Gold is trading lower today, a tad below its 50-day simple moving average (SMA). Gold has actually been on a downward path since the May 5, 2023 high of 2,079 with the bears most likely trying to achieve a new low, below the June 29, 2023 trough of 1,893, and hence continue the recent bearish […]
USDJPY is waiting for fresh impetus as the clock ticks down to the US nonfarm payrolls release at 12:30 GMT. The pair has climbed back above its 20- and 50-day simple moving averages (SMAs) recently, but the 143.30 area has been a tough obstacle over the past couple of days. Nevertheless, the RSI and MACD […]
Bitcoin started the month where it left off in July, trading sideways around the $29,000 mark. This has been one of the quietest periods in the crypto space, with volatility being at historical low levels as digital assets seem immune to any macroeconomic or idiosyncratic developments. So, what could really move crypto markets? Cryptos struggle […]
EURAUD is moving sideways today as the bears are trying to find their footing following the recent upleg that allowed this pair to test the 2023 high at 1.6785. The long-term trend remains bullish as evident by the August 26, 2022 upward sloping trendline with a muted series of higher highs and higher lows still […]
The spike in US yields this week gave the dollar a boost, but the longevity of this recovery will be decided by the next edition of US inflation. According to the Cleveland Fed Nowcast model, there is some scope for an upside inflation surprise, which would be a blessing for the dollar. Aside from this […]
China support aids rebound in stocks after bruising week amid surging yields Dollar steady as markets brace for possible surprises in July jobs report Pound off lows but BoE offers little upside, aussie crawls higher too Mood improves as bond rout eases before NFP Global equity markets started Friday on a somewhat more optimistic tone […]
WTl oil futures (September delivery) won back Wednesday’s loss to retest the 82.00 resistance area after pivoting at the bottom of a tight bullish channel. Oil prices are on the rise for the sixth consecutive week and a downside correction cannot be excluded, as the RSI and the Stochastic oscillator are showing signs of weakness […]
USDCAD had been in a steady downtrend since early March, generating a clear structure of lower lows. However, the pair found its feet at the 10-month bottom of 1.3091 and attempted to recoup some losses, with the price testing the ascending trendline that connects the pair’s higher lows from November 2022 until early May. The momentum […]
GBPJPY has been consolidating over the past month after reaching a 7½-month high of 183.99 on July 5, but the negative risks appear to be accumulating. The worsening short-term bias is supported by the momentum oscillators. The RSI is sloping downwards, dipping slightly below the 50 neutral level, while the MACD remains below its red […]
GBPUSD slumped below 1.2700 on renewed selling pressure on Thursday after failing to climb back above the broken support trendline from October 2022 at 1.2740. The Bank of England’s policy announcement during today’s session added more pressure on the market, sending the price as low as 1.2619. Despite that, the pair recouped a sizeable portion of its […]
BTCUSD (Bitcoin) has been rangebound in the last few daily sessions following a mild pullback from its recent highs. Moreover, the king of cryptos has been gradually forming a structure of lower highs similar to the one observed during the April-June period, with the decline beneath the 50-day simple moving average (SMA) further darkening the […]
EURUSD has been in a sliding mode since July 18, when it hit resistance at around 1.1280, the highest point since February 2022. However, the pair has taken a breather near the crossroads of the 100-day exponential moving average (EMA) and the uptrend line drawn from the low of September 23, which keeps the near-term outlook […]
The JP225 cash index is recording another decent red candle as it is trying to register a lower low. Since reaching the 2023 high of 34,006 on June 16, 2023, the JP225 index has been under significant bearish pressure. However, today’s move has finally broken the March 15, 2023 upward sloping trendline, potentially opening the […]
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AUDUSD has been in a steady decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. Moreover, in the near term, the pair has exited the sideways pattern to the downside, while its break beneath both the 50- and 200-day simple moving averages (SMAs) has painted a gloomy […]
The United States government’s credit rating has been downgraded by Fitch, citing concerns about runaway deficits and rising debt burdens. Riskier assets like stocks fell on the news, while the US dollar traded higher amid a flight to safety. Is this downgrade a game-changer for global markets? Downgrade Credit ratings agency Fitch just downgraded the […]
Dollar strengthens on ADP and US debt downgrade ISM non-mfg. PMI the next test for dollar traders BoE expected to hike by 25bps; Will it sound hawkish? Wall Street slumps after US rating cut Dollar wears its safe-haven suit The US dollar continued gaining ground on Wednesday and it appears to be holding firm today […]
EURGBP keeps on maintaining a positive mood for the third consecutive day while confirming a higher low at 0.8543 ahead of the Bank of England’s rate decision today at 11:00 GMT. Specifically, the pair seems to be building the right shoulder of an inverse head and shoulders pattern (H&S), which theoretically is an encouraging sign that the […]
NZDUSD is recording another red candle as the bears are again trying to stage a breakout from the rectangle that has been in place since February 2023. This is actually the third breakout attempt since early June 2023. Interestingly, the first target of the bears appears to be to register a lower low, breaking the […]
GBPUSD has 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 has reached a crucial territory as the price is currently challenging the upward sloping trendline that connects the higher lows from October 2022 to date. The short-term oscillators suggest that […]
Wheat futures (September delivery) have been experiencing another round of weakness after forming a double top pattern in July. In today’s session, the price has failed to capitalize on news that Russia attacked Ukraine’s main inland port across the Danube River, raising significant concerns over the supply outlook. The momentum indicators are also endorsing the bearish […]
The July central banks meetings lived up to expectations as both the Fed and the ECB announced their respective rate hikes but essentially removed their forward guidance. Data dependency is the new name of the game as the market is now counting down to the mid-September meetings. Which are the next key dates until the […]
The German 40 index (cash) unlocked a new record high of 16,530 last Friday before charting a bearish doji candlestick. Monday’s downfall confirmed the negative pattern, with the price further retreating to a three-week low of 15,949 earlier today. The technical oscillators took a negative turn too, flagging more weakness ahead. If the price closes below its […]
Amazon’s stock has been in a steady uptrend since the beginning of the year, attempting to erase part of its 2022 decline. In the short term, the stock experienced a pullback after posting a fresh 2023 peak of 136.30, but quickly found its footing around the 50-day simple moving average (SMA). The momentum indicators are currently […]
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Apple’s stock has been in a steep uptrend since the beginning of the year, posting consecutive multi-year peaks. However, in the past two weeks, the price appears to be consolidating near its recent record high of 198.08 ahead of the Q2 earnings call on Thursday. The momentum indicators currently suggest that near-term risks are tilted […]
EURJPY is flirting with its 15-year high of 157.94 again that it registered in July, thanks to strong buying interest over the past three days. The pair bounced up with strong momentum following the nosedive to a six-week low of 151.39 last Friday, forming a bullish channel in the medium-term picture. More fuel is needed to continue the rally above 158.00, but the […]
Dollar gains as ISM mfg. new orders beat estimates Pound traders await Thursday’s BoE decision Aussie the main loser after RBA stands pat S&P 500 and Nasdaq close in the red, oil hits new three-month high Improving mfg. orders outlook helps the dollar The US dollar traded higher against all the other major currencies on […]
USDJPY is edging lower today following the good move recorded since the latest BoJ meeting. The pair remains near the midpoint of the upward trending channel that has been in place since the March 2023 banking sector-induced pullback and a tad below the 2023 high, thus keeping the recent rhetoric about a likely intervention alive. […]
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