Societe Generale Testing Key Resistance – Orbex Forex Trading Blog

SG Rally Continues Shares in French bank Societe Generale have been on a firm rally recently. The company’s stock price has rallied more than 37% off the year-to-date mid 15 lows to current highs around the 21 level. Sentiment towards the bank was lifted in response to a solid Q4 earnings report released earlier this … Read more

Can A Fed Interest Rate Hike Save The Dollar? – Orbex Forex Trading Blog

The dollar has been trending to the downside, particularly since the new covid vaccines have been announced. As the economy recovers, one typically does expect safe havens like the US dollar to depreciate a bit. But there are several issues that make it especially likely, which is why there are so many analysts and economists … Read more

GBPUSD Has The Triangle Cycle Ended? – Orbex Forex Trading Blog

The GBPUSD currency pair shows the formation of a large cycle triangle. Currently, we see the final primary impulse wave Ⓒ of the zigzag cycle wave e. As part of the bullish impulse wave Ⓒ, a small correction wave 4 recently completed. This took the form of a skewed triangle, after which the price growth … Read more

AUDNZD Looks for Golden Ratio Resistance – Orbex Forex Trading Blog

AUDNZD has been drawn into a choppy market after plummeting over 600 pips in the second half of 2020. Since then, two separate attempts to shift the dynamic to the upside have failed. We now see prices trading firmly within the Ichimoku cloud. The golden ratio of 61.8% of the 1.1027/1.0414 downside Fibonacci leg is … Read more

Crude Rallies Despite EIA Inventories Build – Orbex Forex Trading Blog

Crude Higher As Risk Appetite Recovers Crude oil prices have been sharply higher again this week. The market extended recent gains by a further 8%. The upside move derived further support from the rebound in risk appetite as equities prices recovered off mid-week lows following Fed Chairman Powell’s comments. Powell pushed back against speculation that … Read more

Von der Leyen: EU is Catching Up with the UK – Orbex Forex Trading Blog

Greenback Index Flirts With 90 The dollar strength faded throughout Wednesday’s session. After initially spiking to weekly highs, it eventually closed 0.10% down. This comes despite new home sales rising more than expected in January, with the focus now shifting on today’s jobless claims. With new infection cases dropping across America, researchers have found a … Read more

Gold Prices Likely to Close Bearish for a Second Day – Orbex Forex Trading Blog

The precious metal is failing to capitalize on the support level it established near the 1764 handle. Prices are falling for the second day, albeit the pace of declines is limited in comparison. To the upside, the reversal comes just a few points below the 1817.80 level. Given that this level was already established as … Read more

Crude oil rises over 3%, Inching Closer to a Two-Year High – Orbex Forex Trading Blog

Oil prices managed to shrug off the uncertainty of the past few days with price action once again surging. On an intraday basis, spot crude oil prices rose over 3% in what is likely to be a strong recovery. The gains come after oil prices closed bearish last week. However, at the time of writing, … Read more

GBPUSD Gets Rejected after Testing a Three-and-a-Half-Year High – Orbex Forex Trading Blog

The British pound sterling rose to a fresh three-year high at 1.4140. But prices were rejected intraday with the currency pair likely to close bearish or flat. Given that this pattern comes near the top end of the rally, it could potentially signal the start of a correction in the GBPUSD. The cable has not … Read more

Euro Trades Subdued but Supported by the Trend-Line – Orbex Forex Trading Blog

The euro currency is trading rather mixed, a day after prices almost closed flat on Tuesday. Overall, the long-term trendline on the daily chart is supportive of prices. Therefore, we could see price action attempt to push higher. The 50-day moving average is also close and could come in as dynamic support. For the near … Read more