News
7x24
Quotes
Economics Calendar
Video
Data
- Names
- Latest
- Prev.
Columns
Trending Topics
Russia-Ukraine Conflict
The war between Russia and Ukraine continues, and it is difficult for the two sides to reach an agreement in negotiations. Western countries have imposed several rounds of sanctions on Russia. The outlook is unpredictable.
The Fed
The Federal Reserve (Fed), or the central bank of the United States, is responsible for regulating the U.S. monetary policy and interest rates. As a provider of liquidity for world trade, the Fed is also known as the world's central bank. Its every move affects the global economy and financial markets.
China-U.S. Relations
Focus on Pelosi's Taiwan Visit ! How will China-U.S. relations develop in the future, win-win cooperation or confrontation?
FastBull Spotlights
Pick the most insightful news around the world for you!
Video
Latest Update
Full Course: Beginner’s Guide to Develop a Robust Deep-Learning Ai for Stock or Crypto Trading
This is the Guide on how to Develop a Robust Deep-Learning Ai for cryptocurrency investing for beginners, explaining the use of recurrent neural networks (RNN) for price changes and a linear layer for technical indicators, and presents a code snippet for building the AI model using PyTorch.
How to customize your own indicators and get over 2x of your asset returns?
An example of a customized indicator strategy that significantly increased BTC returns during a long bullish trend is presented, want to know the backtest results and codes of the strategy?
PEPE Has Surged Over 7000% Max In 1-Month! Buy It or Sell It?
PEPEcoin gained over 7000% in 1-month and surged to over 1.6 billion dollar market cap. Is there still a chance to buy from the technical indicators?
Supertrend Makes 4x of Gain! How to Use It? How to Code and Calculate?
An author shared the SuperTrend strategy Python code for TradingView. So I decided to give it a try, breaking it down step by step and running some tests to see if it really works.
Recent Searches
Trending Searches
View All
No data
Invite
EURUSD: Broader Medium-Term Uptrend to Remain Intact If Key Support Holds
Summary:
Strong inflation and spending data in the report seems to have boosted the U.S. dollar despite weak U.S. GDP growth in the first quarter. EURUSD came under bearish pressure again on Thursday and fell below the 1.1000 handle in the New York session. From a technical perspective, the overall trend remains upward.
CLOSED
1.10211
ENTRY
1.22500
TGT
1.07000
SL
1.07567 -0.00043 -0.03%
1058
Points
Loss
1.07000
SL
1.09153
CLOSING
1.10211
ENTRY
1.22500
TGT
Fundamentals
The preliminary estimate released by the U.S. Bureau of Economic Analysis (BEA) on Thursday shows that the U.S. economy will grow at an annualized rate of 1.1% in the first quarter of 2023. This figure is the first time that it is below market expectations of 2% growth after the 2.6% growth recorded in the last quarter of 2022.
Total details of the report show that the Consumer Price Index (CPI) edged up to 4% from 3.9% over the same period, compared to market expectations of 3.8%. On a quarterly basis, the Personal Consumption Expenditures Price Index (PCE) rose from 3.7% to 4.2%.
The increase in real GDP reflects increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment, which were partially offset by declines in private inventory investment and residential fixed investment.
In terms of the market, private consumption, which accounts for two-thirds of GDP, still grew by 3.7% in the first quarter. Households benefited from continued strength in the labor market, as well as special effects such as increased social security and income tax cuts.
Disposable income grew by a robust 12.5% in the first quarter. Housing construction is showing signs of stabilization with a relatively modest 4.2% decline after seven quarters of steep declines, with the sector largely adapting to higher mortgage rates.
Meanwhile, stronger GDP growth is being hampered by much less business inventory replenishment than before. This effectively lowered GDP growth by 2.3 percentage points, and the effect should not be repeated in the second quarter.
The U.S. economy is still holding up quite well in early 2023 but is expected to contract slightly in the second half of the year, due to the usual lag. The full impact of the Fed's rate hike will likely not be felt until then. Growth in the first quarter was largely based on very good data in January and has weakened in February and March.
Although the GDP data was disappointing, the U.S. dollar index gained traction after a mixed subconscious response and climbed to 101.70. The stronger-than-expected growth in the inflation component of GDP, which may have allowed the Fed to delay a policy shift, appears to be helping the U.S. dollar find demand. In addition, indicators based on many surveys, such as the ISM Purchasing Managers' Index, appear worse than the actual situation, as inventory data tends to be volatile.
Technical Analysis
After hitting 2023 high of 1.1095 on Wednesday, the EURUSD is again under bearish pressure; nevertheless, the overall trend remains upward as bullish technical studies help boost the near-term outlook.
From a daily timeframe perspective, the pair holds well above the bullish moving averages, with the 20-day SMA providing dynamic support for the bulls around 1.0955. The longer-term moving averages continue to turn upward below it, while technical indicators are well above their mid-lines.
Nevertheless, risks are skewed to the downside within the 4-hour timeframe. The pair is currently crossing the mildly bullish 20 SMA, while the longer-term moving averages are losing upside momentum below the current level. On the other hand, technical indicators are steadily moving lower, the momentum indicator is at negative levels and the RSI is currently challenging the 50 level. Still, the likelihood of continued declines is very limited as the pair is forming a bullish triangle pattern with rising lows.
On Wednesday, prices broke above the previous highs to point the way to further gains later. At the same time, the triangle pattern's breakout can occur in either direction, but given that the dominant trend is bullish, prices will go higher.
At the time of writing, EURUSD hit a new 2023 high of 1.1095 and has fallen back to the 1.1000 neutral range. As long as the 1.0830 low is held, the broader medium-term uptrend will remain intact. In terms of trading strategy, buying the dips is recommended.
Trading Recommendations
Trading Direction: Long
Entry Price: 1.1000
Target Price: 1.2250
Stop Loss: 1.0700
Valid Until: 2022-05-11 23:55:00
Support: 1.1000, 1.0964, 1.0950, 1.0909
Resistance: 1.1075, 1.1095, 1.1184, 1.1223
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
Quick Access to 7x24
Quick Access to More Editor-selected Real-time News
Exclusive video for free
FastBull project team is dedicated to create exclusive videos
Real-time Quotes
View more faster market quotes
More comprehensive macro data and economic indicators
Members have access to entire historical data, guests can only view the last 4 years
Member-only Database
Comprehensive forex, commodity, and equity market data
Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.
Related Analysis
XAUUSD: Focus on U.S. May Non-Farm Payrolls, Gold Prices Expected to Maintain Range-bound Volatility
TradingBTCUSD: Does Market Failure to Break Wave 4 Indicate the Start of Upward Impulse Waves Structure for Bulls?
TradingDJIA: House Agreement on Debt Ceiling Expected to Boost Stock Market, but Not Expected to Be Trend-Setting
PROFIT +40216 PointsWTI: Stakeholders Are Sure to Find the Greatest Common Factor to Maintain Price Stability
TradingDJIA: "Rotation Effect" Will Not Continue to Be Favorable, Mainly Depending on the Economic Performance
PROFIT +7510 Points
English
English
العربية
繁體中文
简体中文
Bahasa Melayu
Bahasa Indonesia
ภาษาไทย
Tiếng Việt
Copyright © 2023 FastBull Ltd
Home News Columns 7x24 Economics Calendar Quotes Video Data WarehouseAnalysis AI Signal Pro User Agreement Privacy Policy About Us
Risk Disclosure
The risk of loss in trading financial assets such as stocks, FX, commodities, futures, bonds, ETFs or crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
No consideration to invest should be made without thoroughly conduct your own due diligence, or consult with your financial advisors. Our web content might not suit you, since we have not known your financial condition and investment needs. It is possible that our financial information might have latency or contains inaccuracy, so you should be fully responsible for any of your transactions and investment decisions. The company will not be responsible for your capital lost.
Without getting the permission from the website, you are not allow to copy the website graphics, texts, or trade marks. Intellectual property rights in the content or data incorporated into this website belongs to its providers and exchange merchants.