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[QUOTE="forum forex, post: 209793, member: 78402"] [HEADING=1]June-22, 2022, Daily latest currency trading analysis and forex market forecast, by forex forum.[/HEADING] The dollar eased against the euro and yen on Wednesday as concerns mounted that interest rate hikes by major central banks to contain inflation run the risk of inducing a sharp global slowdown or recession. British consumer price inflation hit a new 40-year high at 9.1% in May, while annual Canadian inflation surged to 7.7% last month to the highest rate since January 1983, in the latest data to show consumer prices running hotter than expected. Sterling initially lost almost 1% as it fell to a near one-week low of $1.2162, but it later pared losses. The Canadian dollar slid against the U.S. currency, but it remained below the 1.30 level it breeched last Friday and on Monday. The dollar index fell 0.201%, with the euro up 0.32% to $1.0559. The Japanese yen strengthened 0.53% to 135.89 per dollar, while sterling was last 0.06% lower at $1.2265. [HEADING=2]EUR/USD[/HEADING] The shared currency extends its gains in the week, advances for the third straight day, up by 0.45%, amidst a mixed market mood surrounding the financial markets. At the time of writing, the EUR/USD is trading at 1.0576. [B]EUR/USD Price Forecast: Technical outlook[/B] In the last seven days, the EUR/USD has advanced steadily in six, though the negative day was absorbed by June’s 20 and 21 price action. EUR/USD traders should note that the Relative Strength Index (RSI) at 49.45 is aiming higher after breaking above the RSI’s 7-day SMA, suggesting some buying pressure is mounting on the pair. Therefore, the EUR/USD is upward biased in the near term. That said, the EUR/USD first resistance would be the 1.0600 figure. A breach of the latter would expose the June 10 daily high at 1.0642, closely followed by the 1.0700 mark. [B]GBP/USD[/B] It was an even more painful quarter for GBP as the Euro has out-performed the British Pound in Q2, which can be witnessed by the breakout in EUR/GBP. But, to be sure, the Bank of England will be dealing with a similar issue as the ECB with inflation expected to continue climbing there. In the U.K., the BoE has been up-front about their expectations which include the possibility of recession as inflation climbs above 10% later this summer. The difference, however, is that the BoE has already started the process of hiking rates. [B]Technical outlook[/B] In GBP/USD, the pair crossed a big level last week at 1.2000. A strong pullback developed shortly after, and there may be a bit more room for that theme to work, with possible resistance in the 1.2452-1.2500 area on the chart. If that doesn’t hold, there’s another spot of prior support/resistance overhead, plotted around the 1.2650 area on the chart. [B]AUD/USD[/B] The AUDUSD has seen a bounce higher after a run lower in the Asian and early European session. The move lower did extend below a large-ish swing area between 0.68916 and 0.69168. However, the low could not reach a lower swing target near 0.6870. The move back to the upside, helped by Powell comments, has pushed the pair to another swing area between 0.6949 and 0.6962. Just above that level is falling 100/200 hour MA at 0.6965. [HEADING=3]USD/JPY[/HEADING] Analysts at MUFG Bank, hold a bullish bias for the USD/JPY pair, reflecting the fact that the US rates market is unlikely to correct dramatically lower over the very short term. They see the pair trading between 130.00 and 138.50 during the weeks ahead. Moreover, The main downside risk for USD/JPY in the month ahead would be if the scale of JPY weakness finally triggers a joint policy response from the government and BoJ. But the scale of JGB buying by the BoJ last week suggests action to limit yen weakness is unlikely over the short-term. A sharper correction in US rates lower is another key downside risk and while we expect that to materialize later, it is premature to expect that over the short-term with the primary focus of the Fed still on tackling upside inflation risks. Thank You [/QUOTE]
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