IC Markets

2023-02-03 08:56:22 The Dollar Index (DXY)
Key news events today
USD Average Hourly Earnings
USD Non-Farm Employment Change
USD Unemployment Rate
What can we expect from DXY today?
The DXY rebounded strongly from the 100.70 key support level, climbing steadily higher to the 101.70 price area. This move higher was due to the significant weakness of the EURUSD during the ECB interest rate decision. While a further move to the upside is anticipated for the DXY, look out for significant volatility in the DXY, with a series of employment data due to be released today. A better-than-expected Non-Farm employment change (Forecast: 193k Previous: 223k) could see the DXY strengthen further and climb significantly higher to the next key resistance level of 102.50.
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

2023-02-02 09:58:15 The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
During the release of the FOMC interest rate decision overnight, the USDJPY climbed to the 130 price level but rejected the resistance level, to reverse strongly to the downside. Currently trading at the 128.50 price level, look for the development of price action to indicate the potential of a retracement to the upside with the 129 price level as the first level of resistance.
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 Bullish Open / Comment

2023-02-02 09:57:22 The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
The NZDUSD rejected the 0.6420 support level to trade significantly higher, breaking above the key resistance level of 0.65 overnight. Early in the trading session today, the NZDUSD has continued to climb upward, reaching the 0.6540 price area. Further upside is anticipated, however, if the NZDUSD fails to break above the 0.6540 price level, the price could reverse back down toward the round number price level of 0.65.
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 Bullish Open / Comment

2023-02-02 09:56:23 The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
Similar to the other major currency pairs, the AUDUSD gained strongly against the USD overnight. The price spiked to the upside, from the 0.7060 price level up to the 0.7150 resistance level. The next directional move on the AUDUSD would be dependent on the DXY. If the DXY continues to weaken, the AUDUSD could retrace briefly before trading higher toward the next key resistance level of 0.7250.
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 Bullish Open / Comment

2023-02-02 09:55:48 Gold (XAU)
Key news events today
No major news events.
What can we expect from Gold today?
As the DXY fell strongly, Gold broke out from the near-term resistance level at the 1933 price level to trade significantly higher. Gold surged to a high of 1952 by the end of the trading session overnight. However, as the price claims a new high, look for the potential of a retracement before further a continuation of the upside move. Gold could retrace down to the 1940 price level before developing the next directional bias. If the DXY continues to weaken, Gold could resume the upward trajectory and climb toward the 2000-round number resistance level.
Next 24 Hours Bias
Weak Bullish Open / Comment

2023-02-02 09:54:05 The Dollar Index (DXY)
Key news events today
USD FOMC Statement
USD Federal Funds Rate
USD FOMC Press Conference
What can we expect from DXY today?
The US Federal Reserve hiked rates by 25bps taking interest rates in the US to 4.75%. Initially, the DXY reacted positively to this release but reversed to trade significantly lower during the press conference, reaching the 101 price level by the end of the trading session. The DXY fell despite relatively hawkish comments from Fed Chair Powell, where he indicated that it was “not appropriate for rate cuts this year” and that “ongoing rate increases will be expected”. While the DXY is likely to continue trading lower with the current momentum, with the DXY trading along the key support area of 100.90, look for the potential of a brief rebound to the upside.
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 Bearish Open / Comment

2023-01-10 10:17:48 Tuesday 10th January 2023 Technical Outlook and Review

https://www.icmarkets.com/blog/tuesday-10th-january-2023-technical-outlook-and-review/ Open / Comment

2023-01-10 10:16:48 The Japanese Yen (JPY)

Key news events today

No major news events.

What can we expect from JPY today?

The USDJPY consolidated between the price range of 131.40 and 132.60 through the trading session yesterday while the slide in the DXY paused at the 102.70 price level. Anticipating a brief retracement in the DXY, look for the USDJPY to retrace and test the 132.50 price level before trading alower again. If the USDJPY breaks strongly below the 131.50 price level, look for further downside with the next key support level at the price area of 130.00.

Central Bank Notes:

Cash rate stands at -0.1%

Expands range for 10 year JGB yield fluctuations to 0.5%, rather than the current of 0.25%

Next meeting is on 18 January 2023

Next 24 Hours Bias

Weak Bullish Open / Comment

2023-01-10 10:15:02 The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

The NZDUSD consolidated below the 0.64 round number resistance level overnight, as the price failed to break above the resistance level. With the NZDUSD currently retracing to the downside, look for the retracement to complete to signal a continuation of the uptrend. If the price breaks above the 0.64 price level, the NZDUSD could climb toward the next key resistance level at 0.6480.

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 Bullish Open / Comment

2023-01-10 10:14:13 The Australian Dollar (AUD)

Key news events today

No major news events.

What can we expect from AUD today?

The AUDUSD climbed higher early in the trading session yesterday but the price failed to break above the 0.6950 price level strongly. The AUDUSD consolidated just below the resistance level with choppy price action. Currently trading at the 0.6897 price level, the AUDUSD could reverse strongly down to the 0.68 price level. However, following the strong uptrend, look for the AUDUSD to break above the 0.6930 price level to signal a continuation of the upside, with the next key resistance level at 0.7130.

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 Bullish Open / Comment