The GBPUSD gave contrarian traders another reason to be excited yesterday when it suddenly changed course and started depreciating. What is even more interesting is that it did so in a spectacular fashion - by developing a very easily discernible 'Shooting Star' candle on the daily chart, which represents a classic trend reversal pattern. This has excited bears who have been waiting for the emergence of a [...]

Gold has advanced by over $500 per troy ounce since the beginning of the coronavirus crisis, as investors started feeling to low-risk securities amidst rising global uncertainty. Recently, the precious commodity even managed to cross above the psychologically significant threshold of $2000 temporarily, but then it retreated from the all-time high at $2074. [...]

The substantial bullish run of the British pound over the last several weeks drove the pair above the psychologically significant threshold of 140.00. This level, which had previously served the role of major support, was last broken prior to the beginning of the market crash that was triggered in the early days of the coronavirus crisis. Even though this represents a significant accomplishment for the [...]

The remarkable, bullish run of the euro was temporarily distorted on the dollar's recent upsurge coupled with poor economic data in the Eurozone. Germany and France – the largest and second-largest economies in the Euro Area, respectively – reported significant contractions in their industrial activities in August. The reported slump in French Services and Manufacturing PMI in addition to the sizable fall in [...]

The dollar has managed to ease its free fall over the last several days, which has prompted some traders to expect that the worst for the greenback is now over. Even though it would be premature to argue that a complete trend reversal is due, global developments could continue to affect the dollar positively in the near future. The Chair of the Federal Reserve Jerome Powell is due to deliver a speech [...]

The GBPUSD has been consolidating around the major resistance level at 1.31300 since the beginning of August, without being able to break out above it decidedly. In fact, there have been at least eight separate attempts of the price action at advancing above the resistance, all which came to no avail. This protracted struggle of the British pound exemplifies diminishing bullish bias in the market and could [...]

The German DAX index rallied after the European open earlier today on renewed investors' enthusiasm from the upcoming Jackson Hole symposium in Wyoming. As central bankers, finance ministers, academics, and other financial market participants gather to discuss the prospects for recovery of the global economy, traders and investors would be looking for hints from the symposium regarding the future of the [...]

The remarkable, bullish run of the euro might be temporarily put on pause in light of the recent strengthening of the dollar. This does not necessarily imply that there would be a complete trend reversal on all currency pairs involving the euro. Rather, the shifting buying and selling pressures between the two most popular currencies could cause temporary disruptions and the development of minor corrections. [...]

Recently, the NZDJPY pair attempted to break down below a massive range, which has been prevalent for the most part since early-June. The attempt amounted to nothing more than a false breakdown, as the price action quickly rebounded yesterday. The pair is now ready to re-enter the area of the range once again. Such erratic fluctuations are not uncommon for range-trading environments, which can be exploited [...]

The AUDUSD pair is nearing a crucial resistance level, which has been prevalent since February 2019. Such levels of support and resistance with historic significance typically act as turning points for the direction of the underlying price action, as traders usually bet on their continued prevalence. In other words, traders who anticipate a rebound from such a prominent price level are likely to construct [...]