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US Independence Day Holiday Trading Schedule 2022

US Independence Day Holiday Trading Schedule 2022

238896   June 29, 2022 12:02   ICMarkets   Market News  

Dear Trader,

Please find our Updated trading schedule for the US Independence Day Holiday on Monday, 4th July 2022 below. All times mentioned below are Platform time (GMT +3).

Forex & Crypto :

Precious Metal:

Spot Energy:

Indices:

Energy Futures:

Soft Commodities Futures:

Indices Futures:

Bonds Futures:

Equities:

 

Kind regards,

IC Markets

 

Full Article

29th June 2022 Wednesday: Technical Outlook and Review

29th June 2022 Wednesday: Technical Outlook and Review

238863   June 29, 2022 10:40   ICMarkets   Market News  

 

DXY:


On the H4, with RSI moving along an ascending trendline and prices moving along the ascending trendline, we have a bullish bias that bullish momentum will carry prices from our 1st support at 103.425 where the 127.2% fibonacci extension, 50% fibonacci retracement and swing low support are, after price has dropped to the 1st support level, to our 1st resistance at 105.794 in line with the horizontal swing high resistance. Take note of intermediate support at 103.870 where the swing low support is. Alternatively, price may break 1st support structure and head for 2nd support at 102.790 where the horizontal overlap support and 78.6% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance at 105.794
  • H4 time frame, 1st support at 103.425

XAU/USD (GOLD):

On the H4, with prices moving below the ichimoku indicator and along a descending trendline, we have a bearish bias that prices will drop to our 1st support at 1804.98 where the horizontal swing low support, 161.8% fibonacci extension and 78.6% fibonacci projection are. Once we have downside confirmation, we would expect bearish momentum to carry price to 2nd support at 1787.12 in line with swing low support and 100% fibonacci projection. Alternatively, price could rise to our 1st resistance  at 1822.17 in line with overlap resistance. 

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1822.17
  • H4 time frame, 1st Support at 1804.98

GBP/USD:

On the H4, with prices expected to bounce off the stochastic support, we have a bullish bias that price will drop and rise from our 1st support at 1.21657 where the horizontal overlap support and 50% fibonacci retracement are to our 1st resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.19313 where the horizontal swing low support is.

Areas of consideration:

  • H4 1st resistance at 1.24327
  • H4 1st support at 1.21846

USD/CHF:

On the H4, with bullish divergence on the RSI, we have a bullish bias that price will rise from our 1st support at 0.95566 where the horizontal swing low support is to our 1st resistance at 0.97231  in line with the horizontal swing high resistance and 38.2% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support at 0.94144 where the 127.2% Fibonacci extension is. 

Areas of consideration

  • 1st support level at  0.95566
  • 1st resistance level at 0.97231

EUR/USD :

On H4, with price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.06047 at the pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 1.03541 in line with the multiple horizontal swing lows. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.07814 at the horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.06047
  • H4 1st support at 1.03541 

USD/JPY:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will drop and rise from our 1st support at 135.649 where the pullback resistance and 23.6% fibonacci retracement are to the intermediate resistance level at 136.785 where the swing high resistance is. Once there is upside confirmation, we would expect bullish momentum to carry price to our 1st resistance at 140.818 where the 100% fibonacci projection and 61.8% fibonacci projection are . Alternatively, price may break 1st support structure and drop to 2nd support at 131.375 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement. Take note of the intermediate support at 134.225 in line with 50% fibonacci retracement and 61.8% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st resistance at 140.818
  • H4 time frame, 1st support at 135.649

AUD/USD:

On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the 1st resistance at 0.69303 in line with the 50% fibonacci retracement to the 1st support at 0.68296 in line with the horizontal swing low and 61.8% Fibonacci projection .Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.70484 in line with the overlap resistance, 78.6% Fibonacci projection and 50% Fibonacci retracement .

Areas of consideration 

  • H4 1st resistance at 0.68296
  • H4 1st support at 0.69303

NZD/USD:


On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the 1st resistance at 0.63959 in line with the two 61.8% fibonacci projections and 50% fibonacci retracement to the 1st support 0.61978 in line with the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.65518 at the multiple swing highs and 38.2% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at  0.61978
  • H4 time frame, 1st resistance at 0.63959

USD/CAD:

 

On the H4, with price bouncing off the stochastic support, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal pullback support is to our 1st resistance at 1.30128  in line with the horizontal swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1.27189 where the horizontal overlap support, 61.8% fibonacci projection and 61.8% Fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.30128
  • H4 time frame, 1st support at 1.28647

OIL: 


On the H4, with price bouncing off the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st support at 110.86 in line with the pullback support and 38.2% Fibonacci retracement to the 1st resistance at 123.56 at the horizontal swing high in line with the 78.6%  Fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 106.65 in line with the pullback support and 100%  Fibonacci projection. 

Areas of consideration:

  • H4 time frame, 1st resistance of 123.56
  • H4 time frame, 1st support of 110.86

Dow Jones Industrial Average:

On the H4, with price moving along an ascending trendline, we have a bullish bias that price will rise from our 1st support at 31328 where the horizontal pullback support and 23.6% Fibonacci retracement are to our 1st resistance at 32622 in line with the horizontal overlap resistance and 78.6% fibonacci retracement. Alternatively, price may break 1st support and head for 2nd support at 30862 where the horizontal overlap support and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance of 32622
  • H4 time frame, 1st support of 31328

 

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.

 

 

Full Article

IC Markets Asia Fundamental Forecast | 29 June 2022
IC Markets Asia Fundamental Forecast | 29 June 2022

IC Markets Asia Fundamental Forecast | 29 June 2022

238859   June 29, 2022 10:26   ICMarkets   Market News  

What happened in the US session?

The US dollar strengthened against all major currencies as the DXY rebounded from the 103.80 level towards 104. This boost was driven on the back of comments from the Federal Reserve member Williams, stating that the ‘US economy is strong, financial conditions have tightened’ and that a recession in the US was not his base case. This brought further confidence to the market as he signalled that the path of Fed Funds Rate would reach 3.5% to 4%. 

What does it mean for the Asia Session?

The DXY could strengthen more from the 104 level in the Asia session driven by the overnight momentum. However markets are now focussed on the possible signals from the ECB Forum where 3 central bankers will be speaking.

 

The Dollar Index (DXY)

Key news events today

US Final GDP q/q

Fed Chair Powell Speaks

What can we expect from DXY today?

Although consumer confidence data for the US was released at 98.7 (expected: 100), indicating that households were more pessimistic about their income outlook, the US dollar gained across the board.

Attention of the markets now shifts towards the US GDP data release and the speech from Fed Chair Powell, to provide a further indication of the US economic performance and policy path. Anticipate hawkish Fed sentiment to drive the DXY higher from the 104 support level, to test immediate resistance level of 104.50. 

Central Bank Notes:

  • Next meeting on 26 July 2022
  • The committee hiked rates by 75bps, targeting inflation risk.
  • Balance Sheet reduction plan to continue at $60b (treasuries) and $35b (MBS) over a three-month timeframe

 

Next 24 Hours Bias

Medium Bullish

Gold (XAU)

Key news events today

No major news events. 

What can we expect from Gold today?

Early in yesterday’s trading session, gold recovered to the 1829.50 level briefly before trading lower through the US session, taken down because of the US dollar recovery. 

Although further US dollar strength is expected today, Gold could rebound from the 1818 level, back towards near term resistance of 1829.50. 

Next 24 Hours Bias

Weak Bullish

The Australian Dollar (AUD)

Key news events today

AUD Retail Sales m/m

What can we expect from AUD today?

Retail sales data for Australia was released indicating a 0.9% month-on-month increase. Together with the news of China easing quarantine restrictions some upside was evident on the AUD early in the trading session today. However, a more significant move to the upside could be limited, with the 0.6940 resistance near

Look for a short term retrace in the AUDUSD before a move lower again, towards the 0.6870 level.  

Central Bank Notes:

  • Next meeting on 5 July 2022

Next 24 Hours Bias

Medium Bearish

The Kiwi Dollar (NZD)

Key news events today

RBNZ Statement of Intent

What can we expect from NZD today?

The NZD dropped significantly through the US trading session, as the NZDUSD rejected resistance of 0.6322 to the support level of 0.6235. Similar to the AUD, the NZD is currently retracing from this key support level, but look for further downside after this retrace, for a move to test 0.6235 support level and lower.

Central Bank Notes:

  • Next meeting on 13 July 2022

Next 24 Hours Bias

Weak Bearish

The Japanese Yen (JPY)

Key news events today

No major news events.

What can we expect from JPY today?

With the US dollar strength overnight, the USDJPY was taken higher from 135.50 towards the resistance of 136 and slightly beyond. As the BoJ maintains its dovish stance, the Yen is likely to find 136 as a base for a further move higher. 

If Fed Chair Powell does signal a more hawkish sentiment, look for the Yen to lose further ground against the other major currencies, with the USDJPY testing the 137 level. 

Central Bank Notes:

  • Kept all policy settings unchanged at their June meeting
  • Reiterated that rates will stay low for the foreseeable future and won’t hesitate to add stimulus if the economy needs it
  • Next meeting on 21 July 2022

Next 24 Hours Bias

Medium Bearish

Full Article

1st July Hong Kong SAR Establishment Day/ Canada Day- Trading Schedule 2022

1st July Hong Kong SAR Establishment Day/ Canada Day- Trading Schedule 2022

238716   June 28, 2022 21:51   ICMarkets   Market News  

Dear Trader,

Please find our updated Trading schedule for Hong Kong SAR Establishment Day/Canada Day  on Thursday, 01st July 2022. Times mentioned below are Platform time (GMT +3). 

 

Kind regards,

IC Markets

Full Article

IC Markets Europe Fundamental Forecast | 28 June 2022
IC Markets Europe Fundamental Forecast | 28 June 2022

IC Markets Europe Fundamental Forecast | 28 June 2022

238637   June 28, 2022 16:56   ICMarkets   Market News  

 

What happened across the Asia session?

The DXY sat at the 103.80 price level as markets remained in consolidation through the Asia session.

What does it mean for Europe and US Sessions?

Without key news events scheduled for today for the major currency pairs, and the G7 meetings ongoing, the DXY could test lower briefly, but could eventually find the current price level as a support level for a potential rebound.

The Dollar Index (DXY) Update

Key news events today

US Consumer Confidence

What can we expect from DXY today?

Overnight, the US posted a couple of better than expected data, in durable goods orders (Actual 0.7% Forecasted 0.1%) and pending home sales (Actual 0.7% Forecasted -3.5%). This strengthened the DXY briefly before retracing lower again. 

Look for the DXY to continue trading below 103.80 with a possible recovery later into the US session with the release of the US Consumer Confidence data. 

Central Bank Notes:

  • Next meeting on 26 July 2022
  • The committee hiked rates by 75bps, targeting inflation risk.
  • Balance Sheet reduction plan to continue at $60b (treasuries) and $35b (MBS) over a three-month timeframe

 

Next 24 Hours Bias

Weak Bullish

 

Gold (XAU)

Key news events today

No major news events. 

What can we expect from Gold today?

Gold rejected the 1840 price level, trading lower to 1825 as the news about the US joining the G7, imposing a ban on new Russian gold imports had a limited impact on prices. As gold fails to stage a stronger recovery, it is viewed that the market is now turning to the Federal Reserve and hints of their path for further policy adjustments, to provide a clearer direction for Gold price direction.

Anticipate a slight recovery back towards the 1830 price level amid more significant choppy price movements.

Next 24 Hours Bias

Weak Bullish

 

The Euro (EUR)

Key news events today

ECB President Lagarde Speaks

What can we expect from EUR today?

Overnight, the Euro climbed towards the 1.06 resistance level before rejecting the level and retracing down. During the Asia session, the Euro sat in consolidation before briefly testing higher again. As ECB President Lagarde is due to speak at the ECB Forum, anticipate higher volatility in the Euro. However, with no other major news events scheduled and with the Euro sitting at the 1.0590 level, look for the Euro to consolidate further before a possible break lower. 

Central Bank Notes:

  • Plans to phase out the APP into Q3 remained intact by reducing purchases from 40bln to 30bln in May and then down to 20bln in June. 
  • Highlighted risks for the economic outlook are tilted to the downside and have recently intensified with geopolitical and virus-related challenges. 
  • Expected to raise rates by 25bps after APP ends in July and 50bps in September
  • Next meeting on 21 July 2022

 

Next 24 Hours Bias

Mixed-to-Weak Bearish

The Swiss Franc (CHF)

Key news events today

No major news events.

What can we expect from CHF today?

Overnight, the USDCHF retested the 0.96 level before testing the 0.9550 level at the end of the trading session. No significant movements expected on the CHF, with directional bias to be derived from the volatility in the DXY. Look for the current consolidation in the USDCHF.  

Central Bank Notes:

  • Surprise rate hike by 50bps to -0.25%
  • Next meeting on 22 September 2022

Next 24 Hours Bias

Weak Bullish

The Pound (GBP)

Key news events today

No major news events.

What can we expect from GBP today?

Anticipate higher volatility in the GBP as it tests and attempts to reject the 1.23 resistance area. With recent news of the UK planning to rewrite Brexit trade rules, and a possible trade war retaliation from the European Union, further volatility and possible significant weakness in the GBP could be likely. 

Look for the GBP to break below the 1.2250 level (the lower range of the consolidation) for further downside. 

Central Bank Notes:

  • Rate hike by 25bps to 1.25%
  • Peak inflation revised to more than 10%, adding to the stagflation fears; possible GDP contraction in 2023. 
  • Quantitative tightening plans to be updated at the August meeting
  • Next meeting on 4 August 2022

Next 24 Hours Bias

Weak-to-Medium Bearish

The Canadian Dollar (CAD)

Key news events today

No major news events.

What can we expect from CAD today?

The CAD is expected to continue to strengthen against the USD as the price of Brent and WTI continues to climb higher. Pay attention to the possible data release of crude oil inventories which could further strengthen oil prices. With the USDCAD currently at the 1.2850 level, look for a brief retrace before further downside could be likely. 

Central Bank Notes:

  • Increasing likelihood of 75bps rate hike from BoC 
  • Next meeting on 13 July 2022

Next 24 Hours Bias

Medium Bullish

Oil

Key news events today

Tentative Crude Oil Inventories. 

What can we expect from Oil today?

During the G7 summit, a price cap on Russian oil was proposed. This was meant to apply a fixed price on Russian gas exports, with the intention for the Eurozone to control further energy price increases. However, as a result of this news, oil price climbed significantly, with Brent reaching 116.60 and WTI at 111.00.

Currently retracing, look for oil price to continue climbing, especially if the oil inventories data release today indicates an imbalance between the supply and demand within the market. 

 

Next 24 Hours Bias

Medium Bullish

Full Article


28th June 2022 Tuesday: Asian markets lower as negative sentiment from Wall Street spills over
28th June 2022 Tuesday: Asian markets lower as negative sentiment from Wall Street spills over

28th June 2022 Tuesday: Asian markets lower as negative sentiment from Wall Street spills over

238564   June 28, 2022 13:21   ICMarkets   Market News  

Global Markets:

  • Asian Stock Markets : Nikkei up 0.25%, Shanghai Composite down 0.06%, Hang Seng down 0.77%, ASX up 0.55%
  • Commodities : Gold at $1827.00 (+0.12%), Silver at $21.18 (-0.03%), Brent Oil at $112.38 (+1.26%), WTI Oil at $110.86 (+1.18%)
  • Rates : US 10-year yield at 3.179, UK 10-year yield at 2.397, Germany 10-year yield at 1.539

News & Data:

  • (USD) Pending Home Sales m/m 0.70% vs -3.50% expected
  • (USD) Durable Goods Orders m/m 0.70% vs 0.10% expected
  • (USD) Core Durable Goods Orders m/m 0.70% vs 0.40% expected
  • Goldman Sachs Says US Rates Market Underprices Recession Risk

Markets Update:

Asian stock markets are trading mixed on Tuesday, following the broadly negative cues from Wall Street overnight, as investors remained cautious, while reassessing the outlook for the interest rate hikes by major central banks amid persistent inflation and a potential recession. Investors also await the U.S. quarterly GDP growth rate numbers due later in the week to assess the outlook for U.S. rate hikes and the potential for a recession. Buying interest may be somewhat subdued, however, as concerns about inflation and a potential recession continue to hang over the markets.

The Australian stock market is slightly higher on Tuesday, boosted largely by strong rebound in gold miners, materials and energy stocks, partially offset by weakness in technology and financial stocks. Hong Kong’s Hang Seng index fell 0.8%, while the Hang Seng Tech index slipped 1.6%. Mainland Chinese markets were little changed. The Shanghai Composite was just below the flatline and the Shenzhen Component inched up fractionally. The Japanese stock market is slightly higher, even as it was dragged by weakness in technology stocks.

Oil futures settled higher on Monday, extending gains from the previous session amid slightly easing worries about outlook for energy demand. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 103.918.

Upcoming Events:

  • 08:00 AM GMT – (EUR) ECB President Lagarde Speaks
  • Day 3 – (All) G7 Meetings
  • 02:00 PM GMT – (USD) CB Consumer Confidence
  • 02:00 PM GMT – (USD) Richmond Manufacturing Index

Full Article

Scheduled Customer Support Maintenance – 2022
Scheduled Customer Support Maintenance – 2022

Scheduled Customer Support Maintenance – 2022

238551   June 28, 2022 12:05   ICMarkets   Market News  

Please note: Our customer support chat technology provider will be conducting scheduled maintenance on Wednesday 29th June at 2 pm AEDT. All Chat channels which include Chats, WhatsApp, Messenger, and Telegram support services will be affected briefly during this time, however, our support teams are fully available by email or phone. Thank you for your understanding. 

Full Article

28th June 2022 Tuesday: Technical Outlook and Review

28th June 2022 Tuesday: Technical Outlook and Review

238526   June 28, 2022 10:45   ICMarkets   Market News  

DXY:


On the H4, with prices expected to bounce off stochastic support and prices moving along the ascending trendline, we have a bullish bias that bullish momentum will carry prices from our 1st support at 103.425 where the 61.8% fibonacci projection, 50% fibonacci retracement and swing low support are, after price has dropped to the 1st support level, to our 1st resistance at 104.967 in line with the horizontal swing high resistance. Take note of intermediate support at 103.425 where the swing low support is. Alternatively, price may break 1st support structure and head for 2nd support at 102.790 where the horizontal overlap support and 78.6% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance at 104.967
  • H4 time frame, 1st support at 103.425

XAU/USD (GOLD):

On the H4, with RSI moving in a bullish momentum and along an ascending trendline, we have a bullish bias that prices will rise from to our 1st resistance at 1841.33 where the horizontal swing high resistance and 61.8% fibonacci retracement. Once we have upside confirmation, we would expect bullish momentum to carry price to intermediate resistance level at 1847.24 in line with swing high resistance and 78.6% fibonacci retracement. Should price break through intermediate resistance, we would have a bullish bias that price will rise to 2nd resistance at 1858.11 in line with swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement. Alternatively, price could drop to our 1st support  at 1807.93 in line with swing low support. 

Areas of consideration: 

  • H4 time frame, 1st Resistance at 1841.33
  • H4 time frame, 1st Support at 1807.93

 

GBP/USD:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.21657 where the horizontal overlap support and 50% fibonacci retracement are to our 1st resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.19313 where the horizontal swing low support is.

Areas of consideration:

  • H4 1st resistance at 1.24327
  • H4 1st support at 1.21846

USD/CHF:

On the H4, with bullish divergence on the RSI, we have a bullish bias that price will rise from our 1st support at 0.95566 where the horizontal swing low support is to our 1st resistance at 0.97231  in line with the horizontal swing high resistance and 38.2% Fibonacci retracement. Alternatively, price may break structure and head for 2nd support where the 127.2% Fibonacci extension is. 

Areas of consideration

  • 1st support level at  0.95566
  • 1st resistance level at 0.97231

EUR/USD :

On the H4, with price moving in an ascending trendline and above the ichimoku cloud, if price breaks the 1st support at 1.06214, we have a bullish bias that price will continue to rise from the 1st support in line with the overlap support in line with two 61.8% fibonacci projections to the 1st resistance at 1.07814 at the swing high in line with the 100% fibonacci projection and 50% fibonacci retracement. Alternatively, price may drop from the 1st support to the 2nd support at 1.04905 at the swing low. 

Areas of consideration :

  • H4 1st resistance at 1.07814
  • H4 1st support at 1.06214

USD/JPY:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 135.649 where the pullback resistance is. Once there is upside confirmation, we would expect bullish momentum to carry price to our 2nd resistance at 140.818 where the 100% fibonacci projection and 61.8% fibonacci projection are .

Take note of the intermediate resistance level at 136.785 where the swing high resistance is. Alternatively, price may drop to 1st support at 131.540 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement. Take note of the intermediate support at 134.225 in line with 50% fibonacci retracement and 61.8% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st resistance at 135.649
  • H4 time frame, 1st support at 131.540

AUD/USD:

On the H4, with price breaking the descending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.69301 at the pullback support in line with the 23.6% fibonacci retracement to the 1st resistance at 0.70484 in line with the overlap resistance, 78.6% Fibonacci projection and 50% Fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.68296 in line with the horizontal swing low and 61.8% Fibonacci projection. 

Areas of consideration 

  • H4 1st resistance at 0.69846
  • H4 1st support at 0.68323

NZD/USD:

On the H4, with price moving in an ascending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.62921 in line with the pullback support and 23.6% fibonacci retracement to the 1st resistance at 0.63955 in line with the swing high and 50% fibonacci retracement and 78.6% fiboancci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.62466 at the swing low.

Areas of consideration:

  • H4 time frame, 1st support at  0.62462
  • H4 time frame, 1st resistance at 0.63955

USD/CAD:

 

On the H4, with price expected to bounce off ichimoku support, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal swing low support and 38.2% Fibonacci retracement is to our 1st resistance at 1.30128  in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support at 1.27189 where the horizontal pullback support and 61.8% Fibonacci retracement. 

Areas of consideration:

  • H4 time frame, 1st resistance at 1.30128
  • H4 time frame, 1st support at 1.28647

 

OIL: 


On the H4, with price bouncing off the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st support at 110.86 in line with the pullback support and 38.2% Fibonacci retracement to the 1st resistance at 123.56 at the horizontal swing high in line with the 78.6%  Fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 106.65 in line with the pullback support and 100%  Fibonacci projection. 

Areas of consideration:

  • H4 time frame, 1st resistance of 123.56
  • H4 time frame, 1st support of 110.86

Dow Jones Industrial Average:


On the H4, with price moving above the ichimoku cloud and along an ascending trendline, we have a bullish bias that price will rise from our 1st support at 31328 where the horizontal pullback support and 23.6% Fibonacci retracement are to our 1st resistance at 32622 in line with the horizontal overlap resistance. Alternatively, price may break 1st support and head for 2nd support at 30994 where the horizontal pullback support and 38.2% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance of 32622
  • H4 time frame, 1st support of 31328

The accuracy, completeness and timeliness of the information contained on this site cannot be guaranteed. IC Markets does not warranty, guarantee or make any representations, or assume any liability regarding financial results based on the use of the information in the site.

News, views, opinions, recommendations and other information obtained from sources outside of www.icmarkets.com.au, used in this site are believed to be reliable, but we cannot guarantee their accuracy or completeness. All such information is subject to change at any time without notice. IC Markets assumes no responsibility for the content of any linked site.

The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site. IC Markets is not liable for any harm caused by the transmission, through accessing the services or information on this site, of a computer virus, or other computer code or programming device that might be used to access, delete, damage, disable, disrupt or otherwise impede in any manner, the operation of the site or of any user’s software, hardware, data or property.

 

 

Full Article

IC Markets Asia Fundamental Forecast | 28 June 2022
IC Markets Asia Fundamental Forecast | 28 June 2022

IC Markets Asia Fundamental Forecast | 28 June 2022

238511   June 28, 2022 09:56   ICMarkets   Market News  

What happened in the US session?

The DXY traded lower overnight towards the 103.31 support level, driven lower due to the strength of the Euro, while most currencies held in a consolidation. US 10 year treasury yield rose as the market considered further rate hikes and increasing risk of recession. 

What does it mean for the Asia Session?

As the DXY sits below the 103.80 resistance, look for hints for a directional bias. If DXY is able to break above the resistance, a recovery move higher could be possible. 

 

The Dollar Index (DXY)

Key news events today

US Consumer Confidence

What can we expect from DXY today?

Overnight, the US posted a couple of better than expected data, in durable goods orders (Actual 0.7% Forecasted 0.1%) and pending home sales (Actual 0.7% Forecasted -3.5%). This strengthened the DXY briefly before retracing lower again. 

Look for the DXY to continue trading below 103.80 with a possible recovery later into the US session with the release of the US Consumer Confidence data. 

Central Bank Notes:

  • Next meeting on 26 July 2022
  • The committee hiked rates by 75bps, targeting inflation risk.
  • Balance Sheet reduction plan to continue at $60b (treasuries) and $35b (MBS) over a three-month timeframe

 

Next 24 Hours Bias

Weak Bullish

Gold (XAU)

Key news events today

No major news events. 

What can we expect from Gold today?

Gold rejected the 1840 price level, trading lower to 1825 as the news about the US joining the G7, imposing a ban on new Russian gold imports had a limited impact on prices. As gold fails to stage a stronger recovery, it is viewed that the market is now turning to the Federal Reserve and hints of their path for further policy adjustments, to provide a clearer direction for Gold price direction.

Anticipate a slight recovery back towards the 1830 price level amid more significant choppy price movements.

Next 24 Hours Bias

Weak Bullish

The Australian Dollar (AUD)

Key news events today

No major news events.

What can we expect from AUD today?

With no major news events since the start of the week, the AUDUSD dropped lower following concerns on commodity prices but traded in a 30pip consolidation through trading sessions yesterday. The AUDUSD is likely to test the 0.6950 level before retracing lower towards recent support levels.  

Central Bank Notes:

  • Next meeting on 5 July 2022

Next 24 Hours Bias

Weak Bearish

The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

The NZD tested resistance of 0.6322 through the trading sessions, failing to break higher. With no major news events scheduled, further upside move in the NZD seems to have stalled. Look for the NZDUSD to setup at current levels for a possible correction lower.

Central Bank Notes:

  • Next meeting on 13 July 2022

Next 24 Hours Bias

Weak-to-Medium Bearish

The Japanese Yen (JPY)

Key news events today

No major news events.

What can we expect from JPY today?

The Yen continued to weaken, with the USDJPY rebounding from the 134.50 support level early in the trading day, to end up back at 135.50. Look for the Yen to continue weakening, and for the USDJPY to break above 135.50, towards 136. Beware that further price movements in the Yen are likely to experience deep retracements before leading up to a move higher.

Central Bank Notes:

  • Kept all policy settings unchanged at their June meeting
  • Reiterated that rates will stay low for the foreseeable future and won’t hesitate to add stimulus if the economy needs it
  • Next meeting on 21 July 2022

Next 24 Hours Bias

Medium Bearish

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27th June 2022 Monday: Markets gain as investors hunt for bargains
27th June 2022 Monday: Markets gain as investors hunt for bargains

27th June 2022 Monday: Markets gain as investors hunt for bargains

238272   June 27, 2022 16:26   ICMarkets   Market News  

Global Markets:

  • Asian Stock Markets : Nikkei up 1.43%, Shanghai Composite up 0.88%, Hang Seng up 2.34%, ASX up 1.94%
  • Commodities : Gold at $1837.70 (+0.40%), Silver at $21.52 (+1.69%), Brent Oil at $109.50 (+0.37%), WTI Oil at $107.88 (+0.24%)
  • Rates : US 10-year yield at 3.162, UK 10-year yield at 2.356, Germany 10-year yield at 1.480

News & Data:

  • (USD) Revised UoM Consumer Sentiment 50 vs 50.2 expected
  • (EUR) German ifo Business Climate 92.3 vs 92.8 expected
  • (GBP) Retail Sales m/m -0.50% vs -0.60% expected

Markets Update:

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from global markets on Friday, with energy, technology and financial stocks leading the way higher. Traders also continued to pick up stocks at relatively reduced levels following recent weakness amid concerns about a recession as major central banks move ahead with aggressive rate hikes to tame surging inflation.

The Japanese stock market is sharply higher on Monday boosted by exporters, energy and technology stocks. Traders also continue to pick up stocks at a bargain after the recent sell-off. The Australian stock market is sharply higher on Monday, with strength across most sectors, particularly financials, technology, materials and energy stocks. Mainland Chinese markets also gained. The Shanghai Composite climbed 0.9%, and the Shenzhen Component rose 1.1%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 103.923. Crude oil prices rose sharply on Friday on optimism for continued high demand for energy and tight supply.

Upcoming Events:

Monday, June 27, 2022   

  • Day 2 – (All) G7 Meetings
  • 12:30 PM GMT – (USD) Core Durable Goods Orders m/m
  • 12:30 PM GMT – (USD) Durable Goods Orders m/m
  • 02:00 PM GMT – (USD) Pending Home Sales m/m

Tuesday, June 28, 2022   

  • 08:00 AM GMT – (EUR) ECB President Lagarde Speaks
  • Day 3 – (All) G7 Meetings
  • 02:00 PM GMT – (USD) CB Consumer Confidence
  • 02:00 PM GMT – (USD) Richmond Manufacturing Index

Wednesday, June 29, 2022   

  • Tentative – (NZD) RBNZ Statement of Intent
  • All Day – (EUR) German Prelim CPI m/m
  • 10:30 AM GMT – (USD) FOMC Member Mester Speaks
  • 12:30 PM GMT – (USD) Final GDP q/q
  • 01:30 PM GMT – (EUR) ECB President Lagarde Speaks
  • 01:30 PM GMT – (GBP) BOE Gov Bailey Speaks
  • 01:30 PM GMT – (USD) Fed Chair Powell Speaks

Thursday, June 30, 2022   

  • 12:30 PM GMT – (CAD) GDP m/m
  • 12:30 PM GMT – (USD) Core PCE Price Index m/m
  • 12:30 PM GMT – (USD) Unemployment Claims

Friday, July 01, 2022   

  • 02:00 PM GMT – (USD) ISM Manufacturing PMI

Full Article

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