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RBNZ: Another dose of dovishness – Forex News Preview

Posted on September 21, 2020 at 3:33 pm GMT

The Reserve Bank of New Zealand will wrap up its policy meeting at 02:00 GMT Wednesday. No action is expected, so the market reaction might depend on the overall tone of the statement, any changes to the timing of the next rate cut, and how open policymakers appear towards buying foreign assets. Economic data have deteriorated and the RBNZ’s own forecasts are grim, implying the Bank is likely to stick to dovish language, helping to keep a lid on the [..]

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EU flash PMIs may not revive recovery hopes as virus threat rises – Forex News Preview

Posted on September 21, 2020 at 3:33 pm GMT

The significant slowdown in Eurozone’s PMI readings dashed hopes of a V-shaped recovery in August. A month later, the new update due on Wednesday at 09:00 GMT is not expected to plug the hole. Perhaps the outlook for the euro area may remain cloudy as virus cases have started to rise at an alarming rate. With forecasts placed close to previous figures, any negative surprise could hurt the euro unless dollar weakness comes to the rescue again. Alternatively, an upbeat [..]

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Flash PMIs to underline UK recovery but pound slips on lockdown and Brexit fears – Forex News Preview

Posted on September 21, 2020 at 3:24 pm GMT

Investors will get a first look into the progress of the UK’s economic recovery in September when the flash PMIs are released on Wednesday at 08:30 GMT. The closely watched indicators are likely to show that Britain’s economy was on the mend in the early parts of September. But as coronavirus cases soar across the country, Prime Minister Boris Johnson is expected to announce tough new restrictions on Tuesday that could severely curtail the recovery just as businesses enjoy some [..]

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Technical Analysis – AUDUSD portrays brief horizontal tone after bounce on 200-MA

Posted on September 21, 2020 at 1:07 pm GMT

AUDUSD is tackling the lower Bollinger band coupled with the 200-period simple moving average (SMA) after recently dipping below the 50- and 100-period SMAs. The price seems temporarily stalled between the boundaries of 0.7246 and 0.7344, though sustaining a broader positive structure. The rising SMAs still convey a progressing picture despite a snag in the 50-period SMA. The short-term oscillators reflect fragile negative directional momentum, mirroring the recent fading in the price. The MACD has retraced below its red trigger [..]

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Technical Analysis – US 500 index erases some gains; could weaken further in short-term

Posted on September 21, 2020 at 10:06 am GMT

The US 500 (Cash) index is diving towards the 23.6% Fibonacci retracement level of the up leg from the 39-month low of 2,183.95 to the record high of 3,588.24 at 3,260. The declining move over the last three consecutive days drove the market beneath the 50-day simple moving average (SMA) and the technical indicators are confirming the recent bearish mode. The MACD is falling slightly below the zero level, while the RSI is slipping below the 50 level. Steeper movements [..]

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Technical Analysis – USDJPY struggles with critical support; negative pressures persist

Posted on September 21, 2020 at 9:24 am GMT

USDJPY has pierced below the vital 104.18 trough after the price plunged underneath its simple moving averages (SMAs), breaking the constraints of a short-term sideways market. The diving Ichimoku lines now maintain a strong bearish tone while the falling 50- and 100-period SMAs hold a dictating negative bearing, both suggesting further losses. The short-term oscillators are reflecting mixed signals in directional momentum. The MACD, far beneath zero, has nudged under its flattened red trigger line, while the RSI has bounced [..]

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Daily Market Comment – Yen on the up, stocks slump as risks mount; dollar looks to flurry of Fed speakers

Posted on September 21, 2020 at 9:14 am GMT

Worsening virus outlook casts shadow as US election risks, low prospect for fiscal stimulus add to worries Yen outperforms but dollar subdued before Fed begins charm offensive Stocks selloff accelerates after Wall Street falls for third straight week Fresh lockdown fears dampen mood An unrelenting rise in coronavirus cases globally is weighing on sentiment at the start of the trading week as investors increasingly question their rosy predictions about the recovery. Europe is at the centre of the latest resurgence, [..]

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Technical Analysis – EURUSD returns inside the channel; neutral in short-term

Posted on September 21, 2020 at 7:48 am GMT

EURUSD opened with a soft positive tone on Monday, refusing to abandon the ascending channel that directed the price to a fresh 17-month high of 1.2009 earlier this month. The rebound near the 50-day simple moving average (SMA) and the 1.1750 level last week signaled that the bulls are still in play, but the momentum indicators have yet to show strength. The RSI, although above its 50 neutral mark, remains around a descending trendline, while the MACD continues to weaken below [..]

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Technical Analysis – Gold maintains weak bias in near term; broader trend is bullish

Posted on September 21, 2020 at 6:55 am GMT

Gold prices have been underperforming in the past month, hovering around the 20- and 40-day simple moving averages (SMAs) and slightly above the Ichimoku cloud. When looking at the bigger picture the price has a clear upside tendency despite the latest sideways movement after the pullback on the all-time high of 2,074.89. In the daily timeframe, momentum is too weak to provide a sustained move higher. The RSI is moving horizontally marginally above the 50 level, while the MACD is [..]

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Is the stock market in a bubble? – Special Report

Posted on September 18, 2020 at 1:16 pm GMT

The US stock market has staged a meteoric comeback, raising concerns about whether we are experiencing an asset bubble in the middle of a recession. While there is clearly a sharp disconnect between markets and economic reality, there are good reasons why. In short, central banks have killed bonds, and stocks are the only game in town. Even if this is a bubble, it could keep going for a long time in a world where the virus may be defeated [..]

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