Octa Analytics

04 Jun 2024 10:48

📈 Gold rises on weak U.S. ISM Manufacturing data

XAUUSD gained 1% on Monday due to the weaker-than-expected U.S. ISM Manufacturing Purchasing Managers' Index (PMI) report.

👉 Possible effects for traders
Gold prices reached 2,350 on Monday, buoyed by growing expectations of eased monetary policies by major central banks. Data released on Monday showed that U.S. manufacturing activity slowed for a second consecutive month in May, while construction spending unexpectedly fell in April due to decreased non-residential activity. These factors have heightened speculation that the Fed may have room to cut rates this year. According to the CME FedWatch tool, traders are currently pricing in a 60% probability of a rate cut in September.

Weak data has fuelled speculation that the Fed might implement multiple rate cuts this year, enhancing the appeal of XAUUSD. Additionally, the European Central Bank (ECB) is expected to lower interest rates this week, initiating a loosening cycle. Moreover, the market believes the Bank of Canada may cut its interest rate this week, and the People's Bank of China is also set to ease financial conditions by the end of Q3.

XAUUSD consolidated within the 2,345–2,350 range during the Asian and early European trading sessions. Today, traders should pay attention to the U.S. JOLTs Job Openings report at 2:00 p.m. UTC. The data will provide insights into the current state of the labour market, potentially influencing investors' interest rate expectations, which could affect gold prices. If the data exceed expectations, the chance of a rate cut by the Fed in autumn may decrease. This will likely lead to a decrease in XAUUSD, possibly below 2,330. Otherwise, weaker-than-expected numbers could push XAUUSD higher, possibly towards 2,360.

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Octa Analytics

04 Jun 2024 10:25

💸 Market awaits the ECB meeting to understand further EURUSD trend

Yesterday, EURUSD rose by 0.52% towards 1.09000. The price has left the consolidation zone of 1.08000–1.08800, where the pair had been moving since mid-May.

👉 Possible effects for traders
The U.S. Dollar Index (DXY) dropped to 104.000, reaching a one-month low after the release of weaker-than-expected ISM Manufacturing Purchasing Managers' Index (PMI) data, which fell to 48.7. The Nonfarm Payroll (NFP) data will be released on Friday and may significantly impact the future direction of U.S. monetary policy. Additionally, the JOLTS Job Openings report today at 12:30 p.m. UTC could affect the U.S. dollar, as the numbers are expected to decline to a three-year low. U.S. data has been mixed lately, and the market is uncertain whether weaker-than-expected economic indicators will prompt the Federal Reserve (Fed) to cut interest rates. Surprises at the next Fed meeting next week are unlikely, but the updates will definitely affect expectations for the U.S. interest rate path this year.

Meanwhile, the European Central Bank (ECB) monetary policy meeting will take place this Thursday at 12:15 p.m. UTC. The market firmly believes the regulator will deliver a rate cut at the meeting. However, the outlook on eurozone interest rates is unclear. Investors are preparing for a hawkish scenario, where the ECB will have to pause cutting interest rates for some time. Inflation is rising, preventing more immediate rate cuts. Thus, it will be important to watch the ECB press conference, as officials could provide more insights into their plans for the interest rate path this year.

The future EURUSD trend may become clearer today after the publication of German unemployment data for May at 7:55 a.m. UTC and the U.S. JOLTS Job Openings report at 12:30 p.m. UTC. If the data favours the euro, EURUSD may reach a new high of 1.09600 and rise further towards 1.09800. However, if inflation slows while JOLTS numbers are better than expected, the pair may fall towards 1.08400 and could decline further.

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Octa Analytics

03 Jun 2024 18:20

USDJPY, 1-hour timeframe chart

USDJPY retested the support level of 156.000

👉 Level explanation
USDJPY has been trading in a bearish trend for the last couple of hours. The pair moved down to the support level of 156.000.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 156.075.

Set your stop loss at 155.718 below the previous low ($2.29 loss for 0.01 lot) and take profit at 156.433 ($2.29 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

03 Jun 2024 14:34

Dear traders, we have an important update.

From today, comments on posts will be removed. We do this so you can better focus on trading itself.

If you have any questions, send them to @Octa_rep - our specialist will always be there for you.

And stay tuned for fresh trading ideas and market analysis 🙌

Octa Analytics

03 Jun 2024 11:33

💸 GBPUSD is likely to move sideways until a breakout sets a new trend

Over the past week, GBPUSD has been moving sideways within the 1.27000–1.28000 range. On Friday, the pair rose by 0.08% after the Personal Consumption Expenditures (PCE) Price Index data, which weakened the U.S. dollar.

👉 Possible effects for traders
Even though the PCE report showed that inflation is slowing, it still remains above the Federal Reserve's (Fed) 2% target, with the year-over-year rise in the PCE index reaching 2.7% in April. The data fuelled hopes that more than one rate cut will be delivered in 2024. After the publication of the PCE data, markets expect the Fed to cut the base rate by 37 basis points this year. 'If the Fed can cut because they can rather than because they have to stave off a recession, the markets should do well,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'The market will get impatient with the Fed's patience since the growth data suggests the Fed is waiting too long to recalibrate rates. They seem primed to seize defeat from the jaws of victory,' he added.

A number of important data will be released this week: the U.S. ISM Manufacturing Purchasing Managers' Index (PMI) data at 2:00 p.m. UTC today and Nonfarm Payroll data on Friday to measure the strength of the U.S. labour market. Before the reports, GBPUSD is likely to continue moving within the 1.27000–1.28000 range. The breakout of the range will set the trend direction for the pair.

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Octa Analytics

03 Jun 2024 11:08

📉 XAUUSD declines on stabilising U.S. inflation and easing Middle East tensions

The gold (XAU) price fell by 0.68% on Friday after data showed that U.S. inflation stabilised in April, increasing the chances of a rate cut by the Federal Reserve (Fed) in September.

👉 Possible effects for traders
XAUUSD fluctuates within a range near the three-week low reached on Friday. Gains for the pair remain limited due to generally positive risk sentiment and hopes for a ceasefire in Gaza. Traders also appear cautious, preferring to wait for this week's release of significant U.S. macro data, including Friday's Nonfarm Payroll (NFP) report. Additionally, the Bank of Canada's (BOC) interest rate decision on Wednesday and the European Central Bank's (ECB) monetary policy meeting on Thursday will affect the price of non-yielding gold.

The recent U.S. Personal Consumption Expenditures (PCE) Price Index inflation report showed slowing inflation. However, it was not enough to significantly increase the chances of a rate cut by the Fed, suggesting that the central bank might need more time to reach its 2% inflation target. At the beginning of the year, investors expected the first rate cut to be in March, but it has now been delayed until September. This situation has put downward pressure on XAUUSD, increasing the opportunity cost of holding a non-yielding asset. On the geopolitical front, Israeli Prime Minister Benjamin Netanyahu's administration reluctantly agreed to President Joe Biden's proposal for a Gaza ceasefire, even as the Rafah attack continued over the weekend, according to the BBC. Investors will monitor these developments, as escalating conflict could boost safe-haven flows and benefit gold prices.

XAUUSD was falling during the early European trading hours. Today, investors are waiting for the U.S. ISM Manufacturing Purchasing Managers' Index (PMI) report at 2:00 p.m. UTC. Lower-than-expected figures could boost XAUUSD, potentially pushing the pair closer to 2,350. If the data surpasses expectations, the bearish trend in XAUUSD is likely to continue. According to Reuters analyst Wang Tao, spot gold may break support at 2,319 and decline towards 2,302.

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Octa Analytics

03 Jun 2024 06:30

​​#webinars_schedule #education

⚡️ Webinars are now available in the Octa Trading App on your Android and iOS smartphone. Update the app to the latest version and access all live streams and past videos in just a few taps.

🔎 Apply filters to find videos for your learning needs. Set notifications for upcoming webinars to catch the moment when a live stream starts.

👋 Join and learn more about trading:

🇬🇧 3/06, 7 p.m. SAST – ENGLISH – Women Trading Camp. Lesson 6 – Key mistakes in trading and how to avoid them
🇮🇩 4/06, 7 p.m. WIB – INDONESIAN – Live trading session with Vito Henjoto
🇬🇧 4/06, 9 p.m. MYT – ENGLISH – Live trading session with Kar Yong Ang
🇮🇩 5/06, 7 p.m. WIB – INDONESIAN – Live trading session with Setyo Wibowo
🇬🇧 6/06, 6 p.m. WAT – ENGLISH – Live trading session with Ambrose Ebuka
🇲🇾 6/06, 9 p.m. MYT – MALAY – Live trading session with Cikgu Danie
🇬🇧 7/06, 7 p.m. WIB – ENGLISH – Webinar 'Nonfarm Payroll' with Vito Henjoto

Octa Analytics

31 May 2024 16:06

EURUSD, 15-minute timeframe chart

EURUSD retested the support level of 1.08680

👉 Level explanation
EURUSD has been trading in a bullish trend for the last couple of hours. The pair moved down to the support level of 1.08680.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.08700.
Set your stop loss at 1.08510 below the previous low ($1.90 loss for 0.01 lot) and take profit at 1.08890 ($1.90 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

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Octa Analytics

31 May 2024 15:26

GBPUSD, 15-minute timeframe chart

GBPUSD broke the resistance level of 1.27340

👉 Level explanation
GBPUSD has been trading in a bullish trend for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 1.27485.

Set your stop loss at 1.27300 below the previous low ($1.85 loss for 0.01 lot) and take profit at 1.27670 ($1.85 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

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Octa Analytics

31 May 2024 12:30

USDCAD, 15-minute timeframe chart

USDCAD formed a bearish Three Black Crows pattern

👉 Level explanation
USDCAD has been trading in a bearish trend for the last couple of hours. Now, the price displays a bearish Three Black Crows pattern.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 1.36421.

Set your stop loss at 1.36639 above the previous high ($1.60 loss for 0.01 lot) and take profit at 1.36203 ($1.60 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

31 May 2024 10:23

🔼 Bitcoin rises as the U.S. dollar weakens

Bitcoin (BTC) increased by 1.13% yesterday as the U.S. dollar weakened and bond yields declined.

👉 Possible effects for traders
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, along with U.K. regulators, has proposed a joint 'digital securities sandbox' for the U.S. and U.K. This initiative will provide a special safe harbour, allowing companies in both regions to experiment with blockchain technology for trading securities without fear of regulatory repercussions. Authorities are signalling a more supportive stance on digital assets by initiating such a project. This could lead to increased institutional interest and investment in Bitcoin as the regulatory environment becomes more accommodating and clear.

Moreover, the collaboration between U.S. and U.K. regulators may set a precedent for other countries to follow, potentially leading to a more globally coordinated regulatory framework for cryptocurrencies. This could reduce the uncertainty and risk associated with investing in digital assets, further boosting Bitcoin's attractiveness. Overall, the establishment of a 'digital securities sandbox' could enhance the legitimacy and adoption of blockchain technology and cryptocurrencies, increasing market confidence and contributing to Bitcoin's long-term growth.

During the Asian trading window, BTCUSD rose but then declined in the early hours of the European session. Today, the U.S. Personal Consumption Expenditures (PCE) Price Index will be released at 12:30 p.m. UTC. Higher-than-expected PCE figures could strengthen the U.S. dollar and push BTCUSD lower as the chances for a rate cut by the Federal Reserve will decrease. Meanwhile, lower-than-expected data may boost BTCUSD. Overall, this key inflation report is likely to increase volatility in the pair.

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Octa Analytics

31 May 2024 10:05

💸 Key inflation reports will affect EURUSD today

The euro (EUR) increased by 0.3% on Thursday as the U.S. dollar (USD) weakened and bond yields declined despite the market's cautious risk sentiment.

👉 Possible effects for traders
The U.S. Gross Domestic Product (GDP) growth rate slowed, aligning with market expectations. The U.S. economy expanded at an annualised rate of 1.3% in Q1, down from the initial estimate of 1.6%. The second estimate matched market forecasts and indicated the lowest growth since the beginning of 2022. According to the CME's FedWatch Tool, the chances of a rate cut by the Federal Reserve in November have increased. Currently, markets see a 63% chance that the regulator will hold interest rates steady and over a 50% probability of at least one 25-basis-point rate cut.

Yesterday's U.S. Jobless Claims report was mostly in line with the market forecast. The number of people claiming unemployment benefits in the U.S. increased by 3,000 towards 219,000 in the week ending 25 May, slightly above market expectations of 218,000. Although the initial claims count remained below the high levels seen in May, it still significantly exceeds the average numbers from February to April, reflecting a softening in the U.S. labour market.

EURUSD decreased during the Asian trading session. Today, the main events are the eurozone Harmonized Index of Consumer Prices (HICP) report at 9:00 a.m. UTC and the U.S. Personal Consumption Expenditures (PCE) Price Index data at 12:30 p.m. UTC. If the HICP numbers show higher-than-expected inflation, the European Central Bank (ECB) could adopt a more hawkish stance, and the euro would rise. Similarly, the U.S. Personal Consumption Expenditures (PCE) Price Index will play a crucial role in defining the EURUSD trend. Higher-than-expected PCE figures could strengthen the U.S. dollar, as the chances for a rate cut by the Fed will decrease, pushing EURUSD lower.

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Octa Analytics

31 May 2024 07:30

BTCUSD, 15-minute timeframe chart

BTCUSD retested the resistance level of 68,640.00

👉 Level explanation
BTCUSD has been trading in a sideways market for the last couple of hours. The pair moved up to the resistance level of 68,640.00.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 68,350.00.
Set your stop loss at 68,800.00 above the previous high ($4.50 loss for 0.01 lot) and take profit at 67,900.00 ($4.50 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

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Octa Analytics

30 May 2024 20:20

GBPUSD, 30-minute timeframe chart

GBPUSD retested the resistance level of 1.27450

👉Level explanation
GBPUSD has been trading in a sideways market for the last couple of hours.

👉Possible scenario
The best way to use this opportunity is to place a Sell order at 1.27380.

Set your stop loss at 1.27619 above the previous high ($2.39 loss for 0.01 lot) and take profit at 1.27141 ($2.39 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

30 May 2024 17:32

Sometimes, life can be so unpredictable and bizarre that it reminds you of a TV show. Well, we can do something about it.

Meet Faizan, our first hero of Traders' Tales where we turn your trading journey into an exciting retelling. How did he discover trading? What are his plans for the future? Let's learn more about him.

Tell us your trading tales in the comments, and we will turn them into the next episodes! After all, every story is worth telling.

Octa Analytics

04 Jun 2024 10:38

🔼AUD rises as U.S. dollar weakens due to soft Manufacturing PMI data

The Australian dollar (AUD) rose by 0.67% on Monday as the U.S. dollar weakened after the lower-than-expected ISM Manufacturing Purchasing Managers' Index (PMI) figures.

👉 Possible effects for traders
The ISM Manufacturing PMI unexpectedly fell to 48.7 in May, below the forecasted 49.6 and down from 49.2 in April. This marks the second consecutive month of contraction for the U.S. manufacturing sector. The U.S. Dollar Index (DXY) reached 104.000 following the report. Meanwhile, the Australian dollar was hovering near its highest level in two weeks. Investors evaluated mixed Australian economic data, including an unexpected shift to a current account deficit in Q1. Additionally, the Melbourne Institute's Monthly Inflation Gauge increased by 0.3% in May, accelerating for the third consecutive month and reaching its highest level since January. Markets see almost no chance that the Reserve Bank of Australia (RBA) will ease monetary policy this year, with some participants even speculating on another rate hike due to persistent inflation.

According to a Bloomberg report, RBA Assistant Governor Sarah Hunter stated at a conference in Sydney on Thursday that inflationary pressures are the primary concern. 'We're very mindful of that,' she said. Hunter also mentioned that the RBA Board is worried about inflation remaining above the 1–3% target, indicating ongoing inflationary pressure and peaking wage growth.

AUDUSD fell during the Asian and early European trading sessions. Today, the economic calendar is rather uneventful, so volatility is expected to be normal. However, the release of the U.S. JOLTS Job Openings report might trigger a sharp move in the DXY and affect all USD pairs, including AUDUSD. Although the JOLTS Job Openings is a lagging indicator and is much less important than Friday's Nonfarm Payroll (NFP) report, it might still provide some clues about the state of the U.S. labour market. Higher-than-expected figures support the U.S. dollar, while weak results may push AUDUSD slightly higher. Investors are also awaiting Australia's Q1 Gross Domestic Product numbers later this week for further insights into the economy and monetary policy direction.

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Octa Analytics

03 Jun 2024 21:04

‼️ Join Octa Analytics VIP

Unlock premium signals, exclusive offers, and important events to boost your trading success.

To become a member of Octa Analytics VIP, follow these easy steps:

1️⃣ Make sure you have $50 or more in your account.
2️⃣ Take a screenshot of your balance and send it along with your Octa real account ID to our @octa_vip_bot chatbot.
3️⃣ Await verification—usually, it’s completed within one business day.

Ready to take your trading to the next level? Let us steer you toward success. The sooner you join, the more you’ll benefit from our elite trading community!

💯 Limited-time offer 💯 Don’t miss the opportunity to use the BONUSVIP100 promo code for a 100% deposit bonus!

Octa Analytics

03 Jun 2024 15:02

BTCUSD, 15-minute timeframe chart

BTCUSD formed a bullish Three White Soldiers pattern

👉 General outlook
BTCUSD has been trading in a bullish trend within the last day. Now, the price displays a bullish Three White Soldiers pattern.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 69,671.50.

Set your stop loss at 69,011.00 below the previous low ($6.61 loss for 0.01 lot) and take profit at 70,332.00 ($6.61 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

📝Fundamental factors
The U.S. ISM Manufacturing Purchasing Managers' Index report will be released in a few hours and could affect this trade.

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Octa Analytics

03 Jun 2024 12:37

​​#weekly_outlook

🔎 Keeping up-to-date with the market helps you make better trading decisions

Here’s a Weekly Market Outlook for 3 – 7 June from Vito Henjoto. Stay informed and trade wisely.

We wish you a successful trading week!

Octa Analytics

03 Jun 2024 11:18

💸 The euro remains high due to hotter eurozone inflation and weaker U.S. data

The euro (EUR) was volatile but gained slightly on Friday, as the better-than-expected Eurozone HICP inflation and lower-than-forecast U.S. inflation data supported EURUSD.

👉 Possible effects for traders
The Core Personal Consumption Expenditures (PCE) Price Index, which excludes food and energy prices, increased by 2.8% year-over-year, aligning with market expectations. This marks the lowest core inflation rate since March 2021. However, investors believe the Federal Reserve (Fed) needs more evidence to be confident that inflation will reach its 2% target before beginning to cut interest rates.

Meanwhile, the hotter-than-expected inflation in the eurozone might not stop the European Central Bank (ECB) from cutting interest rates this week. However, the regulator could signal a pause after a rate cut and pause rate reductions in the coming months. Financial markets have priced in nearly 25 basis points (bps) of rate reduction in June and 57 bps of cuts overall in 2024, according to Reuters. Traders will closely monitor ECB President Christine Lagarde's press conference on Thursday for new indications on the pace of rate cuts. Any dovish message from the ECB is likely to exert bearish pressure on the euro (EUR) and create a headwind for EURUSD.

During the Asian trading window, EURUSD rose but then declined in the early hours of the European trading session. Today, traders should focus on the U.S. ISM Manufacturing Purchasing Managers' Index (PMI) data at 2:00 p.m. UTC. Stronger-than-expected numbers may reverse the local bullish trend and push EURUSD down towards 1.08200. If the figures are lower than expected, EURUSD may continue to rise.

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Octa Analytics

03 Jun 2024 08:30

USDJPY, 15-minute timeframe chart

USDJPY broke the support level of 157.360

👉 Level explanation
USDJPY has been trading in a sideways market for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 157.320.

Set your stop loss at 157.570 above the previous high ($1.59 loss for 0.01 lot) and take profit at 157.070 ($1.59 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

31 May 2024 21:04

‼️ Join Octa Analytics VIP

Unlock premium signals, exclusive offers, and important events to boost your trading success.

To become a member of Octa Analytics VIP, follow these easy steps:

1️⃣ Make sure you have $50 or more in your account.
2️⃣ Take a screenshot of your balance and send it along with your Octa real account ID to our @octa_vip_bot chatbot.
3️⃣ Await verification—usually, it’s completed within one business day.

Ready to take your trading to the next level? Let us steer you toward success. The sooner you join, the more you’ll benefit from our elite trading community!

💯 Limited-time offer 💯 Don’t miss the opportunity to use the BONUSVIP100 promo code for a 100% deposit bonus!

Octa Analytics

31 May 2024 15:36

The 9th episode of U2CAN has finally aired—let's see what you've learned!

This time, we'll talk about advanced trading strategies.

Want to learn more? Follow the link to watch the show.

And remember—You Too Can!

Octa Analytics

31 May 2024 15:16

USDJPY, 1-hour timeframe chart

USDJPY formed a bearish Three Black Crows pattern

👉 General outlook
USDJPY has been trading in a bullish trend within the last day. Now, the price displays a bullish Three Black Crows pattern.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 156.853.
Set your stop loss at 157.391 above the previous high ($3.44 loss for 0.01 lot) and take profit at 156.313 ($3.44 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

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Octa Analytics

31 May 2024 10:48

🕯 Today's PCE data may define the XAUUSD trend

Gold (XAU) has been moving sideways within 2,325–2,363 throughout the week, awaiting today's U.S. Personal Consumption Expenditure (PCE) Price Index data. Yesterday, XAUUSD gained 0.22%.

👉 Possible effects for traders
The PCE data is crucial as it clarifies how the U.S. Federal Reserve (Fed) might plan its monetary policy this year. The data will be released today at 12:30 p.m. UTC. A rise in the PCE numbers could put downward pressure on gold, but more data may be needed to break the broader upward trend in XAUUSD as traders will likely start active buying near 2,300. Yesterday's Jobless Claims and Gross Domestic Product reports showed that the U.S. economy grew more slowly than expected in Q1. Many investors and traders have already lost hope for a rate cut in the near future, especially given the recent hawkish tone from Fed officials. The path to achieving 2% inflation will be longer than previously anticipated.

Additionally, the Reserve Bank of India (RBI) purchased just over 100 tonnes of gold from the U.K., according to the Times of India. China and India have recently increased their gold reserves in domestic storage. There are speculations that the countries may secure themselves by accumulating gold in case of potential external threats. 'The RBI began purchasing gold a few years ago and decided to undertake a review of where it wants to store it, something that is done from time to time. Since the stock was building up overseas, it was decided to bring some of the gold to India,' a report quoted an official as saying.

The spot gold price was 2,343, increasing by 2.5% over the last month. XAUUSD is now awaiting today's U.S. PCE data at 12:30 p.m. UTC. If the PCE numbers are higher than expected, the U.S. dollar will rise while gold may decline towards 2,300. Lower-than-anticipated figures will likely bring the USD down, and gold may rise towards 2,365.

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Octa Analytics

31 May 2024 10:19

XAUUSD, 15-minute timeframe chart

XAUUSD retested the support level of 2,340.00

👉 Level explanation
XAUUSD has been trading in a bearish trend for the last couple of hours. The pair moved down to the support level of 2,340.00.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 2,340.30.

Set your stop loss at 2,332.30 below the previous low ($8.00 loss for 0.01 lot) and take profit at 2,348.30 ($8.00 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

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Octa Analytics

31 May 2024 08:38

AUDUSD, 15-minute timeframe chart

AUDUSD formed a bullish Rectangle pattern

👉 Level explanation
AUDUSD has been trading in a sideways market within the last day. Now, the price displays a bearish Rectangle pattern.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 0.66400.

Set your stop loss at 0.66270 below the previous low ($1.30 loss for 0.01 lot) and take profit at 0.66530 ($1.30 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

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Octa Analytics

30 May 2024 20:50

#economic_calendar

These events will affect the market on 31 May.

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Octa Analytics

30 May 2024 18:16

GBPJPY, 15-minute timeframe chart

GBPJPY retested the support level of 199.500

👉 Level explanation
GBPJPY has been trading in a sideways market for the last couple of hours. The pair moved down to the support level of 199.500.

👉 Possible scenario
The best way to use this opportunity is to place a Buy order at 199.560.

Set your stop loss at 199.205 below the previous low ($2.27 loss for 0.01 lot) and take profit at 199.915 ($2.27 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

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Octa Analytics

30 May 2024 16:12

USDCAD, 15-minute timeframe chart

USDCAD broke the support level of 1.36950

👉 Level explanation
USDCAD has been trading in a bearish trend for the last couple of hours.

👉 Possible scenario
The best way to use this opportunity is to place a Sell order at 1.36800.

Set your stop loss at 1.37050 above the previous high ($1.83 loss for 0.01 lot) and take profit at 1.36550 ($1.83 profit for 0.01 lot).

The risk-reward ratio for this order is 1:1.

The upcoming news will not influence your orders within the mentioned period.

📲 More trading opportunities in our app

If the link doesn’t work, try a special one for your country:
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