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[Antony_NPBFX]

Adobe Inc.: technical analysis 21.06.2024

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on Adobe Inc. for a better understanding of the current market situation and more efficient trading.

Shares of Adobe Inc., a leading American software developer, are moving in a correction trend at 523.00.

On the daily chart, the price is rising, trading above the resistance line of a narrow downward channel with dynamic boundaries of 425.00–483.00.

On the four-hour chart, the quotes are above the core Fibonacci correction of 38.2% at 511.00, which allows them to reach the intermediate Fibonacci correction of 50.0% at 536.00, and the global target is at the full Fibonacci correction of 61.8% at 560.00.

Technical indicators strengthen the buy signal: the EMA oscillation range on the Alligator indicator is expanding in the direction of growth, and the AO histogram forms ascending bars in the buy zone.

Trading tips

Long positions may be opened after the price rises and consolidates above 536.00, with the target at 560.00. Stop loss — 525.00. Implementation period: 7 days or more.

Short positions may be opened after the price falls and consolidates below 511.00, with the target at 482.00. Stop loss — 523.00.

Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast

You can learn more about the current situation and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on Adobe Inc. and trade efficiently with NPBFX.

 

[Antony_NPBFX]

AUD/USD: the quotes are trying to move away from the resistance line of the Expanding formation pattern 24.06.2024

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on AUD/USD for a better understanding of the current market situation and more efficient trading.

Current trend

During the Asian session, the AUD/USD pair is trying to restore its position after last week’s decline, which did not allow it to consolidate at the highs of June 12, and is testing the 0.6640 mark.

Investors are assessing the results of the Reserve Bank of Australia (RBA) meeting on monetary policy. The officials kept the interest rate at a 12-year high (4.35%) for the fifth time amid insufficient rates of inflation slowdown. Thus, the Q1 consumer price index adjusted from 4.1% to 3.6% YoY and from 0.6% to 1.0% QoQ, with forecasts of 3.4% and 0.8%, respectively. The head of the regulator, Michelle Bullock, confirmed that the board was considering raising borrowing costs to help balance the market, as data pointed to continued excess demand in the economy, coupled with elevated domestic price pressures for both labor and non-labor. She said inflation remained resilient despite slowing significantly from 2022 but economists expected it to return to the 2.0%–3.0% target range by the end of 2025. Meanwhile, employment growth was 377.0K YoY, the unemployment rate was close to a 50-year low and its May movement was in line with analysts’ forecasts, suggesting that the RBA’s monetary policy had the expected dampening effect on the economy.

Macroeconomic statistics failed to support the Australian dollar. Thus, the June S&P Global manufacturing PMI fell from 49.7 points to 47.5 points compared to preliminary estimates of 50.6 points, the Commonwealth Bank service PMI from 52.5 points to 51.0 points, and the composite PMI from 52.1 points to 50.6 points. In turn, the US data adjusted market expectations regarding an imminent reduction in the US Fed interest rates. The June S&P Global manufacturing PMI increased from 51.3 points to 51.7 points, exceeding forecasts of 51.0 points, the service PMI fell from 54.8 points to 55.1 points compared to 53.7 points, and the composite PMI from 54.5 points to 54.6 points. In addition, the May existing home sales slowed the rate of decline from –1.9% to –0.7%.

Support and resistance

On the daily chart, the trading instrument is correcting, retreating from the resistance line of the Expanding formation pattern with dynamic boundaries of 0.6740–0.6320.

Technical indicators are slowing down the buy signal: fast EMA on the Alligator indicator, at any opportunity, approach the signal line, narrowing the range of fluctuations, and the AO histogram is still very close to the transition level.

Support levels: 0.6610, 0.6540.
Resistance levels: 0.6670, 0.6760.

Trading tips

Short positions may be opened after the price declines and consolidates below the support level of 0.6610, with the target at 0.6540. Stop loss – 0.6660. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 0.6670, with the target at 0.6760. Stop loss is 0.6620.

Use more opportunities of the NPBFX analytical portal: economic calendar

Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on AUD/USD and trade efficiently with NPBFX.

 

[Antony_NPBFX]

GBP/USD: US Federal Reserve officials do not rule out raising interest rates 26.06.2024

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The GBP/USD pair is trading with near-zero dynamics, holding near 1.2685. Trading activity remains quite low, and trading participants continue to evaluate macroeconomic statistics entering the market, mainly from the United States. Thus, among other things, the Housing Price Index from S&P/CaseShiller in April added 0.2% after zero dynamics in the previous month, while analysts expected 0.3%, and in annual terms the index slowed down from 7.5% to 7.2% with a forecast of 6.9%. In turn, Richmond Fed Manufacturing Index in June sharply decreased from 0.0 points to –10.0 points, with expectations of 2.0 points.

In addition, investors paid attention to the results of speeches by representatives of the US Federal Reserve, in particular, Michelle Bowman, who noted that at the moment one cannot exclude the possibility of a further increase in borrowing costs if inflation accelerates. In addition, active immigration and fiscal stimulus will continue to support price increases in the United States, so it is somewhat premature to talk about the imminent launch of a monetary easing program.

Tomorrow at 11:00 (GMT+2), a report on financial stability will be presented, as well as minutes of the Bank of England meeting on monetary policy. The regulator is keeping the interest rate unchanged for now, explaining its strategy by persistent inflation risks: in May, the Consumer Price Index increased by 0.3% month-on-month, practically meeting analysts’ expectations and contributing to the correction of the annual indicator from 2.3% to 2.0% while continuing the trend of recent months, and the Core CPI excluding Fuel and Food fell from 3.9% to 3.5%. The Bank of England is expected to begin adjusting the value no earlier than September.

Support and resistance

Bollinger Bands in D1 chart demonstrate quite active decrease. The price range is narrowing from above, reflecting the mixed dynamics formation in the short term. MACD indicator reverses to growth while forming a new buy signal (the histogram is about to consolidate above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic is showing more active growth and is currently located slightly above its middle area, indicating sufficient potential for the development of a corrective uptrend.

Resistance levels: 1.2700, 1.2739, 1.2771, 1.2800.
Support levels: 1.2650, 1.2600, 1.2568, 1.2539.

Trading tips

Short positions may be opened after a breakdown of 1.2650 with the target at 1.2568. Stop-loss — 1.2700. Implementation time: 2-3 days.

The return of the "bullish" trend with the breakout of 1.2700 may become a signal for new purchases with the target of 1.2800. Stop-loss — 1.2650.

Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast

You can learn more about the current situation and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.

 

[Antony_NPBFX]

EUR/USD: the euro is preparing to end the week with near-zero dynamics 28.06.2024

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The EUR/USD pair shows quite active decline, correcting after a rise the day before. The instrument is testing 1.0685 for a breakdown, while investors await the publication of June inflation statistics in France, Spain and Italy. Forecasts suggest a slowdown in the Consumer Price Index in France from 2.6% to 2.5%, and in Spain from 3.6% to 3.3%, while in Italy the figure could accelerate from 0.8% to 1.0%, significantly influencing future decisions of the European Central Bank (ECB). At the last meeting, the regulator cut the interest rate by 25 basis points, while the Bank of England and the US Federal Reserve are keeping borrowing costs at the same levels.

The day before, the single currency was slightly supported by May statistics on the dynamics of Private Loans in the eurozone, which reflected an increase in the indicator from 0.2% to 0.3%. Meanwhile, the Economic Sentiment index fell from 96.0 points to 95.9 points in June, contrary to expectations of 96.2 points, and the level of Consumer Confidence, as expected, remained at –14.0 points.

With the opening of the American session, the market's focus shifted to data from the United States: the Department of Commerce raised its estimate of Gross Domestic Product for the first quarter from 1.3% to 1.4%, and the dynamics of Nondefense Capital Goods Orders excluding Aircraft sharply fell 0.6% in May after rising 0.2% in the previous month.

Today, the focus of investors' attention will be on the key inflation indicator for the US Federal Reserve — the Personal Consumption Expenditures - Price Index. The Core rate is forecast to slow down from 2.8% to 2.6% YoY and from 0.2% to 0.1% MoM. Reducing inflation risks in the country may allow the regulator to implement plans to ease monetary policy: officials expect that the interest rate in 2024 may be reduced from 5.50% to 5.10%.

Support and resistance

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is expanding from below, being spacious enough for the current activity level in the market. MACD is declining keeping a weak sell signal (located below the signal line) Stochastic shows similar dynamics, gradually approaching the level of "20" and signaling the risks of the single currency being oversold in the ultra-short term.

Resistance levels: 1.0700, 1.0730, 1.0765, 1.0800.
Support levels: 1.0665, 1.0630, 1.0600, 1.0561.

Trading tips

Short positions may be opened after a breakdown of 1.0665 with the target at 1.0600. Stop-loss — 1.0700. Implementation time: 1-2 days.

A rebound from 1.0665 as from support followed by a breakout of 1.0700 may become a signal for opening new long positions with the target at 1.0765. Stop-loss — 1.0665.

Use more opportunities of the NPBFX analytical portal: economic calendar

Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.