Breakout and rebound happening – Check the Gold and Currencies chart analysis

Gold: US Domestic data shows poor numbers

Gold XAUUSD is moving in an ascending channel range in the hourly chart.

Gold XAUUSD is moving in an ascending channel range in the hourly chart

Silver is rebounding from the support and the silver price has broken the top of the descending channel.

Silver is rebounding from the support and the silver price has broken the top of the descending channel

Gold prices soared high from the low level of 1760$ after US Data came at a poor level in industrial production.

Gold prices soaring high from the low level of 1760 after US Data came at a poor level in industrial production.

And NAHB Housing Market index rose to 80 versus 76 forecasted.

Yesterday China GDP showed lower numbers, and New Zealand inflation data indicated higher than expected numbers.

And the rise in government yields makes less buying interest in non-Yielding assets like Gold.

SPDR Gold trust shows relatively less holding compared to last month data.

US Dollar: Fed needed to change monetary policy

USDCAD is standing exactly at the 61.8% retracement level – wait for the reversal or breakout.

USDCAD is standing exactly at the 61.8 retracement level wait for the reversal or breakout

USDJPY is moving between the channel ranges.

USDJPY is moving between the channel ranges

USD Dollar index shows down from 93.500 today after yesterday industrial production numbers came down as 1.3% Drop month /Month.

USD Dollar index shows down from 93.500 today after yesterday industrial production numbers came

And Fed Tapering is on the way next month, but rate hikes from 0-0.25 are not soon done until September 2022.

So Inflation remains hot for US Economy, and monetary policy settings changes need to be done quickly as possible to cool off inflation numbers.

And US Debt ceiling limit is a temporary extension to December 2021, as Republican senate member said; after December again, Debate may occur repeating stance.

EURO: ECB Member speech

EURUSD is moving in an ascending channel now forming higher highs and higher lows.

EURUSD is moving in an ascending channel now forming higher highs and higher lows

EURGBP is moving in a strong downtrend breaking the recent support areas.

EURGBP is moving in a strong downtrend breaking the recent support areas

ECB Governing council member and Bank of France head Villeroy said there is no reason to increase rate hikes by this year or the end of next year.

And also, he stated that Inflation number spikes and energy prices surging is a different scenario.

So, inflation will keep low at the end of next year.

ECB Governing council member and Bank of France head Villeroy said there is no reason to increase rate hikes by this year or the end of next year

And Eurozone remains under the 2% inflation target since spending is lower as lockdown easing.

More people to recover from the pandemic mindset to normal, same will be applied to Businesses.

Economic recovery will be seen in 2023 and 2024, and there is a chance for a rate hike in 2023 end or mid-2024.

And as of now No reason for changes in rate hikes in the near term, as a suggestion given by ECB member Villeroy.

UK POUND: BoE planned for Rate hikes

GBPUSD hits the lower high area of the descending channel exactly – wait for breakout or reversal.

GBPUSD hits the lower high area of the descending channel exactly wait for breakout or reversal

Bank of England Governor Andrew Bailey suggested that November and December meeting is alive for Rate hikes.

Based on this news, GBPUSD rallied by 3% from lows. But soon rate hikes is Good for the English economy as inflation boiling as 3.2% in the UK.

And the Furlough scheme ended on September, now jobless claims and Employment rate stood higher as expected.

But right now, inflation is the main cause to hurdle the Growth of the Economy.

So, the Bank of England is planning for rate hikes, and it is a good tool for the current situation.

UK PM Johnson Speech on NI Protocol

UK PM Johnson said we make a positive decision on Northern Ireland Protocol issue in the Brexit deal.

For the past one year after the Brexit deal, UK and EU made a clash on NI protocol issues.

And now the UK Finds more clashes on Fishing rights with France.

So, UK Did not compromise on Brexit Rules, and the UK wanted to rewrite Brexit rules on NI Protocol.

EU members decided if the UK did not follow the Brexit rules, then We would give more tariffs on the UK to compromise.

Due to this, UK PM Johnson said we made a favourable decision on Northern Ireland Protocol issue in the Brexit deal. This comment cools off the Trade war threat from EU Commission.

Canadian Dollar: Oil Prices and OPEC+ nations decisions positive for demand concerns.

AUDCAD is rebounding from the major support zone in the daily timeframe.

AUDCAD is rebounding from the major support zone in the daily timeframe

AUDCAD has broken the top of the descending channel in the 4-hour timeframe chart.

AUDCAD has broken the top of the descending channel in the 4 hour timeframe chart

USDCAD is on a losing streak from 1.29 to 1.23 level as oil prices soaring more in the market.

Canadian Dollar posted gains nearly 7-8% solid bull run after Oil Prices soaring higher since OPEC+ nations agreed to extend Oil Supplies for more than demand.

Canadian Dollar posted gains nearly 7 8 solid bull run after Oil Prices soaring higher since OPEC

And now petrol is act as a replacement of Natural Gas, as it is used in Manufacturing facilities and keeps warm in the winter season.

Bank of Canada will soon do rate hikes or tapering in the upcoming meeting, as All expected.

Last week Job numbers and Employment increased faster than expected as good numbers.

So, CAD Journey in Bull Run will continue as Oil prices soar day by day.

Japanese Yen: US Janet Yellen speech on US credit

GBPJPY is trying to break the horizontal resistance in the higher timeframe chart.

GBPJPY is trying to break the horizontal resistance in the higher timeframe chart

US Treasury secretary Janet Yellen said Congress needed to Protect US Credit.

And US President Joe Biden soon speak to Centrist Democrat senator Joe Manchin whose vote is more critical to the passage of the Budget Bill pending in Congress.

YEN Treasury secretary Janet Yellen said Congress needed to Protect US Credit.

And Japanese Yen losing more as Political changes, more Energy demand, Delta variant soaring and Vaccination slow progress.

Due to this scenario, All currencies are against JPY charges for a Bull run after Political changes happened in the Japanese Yen.

The Japanese economy will see recovery in 2023 and 2024 year if more stimulus is injected into the economy.

Australian Dollar: RBA meeting minutes

GBPAUD is rebounding hardly from the horizontal support area – wait for the breakout from this descending channel.

GBPAUD is rebounding hardly from the horizontal support area wait for the breakout from this descending channel

Today, RBA minutes in the morning stated that no rate hikes until 2024, and there is no change in planning.

But if any improvement in the economy happens before 2024, RBA will take steps according to the situation.

AUD RBA minutes today happened in the morning stated that no rate hikes until 2024 have no change in planning.

And now China GDP slipped to 4.9% from the 5.2% forecast yesterday.

China domestic growth got slumped higher due to Coal demand, and now the Covid-19 Delta variant spread and Evergrande Real estate issue.

And today payment coupon is pending present by China’s Evergrande, but no action has been taken from the Company side.

New Zealand Inflation data rose to 4.9% from 4.1% expected.

AUDUSD keeps higher as Coal demand increases in China and exports are increased in recent days; soon, China may withdraw the Australian barrier of Coal imports.

New Zealand Dollar: RBNZ expected to do rate hike in next meeting

EURNZD is standing exactly at the Multi-year support area in the daily timeframe chart.

EURNZD is standing exactly at the Multi year support area in the daily timeframe chart

RBNZ expected to do another rate hike in November due to more inflation rates occurring in New Zealand.

And PM Jacinda Ardern said that lockdown had been extended a 2-week, under tier 3 lockdown in Auckland as it is the most populated city.

New Zealand economy 1

So Now, the Delta variant is keeping slightly higher in New Zealand. The vaccination rate keeps higher and will cover 90% by December month.

New Zealand Dollar moved higher after US Economy came lower last week and yesterday.

Swiss Franc: Global Energy crisis makes support for Swiss zone

Swiss Franc shows a strong bull run from last month and soars nearly 6-7% higher from lows.

Japanese and Chinese Economy slowdown causes make more payments to Swiss Bank from the investor side.

Swiss Japanese and Chinese Economy slowdown causes make more payments to Swiss Bank from the investor side.

And The Global Energy crisis, Delta variant issue and China real estate crisis makes investors pull out of Core countries to safe currencies like the Swiss Franc.

SNB did not interfere in FX markets; once interfered, then Swiss Franc prices came down.

Now USDCHF pair down from the higher point of 0.93500 level to 0.92 as 1.5% down.

And also, US Domestic data shows lesser numbers than expected makes an impact on US Dollar in recent days.

FED’s now tapering decision is doubted more.


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