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The Hammer The hammer price action pattern is a bullish signal that signifies a higher probability of the market moving higher than lower and is used primarily in up-trending markets. Here is an example of what a hammer candle looks like:                                          A hammer shows sellers pushing the market to a new low. However, the sellers are not strong enough to stay at the low and choose to bail on their positions. This causes the market to rally back up, leading buyers to also step into the market. The open and close price levels should both be in the upper half of the candle. Traditionally, the close can be below the open but it is a stronger signal if the close is above the opening price level.           In the above price…    read more 

Share: GBP/USD slides below 1.2700 on strong US Dollar after soft US PCE The GBP/USD drops in Thursday’s North American session as the Greenback got a vote of confidence from traders, even though data suggests the US Federal Reserve (Fed) might be near the peak of its tightening cycle. Hence, the major is trading at 1.2649 after reaching a high of 1.2710, down 0.35%. As mentioned above, the US Dollar Index (DXY), which tracks the buck’s performance against six currencies, including Sterling, gains 0.47%, up at 103.33. The US Bureau of Economic Analysis (BEA) revealed that core inflation, measured by the Fed’s preferred gauge for inflation, the core Personal Consumption Expenditure (PCE), cooled down from 3.7% to 3.5% YoY in October. The headline figures climbed to 3.0% as estimated, 0.4% below September’s number. Read more… GBP/USD could slump to the 1.26 zone – Scotiabank GBP soft in line…    read more 

US DOLLAR FORECAST – EUR/USD, GBP/USD The U.S. dollar extends its recovery as U.S. yields push higher Powell’s speech on Friday will take center stage This article looks at key tech levels to watch on EUR/USD and GBP/USD Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: US Consumer Spending Eases but the US Dollar Index (DXY) Continues to Advance The U.S. dollar, as measured by the DXY index, extended its recovery on Thursday, boosted by a bounce in U.S. Treasury yields following remarks from San Francisco Federal Reserve President Mary Daly indicating that the FOMC is not yet considering slashing borrowing costs. Daly’s forceful position, which clashes with the more cautious posture embraced by other colleagues, highlights a widening chasm between the doves and the hawks. UPCOMING MARKET EVENTS Source: DailyFX Economic Calendar Unsure…    read more 

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Share: US Dollar sees a limited recovery against the Yen on Thursday. US data brought few surprises, Japanese data came in mixed on the day. Up Next: Friday sees Japanese Unemployment Rate, US ISM Manufacturing PMI The US Dollar (USD) is trying to claw back chart paper from the Japanese Yen (JPY) on Thursday, but struggling to decisively re-mount the 148.00 handle. US Core Personal Consumption Expenditures (PCE) Price Index figures for October came in exactly as expected, with the MoM printing at 0.2% versus September’s 0.3%, while the annualized figure for the year into October printed at 3.5% compared to September’s annualized print of 3.7%. US PCE inflation brings no surprises, but jobless claims & Chicago PMI beat the street US Initial Jobless Claims surprised to the upside, showing fewer new unemployment benefits seekers than markets anticipated, with 218K new claimants for the week into November 24th, where…    read more 

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Japanese Yen (USD/JPY) Analysis and Charts USD/JPY ticks up as November bows out A BoJ official has cast doubt on any near-term monetary alteration The USD, meanwhile, has been boosted by stronger US growth data The Japanese Yen slipped a little against the United States Dollar on Thursday, with the possibility of tighter Japanese monetary policy undermined by recent commentary from an official at the Bank of Japan. The foreign exchange market has been cautiously bullish on the comparative outlooks for the two majors since mid-November. The prospect of lower US interest rates in the first half of next year has stripped the Dollar of a lot of support, and not only against the Yen. Meanwhile, the view that domestic Japanese inflation might have risen far enough to see the BoJ unwind its incredibly loose monetary policy stance has given the Yen a boost. However, Bank of Japan monetary policy…    read more 

Share: Pending Home Sales in the US declined less than expected in October. US Dollar Index stays in positive territory around 103.40. Pending Home Sales in the US rose 1.1% in October, the National Association of Realtors reported on Thursday. This reading followed a 1% increase recorded in September (revised from 1.1%) and came in better than the market expectation for a decrease of 2%. On a yearly basis, Pending Home Sales fell 8.5%.  Market reaction The US Dollar stays on positive ground, supported by previous economic reports from the US that included consumer inflation and Jobless Claims. The US Dollar Index is up 0.45%, at 103.5. Source link

US Core PCE Key Points: MOST READ: Oil Price Forecast: WTI Faces Technical Hurdles as OPEC+ Rumors Swirl Elevate your trading skills and gain a competitive edge. Get your hands on the News Trading Guide today for exclusive insights on how to navigate news events. Recommended by Zain Vawda Trading Forex News: The Strategy Core PCE prices MoM slowed in October following two successive months of 0.4% increases. The October print of 0.2%, in line with estimates was the weakest reading since July 2022. ThePCE price indexincreased less than 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent. The annual rate cooled to 3% from 3.4%, a low level not seen since March 2021, matching forecasts. Meanwhile, annual core PCE inflation which excludes food and energy, slowed to 3.5% from 3.7%, a fresh low since mid-2021. Customize and filter live economic data via our DailyFX economic…    read more 

Share: EUR/USD losses have picked up through the European session. Economists at Scotiabank analyze the pair’s outlook. Additional losses through 1.09 would imply a little more downside risk The EUR/USD pair is trading nearly a cent off of Wednesday’s high but losses have not extended far enough at this point to put the short-term uptrend at risk.  Additional losses through the 1.09 level would imply a little more downside risk for the EUR in the short run, however, towards stronger support in the 1.0825/1.0850 range.    Source link