Fawad Razaqzada

4 weeks ago | forex.com | Fawad Razaqzada |Razan Hilal |James Stanley

Following the big 3.5% surge to well above $3,300 mark yesterday, gold initially extended those gains to reach a new high of almost $3358 on the back of Powell’s inflation warning, before easing back down to turn lower the day. The mini reversal comes on the back of profit-taking after the metal’s big 13.5% rally from its monthly low a couple of weeks ago. That impressive $400 gain came as the stock markets have remained volatile and trade uncertainty at the forefront of investors’ minds.

4 weeks ago | forex.com | James Stanley |David Song |Fawad Razaqzada

Tomorrow brings a rate decision from the European Central Bank with the wide expectation for a 25 bp cut. Despite that expectation EUR/USD has been breaking out over the past two months, setting a fresh three-year high just last Friday. The weekly EUR/USD chart is overbought and sellers had an open door to run a pullback at the start of this week – but they could not get below the 1.1275 Fibonacci level and bulls have since used that price as a springboard from higher-low support.

4 weeks ago | forex.com | James Stanley |Fawad Razaqzada |Matt Simpson |David Scutt

U.S. Dollar bulls have had an open door to run a pullback from oversold conditions but so far this week, they’ve failed to push through short-term resistance levels. The larger drivers remain with Chair Powell’s speech later today and then the European Central Bank rate decision tomorrow, ahead of the Good Friday holiday and the long weekend in the United States. Last week saw the US Dollar go oversold on the weekly chart for only the second time in the past seven years.

4 weeks ago | forex.com | Fawad Razaqzada |David Song |David Scutt

The USD/JPY eased lower as US stock markets wobbled. Technology sector took a hit thanks to sharp falls in Nvidia, AMD and ASML. While trade tensions flared up again, sentiment was not significantly bearish thanks to news, courtesy of Bloomberg, that China may be open to fresh talks — provided President Trump reins in his more hawkish aides and shows respect. It remains to be seen whether talks between the two sides will start soon and whether a trade agreement will be struck.

1 month ago | forex.com | James Stanley |Fawad Razaqzada |David Song

It’s been a big move in equities over the past couple of weeks and the question now is whether sellers use this bounce to fade the rip or whether buyers continue to push. In the webinar, I went in-depth on several macro markets and in this write-up, I touch on a few of the high points. To access this webinar in real-time, click here for registration information. While last week opened with cries of a ‘possible black Monday,’ a week later the premise of such seems non-sensical.