Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of England (BoE) is expected to announce a new interest rate change that will directly affect Brits' finances. Last March, when the BoE announced its previous review of the base rate, it decided to raise it from 4 percent to 4.25 percent. This decision drove the UK's interest rate to its highest point since the early stages of the 2005 financial crisis. GBP/CHF,D1 Pivot: 1.1157 Analysis: While the price is below 1.1200, follow the recommendations...
Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of Canada's Summary of Deliberations from April built on its hawkish message by outlining the argument for (and against) a rate hike in April and acknowledging that the economy was proving to be stronger than expected in January. NZD/CAD,D1 Pivot: 0.8357 Analysis: As long as the price is below 0.8400 follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.8357 Take Profit 1: 0.8250 Take Profit 2: 0....
Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of England meets next week and inflation is remaining a serious problem. Short-term interest rate markets are pricing in a 99% chance of a 25bps rate hike on May 10 after the latest inflation data. GBP/CAD,D1 Pivot: 1.6997 Analysis: While the price is above 1.6870, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.6997 Take Profit 1: 1.7100 Take Profit 2: 1.7250 Alternative scenario: If level 1.6870 is...
Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of Canada's Summary of Deliberations from the April 12th meeting when it kept interest rate unchanged, showed they discussed hiking rates. The document notes that inflation was declining in line with BoC Governing Council estimates. Officials agreed that expectations for rate cuts later in 2023 are not the most likely scenario. EUR/CAD,D1 Pivot: 1.5060 Analysis: As long as the price is above 1.4930 follow the recommendations below: Time frame: D1...
Source: PaxForex Premium Analytics Portal, Technical Insight EUR/JPY corrects lower following the move to fresh highs in the 148.60/65 band, an area last seen back in later December 2014. EUR/JPY,D1 Pivot: 146.77 Analysis: While the price is above 144.50, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 146.77 Take Profit 1: 148.00 Take Profit 2: 149.00 Alternative scenario: If the level 144.50 is broken-down, follow the recommendations below: Time frame: D1...
