Top 10 Forex News and Analysis – Feb 17, 2023
GOLD Analysis
XAUUSD Gold price is moving in the Descending channel and the market has reached the lower low area of the channel.
Russia launched missile strikes across Ukraine on Thursday, Ukrainian officials said, after Western allies pledged to ramp up military aid to the Ukrainian armed forces to support a planned counter-offensive. Ukrainian officials said air defenses in the south downed eight Caliber missiles fired from a ship in the Black Sea. Still, other missiles struck northern and western Ukraine as well as the central regions of Dnipropetrovsk and Kirovograd. One missile struck an industrial site in the western city of Lviv, causing a fire that was brought under control.
SILVER Analysis
XAGUSD Silver Price is moving in the Descending channel and the market has reached the lower low area of the channel.
As Turkish President Recep Tayyip Erdogan struggles to defend his response to last Monday’s devastating 7.8 magnitude earthquake, videos from a few years back have emerged showing him hailing some of the housing projects that crumbled, killing thousands of people. Critics say contractors were allowed to skip crucial safety regulations, increasing their profits but putting residents at risk. Engineers and architects say the lack of safety features designed to absorb the shock of earthquakes likely contributed to the soaring death toll.
USDJPY Analysis
USDJPY is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
Japan’s trade deficit surged to a record in January, as one-off factors including the Lunar New Year holidays dragged on exports amid a backdrop of a slowing global economy. The trade gap jumped to ¥3.5 trillion ($26.1 billion) from ¥1.45 trillion in December, topping ¥3 trillion for the first time in comparable data going back the late 1970s, the Finance Ministry reported Thursday. The deficit far exceeded the previous record, although it was smaller than analysts’ estimates.
USDCAD Analysis
USDCAD is moving in the Descending triangle pattern and the market has reached the lower high area of the pattern.
Prime Minister Justin Trudeau says Canada stands ready to provide help after a powerful earthquake toppled buildings and killed thousands of people in Turkey and Syria, with the latest estimates of death tolls standing at roughly 2,600 people as of early Monday afternoon. The agency said there are currently 7,513 Canadians registered abroad in Turkey, while 1,394 are in Syria and 1,319 are in Israel. On both sides of the border, residents jolted out of sleep by the pre-dawn quake rushed outside on a cold, rainy and snowy night.
EURUSD Analysis
EURUSD is moving in the Descending channel and the market has reached the lower low area of the channel.
The European Parliament on Tuesday formally approved a law to effectively ban the sale of new petrol and diesel cars in the European Union from 2035, aiming to speed up the switch to electric vehicles and combat climate change. The landmark rules will require that by 2035 carmakers must achieve a 100% cut in CO2 emissions from new cars sold, which would make it impossible to sell new fossil fuel-powered vehicles in the 27-country bloc.
EURGBP Analysis
EURGBP is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
A High Court judgment that regulations affecting more than 2.5m EU citizens living in the UK are unlawful will not be challenged by the government. The Home Office has confirmed it will not appeal against the ruling, despite previously indicating it would do so. Many EU citizens could have faced losing their right to residence if they did not further apply for settled or pre-settled status within five years. The Home Office said the judgment was now law, and it was working to implement it as swiftly as possible.
EURNZD Analysis
EURNZD is moving in an Ascending channel and the market has reached the higher high area of the channel.
The deadliest earthquake to strike Turkey in almost a century killed at least 21,000 people this past week, with the bodies of countless others still buried in the rubble. It hit after a year of persistently high inflation that has impoverished Turkish families, leaving many with scarce resources to bounce back. The quake’s aftermath has highlighted how much Erdogan has reshaped the Turkish state. Critics accuse him of weakening civil rights and eroding the independence of state institutions, like the Foreign Ministry and the central bank.
GBPCHF Analysis
GBPCHF is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
A parliamentary panel in Switzerland has recommended waiving a law that bars countries from re-exporting Swiss armored vehicles, weapons, and another war materiel to Ukraine for its defense against Russia, insisting the move would not violate the country’s much-vaunted neutrality. The Security Policy Committee of the lower house of Switzerland’s parliament voted 14-11 Tuesday to allow a re-export exception for cases involving a use of force that violates international law — notably, Russia’s invasion of Ukraine 11 months ago.
AUDCHF Analysis
AUDCHF is moving in an Ascending channel and the market has reached the higher low area of the channel.
The president of the European Council, Charles Michel, is pushing EU member states to seriously consider transferring Russian central bank assets frozen since the start of the invasion to a fund where they can be managed to generate profits. These returns could then be used for reconstruction in Ukraine. These allies include Switzerland. While in recent days, a working group concluded that expropriating private assets of lawful origin would be illegal, the option of seizing Russia’s frozen reserves and other state assets remains a point of international discussion, which the government says it’s closely following.
Top 10 Forex News and Analysis – Feb 17, 2023
GOLD Analysis
XAUUSD Gold price is moving in the Descending channel and the market has reached the lower low area of the channel.
Russia launched missile strikes across Ukraine on Thursday, Ukrainian officials said, after Western allies pledged to ramp up military aid to the Ukrainian armed forces to support a planned counter-offensive. Ukrainian officials said air defenses in the south downed eight Caliber missiles fired from a ship in the Black Sea. Still, other missiles struck northern and western Ukraine as well as the central regions of Dnipropetrovsk and Kirovograd. One missile struck an industrial site in the western city of Lviv, causing a fire that was brought under control.
SILVER Analysis
XAGUSD Silver Price is moving in the Descending channel and the market has reached the lower low area of the channel.
As Turkish President Recep Tayyip Erdogan struggles to defend his response to last Monday’s devastating 7.8 magnitude earthquake, videos from a few years back have emerged showing him hailing some of the housing projects that crumbled, killing thousands of people. Critics say contractors were allowed to skip crucial safety regulations, increasing their profits but putting residents at risk. Engineers and architects say the lack of safety features designed to absorb the shock of earthquakes likely contributed to the soaring death toll.
USDJPY Analysis
USDJPY is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
Japan’s trade deficit surged to a record in January, as one-off factors including the Lunar New Year holidays dragged on exports amid a backdrop of a slowing global economy. The trade gap jumped to ¥3.5 trillion ($26.1 billion) from ¥1.45 trillion in December, topping ¥3 trillion for the first time in comparable data going back the late 1970s, the Finance Ministry reported Thursday. The deficit far exceeded the previous record, although it was smaller than analysts’ estimates.
USDCAD Analysis
USDCAD is moving in the Descending triangle pattern and the market has reached the lower high area of the pattern.
Prime Minister Justin Trudeau says Canada stands ready to provide help after a powerful earthquake toppled buildings and killed thousands of people in Turkey and Syria, with the latest estimates of death tolls standing at roughly 2,600 people as of early Monday afternoon. The agency said there are currently 7,513 Canadians registered abroad in Turkey, while 1,394 are in Syria and 1,319 are in Israel. On both sides of the border, residents jolted out of sleep by the pre-dawn quake rushed outside on a cold, rainy and snowy night.
EURUSD Analysis
EURUSD is moving in the Descending channel and the market has reached the lower low area of the channel.
The European Parliament on Tuesday formally approved a law to effectively ban the sale of new petrol and diesel cars in the European Union from 2035, aiming to speed up the switch to electric vehicles and combat climate change. The landmark rules will require that by 2035 carmakers must achieve a 100% cut in CO2 emissions from new cars sold, which would make it impossible to sell new fossil fuel-powered vehicles in the 27-country bloc.
EURGBP Analysis
EURGBP is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
A High Court judgment that regulations affecting more than 2.5m EU citizens living in the UK are unlawful will not be challenged by the government. The Home Office has confirmed it will not appeal against the ruling, despite previously indicating it would do so. Many EU citizens could have faced losing their right to residence if they did not further apply for settled or pre-settled status within five years. The Home Office said the judgment was now law, and it was working to implement it as swiftly as possible.
EURNZD Analysis
EURNZD is moving in an Ascending channel and the market has reached the higher high area of the channel.
The deadliest earthquake to strike Turkey in almost a century killed at least 21,000 people this past week, with the bodies of countless others still buried in the rubble. It hit after a year of persistently high inflation that has impoverished Turkish families, leaving many with scarce resources to bounce back. The quake’s aftermath has highlighted how much Erdogan has reshaped the Turkish state. Critics accuse him of weakening civil rights and eroding the independence of state institutions, like the Foreign Ministry and the central bank.
GBPCHF Analysis
GBPCHF is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
A parliamentary panel in Switzerland has recommended waiving a law that bars countries from re-exporting Swiss armored vehicles, weapons, and another war materiel to Ukraine for its defense against Russia, insisting the move would not violate the country’s much-vaunted neutrality. The Security Policy Committee of the lower house of Switzerland’s parliament voted 14-11 Tuesday to allow a re-export exception for cases involving a use of force that violates international law — notably, Russia’s invasion of Ukraine 11 months ago.
AUDCHF Analysis
AUDCHF is moving in an Ascending channel and the market has reached the higher low area of the channel.
The president of the European Council, Charles Michel, is pushing EU member states to seriously consider transferring Russian central bank assets frozen since the start of the invasion to a fund where they can be managed to generate profits. These returns could then be used for reconstruction in Ukraine. These allies include Switzerland. While in recent days, a working group concluded that expropriating private assets of lawful origin would be illegal, the option of seizing Russia’s frozen reserves and other state assets remains a point of international discussion, which the government says it’s closely following.
