Market Update

Snap announced the company’s second quarter earnings after the closing bell on Thursday, missing Wall Street’s expectations, so shares fell by 23% in after-hours trading.Average revenue per Snapchat user fell 4.5% year-over-year, and the company said it was not providing Q3 guidance given the current financial climate.Snapchat’s earnings follow the …

The AUD/USD pair’s performance is flat in the first hour of Asian trade on Friday as it moves in on extremes of a broadening formation on the charts, but fundamentally, the stock markets on Wall Street and the softer US dollar have been a significant catalyst, so, the pair rallied …

WTI pares the biggest daily loss in one week ahead of the key activity data for July. Restoration of Nord Stream 1 gas pipeline drowned oil prices despite positive risk appetite and the softer US dollar. Libya’s resumption of oil production, ECB rate hikes and fears of a recession in …

Tesla has sold 75% of its Bitcoin holdings for an average price of $29,000. The price of the most famous cryptocurrency has not yet shown a correlation to the sudden bearish news as the invalidation of the bullish macro thesis remains at the $13,880 level.CEO Elon Musk attributed Tesla’s lack …

Gold price falls back into the hands of the bulls following the ECB’s rate policy decision. The Gold Index is now at a critical stage in the bearish cycle where a significant correction could play out. Next week’s Fed meeting will be very important for rate and gold traders. Gold …

The USD/CHF pair is still upward biased, but in the short-term might aim towards 0.9600. the improved market sentiment dented demand for the US dollar, and constitutes a remarkable headwind for the asset.The USD/CHF slides for the second day in four retreats below 0.9700, amidst an improved market mood weighing …

Bitcoin staged its first test of critical support on Thursday July 21 as the impact of the news headline that Tesla liquidated most of its Bitcoin holdings diminished. The BTC/USD pair is focusing on the $22,800 zone after dropping from multi-week highs of $24,280. The pair had swiftly reacted but …

The European Central Bank raised the key interest rates on Thursday for the first time in 11 years. Analysts at Danske Bank expect the central bank to hike another 100bp this year, before halting its cycle. They still prefer the idea of selling ECB-induced euro rallies.Key Quotes: “EUR/USD initially rallied …

The European Central Bank raised key interest rates on Thursday by 50 bps. The move was larger than expected. Analysts at Wells Fargo believe inflation remains elevated enough, and inflation risks worrisome enough, to continue with a more forceful pace of rate hikes for the time being. Key Quotes: “As …

The USD/CAD pair reversed and dropped back below 1.2900 during Thursday’s volatile session for financial markets following the European Central Bank meeting policy decision and US data.The rejection from above 1.2900/05 (horizontal levels, and 20 and 200 Simple Moving Average in four-hour chart) reinforced the bearish short-term bias. If USD/CAD …