Wed, Feb 08, 2023

Top 10 Forex News and Analysis – Jan 23, 2023
3 mins well spent

GOLD Analysis

XAUUSD Gold price is moving in the Box pattern and the market has rebounded from the horizontal support area of the pattern.

Russia has signed an agreement to supply oil to Pakistan. This comes after the country is facing a shortage of gas while Russia is giving it away for cheap. While Pakistan does not want to pay for it in Roubles, Russia is now accepting payment in the currency of friendly countries.

USDCHF Analysis

USDCHF is moving in an Ascending channel and the market has rebounded from the higher low area of the channel

USDCHF is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.

Switzerland is now expanding its popular railway system which would allow the train to travel to many new routes and in more faster speed than ever before. This is in preparation for tourist season and also because the country is facing a bigger population due to the addition of Ukrainians.

EURUSD Analysis

EURUSD is moving in an Ascending channel and the market has reached the higher high area of the channel 2

EURUSD is moving in an Ascending channel and the market has reached the higher high area of the channel.

The European Union still believes President Joe Biden’s Inflation Reduction Act discriminates against companies in the bloc. It was met with swift criticism from EU member states, who feel that a host of its provisions threaten the European industry.

EURJPY Analysis

EURJPY is moving in the descending channel and the market has reached the lower high area of the channel 2

EURJPY is moving in the descending channel and the market has reached the lower high area of the channel.

Japan is boosting its tourist industry after it realised that this was the fastest way to boost its economy and GDP. However, it is failing to attract enough tourists into the country to make a difference. It needs to increase its discounts and other offers.

AUDUSD Analysis

AUDUSD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel 1

AUDUSD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.

Since 2016, the US has waged a trade war against many countries in the world in an attempt to reduce its trade deficit and protect its domestic industries. However, apart from increasing the burden on consumers, the US trade deficit has hit a record high.

AUDCAD Analysis

AUDCAD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel 1

AUDCAD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.

Australia has boasted it has overseen the best jobs growth of any new government in 50 years, but chief executives are fearful of finding workers in 2023. 234,000 more people were employed in November than when Labor was elected in May, an increase of 1.7%.

Crude Oil Analysis

Crude Oil Price is moving in the Descending channel and the market has reached the lower high area of the channel

Crude Oil Price is moving in the Descending channel and the market has reached the lower high area of the channel.

While the Chinese get to enjoy an economic recovery after the end of their COVID ordeal, the Americans are not too pleased. The Chinese recovery means that the Feds may have to hike their interest rates for longer than expected to bring down inflation.

GBPCAD Analysis

GBPCAD is moving in the Descending channel and the market has reached the lower low area of the channel

GBPCAD is moving in the Descending channel and the market has reached the lower low area of the channel.

Three years after Brexit, the British are demanding justice after the golden age they were promised has yet to appear. Brexit has caused the British to lose many travel and other visa benefits. The government is pressured to return back to the EU as a result.

GBPNZD Analysis

GBPNZD is moving in the Descending channel and the market has fallen from the lower high area of the channel

GBPNZD is moving in the Descending channel and the market has fallen from the lower high area of the channel.

New Zealand’s prime minister Jacinda Arden has been in the headlines recently after she decided to step down from her role in the government and lead a more normal life. This comes after she reveals that she can no longer give the job her full energy and attention.

CHFJPY Analysis

CHFJPY is moving in the Descending channel and the market has reached the lower high area of the channel 1

CHFJPY is moving in the Descending channel and the market has reached the lower high area of the channel.

Japan recently revealed that they are no longer treating COVID-19 as a pandemic and are instead treating it as the ordinary seasonal flu. This comes after the country wants to return to normalcy. The only way to do that is to act like the pandemic is no big deal.


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