Forex & Gold Analysis – Most of the markets ranging between the channels and SR levels

Gold

XAUUSD is moving in an Uptrend ascending channel.

XAUUSD is moving in an Uptrend ascending channel

XAGUSD silver is moving in an Ascending channel continuously for a long time.

XAGUSD silver is moving in an Ascending channel continuosly for long time

Gold prices remained higher and broke out of 1890$ as a resistance level and Monthly end for 3 days more to close to the higher level expected for Trend continuation moment.

Gold prices remained higher

And Consumer confidence report shows negative numbers and fading FED Tapering bets. The hike of FED rates is negligible in 2022, and confidence over 2024 is higher.

US Dollar falling from the Sky in Parachute

As US Dollar dropped down in investors’ minds, US Treasuries 10 year fell, and yellow metal like gold rose.

And China imported 150 tons of Gold in the last 2 months for Covid-19 safety and Domestic festivals requirement for businesses.

USD

AUDUSD is moving up and down between the ranges for a long time.

AUDUSD is moving up and down between the ranges for a long time

US Dollar moved lower as FED plays dovish stance is correct for the current situation as San Francisco FED President said.

FED plays dovish stance

And FED move on monetary policy settings is appropriate, and hiking rates and tapering asset purchases will do one day, not now. It is on the table but far away from 2021.

Due to this US Dollar keeps downward pressure until 2024 as the Market plays.

us dollar bearish

And the next FED meeting also sees the same set of monetary policy tools, and easing further purchases is possible to protect the economy from crisis.

EUR

EURUSD has broken the top of the symmetrical triangle and moving now in an Ascending channel range.

EURUSD has broken the top of the symmetrical triangle and moving now in an Ascending channel range

EURNZD going to reach the higher low and the horizontal support zone.

EURNZD going to reach the higher low and the horizontal support zone

Euro performed higher as Eurozone economy doing well; as Vaccinations are spread fast and Covid-19 spread lower and Affected rates very low.

Due Euro vaccination picked up economy is raising

Once Vaccinations picked up, the economy is picked up, and Covid-19 picked down. From this Eurozone economy will do well at the Q2 level, and By the end of 2021 Eurozone sees the most recovery.

And US Dollar set to weaker as FED moves more Dovish stance; inflation fears on one side, but it is not stable as the Consolidation view.

Inflation numbers and employment numbers must watch by an average of 6 to 12 months for a better view of the economy, whether growing or falling.

European Central Bank ECB

ECB meeting which will be held on June 10 and assets purchases will decrease, or any rates hikes are expected as Vaccination well pickup in May month.

GBP

UK PM Boris Johnson’s former Advisor Dominic Cummins has set to testimony today.

Britains Prime Minister Boris Johnson

This could pressure UK Pound to focus more on How PM Johnson mismanaged the pandemic under the UK Government.

And He is also going to talks about the EU -UK Brexit deal on Northern Ireland Protocol.

FED Dovish stance plays strong for US Dollar, and any tapering bets from FED will send US Dollar more against GBP.

US Dollar seems lower as FED deliver

GBPUSD lies near the resistance level of 1.42500 and makes or break this month shows

CAD

CADCHF is moving in a strong uptrend, now trying to make some corrections from the high.

CADCHF is moving in a strong uptrend now trying to make some corrections from the high

Canadian Dollar moved in ranging market for last 1 months, and Any news from Bank of Canada is waiting to break for higher or lower prices is expected.

Canadian Dollar highs against Japanese Yen

As US Dollar performed in ranging market as FED proving dovish stance and Consumer confidence showed negative numbers yesterday.

USDCAD travelling in 1.20-1.21 level in last 2 weeks.

If USDCAD breaks out majors support 1.20 level, then we can see a significant move in selling pressure is possible.

Oil and gas extraction from ocean

And Oil Prices moved in ranging market from60-66$ in the last 1 month as Asian Countries less demand for Oil as Covid-19 3rd wave spread.

JPY

EURJPY moving in an ascending channel range.

EURJPY moving in an ascending channel range

Japanese Government slashed its economic projections in may month due to more lockdowns in all parts of Japan.

Japan economy

It shows weaker economic projections since February 2020 and lowered its view on business conditions.

Exports were continued to pick up, but Productions and capital spending are more medium than expected.

Japan Exports were continued to pick up

And Japanese economy will wake up by the end of 2022 as Vaccinations are progressed in a medium manner.

Once Vaccinations picked up in Japan, the Overall economy continues to pick up.

AUD

AUDJPY bounced back from the higher low of major uptrend line and it’s trying to create a falling wedge breakout pattern.

AUDJPY bounced back from the higher low of major uptrend line and its trying to create a falling wedge breakout pattern

China has controlled the rising commodity prices of Iron ore and Copper for limiting asset bubbles.

This results in Iron ore prices fell over 20% and affected Australian exports revenues much higher than expected.

Australia china trade relationship

As China and Australia going on controversial in Trading partnership, Australia interferes in South China sea matters and Covid-19 creation of China matters.

Due to this, China has rejected the Trading strategic plan meeting last month is notable.

Iron ore is a major export of Australia and demand is very high in China due to its high-quality structure.

Australian Dollar remains higher against US Dollar and remains Lower against New Zealand Dollar after RBNZ meeting happened Today.

Commodity prices are skyrocket

China strong recovery from pandemic shows outperformed in the manufacturing sector, but raw material squeezed profits.

Iron Ore machinery and ore stockpile

And Businesses turned cautious mode as Raw material prices surges, Car sales and House property sales were underperformed in China.

As Commodity prices soar as the perfect gateway to China consumption of Copper and Iron ore, prices were reached skyrocket higher highs in the 2020-2021 period.

Now China sluggish recovery in property and car sales will recover up sooner than expected.

NZD

NZDUSD hits the major resistance level in 4-hour chart.

NZDUSD hits the major resistance level in 4 hour chart

Reserve Bank of New Zealand keeps interest rate unchanged and Keeps FLR and LSAP programmed unchanged. Funds for lending programmed and large-scale asset purchases of N$100 billion is kept no changes as the pandemic is not over.

  • Inflation stands at 1.5%
  • The unemployment rate decreased from 4.9% to 4.7%
  • wage rates increasing to 1.6%.
  • Annual growth is seen at 3.9% until 2022

RBNZ reserve bank of new zealand

The Q2 Labour market will cross the expected numbers, and Further tightening is less and Domestic data performed well in New Zealand Economy.

New Zealand Dollar shoots up 1% versus US Dollar after RBNZ Policy meeting happened.

CHF

EURCHF is moving between the descending channel range.

EURCHF is moving between the descending channel range

Swiss Franc makes a sideways range against the Japanese Yen.

And New Zealand Dollar kicked up 1% higher against the Swiss Franc after New Zealand Dollar surges 1% against US Dollar today.

As RBNZ makes the hint of little chances of rate hikes at the end of 2022 if the economy progresses week this way until 2022.

swiss economy

And Swiss Domestic data moderately performed well, and vaccination is in medium-term progress.

NZDCHF up 1% today as RBNZ left rates unchanged and rate hikes expectations given more in Investor View.

Don't trade all time, trade forex only at best setup

X