CRUDE OIL FUTURES: RALLY REMAINS WELL AND SOUND

25 February 2022, 09:21

CME Group’s flash data for crude oil futures markets noted open interest rose for the second session in a row on Thursday, this time by around 30K contracts. Volume followed suit and rose by the most since March 9 2020 by around 1.165M contracts.

WTI keeps targeting $100.50

Prices of the barrel of WTI briefly advanced past the key $100.00 mark on Thursday, although it ended the session with modest gains around $93.00. The uptick was in tandem with increasing open interest and volume, which is supportive of the continuation of the uptrend for the time being.

GOLD PRICE FORECAST: XAU/USD EYES $2,000 IN COMING SESSIONS

25 February 2022, 08:58

Gold has regained its bullish momentum early Friday and started to edge higher toward $1,920. Amid the Russia-Ukraine war, the yellow metal could reach the $2,00 level, FXStreet’s Dhwani Mehta reports.

Gold bulls are back in the game

“Gold is likely to remain underpinned going forward, as tensions remain elevated concerning the West, Russia and Ukraine.”

“Gold’s four-hour chart is pointing to further upside risks, as the price recaptures the 21-Simple Moving Average (SMA) at $1,910. The road to recovery will likely extend towards the $1,950 level should the latter hold. The next stop for bulls is seen at the multi-month tops of $1,975, above which a ride towards the $2,000 mark will be inevitable.”

“If the bears fight back control, then a drop back towards the critical 50-SMA support at $1,892 will be inevitable. It’s worth noting that gold price has managed to reclaim ground from the latter on a couple of occasions earlier on.”

BREAKING: GOLD HITS $1900 AS RUSSIA/UKRAINE/NATO TENSIONS SIMMER

17 February 2022, 19:46

Spot gold (XAU/USD) prices hit $1900 per troy ounce for the first time since June 2021 on Thursday, taking its on-the-day gains to more than 1.5% as geopolitical tensions between Russia, Ukraine and NATO simmer, stimulating demand for safe-haven assets. Gold now trades more than 2.0% higher on the week, taking its two-week run of gains to nearly 5.0%.

Fears of an imminent Russian military incursion into Ukraine have escalated in recent days, with reports of shelling in the war-torn Donbas region of Eastern Ukraine on Thursday sparking fears that Russia is looking to create a pretext for military action, as the country continues to amass troops near the Ukrainian border. 

A positive technical backdrop has coincided with the increased safe-haven demand for gold; XAU/USD broke above a key long-term pennant structure at the end of last week. This week it fell back to the $1850 area to test the old long-term pennant and, promisingly for the bulls, found strong support. The bulls will now likely target a move above $1900 and towards the mid-2021 highs in the $1915 area.

US SEC. OF STATE BLINKEN DELIVERS REMARKS AT UN SECURITY COUNCIL – LIVE STREAM

17 February 2022, 17:09

US Secretary of State Antony Blinken will be delivering his remarks on the Russia-Ukraine conflict at a UN Security Council Meeting, from UN Headquarters in New York City, on February 17, 2022.

Markets remain risk-averse on Thursday on reports pointing to a heightened risk of a Russian invasion. The benchmark 10-year US Treasury bond yield is down more than 3% on the day and the S&P 500 Index is losing 1.25%.

Meanwhile, the US Dollar Index, which tracks the dollar's performance against a basket of six major currencies, stays relatively quiet below 96.00.

Ukraine's Foreign Minister: Fire from a tank recorded in Eastern Ukraine.

Russia says US security proposals not constructive, ignore key Russia security concerns.

 

EAST UKRAINE: AS OF 1500 LOCAL TIME, 40 ARTILLERY INCIDENTS RECORDED, TWO UKRAINIAN SOLDIERS INJURED

17 February 2022, 17:00

According to the Kyiv Independent, as of 1500 local time, over 40 artillery incidents have been recorded in the Donbas region of Eastern Ukraine and two Ukrainian soldiers have now been injured.

Market Reaction

The latest run of Russia/Ukraine/NATO headlines, which suggest more violence in Eastern Ukraine and worsening tensions, are weighing on sentiment, with the S&P 500 now trading more than 1.0% lower on the day. 

FEARS OF ANOTHER FINANCIAL CRISIS ARE WELL-FOUNDED – NATIXIS

15 February 2022, 15:06

Financial crises occur following a period during which three types of imbalances combine. Macroeconomic imbalances, regulatory imbalances and behavioural imbalances. The three imbalances needed for the next financial crisis to take place are present today, according to analysts at Natixis.

Cause for concern 

“There are again signs today of confluent macroeconomic, regulatory and behavioural imbalances. This is cause for concern, as the simultaneous presence of these three forms of imbalance has led to financial crises in the past.”

“Central banks are increasingly being caught in the same trap: in the wake of a crisis, they do not want to use policies to prevent the occurrence of a financial crisis and prefer to wait for the crisis to break out before responding. This explains the macroeconomic imbalance and some of the regulatory imbalance, as investors rotate into risky assets and risk premia are squeezed.”

 

US DOLLAR INDEX PRICE ANALYSIS: FURTHER UPSIDE TARGETS THE 96.90 AREA

14 February 2022, 14:18

• DXY climbs to fresh tops further north of the 96.00 hurdle.
• The next target of note comes around 96.90.

DXY posts gains for the third straight session on Monday, extending the recent surpass of the 96.00 barrier.

If the recovery gains more serious traction, then the index is expected to revisit the 96.90 region, where the November and December 2021 highs are located. The surpass of this level should expose a move to the 2022 peak around 97.40 (January 28).

In the near term, the 5-month line near 95.20 is expected to hold the downside for the time being. Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.62.

DXY daily chart

EUR/JPY PRICE ANALYSIS: TEMPORARY SUPPORT COMES AT 129.65

14 February 2022, 13:45

• EUR/JPY accelerates losses below the 200-day SMA (130.45).
• The 55-day SMA emerges as the next support at 129.65.

EUR/JPY sinks further south of the key 200-day SMA in the mid-130.00s at the beginning of the week.

The sharp corrective downside appears to have further legs to go in the very near term. Against that, the cross could shed further ground and revisit the 55-day SMA at 129.65 ahead of the February low near 128.90 (February 1) and the 2022 lows in the 128.20 zone recorded in late January.

In the longer run, and while below the 200-day SMA, the outlook for the cross is expected to remain bearish.

EUR/JPY daily chart

14 February 2022, 13:45

• EUR/JPY accelerates losses below the 200-day SMA (130.45).
• The 55-day SMA emerges as the next support at 129.65.

EUR/JPY sinks further south of the key 200-day SMA in the mid-130.00s at the beginning of the week.

The sharp corrective downside appears to have further legs to go in the very near term. Against that, the cross could shed further ground and revisit the 55-day SMA at 129.65 ahead of the February low near 128.90 (February 1) and the 2022 lows in the 128.20 zone recorded in late January.

In the longer run, and while below the 200-day SMA, the outlook for the cross is expected to remain bearish.

EUR/JPY daily

USD/MYR STICKS TO ITS CONSOLIDATIVE RANGE – UOB

14 February 2022, 13:48

USD/MYR is still seen navigating within the 4.1750-4.2000 range for the time being, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (07 Feb, spot 4.1850) that daily MACD is ‘flattish’ and we held the view that USD/MYR ‘could continue to trade between 4.1620 and 4.2150 for a while more’.”

“Our view was not wrong even though USD/MYR consolidated in a quiet manner and within a narrow range of 4.1800/4.1890. The quiet price actions offer no fresh clues and USD/MYR could continue to trade sideways. Expected range for this week, 4.1750/4.2000.”

RUSSIA READY TO OPEN FIRE ON FOREIGN SHIPS THAT ILLEGALLY ENTER TERRITORIAL WATERS – IFAX

14 February 2022, 13:03

The Interfax news agency reported on Monday that a senior Russian military official said Russia was ready to open fire on foreign ships and submarines that illegally enter its territorial waters, per Reuters.

The official further added that any decisions to open fire on foreign vessels would however only be taken at the highest level.

Market reaction

Markets remain risk-averse during the European trading hours following these remarks. As of writing, US stocks futures were down between 0.8% and 1.1%, Germany's DAX 30 was losing 2.8%.

AUD/USD BOUNCES OFF ONE-WEEK LOW, STILL DEEP IN THE RED NEAR 0.7100 MARK

14 February 2022, 12:55

• A combination of factors dragged AUD/USD lower for the third successive day on Monday.
• Bets for a 50 bps Fed rate hike in March underpinned the buck amid geopolitical tensions.
• The anti-risk flow contributed to the bearish pressure around the perceived riskier aussie.

The AUD/USD pair remained depressed through the first half of the European session and was last seen trading around the 0.7100 mark, just a few pips above the one-week low.

The pair extended last week's rejection slide from the vicinity of mid-0.7200s, or the 100-day SMA hurdle and continued losing ground for the third successive day on Monday. The US dollar remained well supported by the prospects for a faster policy tightening by the Fed. This, along with the risk-off impulse in the markets, weighed on the perceived riskier aussie and exerted pressure on the AUD/USD pair.

The markets seem convinced that the Fed would adopt a more aggressive policy response to combat stubbornly high inflation and have been pricing in a 50 bps rate hike in March. The bets were boosted further after data released last Thursday showed that the headline US CPI accelerated to the highest level since February 1982 during the first month of 2022. Adding to this, the core CPI climbed to 6.0% from a year ago.

Apart from this, worries over an imminent Russian invasion of Ukraine took its toll on the global risk sentiment and further benefitted the greenback's relative safe-haven status. This was seen as another factor that dragged the AUD/USD pair back below the 0.7100 mark. The downtick, however, lacked any follow-through, warranting some caution for aggressive bearish traders and before positioning for any further losses.

In the absence of any major market-moving economic releases, traders might take cues from St. Louis Fed President James Bullard's appearance later during the North American session. It is worth recalling that Bullard called for 100 bps rate hikes over the next three FOMC policy meetings and hence, his remarks, along with the US bond yields, will influence the USD and provide some impetus to the AUD/USD pair.

Apart from this, geopolitical developments and the broader market risk sentiment should allow traders to grab some short-term opportunities around the AUD/USD pair. The focus would then shift to the RBA monetary policy meeting minutes, due for release during the Asian session on Tuesday.

FED'S GEORGE: FED SHOULD WEIGH ASSET SALES TO CURB INFLATION – WSJ

14 February 2022, 12:45

In an interview with the Wall Street Journal on Monday, Esther George, President of the Federal Reserve Bank of Kansas City, argued that the Fed should weigh asset sales to curb inflation, as reported by Reuters.

Geroge further added that they should remove stimulus in a systematic way.

Market reaction

These comments don't seem to be having a significant impact on the dollar's performance against its major rivals. As of writing, the US Dollar Index was rising 0.23% on a daily basis at 96.25.

EUR/USD LOSES THE GRIP AND CHALLENGES 1.1300 AHEAD OF ECB

14 February 2022, 11:41

• EUR/USD revisits the 1.1300 region on Monday.
• The dollar remains bid amidst persistent risk aversion.
• US 10y yields trade on the defensive near the 1.90% mark.

The single currency sheds further ground and forces EUR/USD to put the 1.1300 support level to the test on Monday’s European morning.

EUR/USD looks to geopolitics, risk aversion

EUR/USD retreats for the second session in a row and extends further the rejection from last week’s tops near 1.1500 the figure soon after the release of US inflation figures for the month of January (February 10).

In addition, the focus of attention remains on the short end of the yield curve in both the US and German cash markets as important drivers of the pair's price action, particularly folllowing the last FOMC and ECB events. In the meantime, German 10y Bund yields keep correcting lower following recent tops, widening at the same time the spread differential vs. its American peer, which remains another source of weakness for the pair at the beginning of the week.

Nothing scheduled data wise on both sides of the Atlantic, although the speech by Chair Lagarde later in the old continent should garner some attention.

What to look for around EUR

EUR/USD could not sustain the post-US CPI raise to the vicinity of the 1.1500 barrier, sparking a corrective move to the boundaries of 1.1300 on the back of the renewed and quite strong bias towards the US dollar. Despite the ongoing knee-jerk, the improvement in the pair’s outlook appears underpinned by fresh speculation of a potential interest rate hike by the ECB at some point by year end, higher German yields, persevering elevated inflation and a decent pace of the economic activity and other key fundamentals in the region

Key events in the euro area this week: ECB Lagarde (Monday) – Advanced EMU Q4 GDP, EMU/Germany ZEW Economic Sentiment (Tuesday) – EMU Industrial Production (Wednesday) – Flash EMU Consumer Confidence (Friday).

Eminent issues on the back boiler: Asymmetric economic recovery post-pandemic in the euro area. Speculation of ECB tightening/tapering later in the year. Presidential elections in France in April. Geopolitical concerns from the Russia-Ukraine conflict.

EUR/USD levels to watch

So far, spot is retreating 0.27% at 1.1314 and faces the next up barrier at 1.1491 (200-week SMA) seconded by 1.1494 (2022 high Feb.10) and finally 1.1656 (200-day SMA). On the other hand, a break below 1.1303 (weekly low Feb.14) would target 1.1186 (monthly low Nov.24 2021) en route to 1.1121 (2022 low Jan.28).

USD/CAD JUMPS BACK CLOSER TO 1.2800 MARK AMID RETREATING OIL PRICES, STRONGER USD

14 February 2022, 12:11

• A combination of supporting factors pushed USD/CAD to over a one-week high on Monday.
• Retreating oil prices undermined the loonie and extended some support amid stronger USD.
• Hawkish Fed expectations, the risk-off impulse continued benefitting the safe-haven buck.

The USD/CAD pair quickly retreated a few pips from over one-week high touched in the last hour and was last seen trading around the 1.2765 region, still up over 0.60% for the day.

The pair caught fresh bids during the early European session and broke out its intraday consolidation phase, with bulls now looking to build on last week's rebound from the monthly low. Despite the risk of a further escalation in the conflict between Russia and the West over Ukraine, crude oil prices pulled back from a more than seven-year high touched earlier this Monday. This, in turn, undermined the commodity-linked loonie and provided a goodish lift to the USD/CAD pair amid fresh US dollar buying.

The greenback remained well supported by growing acceptance that the Fed will tighten its monetary policy at a faster pace than anticipated to combat stubbornly high inflation. In fact, the markets have been pricing in the possibility of a 50 bps Fed rate hike move in March. The bets were boosted further after data released last Thursday showed that the headline CPI reached the highest level since February 1982 and the core CPI, which excludes food and energy prices, climbed 6.0% from a year ago.

Apart from this, the risk-off impulse – as depicted by a sell-off across the equity markets – further benefitted the greenback's safe-haven status. This was seen as another factor that contributed to the USD/CAD pair's strong intraday positive move. The global risk sentiment took a hit after US National Security Advisor Jake Sullivan warned on Sunday that “we are in the window where a Russian invasion of Ukraine could begin at any time and could happen during the Beijing winter Olympics.”

It, however, remains to be seen if bulls are able to capitalize on the move or the USD/CAD pair continues with its break through the 1.2800 mark amid absent economic releases from the US or Canada. Hence, the market focus will remain on geopolitical developments, which will influence oil price dynamics. Apart from this, traders will take cues from the broader market risk sentiment. This, along with the US bond yields, will drive the USD demand and provide some impetus to the USD/CAD pair.

GOLD PRICE FORECAST: XAU/USD EYES A RALLY TOWARDS $1,878 AMID UKRAINE TENSIONS – CONFLUENCE DETECTOR

14 February 2022, 11:06

• Gold price gathers strength for the next upswing towards $1,878.
• US inflation concerns and the Russia-Ukraine turmoil to offer support.
• Gold corrects before resuming uptrend, focus on Russia-Ukraine crisis.

Gold price is taking a breather after a blistering $40 rally seen on Friday, which drove the bright metal to the highest level in three months at $1,866. Reports about a potential Russian invasion of Ukraine this week roiled markets and triggered a massive flight to safety into gold price. The bullion remains in a win-win situation going forward amid rising inflation concerns and as investors watch over the geopolitical risks concerning Ukraine. Gold traders also await Wednesday’s US Retail Sales data and the Fed minutes for fresh directives.

Read: Russia could initiate military action before the end of the Winter Olympics: Could this affect stocks?

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the gold price has recaptured powerful support now resistance at $1,855, as its corrective pullback fades.

That level is the convergence of the Fibonacci 23.6% one-day and the previous month’s high.

The immediate upside barrier is seen at the Bollinger Band one-day Upper at $1,859. The next bullish target appears at the previous day’s high of $1,866.

Acceptance above the latter will fuel a fresh upswing towards $1,878, the pivot point one-day R1.

On the flip side, if gold price finds a strong foothold below the aforementioned $1,855, then the Fibonacci 23.6% one-week at $1,851 will get tested.

Further down, the Fibonacci 38.2% one-day at $1,848 will come to buyers’ rescue. The last line of defense for gold bulls is aligned at $1,843, the intersection of the Fibonacci 38.2% one-week, SMA10 four-hour and pivot point one-month R1.

Here is how it looks on the tool

About Technical Confluences Detector

The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.  If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.

GBP/USD: 1.3500 ALIGNS AS CRITICAL SUPPORT

14 February 2022, 12:20

GBP/USD has declined toward 1.3500 pressured by risk aversion. The bearish pressure could ramp up in case that levels turn into resistance, FXStreet’s Eren Sengezer reports.

1.3520 forms the first technical resistance

“1.3500 (psychological level, Fibonacci 50% retracement of the latest uptrend) aligns as critical support. If a four-hour candle closes below that level and uses it as resistance, the next bearish target is located at 1.3470 (Fibonacci 61.8% retracement) ahead of 1.3440 (static level).”

“On the upside, 1.3520 (Fibonacci 38.2% retracement) forms the first technical resistance before the 1.3550/1.3560 area (200-period SMA, Fibonacci 23.6% retracement).”

 

GOLD PRICE FORECAST: XAU/USD REVIVES HOPES AMID RUSSIA-UKRAINE GEOPOLITICAL RISKS

14 February 2022, 09:04

Gold price is trading around $1,850, retreating from three-month highs of $1,866, as investors take profits off the table after the recent upsurge. But as FXStreet’s Dhwani Mehta notes, XAU/USD is set to resume the uptrend.

Golden cross remains in play

“The looming geopolitical tensions between Russia and Ukraine will remain the biggest risks for markets, which could potentially keep gold underpinned.”

“Immediate support is seen at $1,846, the 23.6% Fibonacci Retracement level of the rally from January 28 that peaked out last Friday. Further south, the February 10 highs of $1,842 will be tested, below which floors could open up towards 38.2% Fibo level of the same ascent.”

“The correction appears short-lived for gold, as the golden cross remains in play while the 14-day Relative Strength Index (RSI) still holds comfortable above the central line, despite the latest downtick.”

“If buyers regain poise, then a retest of the multi-month highs at $1,866 will be inevitable. The next critical resistance area is seen around $1,870-$1,872 price zone, which is the November peaks.

FOREX TODAY: EYES ON CENTRAL BANK SPEAKERS, RUSSIA-UKRAINE HEADLINES

14 February 2022, 08:54

Here is what you need to know on Monday, February 14:

Safe-haven flows dominated the financial markets ahead of the weekend amid renewed fears over a Russia-Ukraine military conflict and investors stay cautious early Monday. The economic docket will not be featuring any high-impact data releases and the risk perception is likely to remain the primary driver of financial markets. Additionally, European Central Bank (ECB) President Christine Lagarde and St. Louis Fed president James Bullard will be delivering speeches later in the day.

Late Friday, several news outlets reported that Russia was expected to invade Ukraine as soon as this week. Over the weekend, the White House said that the US will respond "swiftly and decisively" to any further Russian aggression against Ukraine. US President Biden's national security adviser, Jake Sullivan, told CNN that an invasion could take place before February 20.

Japan's Nikkei 225 Index lost more than 2% on Monday and the Shanghai Composite Index is down more than 1%. US stock index futures trade flat in the early European session and the benchmark 10-year US Treasury bond yield, which lost nearly 6% on Friday, is up 2% at 1.95%. The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, is staying relatively quiet near 96.00 after rising 0.5% last week.

Meanwhile, oil prices continue to push higher with the barrel of West Texas Intermediate (WTI) trading at its highest level since September 2014 at $94.20.

EUR/USD fell sharply late Friday and touched its lowest level in more than a week at 1.1329. The pair is moving sideways in a relatively tight range below 1.1350 early Monday.

GBP/USD is posting small losses below 1.3550 heading into the European session. The UK's Office for National Statistics will release the labour market data on Tuesday.

USD/JPY fell nearly 100 pips on Russia-Ukraine headlines but seems to have steadied above 115.00. Recovering US Treasury bond yields are helping the pair limit its losses.

Gold surged to its strongest level since mid-November at $1,865 on Friday. XAU/USD was last seen consolidating its gains around $1,850.

Bitcoin registered small losses over the weekend after facing heavy selling pressure on Friday but it managed to stay afloat above $40,000. Ethereum moves sideways below $3,000 after closing the previous four days in the negative territory.

USD/TRY PRICE ANALYSIS: SELLERS KEEP REINS AROUND $13.50

14 February 2022, 08:57

• USD/TRY prints mild gains after four consecutive days of losses.
• Corrective pullback from 200-SMA fails to cross 50-DMA, steady RSI adds strength to bearish bias.
• Fortnight-old horizontal resistance also challenges pair buyers, monthly support line restrict immediate declines.

USD/TRY fades bounce off 200-SMA while taking rounds to $13.50 heading into Monday’s European session.

In doing so, the Turkish lira (TRY) pair remains below 50-SMA amid steady RSI conditions.

Other than the immediate hurdle around $13.55, comprising the 50-SMA, a two-week-old horizontal resistance area around $13.65 will also challenge the USD/TRY bulls.

Should USD/TRY prices rise past $13.65, the pair’s run-up towards the $14.00 threshold can’t be ignored.

Meanwhile, a one-month-old ascending support line near $13.35 restricts short-term declines of the pair ahead of the horizontal support zone from January 20, close to $13.25.

During the quote’s weakness past $13.25, the $13.00 round figure and January’s low near $12.75 should lure the USD/TRY bears.

USD/TRY: Four-hour chart

USD/JPY RECOVERS TO NEAR 115.50, WITH HORIZONTAL TRENDLINE RESISTANCE BACK IN SIGHT

14 February 2022, 08:05

• USD/JPY bounces to around 115.50 after defending 115.00.
• Russia-Ukraine geopolitical risks continue to remain a threat.
• Downside appears cushioned amid a bunch of healthy support levels.

USD/JPY is consolidating Friday’s sell-off around mid-115.00s, trying to find the conviction to extend the recovery momentum.

Even though the risk sentiment has somewhat recovered, worries over a potential Russia-Ukraine war persist, which keeps any renewed upside in the US Treasury yields limited. This, in turn, could stem USD/JPY’s rebound.

Bulls may also find comfort from an increasing case for rising global rates, as inflation soar worldwide. The January Fed meeting’s minutes are likely to ramp up expectations for aggressive tightening by the world’s most powerful central bank.

Meanwhile, the Bank of Japan (BOJ) successfully defended its key bond yield target on Monday, as attention turns towards the Japanese growth numbers due on Tuesday.

In the meantime, the speech from St. Louis President James Bullard will be closely eyed for fresh hints on the Fed’s rate hike plans.

USD/JPY: Technical outlook

USD/JPY’s daily chart shows that the price found buyers well above the bullish 21-Daily Moving Average (DMA) at 114.79.

Also, bulls remain hopeful as the spot managed to defend the 115.00 level, as the 14-day Relative Strength Index (RSI) continues to hold above the midline.

On the upside, daily closing above 116.00 is needed to retest Friday’s high of 116.17, above which the critical horizontal trendline resistance at 116.34 will come into play.

EUR/USD FACES SOLID SUPPORT AROUND 1.1300 – UOB

14 February 2022, 08:12

FX Strategists at UOB Group noted further downside in EUR/USD should meet decent support in the 1.1300 area in the near term.

Key Quotes

24-hour view: “The sharp drop in EUR during late NY hours to 1.1328 came as a surprise. While the rapid decline appears to be running ahead of itself, EUR could dip 1.1328 from here. That said, the major support at 1.1300 is unlikely to come into the picture. Resistance is at 1.1385 followed by 1.1410.”

Next 1-3 weeks: “Last Friday (11 Feb, spot at 1.1420), we highlighted that the recent upside risk has dissipated and we expected EUR to trade between 1.1340 and 1.1500. We did not anticipate the rapid manner by which EUR dropped below 1.1340 (low of 1.1328). Downward pressure has increased, albeit not by much. There is room for EUR to edge lower but any weakness is likely limited to a test of 1.1300. On the upside, a breach of the ‘strong resistance’ level, currently at 1.1440, would indicate that the downside risk has dissipated.”

GOLD FUTURES: RECOVERY HAS FURTHER LEGS TO GO

14 February 2022, 08:22

Open interest in gold futures markets rose for the fifth consecutive session on Friday, this time by around 16.2K contracts considering flash data from CME Group. Volume followed suit and went up for the second straight session, now by nearly 5K contracts.

Gold now targets $1,877

Friday’s strong upside in the precious metal was amidst rising open interest and volume, leaving the door open to the continuation of the uptrend in the very near term and with the immediate target at the November 2021 high at $1,877 per ounce troy.

PBOC IS UNLIKELY TO ALTER LPR BUT MAY ROLLING OVER MEDIUM-TERM LOANS – REUTERS POLL

14 February 2022, 08:24

The People’s Bank of China (PBOC) is unlikely to deliver a second consecutive cut to its lending rate, a Reuters poll of 22 financial institutions.

Key findings

“Nineteen out of 22 financial institutions surveyed said they expect the People's Bank of China (PBOC) to issue 200-billion-yuan ($31.45 billion) in maturing medium-term lending facility (MLF) loans on Tuesday, matching the amount maturing on Friday.”

“The remaining three said they expect issuance to slightly exceed the value of loans maturing this week as an indication of the PBOC's easing stance.”

“All survey respondents said they expect the MLF rate to remain stable”.

GBP/USD: FURTHER CONSOLIDATION REMAINS ON THE CARDS – UOB

14 February 2022, 08:26

In opinion of FX Strategists at UOB Group, GBP/USD is still seen navigating within the 1.3450-1.3645 range in the short-term horizon.

Key Quotes

24-hour view: “Last Friday, we held the view that GBP “could weaken but a clear break of 1.3500 is unlikely”. GBP subsequently dropped to 1.3515, rebounded quickly to 1.3609 before easing off to close unchanged at 1.3461. The choppy price actions have resulted in a mixed outlook and GBP is likely to trade sideways for today, expected to be between 1.3520 and 1.3600.”

Next 1-3 weeks: “Our view from last Friday (11 Feb, spot at 1.3550) still stands. As highlighted, GBP is likely trade between 1.3450 and 1.3645 for now.”

USD/CAD STAYS DEFENSIVE ABOVE 1.2700 AS OIL PRICES GRIND HIGHER, RISK APPETITE IMPROVES

14 February 2022, 08:26

• USD/CAD snaps two-day uptrend, grinds higher of late.
• US-Canada trade link re-established after police cleared protests against covid restrictions.
• Oil prices stay firmer amid Russia-Ukraine war fears even as Kyiv recently requested Moscow for a meeting.
• Risk catalysts will be crucial for intraday moves, FOMC Minutes becomes the week’s key event.

USD/CAD holds onto mild losses around 1.2730 ahead of Monday’s European session.

The loonie pair drops for the first time in three days as easing geopolitical tensions in Canada and abroad, as well as upbeat oil prices, favor the Canadian dollar (CAD). It should be noted, however, that a light calendar and indecision over Russia-Ukraine situations, not to forget cautious mood at the Fed, restricts the quote’s immediate moves.

“North America's busiest trade link reopened for traffic late Sunday evening, ending a six-day blockade, Canada Border Services Agency said, after Canadian police cleared the protesters fighting to end COVID-19 restrictions,” said Reuters.

On the other hand, Ukraine recently requested Russia for a meeting, which in turn tamed geopolitical fears of imminent war as signaled by the Western leaders the previous day.

In adding to the ebbing risk-off mood, a lack of clarity over the Fed’s next move also weigh on USD/CAD prices, not to forget the upbeat prices of Canada’s key export WTI crude oil. It should be noted that WTI crude oil trades near the highest levels since late 2014 while taking rounds to $93.00 of late.

The markets went gung-ho about the 50 basis points (bps) of Fed-rate-hike in March versus the previous hopes of a 0.25% move during the last week. However, downbeat readings of US Michigan Consumer Sentiment for February, to 61.7 versus 67.2 prior, pushed the CME FedWatch Tool to suggest nearly 50-50 chances of such a move and drown the US Treasury yields.

Elsewhere, the recent Fedspeak also hesitates to favor a strong move on the rates and hence exert downside pressure on the USD/CAD prices.

Looking forward, USD/CAD traders await clear updates from Russia, as well as comments from St. Louis Fed President James Bullard, for intraday direction. However, major importance will be given to Wednesday’s Federal Open Market Committee (FOMC) Meeting Minutes.

Read: USD/CAD Weekly Forecast: Ukraine reorders market outlook

Technical analysis

The USD/CAD pair justifies the late Friday’s ‘Hanging man’ candlestick, as well as the Momentum line’s retreat, to register daily losses for the first time in three. With this, the prices are likely to extend the latest pullback towards the 100-SMA level near 1.2680.

However, the lower line of the stated two-week-old descending trend channel, near 1.2630, will restrict the pair’s further weakness, if not then the late January’s swing low around 1.2560 should return to the charts.

On the flip side, the channel’s resistance line near 1.2750 and late January’s peak around 1.2800 will restrict short-term upside moves of the USD/CAD pair.

CRUDE OIL FUTURES: PROBABLE CORRECTION ON THE CARDS

14 February 2022, 08:40

CME Group’s preliminary readings for crude oil futures markets note traders scaled back their open interest positions by around 19.3K contracts at the end of last week. Volume, instead, rose for the third session in a row, this time by around 328.2K contracts, the largest single-day build since November 26 2021.

WTI looks overbought, targets $100/bbl

Friday’s important uptick in prices of the WTI was on the back of shrinking open interest, hinting at the idea that a corrective move could be in the offing in the very near term. This view is supported by the overbought condition of the commodity, as the RSI hovers around the 75.00 level. The rally in crude oil, in the meantime, now shifts the attention to the psychological $100.00 mark per barrel.

Who is The Owner of Royal Q

Being as curious as you are, I have done deeper research to reveal, in the article below, the real owner of the Royal Q cryptocurrency trading robot, its legal standings, and other important information you need to know before joining the network.

In recent years, we’ve seen the introduction and launch of hundreds of business models and AI tools designed for cryptocurrency and its asset holders.

It is quite unfortunate that many of these innovations, in the pretext of offering a get-wealthy opportunity, are actually scams. While some were suspected from the start, others could not stand the test of time.

With this, investors are now woke, sensitive and inquisitive before buying into any software solution. Nowadays, Royal Q Robot is trending as many people across the world are becoming part of it.

The AI software helps to ease the complexity in keeping track of cryptocurrency investments as it simplifies your portfolio management and increases the ease at which you trade digital assets while maximizing profits. 

More interestingly is the robot’s networking/referral compensation and reward plan where users get rewards and bonuses by referring the software to people and have the potential of raking in more dollars as their referral network expands.

Even amid the proof of how true this scheme works oozing all over the internet, many people want to know how Royal Q really works, its legitimacy, and more importantly, the identity behind the Royal Q trading bot.

Hence, who is the owner of Royal Q?

The CEO/Founder of Royal Q

As with many tech/Artificial Intelligence solutions out there, the founder of Royal Q is not as public when going by the information available on their official website. However, with the information on the company’s registration as a licensed entity (Royal Quantify investment management company) as the image above, we can unravel that:

Royal Q is a Chinese company registered in California, USA with a Business Address: 8605 Santa Monica BLVD #79525, West Hollywood, California 90069, and Headquartered in Singapore. Royal Q founder is of the name Chih Kuang Ouyang.

Royal Q was launched in 2021 as a one-click to start the quantitative trading system, realize automatic intelligent trading, real-time monitoring and tracking of big data algorithms, adjust real-time market conditions, the best quantitative strategy to stop profit, and maximize user profits, with a technical strategy such as built-in tracking for opening positions + tracking stop profit + tail order stop profit + grid Take profit.

It has spread and is very popular in these countries: China, Malaysia, Indonesia, Nigeria, Pakistan, Italy, India, Ghana, Korea, Maldives, Thailand, Bangladesh, etc.

It is expected to be in more than 30 countries within six months. And 100 plus countries within a year. Generate over one (1) billion USDT Revenue for users within a year.

Speaking more on the company’s profile, Some people claim Royal Q is from Hong Kong or Singapore, but considering that their official site is in Chinese and promotional content has Chinese language, we can deduce that Royal Q is supposed to be from China.

It should be noted that the website is available in English and other Asian countries’ language such as Thai, and Russian, and others.

A look at the statistic supplied by one of the world’s largest virtual assistant technology, Alexa, it is predicted that the Royal Q official website receives 25% of its visitors from India, 21% from Nigeria, and 7% from the United States.

The truth about Royal Q and how it works

Royal Q trading BOT is a computer program based on a set of cryptocurrency trading signals that helps determine whether to buy or sell a crypto pair. It can also be said to be a quantification system that adopts a multi-strategy, multi-technology mix mechanism.

The AI software is considered one of the leading next generation in cryptocurrency trading as it offers users the ability to create customizable pre-set trading rules, giving them the leverage of paper trading and backtesting to check your strategies, especially for newbies.

With the understanding of how crypto robots work, Royal Q has the ability to build one’s skills and knowledge to become better at cryptocurrency trading.

Based on experience, the app is used for advanced cryptocurrency trading and stands out due to its outstanding customer service, advanced security, affordability with referral bonuses, and advanced trading indicators.

It is an artificial intelligence app that generates automatic profits. The bot is only available on Binance, Coinbase Pro and Huobi exchange at the time of this report.

Binance as we know was founded in 2017. Its rise has also shaken the position of several leading exchanges. By 2020, the transaction volume of the platform has exceeded 3 trillion US dollars, with users in 180 countries, becoming the world's largest digital asset trading platform. So far, the transaction amount of Binance spot and derivative products in 24 hours is as high as 1 trillion, with more than 210,000 daily active users.

How Does Royal Q work?

In a recent post where I covered the nitty-gritty of crypto trading robots and their role in today’s market, it was discovered that the ROYAL Q Bot is able to make a trading profit of 0.1% – 10% per day and 3% to 300% per month.

The Royal Q bot claims to save you time as well as lose your money while trading for yourself, you will be guided by it.

Step 1. Go to Royalqs.com and click [Register]. Use this Invitation code (P3Z5N).

Step 2. Register and download the Royal Q app from the Google Play Store or App Store

Step 3. Open an account with binance.com

Step 4. Load your Binance spot account with USDT. Preferably min amount of USDT300 and

maximum amount as you desire.

Step 5. Transfer USDT 120 (subscription + Fuel) from Binance to Royal Q and do your activation

Step 6. Bind API and Private Key with Royal Q.

Step 7. Set your trading strategy

To put all these necessary steps in a sentence, users will have to first set up an account with Royal Q after downloading the app online, from the Apple store for IOS device users, as well as Google play store for Android users. Then you log into your Binance account and connect your Royal Q app with your Binance API keys to start trading with the App.

The robot costs only $120 for a full-year subscription, and at least $20 for trading gas fees. As you trade to make profits, gas fees will be collected from the $20. overall, a total of $140 is enough to setup up the robot for trading, while your Binance spot USDT wallet should hold from $50 or $100 or above.

Benefits of Royal Q

In addition to knowing the identity behind Royal Q, and how the app truly works, I have observed and put together some of the advantages of using this particular crypto trading bots to help you decide if this is something worth investing in.

Latest technology business

The automated crypto bot is a computer program based on a set of cryptocurrency trading signals that uses artificial intelligence algorithms to automatically match quantitative trading strategies.

Home-based business

Royal Q officially rolled out a few years ago, precisely in 2017. At that time, the AI software was limited to Asia as only traders in countries like China; India, etc could use it. However, the trading bot app became popular and worldwide in 2021.

In other words, you can use the app to make money wherever you are in the world, so far you have a mobile device with the internet and you can trade.

Business on your palms (mobile application)

Not all crypto bots have their footprint in mobile applications. With Royal Q, you don’t have to take your laptop everywhere while watching your portfolio flourish. Everything can be viewed in your palm with your smartphone via the Royal Q mobile app.

Profit through crypto trading

The Royal Q trading robot is designed to remove the psychological element of trading, which can be detrimental in investment or trading cryptocurrencies. It gathers market data, interprets it, calculates the potential market risk, and executes buying or selling crypto assets on your behalf.

Profits through referring (life long income whenever they make a profit)

According to many users, the real juice of this software flows in when you take advantage of the referral program where you get compensated for referring people into the network, There are 4 levels to this reward plan and you stand to rake in more dollars as your members expand.

Time freedom

With a reliable robot taking care of monitoring the price of your crypto asset and the market performance and executing well-calculated and risk-free trades, you will have more time to focus on other important things in life without sacrificing proceeds from trading.

Money freedom

Many…thousands…countless number of Royal Q users all over the world who have been able to take advantage of the software, particularly the referral plan, are now earning a passive income of around $100 to $500 on a weekly basis without doing anything.

New friends around the globe

The Royal Q networking scheme allows you to connect with like-minds and fellow crypto traders around the globe with foresighted vision. You also get to establish productive relationships in webinars, group chats, and social media cohorts where real Royal Q legends tutor the newbies.

Professional development

Royal Q is a great way to automate your cryptocurrency investments and manage risk by creating rules for making trades.

Learn new ideas

Since you can now set strategies based on previous market data, and can also choose the most popular ones available online which have been tested by other users, Royal Q gives users the opportunity to learn new ideas in the crypto niche.

Is Royal Q legit and safe?

At this juncture, it’s already established that there's an absolute possibility of making money with crypto trading bots. But, along with knowing the owner and how it works, many people still ask whether or not the AI software is legit and actually safe. It is! And here are the factors that deduce so:

API Binding with trusted IP

Royal Q Cryptocurrency robot runs can be monitored on your mobile phone or PC. You simply load the robot on any number of Cryptocurrency/tokens of your choice and walk away.

No withdrawal permission for Royal Q from Binance

The API system (application programming interface) when connecting between Royal Q and Binance, Coinbase PRO, or Huobi exchange only allows RoyalQ to change balances and trades.

No automatic coin selection

Trade multiple currencies pairs at once. Optimized default settings.

Never close a sale on a loss

As explained earlier, Completely risk-free. The robot is loaded with features to dominate any trend. An optionally modified Martingale strategy and built-in money management. With a safe & secure bankroll with spot trading

Instant disbursement of commissions

No delay in receiving reimbursement for commissions earned in Network and compensation plan and no charges for Royal Q transfers, only 2 USD charge for withdrawal for any amount.

In addition, It is only the rental price of the bot and you risk losing if at all Royal Q stops operating, but you still have an unchanged balance in your Binance, Coinbase PRO, or Huobi exchange account in USDT or in the form of other coins that are being traded.

Royal Q Vs Competitors

Royal Q trading bot has various competitors that offer similar products, and this is no shocker given that it is one of the famous crypto AI tools trying to secure a place in the global playground.

However, what significantly sets Royal Q apart from many other competitors is that the platform offers comprehensive educational tools to help you improve users' trading skills, plus it's a practical and evidently working referral compensation plan.

It is true that the app doesn’t have enough leverage in respect to connecting with several exchanges, only Binance and Huobi. Unfortunately, users have been deprived of the opportunity to invest in a variety of cryptocurrencies because of this which might make them look elsewhere.

Nevertheless, it is a platform to bank on if you simply want the best rate for your transaction and pretty much effortless profit-making.

So, is Royal Q worth it?

The truth, my friend, is that Royal Q may be a great platform for managing crypto assets, but it may not be for everyone.

If you’re a long-term-oriented investor that doesn’t trade often, then you may not find Coinrule worth it. The same situation applies if you are looking for a get-rich-quick or set-and-leave scheme.

On the other hand, if you have accounts with Binance or trade crypto daily, then using Royal Q may be well worth the shot.

Again, in terms of security, you need not worry as the software uses various levels of security to protect your privacy and prevent hackers from gaining access to the platform.

For example, In one of my talks with a crypto bot expert, a friend, I learned that ideal bots with great security and safety are ones that have a series of features from a multilayer of security barriers such as authentication procedures, military-grade encryption, payment protection, and so on.

All these advanced features can be seen in the process of how Royal works, and that is quite reassuring, at the least.

Conclusion

So far, we’ve been able to touch on the name behind the ownership of Royal Q, the profile of the AI software as a licensed company, and how it works.

All and above, it can be deduced that Royal Q seems a lovely opportunity, as we have to just invest 100 USD and we will earn trading profit and even get a referral commission of up to 70% and other team building bonuses

But you must keep in mind that trading bots aren’t always profitable, especially if you have a mediocre attitude or expectation towards it. You want to make sure it is something that suits well with your trading style before you invest in it.

If you care to know more about Royal Q in terms of its profitability and how users are currently making money from the platform, I encourage you to read my recent article 

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Russian Regulators Find Common Ground — Bitcoin Can’t Be Used for Payments

Russian authorities are yet to reach full consensus on the future of cryptocurrencies but government institutions are on the same side of the fence in their intention to ban bitcoin payments. Other operations with digital assets are to be legalized and regulated, representatives of Russian business have revealed.

Russian Central Bank, Finance Ministry Agree to Prohibit Crypto Payments

The Central Bank of Russia, the Ministry of Finance and the government have converged on the question of how to regulate Russia’s crypto space. Decentralized digital currencies will not be accepted as a means of payment, the head of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin told reporters following a meeting devoted to digitalization.

Last month, Bank of Russia urged for a wide-ranging ban of crypto-related activities, including their use in payments, exchange and mining. The hardline policy proposal was met with opposition from other institutions, including the finance ministry which came up with its own vision of how cryptocurrencies should be treated. Siding with the treasury’s stance, the federal government adopted a plan which favors regulation over prohibition.

“It is already clear that both sides in this discussion have generally come closer. In particular, if we are talking about prohibitions, then that is rather about a ban on the use of cryptocurrency as a means of payment, while other aspects are subject to regulation,” Shokhin was quoted as saying by the daily Izvestia. According to the government-approved regulatory concept, coins can be bought, exchanged, and sold, the report notes

Vladimir Potanin, co-chairman of RSPP’s Coordinating Council and president of Nornickel, noted that the regulatory bodies are still seeking agreement on the details of Russia’s crypto framework but he emphasized that all of them support a ban on the use of cryptocurrency as a legal tender.

“The business community has reached an understanding with the government, the central bank and lawmakers that cryptocurrencies are more complicated and difficult to regulate than digital financial assets,” the billionaire elaborated, quoted by Forklog.

While regulating certain aspects of the crypto economy such as the issuance of tokens, the Russian law “On Digital Financial Assets,” which went into force in January of last year, left many unanswered questions. A working group at the State Duma, the lower house of parliament, is now preparing legislation to fill the gaps.

A new law introducing comprehensive rules for the circulation of cryptocurrencies in Russia, based on the finance ministry’s proposals, is expected by Feb. 18. Earlier this week, the chairman of the Financial Market Committee Anatoly Aksakov announced that a draft is already on his desk. Deputies plan to adopt it during the spring session of the Duma.

Do you expect Russia to regulate cryptocurrencies by the parliament’s summer recess? Tell us in the comments section below

Indian Parliament Member Clarifies Legal Status of Cryptocurrency

Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, India’s finance secretary, and the minister of finance have recently clarified the legal status of cryptocurrency in India.

Legal Status of Crypto in India

Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly.

Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that cryptocurrency is not legal in India.

He told reporters that both the government and the central bank, the Reserve Bank of India (RBI), have not given any recognition to cryptocurrencies, therefore they are not legal in India right now.

However, he is not saying that the legal status of crypto will remain this way, emphasizing that what happens in the future regarding its legal status cannot be said at this time.

Minister Karad’s statement echoes one made by the Indian finance minister, Nirmala Sitharaman, last week. She said the government is not going to legalize or ban cryptocurrency at this stage, stressing that the decision of whether to ban crypto will come after she receives input from various consultations.

Crypto Currently Neither Legal nor Illegal in India

While Minister Karad said cryptocurrencies are not legal in India, the Indian government has noted repeatedly that they are also not illegal.

Finance Secretary T. V. Somanathan, for example, said earlier this month that crypto assets are currently not illegal. However, he stressed that investments in them are not encouraged either, elaborating:

They are in a gray area. They are not illegal. It’s not illegal to buy or sell crypto assets in India, and it continues to be not illegal.

Meanwhile, the finance minister has made it clear that income from cryptocurrency transactions will be taxed. However, the crypto industry is petitioning for the government to reconsider the 30% taxation proposed in the budget.

Minister Karad added Saturday:

There is information that some people have invested in cryptocurrencies. Thus, 30% tax has been proposed on [crypto] transactions in the Union Budget.

The Indian government is reportedly consulting widely with many stakeholders regarding crypto regulation. The finance minister also said that the government is constantly monitoring the crypto sector.

A cryptocurrency bill was listed to be considered in the winter session of parliament but it was not taken up. The government is now reportedly reworking the bill.

What do you think about how India is treating crypto? Let us know in the comments section below.