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EUR/USD analysis: Technical Tuesday - April 23, 2024

It has been a risk-on session so far, with equity indices rising sharply for the second consecutive day ahead of Tesla’s earnings tonight and other big tech companies reporting this week. Also on the rise today have been markets such as crude oil, the EUR/USD and even the GBP/USD. Sentiment was lifted by stronger PMI data from the services sector in Europe and UK, alleviating growth concerns even if the manufacturing sector PMI continued to remain depressed.

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April 24, 2024 02:00 AM
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Nasdaq 100 Forecast: QQQ rises ahead of Tesla earnings

US indices point to a stronger start as corporate earnings continue to roll in. Earnings are providing a welcomed distraction after worries over the Fed keeping rates high for longer hurt sentiment last week. US PMI data is due shortly and is expected to show business activity grew at a faster pace. Tesla is due to report after the close after the EV maker's deliveries fell in Q1 and as the share price trades down 40% this year.

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Gold analysis: Can metal start rising again now?

Has gold selling already or nearly done? Gold remains fundamentally supported in the long term, although there is room for further correction. Gold technical analysis shows prices are no longer as overbought as a couple of weeks ago.

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FTSE, EUR/USD Forecast: Two trades to watch

FTSE rises to a record high as the GBP struggles around a 5-month low. EUR/USD looks to PMI data.

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GBP/USD, EUR/USD forecast: Here’s why the US dollar rally has stalled

The US dollar rally has stalled, and the longer is fails to extends its gains the greater the odds of a pullback. For today, flash PMIs have placed GBP/USD and EUR/USD into focus.

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Gold, silver: Buying the dip needs a health warning given heavy price action

The bigger the rally the harder the fall? Traders dabbling in the precious metals space may be asking that exact question with gold and silver extending their losses on Tuesday after a brutal start to the week.

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Today 01:18 PM
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Gold’s worst day in two years, Crude oil eyes bounce above $80: Asian Open

There has been a shakeup at the top for gold, which opened the week at the high and closed the day at the low during its worst day in two years. We also look at a potential swing trade long on WTI crude oil.

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AUD/USD forecast: Bullish reversal may have legs before key inflation update

Whether you want to call it a bullish hammer, dragonfly doji, false break or morning star, the price action on the AUD/USD daily suggests the path of least resistance is higher in the near-term.

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Today 08:40 AM

British Pound Forecast: GBP/USD Hits 2024 Lows, Traders Continue to Sell Rallies

GBP/USD remains in “sell rallies” mode, so bullish readers will want to be nimble against a broader backdrop that favors more downside from here.

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Crude oil outlook remains positive despite reduced war risk

Crude oil demand outlook will come into a sharp focus this week with the release of the global manufacturing PMI data, US GDP and the Fed’s preferred measure of inflation this week. Still, Middle East tensions remain the key driver of short-term price action. Meanwhile, WTI technical analysis suggests the longer-term trend is still bullish.

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S&P 500 Forecast: SPX rises ahead of key tech earnings this week

US stocks are set to open higher after steep losses across the previous week. The S&P500 fell over 3% last week and the Nasdaq 6% amid expectations that the Fed will keep rates high for longer. Attention this week is turning to tech earnings, with Tesla, Meta, Alphabet, and Microsoft reporting earnings. US core PCE and Q1 GDP data later in the week will also be in focus.

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Yesterday 11:21 PM
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USD/JPY analysis: Currency Pair of the Week - April 22, 2024

US GDP, Core PCE and BoJ policy are among the risk events this week for the USD/JPY currency pair, as the focus turns to sticky inflation and elevated interest rates narrative from Middle East concerns for now. USD/JPY technical analysis point to a potential rally above 155.00.

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EUR/USD, Oil Forecast: Two trades to watch

EUR/USD rises, but gains could be limited with ECB President Lagarde’s speech in focus. Oil falls as Middle East tensions ease & the demand outlook deteriorates.

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Yesterday 06:53 PM
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