The NZDCAD price formed correctional bullish rebound recently after facing 50% Fibonacci correction level at 0.8035, in addition to stochastic rally towards 80 level, to notice recording some gains by settling near 0.8105.
Note that the current rebound won’t affect the main bearish track due to the frequent stability below 0.8240 resistance line in addition to the MA55 crawl below this resistance, thus, we will keep waiting to gather the negative momentum to manage to renew the pressure on 0.8035 level, while breaking it will open the way to target new negative stations, starting at 0.7980 as a first additional target.
The expected trading range for today is between 0.8035 and 0.8145
No change to platinum price bullish track as it remains consolidated within the bullish channel, depending on the stability of 970.00$ support line to confirm the previously suggested bullish scenario, reminding you that it is important to gather the positive momentum to reinforce the chances of reaching the positive stations located near 1005.00$ followed by reaching 61.8% Fibonacci correction level at 1018.00$.
We remind you that there will be a chance to postpone the bullish attack in case facing new negative pressures, which might push it to crawl below the current support and suffer some losses by crawling towards 958.00$ and 950.00$ levels before recording any new positive target.
The expected trading range for today is between 975.00$ and 1005.00$
Fed officials have guided that interest rates should remain in the current range for now.
Trump’s tariff fears have eased and hopes for Russia-Ukraine peace have increased.
Silver price (XAG/USD) bounces back strongly to near $32.50 in Tuesday’s European session. The white metal recovers its intraday losses and turns positive despite multiple headwinds, such as firm expectations for the Federal Reserve’s (Fed) ‘higher for longer’ interest rate stance, growing optimism over Russia-Ukraine peace, and easing United States (US) President Donald Trump’s tariff fears.
On Monday, a slew of Fed officials stated that current monetary policy conditions are in great shape, given resilient US economic growth, still-elevated inflationary pressures, and a balanced labor market. Fed Governor Michelle Bowman said she would like to gain “greater confidence” that progress in lowering inflation will “continue” before considering any monetary policy adjustment.
Technically, increasing hopes that the Fed will keep interest rates steady for longer bode poorly for precious metals, such as Silver.
Meanwhile, growing optimism about peace between Russia and Ukraine is expected to keep a lid on Silver’s upside. Last week, Donald Trump confirmed that both leaders of Russia and Ukraine have agreed to peace negotiations and ordered his team to begin truce talks.
Historically, the scenario of improving geopolitical tensions diminishes the appeal of precious metals, such as Silver.
Over that, investors expect Trump’s reciprocal tariffs won’t be as fearful as previously anticipated. Trump didn’t reveal a detailed reciprocal tariff plan on Thursday, while he was expected to do so. The tariff plan is unlikely to come into effect before April as Trump nominated Commerce Secretary Howard Lutnick said on Thursday that the President will be ready to move on reciprocal tariffs by April 1.
Market participants expect US trading partners would have enough time to negotiate with Trump on reciprocity.
Silver technical analysis
Silver price struggles to break above the key resistance of $32.55, which is plotted from the February 5 high. The outlook of the white metal was already bullish as the 20-day Exponential Moving Average (EMA) has been sloping higher, which trades around $31.70.
The 14-day Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, suggesting that the momentum is strongly bullish.
Looking down, the February 11 low of $31.26 will be the key support for the Silver price. While, the October 31 high of $33.90 will be the key barrier.
Silver 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.
GBP/USD trades near 1.2600 in the European session on Tuesday.
Labor market data from the UK supports Pound Sterling.
The pair’s technical picture suggests that the bullish bias remains intact.
GBP/USD fluctuates in a narrow channel slightly above 1.2600 after closing modestly higher on Monday. The pair’s technical outlook shows that the bullish bias remains unchanged in the near term.
British Pound PRICE This week
The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the strongest against the Euro.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.28%
-0.11%
-0.30%
0.06%
-0.17%
0.17%
0.13%
EUR
-0.28%
-0.24%
-0.62%
-0.12%
-0.37%
-0.01%
-0.04%
GBP
0.11%
0.24%
-0.31%
0.12%
-0.07%
0.23%
0.21%
JPY
0.30%
0.62%
0.31%
0.36%
0.16%
0.69%
0.43%
CAD
-0.06%
0.12%
-0.12%
-0.36%
-0.22%
0.11%
0.09%
AUD
0.17%
0.37%
0.07%
-0.16%
0.22%
0.36%
0.34%
NZD
-0.17%
0.00%
-0.23%
-0.69%
-0.11%
-0.36%
-0.03%
CHF
-0.13%
0.04%
-0.21%
-0.43%
-0.09%
-0.34%
0.03%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
The UK’s Office for National Statistics (ONS) reported early Tuesday that the ILO Unemployment Rate held steady at 4.4% in the three months to December. This reading came in better than the market forecast of 4.5%. Additionally, the Employment Change rose by 107,000 in this period, up sharply from 35,000 reported for the previous month. Finally, the annual wage inflation, as measured by the change in the Average Earnings Including Bonus, climbed to 6% from 5.6%. These figures seem to be helping Pound Sterling stay resilient against the US Dollar (USD).
In the meantime, while participating in a panel discussion titled “Preserving and enhancing open financial markets” at an event in Brussels on Tuesday, Bank of England (BoE) Governor Andrew Bailey acknowledged that they are in a period of heightened uncertainty and added that they are facing a weak growth environment in the UK.
The economic calendar will not feature any high-impact data releases on Tuesday. In case risk flows dominate the action in the financial markets in the second half of the day, GBP/USD could regain its traction. At the time of press, US stock index futures were up between 0.1% and 0.3%.
GBP/USD Technical Analysis
The Relative Strength Index (RSI) indicator on the 4-hour chart holds above 60 and GBP/USD continues to trade above the 20-period Simple Moving Average, reflecting sellers’ hesitancy.
In case GBP/USD continues to use 1.2600 (round level) as support, it could face the next resistance at 1.2650 (Fibonacci 78.6% retracement of the latest downtrend) before 1.2700-1.2710 (round level, static level). On the downside, supports could be seen at 1.2530 (Fibonacci 61.8% retracement), 1.2500 (round level, static level) and 1.2460-1.2450 (100-period Simple Moving Average, Fibonacci 50% retracement).
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Silver price fluctuates within sideways track since yesterday, noticing that the EMA50 continues to support the price from below, waiting to gather positive momentum that assist to push the price to resume the expected bullish trend for the upcoming period, which its targets begin by testing 32.86$.
Avalanche’s currency price (AVAXUSD) gained ground in the intraday levels, amid negative pressure due to trading below the 50-day SMA, while trading alongside the downward secondary trend line in the short term, with a steep angle for the decline, indicating the strength of this trend, with negative signals from the RSI after reaching overbought levels compared to the price’s movements, hinting at negative divergence and doubling negative pressures on the price.
Therefore we expect the price to decline and target the pivotal support of $17.28.
The NZDCAD price formed correctional bullish rebound recently after facing 50% Fibonacci correction level at 0.8035, in addition to stochastic rally towards 80 level, to notice recording some gains by settling near 0.8105.
Note that the current rebound won’t affect the main bearish track due to the frequent stability below 0.8240 resistance line in addition to the MA55 crawl below this resistance, thus, we will keep waiting to gather the negative momentum to manage to renew the pressure on 0.8035 level, while breaking it will open the way to target new negative stations, starting at 0.7980 as a first additional target.
The expected trading range for today is between 0.8035 and 0.8145
Hedera Hashgraph’s currency price (HBARUSD) edged lower in the intraday levels, while settling below the pivotal resistance of $0.23178, representing the neckline of a negative technical pattern that formed previously in the short term, the Double Top pattern as shown in the attached chart, while also suffering from ongoing negative pressure due to trading below the 50-day SMA, as the price managed to vent off oversold saturation in the RSI.
Therefore we expect the price to decline, provided it settles firmly below the resistance of $0.23178, thus targeting the support of $0.12578 as a price target for that forming Double Top pattern.
No change to platinum price bullish track as it remains consolidated within the bullish channel, depending on the stability of 970.00$ support line to confirm the previously suggested bullish scenario, reminding you that it is important to gather the positive momentum to reinforce the chances of reaching the positive stations located near 1005.00$ followed by reaching 61.8% Fibonacci correction level at 1018.00$.
We remind you that there will be a chance to postpone the bullish attack in case facing new negative pressures, which might push it to crawl below the current support and suffer some losses by crawling towards 958.00$ and 950.00$ levels before recording any new positive target.
The expected trading range for today is between 975.00$ and 1005.00$
No change to platinum price bullish track as it remains consolidated within the bullish channel, depending on the stability of 970.00$ support line to confirm the previously suggested bullish scenario, reminding you that it is important to gather the positive momentum to reinforce the chances of reaching the positive stations located near 1005.00$ followed by reaching 61.8% Fibonacci correction level at 1018.00$.
We remind you that there will be a chance to postpone the bullish attack in case facing new negative pressures, which might push it to crawl below the current support and suffer some losses by crawling towards 958.00$ and 950.00$ levels before recording any new positive target.
The expected trading range for today is between 975.00$ and 1005.00$
