Dale J Pinkert
Independent Analyst
In today's TradeGATEHub Live Trading session, Coach Dale discusses the recent significant movements in the USDCAD, highlighting a weekly key and a two-week reversal downward trend. He extends his analysis to other commodity currencies, examining their current market positions and potential future movements. Additionally, Dale comments on the volatility trends and provides his outlook on the S&P 500 (SPX), offering traders insights into what to expect in the upcoming sessions. This analysis is crucial for those looking to understand the intricate dynamics of currency and stock markets.
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EUR/USD fluctuates above 1.0900 as volatility subsides
EUR/USD continues to trade in a narrow channel above 1.0900 in the American session on Friday. Major equity indexes recover from opening lows, limiting the US Dollar's gains and allowing the pair to hold its ground heading into the weekend.
GBP/USD recovers to 1.2750 area as USD struggles to gather strength
GBP/USD regains its traction and trades near 1.2750 following an earlier decline. As the market mood remains cautious ahead of the weekend, however, the pair struggles to gather further bullish momentum and remains on track to post weekly losses.
Gold climbs to $2,430 area as US yields push lower
Following a quiet European session, Gold (XAU/USD) gains traction in the American session and trades near$2,430. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 3.95%, helping XAU/USD push higher.
Bitcoin could decline following retest of key resistance level
Bitcoin's price retests the key resistance zone at $62,066, and rejection may continue to drive its downtrend. Ethereum's price experiences a brief rise before a potential downtrend continues.
Week ahead – US CPI to test market nerves, RBNZ might cut rates
The panic about the US economy being on the verge of a recession has mostly eased but markets remain jittery. Investors see a real risk that the Fed’s delay in cutting rates has made a downturn inevitable.