IC Markets

2023-02-07 07:27:08 The Dollar Index (DXY)
Key news events today
No major news events.
What can we expect from DXY today?
The DXY climbed slightly higher overnight, reaching the 103.70 price area before consolidating. With no major news events ahead for the US, the DXY is likely to retrace lower testing the 103-round number price level while maintaining the current bullish sentiment. Look for the price to complete the retracement before trading higher again, with the next key resistance level at 105.
Central Bank Notes:
Federal Reserve hiked rates by 25bps taking interest rates to 4.75%
Next meeting is on 23 March 2023
Ongoing rate increases will be expected

Next 24 Hours Bias
Weak Bullish Open / Comment

2023-02-06 10:26:41 The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
The USDJPY saw significant moves upside on Friday, as the DXY strengthened due to better-than-expected non-farm employment change data. The price broke out from the 128 price area to surge strongly up towards the 131 round number resistance level. Early in the trading session today, the USDJPY continued trading higher to the 132.25 price level. Anticipate further upside if the DXY continues to strengthen, with the next key resistance at the 134-round number level.
Central Bank Notes:
Cash rate stands at -0.1%
Expanded range for 10 year JGB yield fluctuations to 0.5%
Next meeting is on 8 March 2023

Next 24 Hours Bias
Medium Bearish Open / Comment

2023-02-06 10:26:15 The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
On Friday, the NZDUSD broke through the 0.6450 price level to trade significantly lower, ending the trading week at the 0.6325 price level. This move lower was due to the strength of the DXY. The NZDUSD is likely to consolidate along the current price level with a retrace briefly to retest the 0.6350 price level before trading lower again. Look for the price action to indicate a rejection of further upside move, signaling further downside potential, with the next key support area at the round number price level of 0.62.
Central Bank Notes:
Cash rate stands at 4.25%
Central bank is likely to continue with the current path of rate adjustment
Next meeting is on 21 February 2023
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-06 10:25:44 The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
Last week, the AUDUSD reversed strongly from the 0.7150 price area, ending the trading week at the 0.6915 price level. With the RBA interest rate decision due tomorrow, the AUDUSD could consolidate along the current price level for the interim. A retracement to the upside to test the 0.70 price level could be possible. However, if the price breaks below the 0.69 price level, look for the AUDUSD to trade lower toward the next key support level 0.68
Central Bank Notes:
Cash rate stands at 3.10%
Future rate rises will be determined by data, the outlook for inflation, and the labour market.
Next meeting on 7 February 2023
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-06 10:25:17 Gold (XAU)
Key news events today
No major news events.
What can we expect from Gold today?
Gold reversed strongly from the 1960 price area as the DXY strengthened, trading down to the 1865 price level on Friday. At the current price level of 1875, look for Gold to retrace up to retest the round number price level of 1900. However, the downtrend is likely to maintain, especially if the DXY continues to strengthen. If Gold breaks below the 1850 price level, further moves downside can be anticipated with the next key support level at 1800.
Next 24 Hours Bias
Medium Bearish Open / Comment

2023-02-06 10:24:43 The Dollar Index (DXY)
Key news events today
No major news events.
What can we expect from DXY today?
The DXY climbed steadily to the upside reaching the 103 price area last week. This move higher was due to the release of significantly stronger than expected Non-Farm employment change data at 517k (Forecast: 193k) and a drop in the unemployment rate to 3.4%. The DXY could continue trading higher to the next key resistance level of 105 but would first have to break beyond the current resistance level of 103.
Central Bank Notes:
Federal Reserve hiked rates by 25bps taking interest rates to 4.75%
Next meeting is on 23 March 2023
Ongoing rate increases will be expected

Next 24 Hours Bias
Medium Bullish Open / Comment

2023-02-03 08:59:59 The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
While the DXY strengthened significantly overnight, the USDJPY failed to trade significantly higher, continuing to trade in a wide consolidation within the price range of 128 and 129. Look for a breakout potential to the upside if the DXY continues to strengthen, with the confirmation if the USDJPY breaks strongly above the 129 price level, with the next key resistance level at 130.
Central Bank Notes:
Cash rate stands at -0.1%
Expanded range for 10 year JGB yield fluctuations to 0.5%
Next meeting is on 8 March 2023

Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-03 08:59:26 The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Despite the strength of the DXY, the NZDUSD traded with significant volatility but no clear directional bias. The NZDUSD spiked down to test the 0.6460 price area before retracing sharply. Look for the price action to confirm a rejection of the near term resistance level and a break of the 0.6470 price level to signal further downside for the NZDUSD, with the next key support level at 0.64.
Central Bank Notes:
Cash rate stands at 4.25%
Central bank is likely to continue with the current path of rate adjustment
Next meeting is on 21 February 2023
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-03 08:58:57 The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The strength of the DXY led the AUDUSD to reverse strongly from the key resistance area of 0.7160, breaking below the round number level of 0.71 to approach the price level of 0.7070. Further downside moves can be expected if the DXY continues to strengthen, with no major news on the horizon for the AUD. A deeper correction to the downside could see the AUDUSD test the key support area and round number price level of 0.70.
Central Bank Notes:
Cash rate stands at 3.10%
Future rate rises will be determined by data, the outlook for inflation, and the labour market.
Next meeting on 7 February 2023
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-03 08:57:02 Gold (XAU)
Key news events today
No major news events.
What can we expect from Gold today?
Gold broke out of the consolidation along the 1955 price level to trade significantly to the downside, reaching the key support level of 1920. This strong move lower was due to the recovery in strength of the DXY overnight. If the DXY continues to strengthen, Gold could continue with the downtrend to slide lower, with the next key support level at the round number price level of 1900.
Next 24 Hours Bias
Weak Bearish Open / Comment