Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.
These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.
The expected trading range for today is between 392.00 and 411.00
The British pound has dipped against the Japanese yen during trading, as there was a little bit of a risk-off vibe to the day, but we have turned around to show signs of life again.
It looks like the market is going to continue to favor the Japanese yen against multiple currencies, whether or not that’s the case against the British pound is a completely different story.
The 190 yen level is an area that I think a lot of people will be paying close attention to.
If we can break above there, then the market could go looking at the 50 day EMA near the 192 yen level. I do think that happens given enough time. If we see the overall risk appetite pick up a bit, and more importantly, the yen overall lose strength.
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On a Move Lower
If we break down from here, the 188 yen level is support, and I think that it extends down to the 185 yen level, which is a massive bottom in this pair. On the chart, the market has 500-point increments, and you can see that it has paid close attention to these levels, and as we are close to one, it’s not a huge surprise to see that we’ve gone back and forth.
The question now is, which way do we break? Ultimately, I think we go higher, but I also recognize that a lot of people are still excited by the Japanese fighting inflation, but they’d be hard pressed to get to 1% interest rates, and right now they’re only projected to go to 0.75%. So, while that’s better than it once was. It doesn’t compete against the United Kingdom or multiple other currencies around the world. So long term, I’m still bullish, but I recognize it is going to be a noisy affair indeed.
Natural gas price formed many bullish waves, taking advantage of its consolidation within the minor bullish channel, to notice recording new positive target by reaching 4.560$ followed by forming intraday rebound towards 4.320$ in order to gather the positive momentum again.
We will depend on the stability of 3.980$ support line, noting that the positive momentum coming by the major indicators will support the chances of confirming breaching 4.500$ barrier followed by starting to target new positive stations by rallying towards 4.760$ followed by reaching the bullish channel’s resistance line at 4.960$.
The expected trading range for today is between 4.200$ and 4.760$
The EUR/USD forecast shows renewed optimism about the Eurozone economy.
Germany announced plans to create a 500 billion euro fund.
The dollar pulled back on Tuesday after Trump’s tariffs ignited trade wars.
The EUR/USD forecast shows renewed optimism about the Eurozone economy after Germany announced plans to revive growth. As a result, the euro gained sharply against the dollar. At the same time, the greenback suffered as the outlook for the US economy dimmed amid Trump’s trade policies.
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On Tuesday, Germany announced plans to create a 500 billion euro fund for infrastructure and security. At the same time, the country plans to change its borrowing rules completely. These plans have brightened the outlook for growth in the Eurozone economy, boosting the euro.
At the same time, the euro found support from a minerals deal between the US and Ukraine. Trump and Zelenskiy have had a difficult time agreeing on anything. This had dimmed hopes of a peace deal with Russia to end the war. However, the deal on Tuesday revived hopes that the two leaders could work together with Putin to end the Ukraine war with a peace deal.
Meanwhile, market participants looked forward to the European Central Bank policy meeting. Economists expect policymakers to cut rates by 25-bps.
On the other hand, the dollar pulled back on Tuesday after Trump’s tariffs ignited trade wars. These wars will negatively impact global and US growth.
EUR/USD key events today
ADP Non-Farm Employment Change
ISM Services PMI
EUR/USD technical forecast: Sharp rally meets the 1.0701 key level
EUR/USD 4-hour chart
On the technical side, the EUR/USD price has made a sharp, bullish move, breaking above the 1.0500 key resistance level. The price trades far above the 30-SMA while the RSI is overbought, indicating solid bullish momentum.
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Previously, EUR/USD had paused its rally after failing to break above the 1.0500 resistance level. Bulls made several attempts at the level but could not break above. However, after a deep pullback, the price finally broke above the resistance, rallying to the 1.0701 key level. The bullish move was so steep, leaving the SMA well below.
The bulls might need to pause after such a strong move and let the SMA catch up. In this case, the 1.0701 level acts as a strong resistance, prompting a pause or pullback. However, if bulls are still strong, EUR/USD might break past the current resistance to reach 1.0800.
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Silver price extends the rally to near $32.15 in Wednesday’s early European session, up 0.90% on the day.
The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at the $33.00-$33.05 region; the key support level to watch is in the $31.15-$31.00 zone.
Silver price (XAG/USD) extends its upside to around $32.15 during the early European session on Tuesday. The white metal edges higher amid uncertainty and trade war worries, which boost the safe-haven demand.
Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.00, displaying bullish momentum in the near term.
The first upside target for white metal emerges at the $33.00-$33.05 region, representing the psychological level and the upper boundary of the Bollinger Band. Extended gains could see a rally to $33.40, the high of February 14. The additional upside filter to watch is 34.55, the high of October 29, 2024.
On the other hand, the confluence of the round figure, the lower limit of the Bollinger Band, and the 100-day EMA in the $31.15-$31.00 zone act as key support levels for XAG/USD. Sustained trading below the mentioned level could see a drop to the next contention level at $29.52, the low of January 25.
Silver price (XAG/USD) Daily Chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
The GBPJPY pair formed new bullish rally yesterday to breach the bearish channel’s resistance line at 190.55, to start forming bullish waves and achieve clear gains by touching 192.00.
The frequent stability above the breached resistance and stochastic approach to 80 level will increase the chances of resuming the bullish attack, to expect moving towards 192.55 level first, while surpassing it will extend trades towards 50% Fibonacci correction level at 193.25.
The expected trading range for today is between 190.75 and 192.55
Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.
These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.
The expected trading range for today is between 392.00 and 411.00
The EURJPY pair activated the bullish scenario yesterday by surpassing 157.30 barrier, to notice forming strong bullish rally and achieve the previously suggested targets by reaching 159.20.
We expect to form additional support at 158.20, in addition to stochastic positive momentum, which will increase the chances of renewing the bullish attempts, to expect targeting 160.00 level soon, while surpassing it will push the price towards the MA55 as a next target near 160.80.
The expected trading range for today is between 158.25 and 160.00
Crude oil price approached the key resistance 68.70$, noticing that the price begins to rebound bearishly by today’s open, to support the chances of continuing the overall bearish trend, waiting to break 67.05$ to confirm opening the way to head towards the next negative target that extends to 65.50$.
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dogwifhat’s currency price (WIFUSD) fell in the intraday levels, amid the dominance of the main downward trend in the short term, with negative pressure due to trading below the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels.
Therefore we expect more losses for the price, targeting the support of $0.06597, provided it settles below the resistance of $1.07640.
