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After pushing for a ceasefire deal between Israel and Hamas, U.S. President Donald Trump is now turning his sights on ending the war in Ukraine.

Charts show that the euro strengthened against the Canadian dollar on Thursday, with the pair climbing above 1.6460 for the first time since spring 2009, when the world was still reeling from the global financial crisis. The current weakness of the Canadian dollar is being influenced by several factors: → Trade relations with the United […]

The post EUR/CAD Hits 16-Year High appeared first on Action Forex.

The AUD/USD pair trades 0.5% down to near 0.6450 during the European trading session on Friday. The Aussie pair faces intense selling pressure as the Australian Dollar (AUD) underperforms its peers amid growing trade frictions between the United States (US) and China.

The companies plan to start robotaxi tests in Luxembourg in the coming months, before expanding to other parts of Europe next year.

Gold (XAU/USD) steadies following good two-way price swings on Friday and trades just below the $4,350 level during the first half of the European session.

The US Dollar keeps heading south against a firmer Swiss Franc amid the risk-off market mood.

Fundamental
Overview

Gold continues its
parabolic surge amid the lack of bearish catalysts. Right now, it’s just a
momentum play. The uncertainty around the renewed US-China trade war,
some concerns around regional bank loans and money markets stress, continues to
add support for the market.

If financial conditions tighten
because of these concerns though, we could see gold actually falling. This is
what generally happens in extreme conditions as inflation expectations crumble.

Nevertheless, the buyers
might want to decrease risk here or at least bet with lower size as such quick
spikes into a parabolic surge like we’ve seen tonight generally precede tops.

In the bigger picture, gold
should remain in an uptrend as real yields will likely continue to fall amid
the Fed’s dovish reaction function.

Gold
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that gold extended into yet another all-time high as the lack of bearish
catalysts keeps the bullish momentum intact. This rally went so much parabolic
that it’s basically useless to look at the daily timeframe at the moment, so we
need to zoom in to see some more details.

Gold Technical Analysis
– 4 hour Timeframe

On the 4 hour chart, we can
see that we have an upward trendline defining the bullish momentum on this
timeframe. If we were to get a pullback into it, we can expect the buyers to
lean on the trendline with a defined risk below it to position for a rally into
new highs. The sellers, on the other hand, will want to see the price breaking
lower to extend the drop into new lows.

Gold Technical Analysis
– 1 hour Timeframe

On the 1 hour chart, we can
see that we have another minor upward trendline defining the bullish momentum
on this timeframe. The buyers will likely lean on the trendline to keep pushing
into new highs, while the sellers will look for a break lower to target the
next trendline around the 4,050 level. We have also a minor resistance around
the 4,380 level. If the price breaks above it, we could see the buyers increasing
the bullish bets again to target new highs. The red lines define the average daily range for today.

Upcoming
Catalysts

We don’t have anything
on the agenda today with the focus remaining on US-China developments and now
on regional banks and money market rates.

This article was written by Giuseppe Dellamotta at investinglive.com.

The Pound Sterling (GBP) extends its winning streak against the US Dollar (USD) for the third trading day on Friday.

The Euro received a boost from French PM Sébastien Lecornu’s victory in two no-confidence votes on Thursday. The pair bounced up from 0.8665 and retraced Wednesday’s losses, aiming for the top of the recent range, in the area of 0.8720-0.8730.