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Weekly Technical Outlook – USDJPY, EURUSD, GBPUSD

EURUSD speeds up to test 1.1100 area as debate over a bold Fed rate cut continues USDJPY hits 14-month low; BoJ awaited to give direction on rate hikes GBPUSD shifts to the upside ahead of CPI data and BoE rate decision   FOMC rate decision --> EURUSD The Fed will announce its rate decision on Wednesday at 18:00 GMT and the question is not if, but by how much it will cut interest rates.
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Could BoE surprise with a rate cut on Thursday? – Preview

BoE meeting concludes on Thursday, the day after the Fed Economists assign an almost zero chance of a rate cut Wednesday’s CPI and the Fed rate cut could lead to a surprise BoE move Pound to benefit from an uneventful meeting BoE will announce its rate decision on Thursday The Bank of England is joining the chorus of the central bank meetings on Thursday.
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Technical Analysis – EURUSD holds bullish bias but strong resistance at 1.1150

EURUSD pulls back up off 1.1000 Price surpasses 20-day SMA Technical oscillators tick north EURUSD has gained ground over the last few days, especially after the rebound off the 1.1000 round number, and it managed to hold above the 20-day simple moving average (SMA) and re-enter the 1.1100 area, with the technical indicators feeding prospects for a possible positive short-term trading.
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US 500 index holds above 20- and 50-day SMAs Stochastics and RSI turn slightly lower MACD remains above its trigger and zero line The US 500 (cash) index added around 5% so far, following the pullback off 5,385 and posted five consecutive green days. The price is ready to rechallenge the previous peak of 5,650 ahead of the all-time high of 5,673.39. Steeper increases may open the way for a test of the 161.8% Fibonacci extension level of the latest bearish correction from 5,673.39 t
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Daily Comment – Slow start to the week ahead of the Fed meeting 

Mixed movements in FX but the yen remains on the front foot Stocks recorded their best weekly performance of 2024 Another assassination attempt against Trump Bitcoin suffers while gold reaches a new all-time high Stocks are in anticipation mode A very important week has commenced with the US equity markets digesting last week’s impressive performance.
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Technical Analysis – USDJPY unlocks new 14-month low

USDJPY dives below 140.70 key level Momentum oscillators continue downside pressure USDJPY has declined considerably towards a new 14-month low of 139.56 earlier today, continuing the significant sell-off. The price has been in a bearish tendency since mid-August with the technical oscillators confirming the current move. The MACD oscillator is standing beneath its trigger and zero lines, while the RSI is crossing below the 30 level.
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Technical Analysis – Gold flies to fresh all-time high near 2,600

Gold posts bullish days Prices find support at 20-day SMA MACD and RSI in positive areas Gold prices are skyrocketing to another fresh all-time high today around 2,589.40 with the next major obstacle coming from the 2,600 round number. The price has recorded an aggressive buying interest over the last couple of days after the strong bounce off the 20-day simple moving average (SMA) at 2,510. Technically, the MACD oscillator is extending its upside move above its trigger and zero l
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Technical Analysis – GBPUSD accelerates after bouncing off 1.3000

GBPUSD remains in positive territory Holds above short-term SMAs Stochastic head up, RSI moves horizontally GBPUSD has staged a crucial rebound off the 1.3000 key level on Wednesday, holding the short-term outlook to bullish. Currently, the pair is meeting the 20-day simple moving average (SMA) at 1.3125 with the next resistance levels coming from the almost two-and-a-half-year high of 1.3265 and the peak in March 2022 at 1.3310. However, a significant tumble beneath 1.3000 coul
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Week Ahead – Fed to cut interest rates, BoE and BoJ to remain on hold

Investors are split between a 25 and 50bps Fed rate cut BoE expected to stand pat, but resume cuts in November BoJ to also stay on hold, focus to fall on future hike signals Let the Fed cuts begin Since the July US employment report, which sparked fears of recession, investors have been trying to figure out the size of the potential rate cut the Fed will deliver at its September gathering, and the moment of truth has finally come.
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Daily Comment – Dollar sinks, gold surges as 50bps Fed cut back in the picture

Soft US PPI and reports of Fed dilemma revive bets of 50bps cut Dollar plunges as yields fall, pushing gold to new all-time high Euro climbs as ECB trims rates but does not signal October cut Fed rate cut expectations swing wildly Expectations of a 50-basis-point rate cut by the Fed in September had all been priced out by investors.
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Technical Analysis – GBPJPY makes a backflip, but patience needed

GBPJPY resumes negative momentum, but hopes for a pivot remain Sellers need a close below 185.65 to take full control   GBPJPY came under renewed downside pressure after closing Thursday’s session with mild gains around 186.00. The pair shifted from a recent low of 183.70 earlier this week, forming a hammer candlestick and giving hope for a potential upward reversal.
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Technical Analysis – USDCAD flirts with 200-day SMA again

USDCAD remains below 1.3600 MACD and RSI indicate upside recovery USDCAD is moving back and forth of the 200-day simple moving average, which is standing marginally beneath the 1.3600 round number. Earlier in the week, the market successfully travelled towards the 1.3620 bar, adding optimism for more bullish actions. The technical oscillators are confirming an upside recovery after prices bounced off the 1.3440 support level.
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Quick Brief – Gold hits new record as rate cut fever takes hold

Gold surges after ECB rate cut and soft US PPI Sets new record as Fed poised to join rate-cut club Gold has finally smashed its previous all-time high of $2,531.61/oz to surpass the $2,550 mark. The precious metal had been poking and prodding at the $2,530 region since late August only to be held back by not-so-terrible US data. Nothing’s changed when it comes to the US economy to propel gold higher by more than 1.50% today.
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Quick brief – ECB cuts interest rates by 25bps as expected

ECB cuts interest rates by 25bps to 3.5% ahead of next week's FOMC policy meeting EURUSD takes a slight boost as policymakers maintain a data-dependent approach   The ECB cut its refinancing deposit rate for the second time by 25bps to 3.5% and slashed its marginal lending facility rate by 60bps to 3.90%. The latter was a technical adjustment.

Technical Analysis – EURUSD pauses southward run at 1.1000

EURUSD needs some boost for more increases Stochastics points up below 20 RSI flattens beneath 50 level EURUSD is battling with the 1.1000 psychological number after the bearish correction that started from the 13-month high of 1.1200. Technically, the stochastic oscillator is ticking slightly higher in the oversold territory, while the RSI is moving horizontally beneath the neutral threshold of 50. Both suggest that the negative move may be paused.
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Midweek Technical Look – EURJPY, USDCHF, Gold

EURJPY sends encouraging signals; confirmation awaited above 156.74 USDCHF builds a floor near 8-month low; bulls seek more power above 0.8540 Gold in a wait-and-see mode within the 2,500 area as risks remain
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Daily Comment – Dollar firms after CPI, euro awaits ECB, techs lead equities rebound

US dollar edges up after CPI report wipes out 50-bps rate cut bets Euro stuck on the backfoot in wait for ECB decision Wall Street rebound gathers pace as tech stocks rally Mixed CPI report disappoints US inflation fell to the lowest since February 2021 in August, but the bigger-than-expected drop in the headline figure was overshadowed by an acceleration in the monthly core measure.
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Technical Analysis – AUDUSD remains above 200-day SMA

AUDUSD battles with 50-day SMA Stochastics point north but RSI flattens AUDUSD had a bullish start on Thursday, with the price flirting with the 50-day simple moving average (SMA) at 0.6670. Momentum signals are neutral-to-bullish, with the RSI appearing to be heading south, while the stochastic oscillator has reversed higher after the bullish crossover within its %K and %D lines in the oversold area.
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Technical Analysis – WTI crude oil recoups some losses after sell-off

WTI crude oil rises from 17-month low Momentum oscillators gain some ground WTI crude oil has finally climbed higher from the 17-month low of 65.70 after the aggressive selling interest from the 78.75 resistance. Over the last three weeks, the commodity has lost more than 16%, switching the outlook to strongly bearish. According to technical oscillators, the MACD is losing its negative momentum and is ticking slightly up, while the stochastic oscillator is heading north after the bul
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EURGBP is edging higher today, a tad below its 50-day SMA Euro gains today after a weak set of UK data prints Momentum indicators ready to signal a bullish move EURGBP is trading higher today, relatively close to its 50-day simple moving average (SMA) after testing, but, once again, failing to close below the 0.8401 level. The euro is preparing for Thursday’s ECB meeting, which is expected to deliver another rate cut, with the pound suffering after a relatively weak set of econo
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