Istvan Varkonyi
Marketprog Ltd.
Hourly chart: Last week we saw some impressive gains, but the $1,6650 level proves to be problematic. The exchange rate has reached the point where it needs to decide whether it goes for a correction after this gain or if it climbs higher after this brief stagnation. The key levels are at $1,6625, at the support trendline, and at $1,6660. If it breaks down below the former then we should see a correction all the way to $1,66 but in case of a breakout above the latter then the cable might inch higher, targeting the far away rate of $1,6755.
Marketprog Ltd. excludes any liability for any damages resulting from the use of data and information representing the published content or the company website. Analytical reports, evaluations and selections available on the website and as published content are exclusively for informational purposes; they cannot and shall not be considered to represent investment advice or analysis from Marketprog Ltd. or a public offer. Neither shall the content of the website or otherwise published content be considered a call encouraging investment in products researched by the Software embedded in the website or in any published content. All liability and risk in connection with making any investment decision shall be borne by the user irrespective of how the use of the Software embedded in the website, or any published content might have influenced such decision.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.