The US 30 cash index has been under bearish pressure after registering a new 2023 high and its highest print since April 2022. It is trading sideways today, testing the support set by the October 13, 2022 upward sloping trendline. The previous three times this trendline was tested, the bears failed to record a decisive […]
GBPAUD has eased slightly from last Thursday’s 40-month high of 1.9968 as the positive momentum has started to lose steam somewhat. For the moment, the RSI and stochastic oscillator are holding in the overbought region. The former has flatlined just above 70, however, for the latter, the fast moving %K line has crossed below the […]
The US dollar index (futures) crossed above its 200-day simple moving average (SMA) for the first time since November 2022, but upside forces faded immediately around 103.55. Strikingly, the tentative resistance line from March is marginally higher. Moreover, the RSI and Stochastic oscillator indicate overbought conditions, so there could be some profit-taking in the short term. The broken […]
The US 500 stock index (cash) has been in a steady decline since its peak at the 16-month high of 4,606 on July 27. However, the price seems to be temporarily halting its retreat after encountering strong support near 4,342, which is the 23.6% Fibonacci retracement of the 3,486-4,606 upleg. Despite the latest bounce, the short-term […]
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EURCHF is edging higher today as the bulls are trying to put a stop to the continued downside pressure. The bears failed to record a lower low, below the July 27, 2023 low of 0.9521, and instead a bullish structure of double bottoms appears to have formed. A move above the 0.9648 neckline is needed […]
EURUSD opened moderately higher on Monday after almost touching the 1.0830 support area, which sparked the exciting rally to a 17-month high of 1.1275 last month. The pair experienced five negative weeks in a row, retreating below the trendline that connects the lows from September 2022 and below its 20- and 50-day exponential moving averages […]
Markets in a stalemate, waiting for Jackson Hole clarity All eyes on bond yields – will Powell disturb the waters? Dollar and gold stable, China rate cut fails to impress Quiet before the Fed storm? A fragile sense of calm has returned to global markets. From currencies to equities to commodities, most assets started the […]
With the market anxiously expecting this week’s Jackson Hole gathering, on Wednesday we will get the preliminary UK PMI survey results for August. As the pound remains one of the market’s favorites, a positive surprise at this week’s data releases could quickly reignite the BoE’s rate hike expectations and allow the euro/pound pair to record […]
Gold had been experiencing a strong pullback following its recent peak at 1,987, with the price slicing through both its 50- and 200-day simple moving averages (SMAs). Moreover, in today’s session, bullion fell to a fresh five-month bottom as the bulls seem to be staying on the sidelines. The momentum indicators suggest that the recent decline […]
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GBPUSD had been in a prolonged uptrend since October 2022, storming to a fresh 15-month high of 1.3141 on July 14. Since then, the pair has been experiencing a downside correction, which seems to be running out of steam as the price remains stuck in a rangebound pattern for the past two weeks. The short-term oscillators currently […]
Economists see another rate hike in the euro area, but some skepticism remains about whether the rise will happen in September or at a later time. Preliminary business PMI figures for August could provide fresh insight on Wednesday at 08:00 GMT. Even if there’s another bad report, a September rate hike might still happen, but […]
The period of prolonged calmness in the crypto sphere has officially come to an end, with Bitcoin posting its biggest daily drop on Thursday since the collapse of FTX in November 2022. For quite some time, cryptocurrencies remained immune to any macroeconomic and idiosyncratic developments, but now they have started to feel the wrath of […]
USDCHF is worth watching in the coming sessions as its recent upswing caught up to the 50-day simple moving average (SMA) and the 0.8800 level. Technical signals are mixed. The RSI and the MACD have moderately strengthened above their neutral levels for the first time in two months, increasing speculation that the bull run could […]
AUDJPY is enjoying another red candle, hovering inside the busy 92.78-93.63 range. The bears are staging the first significant pullback following the strong upward move that commenced in March 2023, breaking below the March 24, 2023 upward trend channel, while religiously observing the June 19, 2023 downward sloping trendline. The momentum indicators are not yet […]
It’s a light week in terms of economic data, with the most important releases being the business surveys from the major economies. But the true highlight will be the Fed’s annual economic symposium. With US yields on the verge of a breakout, Chairman Powell’s signals about the path of interest rates will be absolutely crucial […]
Stocks extend slump as China fears intensify, yields scale fresh highs Dollar on a winning streak as Wall Street heads for third weekly loss Markets eye more China rate cuts and Jackson Hole for Fed clues More pain for risk assets The rout in global stock markets shows no signs of ending on Friday even […]
GBPJPY turned red after its one-week-old 3.2% rally reached an 8-year high of 186.45 near a trendline area. The longer-term ascending line from May 2021 and the shorter-term upward-sloping trendline from October 2022 cemented that ceiling, sending the price slightly lower on Thursday. The pair continued to weaken during Friday’s early European trading hours, heading towards […]
August is traditionally seen as a quiet month, but once again significant developments are taking place globally. In particular, the 10-year US yield has climbed decisively above the 4% threshold as market participants are scrambling to explain this move amidst a low liquidity environment. A quick look at market history could give us some valuable […]
USDCAD had been trending higher in the short term after finding its feet at the 10-month low of 1.3091 in mid-July. Moreover, the pair has sliced through important technical zones such as both the 50- and 200-day simple moving averages (SMAs), while posting a fresh 2-month high in today’s session. The momentum indicators currently suggest that […]
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The S&P 500 and Nasdaq 100 equity indices are on track to post their third consecutive red candlestick on the weekly chart for the first time since February 2023 and December 2022, respectively. After a relentless year-to-date rally, fund managers seem to be starting to lock some profits or rebalance their portfolios amid the ongoing […]
NZDUSD is trading higher today after testing the support set by the 0.5920 level as the bulls are trying to break the current series of five consecutive red candles. NZDUSD managed to record a new 2023 low, and, despite today’s move, it continues to respect the very aggressive July 14, 2023 downward sloping trendline. The momentum indicators […]
BTCUSD (Bitcoin) has been rangebound for almost a month following a mild pullback from its recent 2023 highs. However, the king of cryptos has been gradually forming a structure of lower highs and lower lows similar to the one observed during the April-June period, with the price posting a fresh two-month bottom in today’s session. The momentum […]
GBPNZD brought the pandemic’s four-year high of 2.167 back under the limelight after an impressive performance over the past six months. The ongoing bullish run, which snapped the 50% Fibonacci retracement of the 2015-2016 freefall last week, shows no signs of weakness in the weekly chart. Hence, buyers could stay active in the market, though some […]
Yields approach new cycle highs, boosting US dollar Gold and stock markets absorb collateral damage Yen meltdown continues; how likely is intervention? Bond rout spills over The havoc in bond markets has started to spread into other asset classes. Yields on 10-year US Treasuries continue their relentless rally and are currently just a shade away […]
AUDUSD has been in an aggressive decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. In the near-term, the pair is posting consecutive lower lows, with the price appearing to have approached oversold conditions as it is trading very close to the lower Bollinger band. The momentum […]
WTI oil futures got hammered after the peak at a nine-month high of 84.89, breaking out of the tight bearish channel that had been navigating the market over the past two months. The price has re-entered the broad neutral area below 83.40, closing significantly below the 20-day simple moving average (SMA) and the 80.00 round level […]
Following four red candles, the JP225 cash index is today recording an interesting candlestick called hammer that is usually interpreted as a bullish sign. The bulls would probably like to be given the chance for a rebound as the JP225 index has been on a downward trend since the June 16, 2023 high, and they […]
