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A few macroeconomic events are scheduled for Wednesday, but some important reports will be released. However, the current key issue is not the reports' significance but how the market will react to them — and whether it will pay any attention. It's no secret that over the past two months, the market has been trading purely based on "Trump news," any announcement related to the escalation of the trade war triggers another sell-off of the U.S. dollar. Thus, today's reports may lead to a slight dollar rebound, but they are unlikely to change the overall trend. Today's most important data includes U.S. retail sales and the UK inflation report.
There's still little point in discussing fundamental topics other than Trump's trade war. The dollar's decline could continue indefinitely. We recommend that traders closely monitor statements from key leaders of major countries and alliances regarding tariffs. In the Eurozone, for example, officials have stated that they've achieved "modest progress" in negotiations with the Trump administration. However, "modest progress" is not enough to support the dollar. Meanwhile, Trump has announced his intention to impose tariffs on semiconductors, which affects many countries globally. The trade standoff with China remains unresolved and continues to be the market's top priority.
On the third trading day of the new week, both currency pairs could move in either direction. The British pound is rising steadily while the euro remains flat. Macroeconomic releases scheduled for today could affect currency movements, but the market's reaction to them is unpredictable. Technical levels are also not being respected consistently and are often ignored altogether.
Support and Resistance Levels: These are target levels for opening or closing positions and can also serve as points for placing Take Profit orders.
Red Lines: Channels or trendlines indicating the current trend and the preferred direction for trading.
MACD Indicator (14,22,3): A histogram and signal line used as a supplementary source of trading signals.
Important speeches and reports, which are consistently featured in the news calendar, can significantly influence the movement of a currency pair. Therefore, during their release, it is advisable to trade with caution or consider exiting the market to avoid potential sharp price reversals against the prior trend.
Beginners in the Forex market should understand that not every transaction will be profitable. Developing a clear trading strategy and practicing effective money management are crucial for achieving long-term success in trading.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Today, gold is trading higher, remaining within a sideways trend. Late Thursday, Federal Reserve official Christopher Waller stated that rising risks to the economy could justify a key rate
The U.S. House of Representatives has passed bills establishing the first federal framework for dollar-backed stablecoins and setting regulations for other digital currencies. The idea of regulating the cryptocurrency market
Several macroeconomic reports are scheduled for release on Friday, but none of them are of major importance. The only noteworthy release is the University of Michigan Consumer Sentiment Index
The GBP/USD currency pair once again leaned toward decline on Thursday. After the British pound strengthened on Wednesday evening following another report about Powell's dismissal, the dollar quickly recovered. However
The EUR/USD currency pair continued its steady decline throughout Thursday. As a reminder, the forex market experienced an "explosion" on Wednesday evening. Donald Trump once again attempted to either fire
Graphical patterns
indicator.
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