, the spotlight will be on the August U.S. inflation report\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\nMost Read: Gold Price Outlook Hinges on Key US Inflation Data, XAU\/USD on Breakdown Watch\nThe loonie saw a modest uptick against the U.S. dollar on Friday, boosted by strong employment growth in Canada. In late morning in New York, USD\/CAD was down about 0.40% to trade near 1.3626, after briefly flirting with the 1.3700 level in the preceding session.\nDelving into the specific, the latest jobs survey revealed a remarkable addition of 39,900 payrolls in August, far exceeding the anticipated 15,000, indicating a substantial level of resilience within the country\u2019s economy.\nDespite the favorable outcome in today\u2019s data, Canadian short-term yields did not reprice materially higher. This suggests that the report is unlikely to exert a substantial influence on the Bank of Canada\u2019s future decisions.\nCANADA\u2019S ECONOMIC DATA AT A GLANCE\n\nSource: DailyFX Economic Calendar\nExplore the top trading opportunities identified by the DailyFX Team. Download your guide today!\n\n\n\nRecommended by                    Diego Colman\n\n\nGet Your Free Top Trading Opportunities Forecast\n\n\n\nEarlier in the week, BoC kept interest rates steady at 5.0%, but left the door ajar to the possibility of more policy firming in the face of little downward momentum in core inflation. However, traders expressed doubts about this stance, given the central bank\u2019s warning of slower growth on the horizon.\nWith markets skeptical of Bank of Canada\u2019s ability to deliver additional tightening, the Fed\u2019s normalization cycle will be more relevant for USD\/CAD in the near term. While the FOMC has indicated it will \u201cproceed carefully\u201d, the situation could change if U.S. price pressures remain elevated.\nWe will have more information to assess the broader trend in consumer prices next week when the U.S. Bureau of Labor Statistics releases its latest batch of data, but if inflation results surprise on the upside, interest rate expectations could shift in a hawkish direction, boosting the U.S. dollar across the board.\nIn terms of estimates, headline CPI is expected to have increased 3.8% y-o-y in August from July\u2019s 3.2%. Meanwhile, the core gauge is seen softening to 4.5% y-o-y from 4.7% previously, a positive but limited improvement for policymakers.\nDiscover the power of market sentiment. Download the sentiment guide to understand how USD\/CAD positioning can influence the pair\u2019s trend!\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n8%\n-11%\n-7%\n\n\nWeekly\n20%\n7%\n10%\n\n\n\n\nUSD\/CAD TECHNICAL ANALYSIS\nAfter a strong rally in recent days, the USD\/CAD encountered resistance and reversed direction as it approached the 1.3700 technical barrier before the weekend. Despite this setback, the pair remains in a short-term uptrend, indicating the potential for a renewed upward move at any moment.\nLooking ahead to a possible rebound, initial resistance looms near the 1.3700 handle but further gains may be in store on a push above this ceiling, with the next upside target located at the 2023 highs in the vicinity of 1.3850.\nIn the event of bearish price action continuation, support levels are identifiable at 1.3540, followed by 1.3500. Going further down the line, the next significant floor is situated around the 200-day simple moving average.\nUSD\/CAD TECHNICAL CHART\n\nUSD\/CAD Chart Prepared Using TradingView\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"USD\/CAD Dips on Solid Canadian Data but Broader Outlook Tied to US Inflation","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1694342735_image1.png"},{"post_url":"https:\/\/psxon.com\/yen-ready-to-take-on-usd-according-to-japanese-officials\/","description":"USD\/JPY ANALYSIS & TALKING POINTS Japan looks to US for guidance. US inflation may result in Japanese involvement. Bearish divergence","date":"September 9, 2023","views":0,"post_id":710,"content":"\nUSD\/JPY ANALYSIS & TALKING POINTS\n\nJapan looks to US for guidance.\nUS inflation may result in Japanese involvement.\nBearish divergence suggestive of downside to come.\n\n\n\n\nRecommended by                    Warren Venketas\n\n\nGet Your Free JPY Forecast\n\n\n\nJAPANESE YEN FUNDAMENTAL BACKDROP\nThe Japanese Yen has yet to make any real upside impact on the US dollar this week as USD\/JPY remains elevated. Despite warnings from the Japanese Finance Minister Shunichi Suzuki that intervention is a possibility should the JPY deteriorate even further (around the 150 mark), markets are seemingly unphased until action is taken. It is important to note that Japanese exported will be comfortable with the weaker currency to stoke demand for local goods and services.\nThe week ahead looks to be US dominated (see economic calendar below) with particular focus on US CPI. Both core and headline inflation has been trending downwards but at a slower place than the Fed would like, and still far from the 2% target level. An upside surprise would really weigh negatively on the Japanese Yen and increase the pressure on the Bank of Japan (BOJ) to get involved.\nJPY ECONOMIC CALENDAR (GMT +02:00)\n\nSource: DailyFX economic calendar\nMoney market pricing (refer to table below) for the Federal Reserve looks to be skewed towards a rate pause in September thereafter, the potential for another hike depending on upcoming data which makes next week\u2019s US CPI extremely pertinent.\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\nIMPLIED FED FUNDS FUTURES\n\nSource: Refinitiv\nUSD\/JPY TECHNICAL ANALYSIS\nUSD\/JPY DAILY CHART\n\nChart prepared by Warren Venketas, IG\nDaily USD\/JPY price action alongside its developing bearish\/negative divergence signal (black arrow), points to slowing bullish momentum and the possibility for a turnaround in favor of JPY strength. Fundamental factors are likely to be the catalysts driving this move lower and the warnings from Japanese officials should not be taken lightly.\nKey resistance levels:\nKey support levels:\nIG CLIENT SENTIMENT: BEARISH\nIGCS shows retail traders are currently net SHORT on USD\/JPY, with 75% of traders currently holding short positions (as of this writing).\n\n\nIntroduction to Technical Analysis\nMarket Sentiment\n\nRecommended by Warren Venketas\n\n\n\nContact and followWarrenon Twitter:@WVenketas\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Yen Ready to Take on USD According to Japanese Officials","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1694255826_image1.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-and-sp-500-try-to-stabilize-after-a-tough-week\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE, DAX , S&P  Analysis and Charts \u200b\u200b\u200bFTSE  recovery underway","date":"September 8, 2023","views":10040500100,"post_id":707,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE100, DAX 40, S&P 500 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 recovery underway\n\u200bThe FTSE 100 is recovering from this week\u2019s low at 7,369 amid rising oil and commodity prices and as the governor of the Bank of England (BoE), Andrew Bailey cast doubt on the need for further rate hikes. The breached July-to-September downtrend line, because of inverse polarity a support line \u2013 now at 7,366 \u2013 offered support this week with an attempt to reach the 55-day simple moving average (SMA) at 7,474 currently underway. Above it lurks the July-to-September resistance line at 7,493 and also at Monday\u2019s 7,524 high. This level would need to be bettered for the 200-day SMA to come back into play.\n\u200bMinor support sits at the late August 7,419 low.\nFTSE 100 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTop Trading Lessons\n\n\n\n\u200b\n\u200bDAX 40 tries to stabilize\n\u200bThe DAX 40 had a difficult week for bulls as Euro Zone growth worries, a rising US dollar and yields weighed on sentiment and led to an over 2% drop in the index from its late August high at 16,044. \u200bWhile Thursday\u2019s 15,650 low holds on a daily chart closing basis on Friday, though, the 24 August high at 15,895 may be revisited. Slightly further up the July-to-September uptrend line and 55-day simple moving average (SMA) can be spotted a 15,916 to 15,928.\n\u200bWere this week\u2019s low at 15,650 to fall through on a daily chart closing basis, the August lows and 200-day SMA at 15,545 to 15,469 would be in sight.\nDAX 40 Daily Chart\n\nDownload the Free IG Sentiment Report\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n4%\n-3%\n0%\n\n\nWeekly\n42%\n-17%\n2%\n\n\n\n\n\u200b\n\u200bS&P 500 tries to stem decline ahead of weekend\n\u200bFollowing four straight days of declining prices, the S&P 500 may try to find support above Thursday\u2019s low at 4,430 amid short-covering ahead of next week\u2019s US consumer price index publication. A rising US dollar and treasury yields, along with China\u2019s ban on iPhone usage for government officials weighed on the index this week as did rising probabilities of another Federal Reserve (Fed) rate hike before the year is out. On Thursday the former Federal Reserve Bank of St. Louis President James Bullard said that policymakers should stick to their plan for one more rate hike.\n\u200bWhile this week\u2019s low at 4,430 holds, a bounce back toward the 55-day simple moving average (SMA) at 4,474 may ensue. This level coincides with the 24 August high. Further up lies the psychological 4,500 mark ahead of the current September peak at 4,540.\n\u200bA fall through 4,430 would push the March-to-September uptrend line at 4,402 to the fore.\nS&P 500 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nThe Fundamentals of Trend Trading\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"\u200b\u200b\u200bFTSE 100, DAX 40 and S&P 500 Try to Stabilize After a Tough Week","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/Capture1.PNG"},{"post_url":"https:\/\/psxon.com\/dow-nasdaq-100-and-cac40-all-come-under-selling-pressure\/","description":"Article by IG Chief Market Analyst Chris Beauchamp Dow Jones, Nasdaq , CAC  Analysis and Charts Dow gives back","date":"September 7, 2023","views":10040,"post_id":704,"content":"\nArticle by IG Chief Market Analyst Chris Beauchamp\nDow Jones, Nasdaq 100, CAC 40 Analysis and Charts\nDow gives back recent gains\n\u200bThe index has fallen this week, dropping back below the 50-day SMA and heading towards the 100-day SMA.\u200bIt remains above the August lows, but bulls will need a close back above 34,750 to suggest that a new leg higher has begun, which might then see the index target 35,000, followed up by the late July peak at 35,640.\n\u200b\u200b34,000 marked the low of August, so a close below this level would add to the bearish short-term view and bring the 200-day SMA into play, followed up by the June and early July low around 33,630.\nDow Jones Daily Chart\n\u200b\n\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\n\u200bNasdaq 100 comes under pressure\n\u200bThe Nasdaq 100 saw some weakness on Wednesday, and this has continued into Thursday.\u200bIn the event that these losses extend into a more sustained pullback, the price may retest the August low around 14,688, which would also see it test the 100-day SMA.\n\u200bBuyers will want to see a move back above 15,400, with a close back above 15,500 signalling fresh bullish momentum, with an initial target of the July highs around 15,900.\nNasdaq 100 Daily Chart\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\n\u200b\n\u200bCAC 40 back at 200-day moving average\n\u200bEuropean indices have given back ground over the past week, with the CAC 40 surrendering most of the gains made in the second half of August. \u200bThe price finds itself testing the 200-day SMA once more, as it did a month ago. If it can repeat the August feat and stage a recovery, then the 7400 level becomes an initial target.\n\u200bContinued losses bring the price into the area around 7100, which has acted as support since late May.\nCAC 40 Daily Chart\n\nDownload the Latest IG Client Sentiment Report on the CAC 40\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n7%\n-7%\n0%\n\n\nWeekly\n64%\n-28%\n1%\n\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Dow, Nasdaq 100 and CAC40 All Come Under Selling Pressure","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/Dow070923.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-sp-500\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX , S&P  Analysis and Charts \u200b\u200b\u200bFTSE  slips","date":"September 6, 2023","views":10040500100,"post_id":701,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX 40, S&P 500 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 slips on risk-off sentiment\n\u200b\n\u200bThe FTSE 100 looks to be on track for a third consecutive day of losses as a rising oil price due to extended voluntary supply cuts by Russia and Saudi Arabia and rising yields put pressure on sentiment and stock markets. The breached July-to-September downtrend line, now because of inverse polarity a support line, at 7,390 is about to be tested, together with Tuesday\u2019s low at 7,388. If it falls through, the 7,300 region could soon be back in play.\n\u200bResistance remains to be seen along the 55-day simple moving average (SMA) at 7,475 and also at Monday\u2019s 7,524 high.\nFTSE 100 Daily Chart\n\nDownload the Free FTSE 100 Sentiment Report\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n1%\n-5%\n-1%\n\n\nWeekly\n9%\n-18%\n-1%\n\n\n\n\n\u200b\n\u200bDAX 40 continues to slide\n\u200bThe DAX 40 continues to slide, this time due to weak Eurozone PMI data and as German factory orders tumble. They dropped by 11.7% month-on-month (MoM) in July, worse than an expected plunge of 4.0% and the first drop in industrial orders since March and the steepest pace since April 2020. \u200bWere Tuesday\u2019s low at 15,690 to be slipped through on a daily chart closing basis, the August lows at 15,545 to 15,469 may be revisited in September.\n\u200bA potential bounce may encounter minor resistance around Monday\u2019s low at 15,796 ahead of the 24 August high at 15,895. While the next higher 55-day simple moving average (SMA) at 15,934and the July-to-September downtrend line at 15,958 cap, overall downside pressure should retain the upper hand.\nDAX 40 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nBuilding Confidence in Trading\n\n\n\n\u200b\n\u200bS&P 500 is keeling over\n\u200bThe S&P 500 is beginning to lose upside momentum and is gradually sliding from last week\u2019s 4,540 high to its 4,474 24 August high and the 55-day simple moving average (SMA) at 4,470 as the oil price and yields are rising. Traders are looking forward to today\u2019s US ISM services PMI data to gauge the state of the US economy.\n\u200bMinor resistance is seen around the 4,500 mark ahead of the current September peak at 4,540.\nS&P 500 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nHow to Trade FX with Your Stock Trading Strategy\n\n\n\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100, DAX 40, S&P 500","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/06092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/gold-and-silver-latest-stronger-us-dollar-weighs-on-xau-usd-and-xag-usd\/","description":"Gold (XAU\/USD), Silver (XAG\/USD) Analysis, Prices, and Charts US dollar better bid after the Labor Day break. Silver sells off","date":"September 5, 2023","views":0,"post_id":698,"content":"\nGold (XAU\/USD), Silver (XAG\/USD) Analysis, Prices, and Charts\n\nUS dollar better bid after the Labor Day break.\nSilver sells off for 5 days in a row.\n\nThe US dollar is looking to break a prior level of resistance made in late May, continuing the post-NFP rally from last Friday. The USD index is being helped by a weaker Euro, Sterling, and Japanese Yen and if resistance is broken the greenback will likely look to test a prior zone of resistance between 105.36 and 105.48.\nUS Dollar Index Daily Chart\n\nThere is little in the way of any market moving economic data on the calendar with the only events of note a handful of ECB speakers throughout the day, including President Christine Lagarde.\nDailyFX Economic Calendar\n\n\n\nRecommended by                    Nick Cawley\n\n\nTrading Forex News: The Strategy\n\n\n\nGold is struggling against a strengthening US dollar and is testing a prior level of support just under $1,933\/oz. Below here the 200-day sma and 20-day sma sit at $1.917\/oz. and $1,915\/oz. respectively and these should provide short-term support if the precious metal continues to fade lower. Initial resistance is just below $1,940\/oz. followed by last Friday\u2019s high at $1,953\/oz.\nGold Daily Price Chart \u2013 September 5, 2023\n\nChart via TradingView\nGold Client Sentiment\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n8%\n1%\n5%\n\n\nWeekly\n-12%\n28%\n-2%\n\n\n\n\nSilver\u2019s recent move higher has been halted over the last week with five ominous red candles made in a row. These last five candles have either closed at, or very close to, their daily lows and the current spot price is now looking to break below all three moving averages. The price reversed after testing the downtrend line off the early May high at $26.13 and unless silver can find some consolidation soon it may look to test the August 15th low at $22.23. Any move higher will struggle around $24.54 and the downtrend at $24.65.\nSilver Daily Price Chart \u2013 September 5, 2023\n\n\n\n\nRecommended by                    Nick Cawley\n\n\nTop Trading Lessons\n\n\n\nWhat is your view on Gold and Silver \u2013 bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Gold and Silver Latest \u2013 Stronger US Dollar Weighs on XAU\/USD and XAG\/USD","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1693908594_image1.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-dax-40-cac-40-track-asia-higher\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX, CAC  Analysis and Charts \u200b\u200b\u200bFTSE  begins the","date":"September 4, 2023","views":1004040100,"post_id":695,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX40, CAC 40 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 begins the week on a positive note\n\u200bThe FTSE 100 extends its gains following a positive session in Asia on growing expectations that the Federal Reserve (Fed) won\u2019t continue to hike its rates.\n\u200bThe UK blue chip index is expected to overcome last week\u2019s high at 7,510 with the 10 August high and 200-day simple moving average (SMA) at 7,624 to 7,641 representing the next technical upside targets for the days and weeks to come. \u200bThis bullish scenario will remain intact as long as Thursday\u2019s low at 7,419 underpins on a daily chart closing basis.\n\u200bSupport above this low can be seen along the one-month uptrend line at 7,455.\u200bIntraday support can be found slightly higher up along the 55-day simple moving average (SMA) at 7,481.\nFTSE 100 Daily Chart\n\nDownload the Updated FTSE 100 IG Client Sentiment Report\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n4%\n10%\n6%\n\n\nWeekly\n-24%\n52%\n-7%\n\n\n\n\n\u200b\n\u200bDAX 40 expected to regain Friday\u2019s losses\n\u200bThe DAX 40, despite its second consecutive weekly close in the green, declined last week following last week\u2019s European and US cooling employment data. \u200bWhile Friday\u2019s low at 15,824 holds on a daily chart closing basis, the 55-day simple moving average (SMA) at 15,947 is to be revisited. Above it beckon last week\u2019s high at 16,044 and the 10 August high at 16,062. These highs need to be exceeded for a medium-term bullish reversal to occur.\n\u200bMinor support comes in at the 24 August 15,895 high and more significant support between Friday\u2019s and Wednesday\u2019s lows at 15,824 to 15,821. \u200bFurther support comes in along the breached one-month resistance line, now because of inverse polarity a support line, at 15,650.\nDAX 40 Daily Chart\n\n\n\n\nRecommended by                    IG\n\n\nTrading Forex News: The Strategy\n\n\n\n\u200b\n\u200bCAC 40 recovers from last few days\u2019 of losses\n\u200bThe CAC 40 will likely attempt to break last week\u2019s three-day losing streak whilst tracking Asian stock indices higher. These got a boost as hopes of more China stimulus, this time a relaxation on restrictions in buying property,lifted the Hang Seng and other markets in Asia. \u200bTrading will probably be light, though, as the US will be shut for Labor Day.\n\u200bWhile the 55-day simple moving average (SMA) at 7,307 holds, the 24 August high at 7,345 may be revisited ahead of the August-to-September downtrend line at 7,392. \u200bFor this short-term bullish scenario to play out, Friday\u2019s low at 7,286 will need to hold, though. Should it not, the late July low at 7,251 may be revisited.\nCAC 40 Daily Chart\n\n\u200b\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100, DAX 40, CAC 40 Track Asia Higher","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/04092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/payrolls-rise-by-187k-setting-gold-and-usd-on-opposite-paths\/","description":"AUGUST LABOR MARKET REPORT August U.S. nonfarm payrolls increase by , versus , expected The unemployment rate rises to .%,","date":"September 3, 2023","views":18700017000038,"post_id":692,"content":"\nAUGUST LABOR MARKET REPORT\n\nAugust U.S. nonfarm payrolls increase by 187,000 versus 170,000 expected\nThe unemployment rate rises to 3.8%, as the participation rate ticks up to 62.8% from 62.6%\nAverage hourly earnings rise 0.2 % m-o-m and 4.3% y-o-y, one-tenth of a percent below estimates in both cases\n\n\n\nTrade Smarter \u2013 Sign up for the DailyFX Newsletter\nReceive timely and compelling market commentary from the DailyFX team\n\n\nSubscribe to Newsletter\n\nMost Read: Indices on Track for Second Week of Gains \u2013 FTSE 100, Nasdaq 100, DAX 40\nU.S. employers added to their workforce vigorously last month despite the advanced stage of the business cycle, undeterred by the Federal Reserve\u2019s most aggressive tightening campaign in decades, underscoring the labor market\u2019s exceptional resilience and its ability to provide support to the broader economy during the latter part of 2023.\nAccording to the latest figures from the Bureau of Labor Statistics, the country created 187,000 jobs in August, exceeding the 170,000 expected by Wall Street analysts, following a downwardly revised 157,000 increase in July. Meanwhile, the unemployment rate ticked up to 3.8% despite strong hiring activity, as the participation level jumped to 62.8% from 62.6%, indicating a better balance between supply and demand for workers (labor force increased by 736K).\nUNEMPLOYMENT RATE AND NONFARM PAYROLLS\n\nSource: BLS\nElsewhere in the nonfarm payrolls survey, average hourly earnings, a powerful inflation gauge closely tracked by the Federal Reserve, rose by 0.2% monthly, bringing the annual rate to 4.3% from 4.4% previously, one-tenth of a percent below consensus estimates in both cases, a welcome development for policymakers.\n\n\n\nRecommended by                    Diego Colman\n\n\nGet Your Free Top Trading Opportunities Forecast\n\n\n\nLABOR MARKET DATA AT A GLANCE\n\nSource: DailyFX Economic Calendar\n\n\n\nRecommended by                    Diego Colman\n\n\nGet Your Free USD Forecast\n\n\n\nThe moderation in pay growth coupled with resilient hiring brings positive news for the Fed, as they signal that price stability may be restored without sacrificing the economy to the altar of a 2% inflation target. This situation presents the FOMC with the opportunity to engineer a soft landing, something that has historically been challenging to achieve when aggressive tightening measures were implemented.\nAt the Jackson Hole Symposium, Fed Chair Powell indicated that the institution will \u201cproceed carefully\u201d in any further move after having already delivered 525 basis points of tightening since 2022. Today\u2019s data reaffirm the call for circumspection, giving the bank cover to remain cautious and reducing the likelihood of additional hikes.\nImmediately following the release of the employment report, the U.S. dollar, as measured by the DXY index, deepened its session\u2019s pullback, dragged lower by falling Treasury yields. Meanwhile, gold prices accelerated higher, gaining as much as 0.7%, bolstered by the moves in the fixed-income space. These market dynamics may gain momentum in September.\n\n\n\nRecommended by                    Diego Colman\n\n\nGet Your Free Gold Forecast\n\n\n\nUS DOLLAR, GOLD & YIELDS CHART\n\nSource: TradingView\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"Payrolls Rise by 187K, Setting Gold and USD on Opposite Paths","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/1693735854_image1.png"},{"post_url":"https:\/\/psxon.com\/gbp-usd-slips-going-into-the-weekend-eur-gbp-little-changed\/","description":"GBP\/USD and EUR\/GBP Analysis and Charts The  UK Annual National Accounts revise prior GDP releases higher. Next week\u2019s economic","date":"September 2, 2023","views":2023,"post_id":689,"content":"\nGBP\/USD and EUR\/GBP Analysis and Charts\n\nThe 2023 UK Annual National Accounts revise prior GDP releases higher.\nNext week\u2019s economic calendar is uninspiring.\n\nFor all market-moving economic data and events, see the DailyFX Calendar\nThe newly released UK Annual National Accounts 2023 (Blue Book) show that the UK economy grew by more than previously thought in 2020 and 2021. The upward revisions to both years mean that GDP is now estimated to be 0.6% above pre-coronavirus levels pandemic levels in Q4 2021 against a previous estimate of 1.2% below, according to the Office for National Statistics (ONS). While the revisions are mainly due to the availability of \u2018richer data\u2019, at the margin it may make investors re-evaluate UK PLC and look at it in a slightly better light.\nUK Blue Book 2023\nThe latest US Jobs Report (NFP) showed 187k new jobs created in August, marginally higher than market expectations of 170k, while both the June and July headline figures were revised lower. The August unemployment rate however rose to 3.8% from 3.5%, while wage pressure eased marginally. The net effect was a little changed US dollar post release although the greenback has picked up a small bid heading into the weekend.\nAugust Jobs Report: Payrolls Rise by 187k, Setting Gold and USD on Opposite Paths\nCable is now testing 1.2600 after having traded as high as 1.2717 earlier in the session. The short-dated 20-day simple moving average is proving difficult to break and further selling would see GBP\/USD test a multi-week low of 1.2547. Below here, a couple of older swing highs at 1.2447 loom into view.\n\n\n\nRecommended by                    Nick Cawley\n\n\nHow to Trade GBP\/USD\n\n\n\nGBP\/USD Daily Price Chart September 1, 2023\n\nSee How GBP\/USD Traders are Positioned\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n6%\n-14%\n-3%\n\n\nWeekly\n0%\n-4%\n-2%\n\n\n\n\nEUR\/GBP continues to range trade but the latest daily chart does show a series of lower highs being formed by the pair since mid-July. The area of resistance is seen between 0.8600 and 0.8610, while the first level of support at 0.8549 was tested and held today. Below here 0.85187 and 0.85042 come into play.\nEUR\/GBP Daily Price Chart \u2013 September 1, 2023\n\n\n\n\nRecommended by                    Nick Cawley\n\n\nTraits of Successful Traders\n\n\n\nWhat is your view on the British Pound \u2013 bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"GBP\/USD Slips Going Into the Weekend, EUR\/GBP Little Changed","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/image1.png"},{"post_url":"https:\/\/psxon.com\/ftse-100-nasdaq-100-dax-40\/","description":"Article by IG Senior Market Analyst Axel Rudolph FTSE , DAX , Nasdaq  Analysis and Charts \u200b\u200b\u200bFTSE  on","date":"September 1, 2023","views":10040100100,"post_id":686,"content":"\nArticle by IG Senior Market Analyst Axel Rudolph\nFTSE 100, DAX 40, Nasdaq 100 Analysis and Charts\n\u200b\u200b\u200bFTSE 100 on track for second week of gains\n\u200bThe FTSE 100, which slid back to its breached July-to-August downtrend line on Thursday, is bouncing off it ahead of US Non-Farm Payrolls on Friday. \u200bThe UK blue chip index looks to be on track for a second week of gains as investors positively interpreted the weaker US growth and employment data out this week as dovish with regard to monetary policy. \u200bThe 55-day simple moving average (SMA) at 7,482 is back in focus, as is this week\u2019s high at 7,510.\n\u200bMinor support can now be found along the breached July-to-August downtrend line at 7,425 ahead of more significant support made up of the May, June, and early August lows at 7,437 to 7,401.\nFTSE 100 Daily Chart\n\n\u200b\n\u200bDAX 40 is expected to end the week on a positive note\n\u200bThe DAX 40 continues its advance as China\u2019s manufacturing activity unexpectedly expanded in August, boosting Asian stock markets, except Australia\u2019s AU200. \u200bThursday\u2019s high at 16,044 and the 10 August high at 16,062 remain in sight. These highs need to be exceeded for a medium-term bullish reversal to be confirmed.\n\u200bMinor support comes in at the 15,895 high seen last week, ahead of Wednesday\u2019s low at 15,821. \u200bFurther support comes in along the breached one-month resistance line, now because of inverse polarity a support line, at 15,685.\nDownload the Free DAX IG Sentiment Report\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-2%\n-1%\n-2%\n\n\nWeekly\n-30%\n27%\n0%\n\n\n\n\nDAX 40 Daily Chart\n\n\u200b\n\u200bNasdaq 100 is losing upside momentum ahead of US NFP data\n\u200bThe Nasdaq 100\u2019s five consecutive days of gains take place among diminishing upside momentum as investors brace themselves for today\u2019s US Non-Farm Payrolls. Nonetheless, the index regained most of its August losses within the past week as investors pursued a more dovish Fed outlook. \u200bWere this week\u2019s high at 15,576 to be exceeded, the late July high at 15,807 would be in focus, together with the July peak at 15,932.\n\u200bSlips should find support around last week\u2019s high at 15,369. Minor support below this level is seen along the 55-day simple moving average (SMA) at 15,236.\n\n\n\nRecommended by                    IG\n\n\nTraits of Successful Traders\n\n\n\nNasdaq 100 Daily Chart\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"FTSE 100, Nasdaq 100, DAX 40","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/09\/01092023UKX-Daily.png"},{"post_url":"https:\/\/psxon.com\/eur-usd-slides-as-euro-area-makes-progress-on-core-inflation-headline-steady\/","description":"EURO AREA INFLATION KEY POINTS: Key News and Data Releases this Week, Download Your Free Guide for Tips on News","date":"August 31, 2023","views":0,"post_id":683,"content":"\nEURO AREA INFLATION KEY POINTS:\nKey News and Data Releases this Week, Download Your Free Guide for Tips on News Trading.\n\n\n\nRecommended by                    Zain Vawda\n\n\nTrading Forex News: The Strategy\n\n\n\nThe core inflation rate in the Euro Area (filters out volatile food and energy prices) cooled coming in at 5.3% from a previous 5.5%. Core inflation had been a sticky issue for the ECB and the drop will be welcome even though the figures are still some way off the Central Banks overall target.\n\nFor all market-moving economic releases and events, see the DailyFX Calendar\nThe YoY inflation rate held steady at 5.3% in August, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (9.8%, compared with 10.8% in July), followed by services (5.5%, compared with 5.6% in July), non-energy industrial goods (4.8%, compared with 5.0% in July) and energy (-3.3%, compared with -6.1% in July).\n\nSource: Eurostat\nFood price inflation is likely to remain an area of concern as it remains uncomfortably high in comparison to the other components.\nTips and Tricks to Trading EUR\/USD, Download Your Free Guide Now.\n\n\n\nRecommended by                    Zain Vawda\n\n\nHow to Trade EUR\/USD\n\n\n\nIMPLICATION FOR THE EUROPEAN CENTRAL BANK (ECB) MOVING FORWARD\nThe ECB\u2019s task continues to grow harder by the day, however the decline in core inflation today will no doubt be a positive for the Central Bank. This comes as we are seeing a significant slowdown in the Euro Area while this morning we saw an uptick in inflation from France, Germany and Spain as well, yet headline inflation in the Euro Area as a whole remained steady. Lending data for July also showed further signs of the impact of the tightening cycle, giving doves the upper hand. As we know the tightening cycle needs time to take effect and now that we are seeing some of the effects across the data spectrum a hold at the upcoming September meeting may come to fruition. This will give the ECB more time and allow them to assess more data before making a decision.\nECB Policymaker Isabel Schnabel, a known hawk acknowledged the \u201cvisible\u201d moderation in activity and implied that both a hike or a pause could be seen at upcoming meetings. The probability of a September rate hike by the ECB hovered around the 50% mark this morning but following the data we are seeing market participants pare back rate hike bets. The probability of a September hike in the immediate aftermath of the data dropping to a low of 30%. In simple terms, this print will no doubt create a conundrum for the ECB, not providing any real clarity.\nMARKET REACTION\nEUR\/USD Daily Chart\n\nSource: TradingView, prepared by Zain Vawda\nEURUSD saw an initial 15 pip spike lower before holding steady. The pair has been on a steady decline since the start of the European session as we are seeing a slightly stronger US dollar as well. Looking at the bigger picture and EURUSD has enjoyed a slight bullish run of late, eyeing a return above the 1.1000 handle. This morning did see a slight pullback ahead of the Euro Area inflation release as price remains trapped between the 100 and 200-day Mas as price action continues to whipsaw back on forth on high impact data releases. Looking at a directional bias is difficult at present but the possibility for further upside on EURUSD cannot be ruled out.\nKey Levels to Keep an Eye on:\nSupport Levels:\nResistance Levels:\n\n\n\nof clients are net long.    of clients are net short.    \n\n\n\n\n\n\n\n\nChange in        \n\nLongs        \n\nShorts        \n\nOI        \n\n\n\n\nDaily\n-9%\n-1%\n-5%\n\n\nWeekly\n-17%\n10%\n-6%\n\n\n\n\n\u2014 Written by Zain Vawda for DailyFX.com\nContact and follow Zain on Twitter: @zvawda\n element inside the  element. This is probably not what you meant to do!\nLoad your application\u2019s JavaScript bundle inside the  element instead. ","title":"EUR\/USD Slides as Euro Area Makes Progress on Core Inflation, Headline Steady","img_url":"https:\/\/psxon.com\/wp-content\/uploads\/2023\/08\/2023-08-3111_23_53-EconomicCalendar.png"}]