4 Global Market Updates- 29 August, 2022

 

In this article, we have covered the highlights of global market news about the USD/CNH, Gold, USD/CAD and NZD/USD.
USD/CNH is currently aiming for 6.9400 rather than 6.9600 – UOB

According to Quek Ser Leang and Peter Chia, FX Strategists at UOB Group, if the upswing keeps on, USD/CNH may retest the 6.9400 level before reaching 6.9600 in the near future.

“USD rose and finished last Friday at 6.8923 (+0.60%),” the 24-hour report reads. During the early Asian hour, the USD kept moving upward and overcame the key obstacle at 6.9000. The quick ascent seems to be a little exaggerated, and for the time being, it is doubtful that the next significant barrier at 6.9400 will be challenged. The level of support is 6.9000, followed by 6.8870.

Within the next three weeks: “We have held a bullish USD view for roughly two weeks. We emphasised last Wednesday (24 August, spot at 6.8630) that the USD’s chances of extending its climb above 6.9000 have decreased due to the abrupt loss of shorter-term bullish momentum. Only a break of 6.8330, as we indicated, would signal that the USD’s strength has peaked. The US dollar failed to surpass 6.8330, and today it soared beyond 6.9000. Because of the quick increase in momentum, the USD’s strength may reach 6.9400 or perhaps 6.9600. On the downside, a break of 6.8600 (a level that was a “solid support” last Friday at 6.8330) would suggest that the USD is unlikely to gain further ground.

Read More...

forex market 

Comments

Post a Comment

Popular posts from this blog

4 Global Market Updates- 11 July, 2022

  In this article, we have covered the highlights of global market news about the  UK Conservative leadership, Fiscal policy, US Dollar , and Natural Gas . Candidates for the UK Conservative leadership present contrasting tax strategies. Jeremy Hunt, a candidate for the UK Conservative leadership, said on Monday that he wants to reduce all taxes. “I can decrease taxes within our present budgetary laws,” Hunt continued. While this is happening, several UK media sites claim that UK Finance Minister Nadhim Zahawi intends to impose 20 percent budget cutbacks across the board to pay for his proposed tax cuts. Zahawi ran for the position of prime minister after Boris Johnson. Read More... forex managed account services   #globalmarket #UK #USD #tax #naturalgas #dollar #forex #trading #trade #edgeforex
Read more

4 Global Market Updates- 22 July, 2022

  In this article, we have covered the highlights of global market news about the Price of Natural Gas, Dollar , Crude Oil Prices and  Gold Price . Futures for natural gas: Further increases seem to be unfavorable On Thursday, open interest in natural gas futures markets decreased by around 3.2 thousand contracts, which was the opposite of the previous increase when advanced prints from CME Group were included. After three days of daily increases, volume followed suit and decreased by roughly ten thousand contracts. Read More... forex factory   #leverage #fxtrading #foreignexchange #trading #forextrading #risk #forexnews #globalmarket #edgeforex
Read more

Sri Lanka is running out of gasoline

  Sri Lanka’s newly appointed prime minister has stated that the cash-strapped island nation has run out of petrol, and that the country urgently needs $75 million in foreign exchange in the coming days to pay for essential imports such as medicine.  He also stated that the government was unable to raise funds to pay for three oil shipments, with the ships awaiting payment outside the Colombo harbor before discharging their cargoes.  ” The following couple of months will be the most irksome this country has anytime defied.” Obviously, this affects all aspects of life, not just the industrial and manufacturing sectors, but also daily life, children going to school, and every other aspect you can think of.  “People did not have a clear picture of how bad things were so far.” Reassurances from successive politicians did not help because people had a false sense of optimism that everything would be fine.  Read More... forex trading strategies #edgefore...
Read more