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With central banks aggressively hiking interest rates to combat inflation, one specific country stands alone in maintaining a dovish stance. The country is Japan, and the consequence of the Central Bank of Japan’s ultra-dovish policy has been a massive weakening of its currency. Against almost all other currencies the JPY has been depreciating aggressively.

Specifically, the USD/JPY and the NZD/JPY are shaping as potentially trading opportunities. Both trading opportunities are largely based on a technical breakout as opposed to a pure fundamental breakout. NZD/JPY This currency pair is forming into a symmetrical triangle pattern.

Importantly the price has been contracting and the range getting smaller. This shows that the price is reaching an equilibrium point between buyers and sellers. However, at some point and the price will not be able to contract further and will have to break out either to the upside or the downside.

The general rule of a symmetrical triangle is to wait until the price breaks before taking a position because the price has not indicated if it will break upward or downward. In addition, the RSI indicates a similar pattern showing consolidation in the same type of triangle. Therefore, a break of this RSI triangle may correlate and support a break out on the actual price.

USD/JPY This pair has seen an even more extreme move upward. After pulling back to the recent support at the 23.6% Fibonacci retracement level, the price has risen again and is looking to test the highs at 139.5 JPY. In order to find a new target the chat needs to be zoomed out to the monthly in order to see the next resistance point which is at 145JPY.

This would also take the price to almost 25 year highs. With more economic data to come out of the USA later this week.

Baidu Inc. (BIDU) reported its unaudited Q2 results on Tuesday. The Chinese technology company topped both revenue and earnings per share estimates for the quarter. Revenue reported at $4.424 billion for Q2 (down by 5% year-over-year) vs. $4.395 billion expected.

Earnings per share at $2.36 per share for the quarter vs. $1.59 per share estimate. Robin Li, CEO of Baidu: "Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter." "Apollo Go further solidified its position as the world's largest autonomous ride-hailing service provider. Apollo Go completed 287K rides in the second quarter, and accumulated one million rides on July 20, becoming an important alternative means of people's everyday travel in the Yizhuang region of Beijing.

Moreover, in a momentous landmark, Apollo Go became the first provider to offer fully driverless ride-hailing services – i.e. completely without human drivers present in the car - on open roads in Chongqing and Wuhan, allowing us to further scale up our operations at an accelerated pace," Li added. "Baidu Core delivered a non-GAAP operating margin of 22% in the second quarter, up from 17% in the first quarter of 2022, as we continued to optimize our costs and enhance operational efficiency," said Rong Luo, CFO of the company. "Going forward, we remain committed to quality revenue growth and sustainable business models," Luo concluded. Baidu Inc. (BIDU) chart Shares of Baidu were down by around 7% on Tuesday at $137.49 per share. Here is how the stock has performed in the past year: 1 month +2.82% 3 months -1.72% Year-to-date -7.29% 1 year -12.15% Baidu price targets Benchmark $270 Citigroup $223 Barclays $235 JP Morgan $125 Mizuho $285 HSBC $180 Baidu Inc. is the 334 th largest company in the world with a market cap of $47.08 billion.

You can trade Baidu Inc. (BIDU) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD. Sources: Baidu Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap

The price of wheat is finally starting to show positive signs after an aggressive sell off that has been ongoing since May 2022. There is hope that the price of the commodity may begin to climb again with the price finally finding some support. The price has been impacted by growing fears that production may slip may increasing volatility and increasing in price.

Pressure from Global Warming has effected the production/farming of the grain reducing supply. India in particular which is the second largest producer of wheat, has suffered from rising heat levels with its production dropping by 3% in 2021/22. Furthermore, the constant ambiguity surrounding the Russian and Ukraine crisis still has the potential move the price even higher adding to a potential supply crunch.

Technical Analysis The Price chart for wheat shows how the price ran during the initial stages of the Russian and Ukraine crisis, before failing to breakout and entering an aggressive downtrend. This shift is essentially a long-term reversion to the mean moving back towards the 200-day average and prior long term supports. The price action is a common follow on from sharp and fast rises in prices.

The price has now settled and consolidating between $770-$850 and importantly broken out of the downtrend. Adding to the evidence for a potential reversal is that there is a divergence between the RSI and the current price. As it can be seen, the RSI is itself in an upward channel and has crossed through the 50 level.

This can be compared to the actual price which is still consolidating. Divergences can be an early indicator that a reversal is about to occur. This current price action is showing the potential for a bounce based on the factors discussed above and presents a potential long trade with a risk reward of around 2.5:1.

For this trade, the recent resistance point of $940 can be the first target. If the price can pass through this level, it may be able to reach $970. Placing a stop loss below the recent low wick at 830 provides solid risk management in case the price goes in a different direction.

Wheat Trading Opportunities Wheat is a well-known soft commodity that is vital for any kind of bread product. It also has important uses for the feedstock for cattle which is vital in economies with large agricultural sectors. The supply and demand for wheat can be volatile with changes occurring for a multitude of different reasons.

The most recent spike in price was caused by the Russian and Ukraine Crisis. The soft commodity saw a large spike largely due to the economic sanctions placed on Russia and supply chain pressures that the war caused in Ukraine. Both countries are large exporters of wheat with Ukraine producing about a fifth of the world’s high-grade wheat and 7% of all wheat across the world.

Therefore, the supply shock had a large effect on the supply available driving up the price. Some of the other countries that produce the bulk of the worlds supply include China, the USA, Canada, Australia, and India were able to benefit from the higher prices. A strong USD Like all commodities, wheat is quoted in USD.

This means that when the USD is strong, the price of the commodity becomes weaker because the producer must sell their produce for less. Due to recent market volatility the USD has risen as investors have looked to the USD for safety. This has in turn negatively affected the price of wheat The Price of Oil The price of oil plays a role in the overall price of wheat.

This is because oil is an important input cost for wheat. Oil is needed for both the transportation and the actual farming of wheat. As the price of oil increases the costs must then be offset by the wheat producers who then raise their resale price.

Therefore, when forecasting what the price of wheat may do in the future, assessing the future of the price of oil can be a helpful tool. Emerging economies Countries with developing economies tend to be higher importers and consumers of wheat. In addition, countries in the Middle East and Africa import lots of wheat because they do not have an environment that is conducive to producing wheat.

For instance, in countries in the desert such Egypt where there is little water, and it is exceptionally dry such as Egypt very little wheat is produced. This explains why Egypt is one of the highest exporters of wheat and if the demand from these countries it would likely impact on the overall price. Technical Analysis The price chart of wheat tells an important story.

It can be observed that the wheat futures initially spiked at the beginning of the war in Ukraine as the market reacted to the initial supply shock. The price then moved into a tight consolidation tightly before breaking out towards the highs. However, this breakout failed, and was unable to rise above the key resistance level at $1354.

The price of wheat then entered a downward trending channel where it currently remains. The price has also broken down below the 200 Day Moving Average which does not bode well for bullish moves in the short term. Before this break down, wheat had not fallen substantially below the 200-day moving average since June 2020.

On the other hand, the price is currently sitting in the top half of the channel. The price may be able to break out of the channel to the upside. In addition, it is also sitting in area of long-term support between 750-850 USD.

Wheat Future Contract CFD’s can now be traded on MT5 on GoMarkets platforms

The USA and other Western nations have intimated that they are planning to block Russia's access to its international stockpile of gold. Russia has so far been able to use gold to support the Rubel as a tool to reduce the impact of sanctions. Russia has been able to trade gold assets for more liquid foreign exchange that have not been subject to current sanctions.

Tech stocks continued their momentum overnight as the Nasdaq closed at its highest level since February 9, up 1.93%. Intel was a top performer overnight as it rose 6.94% on reports that it may assist NVIDIA corporation in chip manufacturing. Uber also had a stellar night increasing by 4.96% after it reached an agreement to list NYC taxis on its app.

The Dow Jones closed 1.02% higher as material stocks performed well. The S&P 500 reflected the positive momentum as it closed the day up 1.43%. In Europe, the FTSE had a relatively flat day.

The material sector performed strongly, supporting the index as it closed up 0.09%. The DAX also had a relatively flat day finishing down 0.069%. Commodities Brent Crude oil failed to carry on its rise as it dropped back 2.69% to $118.14.

Although the price is still holding above the $115 level. The gold price saw a mini spike out of its consolidation as it jumped by 0.69% to USD 1957.41. The move can be somewhat attributed to the potential for new sanctions on Russia.

Natural Gas had another bumper day as it rose by 5.81%. The price extended break out as it closed at its three-month highs of $5.464. The USA may be forced to increase its exports to Europe to offset any disruption in supply from Russia.

Cryptocurrency Bitcoin performed solidly overnight. It is currently testing the highs of its recent range and as the BTC/USD approaches the $46,000 resistance level. The pair closed at $44,091, a 2.56% increase, at 22.36 GMT.

Ethereum has kept its strong week going with another 2.59% rise holding the $3118 at 22.42 GMT. The ETH/USD has seen a recent period of consolidation before overnight breaking above the trend line. The JPY continues to be smashed against most other currencies.

The USD/JPY rose by 0.97% to 122.324. The GBP/JPY also saw a huge move moving 0.88% to close at 161.330. The AUD/USD had a mixed day.

Initially, the currency pair sold down, however it recovered later to close at 0.7512. The EUR/USD has seen a settling of its price as Ukraine and Russian conflict has settled. The pair finished trading at 1.0998 USD.

Global indices were choppy overnight, mainly finishing lower on the back of failed peace talks and Russia continued advances in Ukraine. According to reports from the French government, the Russian president Vladimir Putin intends to take the country by any means and that “the worst is to come”. The reports sent the FTSE 100 down 2.57%.

The decline was further aided by the removal of Russian equities from the index. In addition, the DAX followed dropping 2.16%. In the USA the NASDAQ closed down 1.56% as the tech sector saw more selling.

The FANG stocks were all down continuing from what has been a volatile week. The Dow Jones and the SP500 performed a little better but were still up and down during the trading session. Overall, the S&P500 finished down 0.53% and the Dow Jones 0.29% respectively.

Money continues to flow into commodities as pressure is growing for Western countries to ban Russian oil and gas imports. Gold continues to provide strength in the volatile market holding $1936 USD per ounce. Oil touched $119 USD a barrel before tapering to $110.

Nickel was also a strong mover jumping 6% to $27,815 its highest level since April 2011. Wheat continued its rise another 5.46%. Palladium, another commodity in which Russia is a large producer, is also up 3.2% to $2,753.68 by 12.43 GMT.

Palladium is a crucial metal needed by Automakers for catalytic converters to curb emissions. Iron Ore showed some strength increasing by 5.5% to $153USD per tonne. In currencies, the BTC/USD pair lost momentum at $42,541 USD down 3% at 10.45 pm GMT.

Ethereum is also down 4.48% over the last 24 hours. The EUR/USD fell to fresh levels of 1.1032 its lowest level since May 2020. The markets remain volatile and very reactive to news coming out of Europe as the weekend approaches.