Yen slammed lower as bets of BoJ tightening this week get unwound Euro bruised by PMI surveys, gold undecided, Nasdaq awaits rebalancing Huge week lies ahead, featuring ‘big 3’ central banks and tech earnings Yen suffers in quiet trading Global markets were caught in a holding pattern on Monday, with most assets trading in a […]
Gold had been in recovery mode after posting a false bearish breakout from its recent rangebound pattern. Even though the price sliced through the descending trendline that connects a series of lower highs since early June and the 50-day simple moving average (SMA), it retraced lower after failing to claim the upper end of the rectangle. […]
EURUSD changed course to the downside after its latest rocket rally peaked at a 17-month high of 1.1275 and near the support-turned-resistance trendline from November 2022. The pair is currently trading around Thursday’s close price of 1.1128 and marginally above its previous high of 1.1094. The 23.6% Fibonacci retracement of the 1.0634-1.1275 upleg at 1.1123 […]
Following a relatively quiet week in terms of economic data and events, the spotlight now turns to three major central banks: the Federal Reserve, the European Central Bank, and the Bank of Japan. With investors anticipating only one more hike by the Fed, the focus will be on whether officials will signal the end of […]
GBPCAD is experiencing its fifth consecutive red candle today as the bears are trying to cancel out the strong upleg that pushed GBPCAD to the highest level since February 23, 2022. They appear to be in control of the market at this stage with the pair hovering a tad above the rectangle that has been […]
Strong jobless claims revive higher for longer bets for the Fed, buoying the dollar Upbeat data also come to pound’s aid, but yen slips as expectations for BoJ surprise fade Dow Jones and Nasdaq go their separate ways on mixed earnings amid tech selloff Markets suffer another reality check Investors pared back their expectations that […]
GBPJPY drifted back higher to retest its 20-day simple moving average (SMA), which capped last week’s recovery attempt around 182.00. The price gained positive momentum early on Friday after touching the lower boundary of the one-month-old range and the broken 2023 resistance line. The upside reversal in the RSI is currently endorsing the current bullish […]
USDCAD is moving sideways today, trading a tad above the 2023 low. The bearish trend that commenced since the March 10, 2023 peak remains dominant in this currency pair. In addition, a series of lower lows and lower highs is currently in place with the bears aiming for the next trough to take place below […]
Visa stock is hovering above the busy 235.75-237.30 area, after climbing to 245.14 on July 17, the highest level since August 2, 2021. It has been an impressive period for Visa bulls since the October 13, 2022 trough with a bullish pattern of higher highs and higher lows developing over this timeframe. The market, though, […]
The flash PMI readings for July are due on Monday for the major economies. The highlights as usual will be for the euro area (08:00 GMT), the United Kingdom (08:30 GMT) and the United States (13:45 GMT). Economic growth has been losing steam in most parts of the world amid surging interest rates, but the […]
USDJPY is hovering inside a very busy area as the bulls are trying to overcome the resistance set by the lower boundary of the recent upward trend channel. They want to regain market control, after a brutal correction, and take advantage of the continued convergence of the 100- and 200-day simple moving averages (SMAs) for […]
BTCUSD (Bitcoin) has been range bound between 31,450 and 29,550 for a month now. This is a familiar range territory, which the popular crypto used to visit occasionally during the previous two years. The Stochastic oscillator is looking to pivot northwards in the oversold region, flagging a potential upside reversal. That said, the RSI and […]
AUDUSD bulls are staging another breakout as they desperately try to move away from the recent rectangle. However, the February 2, 2023 downward sloping trendline is proving too strong for them, halting twice their advance. This is the bulls’ third attempt to overcome this resistance trendline in the past 35 days. Gradually, the market momentum is shifting […]
Dollar extends recovery, awaits Fed decision ECB’s Stournaras said July hike would be enough Pound, yen extend retreat, aussie gains on jobs report Tesla and Netflix earnings results disappoint Dollar’s fate lies in the hands of the Fed The dollar continued to trade higher against most of the other major currencies on Wednesday, perhaps as traders […]
The JP225 cash index is trading lower today as the bulls are finding it difficult to regain control of the market. A series of lower highs and lower lows is already in place with the bears aiming for the next trough to occur below the latest low of 31,767, which coincides with a key support […]
NZDUSD drifted higher on Thursday after four negative days, defending its summer uptrend above the 2022 resistance trendline and June’s high of 0.6246. The RSI and the MACD have lost strength within the positive area, though they are still fluctuating above their neutral levels, keeping the risk skewed to the upside. Some optimism is also rising […]
The next week will be packed with major US tech companies’ earnings releases, which are expected to garner significant attention as the buzz around Artificial Intelligence (AI) has been the main driver behind the 2023 equity market rally. Microsoft, alongside Alphabet, will be the first to unveil its Q2 financial performance on Tuesday after Wall […]
The US dollar index (futures) re-entered the downtrend from September 2022 after five months of consolidation, printing a new lower low of 99.19 on Tuesday. Despite the cautious mood in the market, the index has been refusing to close below the 99.40 constraining zone from March-April 2022, increasing the odds for an upside correction. The […]
The US 100 stock index (cash) revived its 2023 bullish outlook after a constructive week, marking a new higher high at 15,986 on Tuesday. The uptrend shows no signs of abating despite warnings of an overbought market from the RSI and the Stochastic oscillator. The upward-sloping moving averages (SMAs) are endorsing the positive trajectory in the market […]
The countdown for the next Bank of Japan meeting has started. Friday’s inflation report will play a key role in any possible announcement we get from the July 28 BoJ gathering. In the meantime, the yen has managed to record a correction against the euro lately, but a resumption of this pullback depends on inflating […]
Netflix’s stock has been staging a massive recovery after posting a five-year low of 161.40 in May 2022. Moreover, the price jumped to a fresh 1½-year high of 477.65 in the latest daily session just one day ahead of its Q2 earnings announcement, attempting to fill the January 2022 gap. The short-term oscillators are clearly […]
Gold has been in an uptrend since late June when the price found its feet slightly below the 1,900 psychological mark. Even though bullion recently stormed to a fresh two-month high of 1,984, it has been trading sideways for the last few four-hour sessions, appearing unable to extend its rally. The momentum indicators are endorsing […]
Dollar sellers lock profits on resilient core retail sales ECB hawk Knot casts doubts over September rate hike UK inflation slows more than expected, pound pulls back Tesla and Netflix earnings enter the limelight Dollar rebounds, but Fed cut bets remain firmly on the table The US dollar traded slightly higher against most of the […]
EURGBP experienced a sharp increase from softer-than-expected UK CPI inflation numbers, with the price rising as high as 0.8673 – the fastest daily increase since March 21. Today’s quick pick up sent the RSI back above its 50 neutral mark and the MACD further above its red signal line and closer to zero. Still, a […]
USDJPY is trading higher again today following a significant correction that muted the growing intervention talk. The pair is preparing to enter a very busy area as the bulls are trying to regain market control and take advantage of the continued simple moving averages (SMAs) convergence for their own benefit. The momentum indicators appear to […]
GBPUSD has a difficulty in reviving last week’s bullish explosion, which lifted the pair to a 15-month high of 1.3141. In the four-hour chart, the price seems to be moving sideways within a bullish pennant formation, which theoretically is a sign of a positive trend continuation after an almost vertical increase. Yet, with the 20-period simple […]
AUDUSD had been re-gaining ground in the four-hour chart after its recent decline ceased at 0.6594. However, this recent rebound got rejected near the June high of 0.6898, with the price forming a double-top pattern before retracing lower. This latest pullback is also confirmed by the momentum indicators. Specifically, the stochastics are descending after posting […]
Tesla’s stock has been in a sustained uptrend since late April when it found its feet at the 152.00 support zone. Moreover, in the latest daily session, the price jumped to 291.60, its highest level since September 2022 just two trading sessions ahead of the firm’s Q2 earnings report. Despite this strong rally, the momentum […]
Following the earnings results for Q2 from major commercial banks, investors may now turn their attention to the ‘Magnificent 7’ group, with Tesla making the start on Wednesday after the closing bell. Will the results be strong enough to justify its premium valuation? What’s the broader outlook of the firm’s stock? Expectations point to decent […]
Silver is edging higher today but continues to hover around the 24.92 level. The bulls have staged another breakout of the December 2022-February 2023 rectangle, breaking the recent series of lower lows and lower highs, but the 7.5% jump in just two days does not appear to have a follow-through. The momentum indicators are mostly […]
