Good morning!”Mad Mike” Ashley, the 59.3% owner of Sports Direct (LON:SPD) – in which I hold a long position – put on a great show yesterday, in front of MPs. It even made the top slot in the main evening TV news. Overall, I reckon he handled it quite well – in particular admitting mistakes, and agreeing that […]
Forex traders use numerous trading techniques and strategies to increase their odds of successful trades. Technical analysis is a powerful tool utilized by traders to keep them in front of the trading curve. Support and resistance along with trend lines and channels are examples of forex strategies utilized by traders to help them increase the […]
The Dollar index remains in a bearish trend and is now challenging important short-term support levels like 93.50. If this pull back off 96 is not the main trend, the Dollar index will soon reverse upwards. If continued weakness remains, this will not be a good sign. The Dollar index is trading below the Kumo […]
Technical outlook and chart setups: The GBP/CHF pair has finally slipped lower and is seen to be trading at 1.4040 levels at this moment. Please note that the drop from 1.4600/25 levels has unfolded into 5 waves as depicted on the 4H chart view. The most probable move should be 3 waves corrective rally towards […]
Gold price consolidated for a couple of days after the Friday’s spike up to $1,249. Price formed a bullish flag that was falsely broken yesterday and today we see a bullish breakout. Price remains below important long-term resistance of $1,260. Black line – long-term resistance Red lines – bullish flag Gold price is trading above […]
Wave summary: We have seen the expected decline closer to the ideal downside target at 1.6169, from where a new impulsive rally is expected. In the short term, a break above minor resistance at 1.6351 and, more importantly, a break above resistance at 1.6470 will confirm that a low is in place for a rally […]
NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair posted a strong rebound yesterday and is likely to challenge its nearest resistance at 0.6940. Meanwhile, both the 20-period and 50-period moving averages are heading upward and call for further upsides. In this case, as long as 0.6940 is […]
GBP/JPY is expected to trade with a bullish bias. The pair has broken above a declining trend line since June 6, while the 20-period moving average has crossed above the 50-period one. The relative strength index shows downward momentum. As long as 154.90 holds as the key support, target 157.25 and 158.75 as the next […]
Wave summary: Our preferred count remains that an ending diagonal completed with the 120.80 low. The rally of the 120.80 low to 122.70 is counted as the first minor impulsive rally (wave [i]) and the decline to 121.30 as wave [ii]), and we are now looking for a break above minor resistance at 121.98 and, […]
USD/JPY is expected to trade with a bearish bias. On Tuesday, US stock indices were range-bound and mixed at the close. The Dow Jones Industrial Average edged up 0.1% to 17938, the S&P 500 was also up 0.1% to 2112, while the Nasdaq Composite was down 0.1% to 4961. Energy shares continued to be the […]
USD/CHF is under pressure. The pair remains capped by its declining 20-period and 50-period moving averages since June 6 and is challenging the nearest support at 0.9715. Besides, the relative strength index remains weak below its neutrality area at 50 and lacks upward momentum. The first target to the downside is therefore set at 0.9590. […]
Brazil’s Transportation Maurício Quintella said the federal government is planning to increase its spending on the new transportation infrastructure in 2016 from 1 billion reais to 5 billion reais or $1.45 billion. At the opening of an oil transshipment terminal at the port of Acu, Quintella said that the BR163 soy highway, which connects the […]
EUR/USD: The EUR/USD has consolidated so far this week; whereas a closer look at the market reveals that bulls are still willing to push the market further upwards. Since there is a Bullish Confirmation Pattern in the market, the resistance lines at 1.1400, 1.1450 and 1.1500 would be tested as the price goes further upwards. […]
When the European market opens, no economic news will be released for today. But the US will release some economic data such as the 10-y Bond Auction, Crude Oil Inventories, and JOLTS Job Openings. So amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVELS: Breakout BUY Level: […]
In Asia, Japan will release the Economy Watchers Sentiment, Final GDP Price Index y/y, Bank Lending y/y, Final GDP q/q, and Current Account. The US will release some economic data such as the 10-y Bond Auction, Crude Oil Inventories, and JOLTS Job Openings. So there is a probability the USD/JPY will move with low to […]
AUD/NZD almost hit our stop loss yesterday and reversed perfectly to our entry area. Due to the changing dynamics of the elliott wave, we turn bullish from here buying now and adding onto our position if the price drops lower. The RSI is also on a really beautiful ascending support where we can see it […]
EUR/AUD is on major fractal support (2x fibonacci projection level + 27% support on RSI) which leads us to play a bounce from here to the 38% retracement target of 1.5330. We can also see how the price has bounced off this RSI support level many times in the past beautifully. Trading recommendations: Buy now […]
Kenya’s biggest publicly traded investor, Centum Investment Co., said its full-year profit rose by 25 percent, boosted by Kenya’s stock market gains. Centum’s net income increased from 7.94 schillings last year to 9.95 billion shillings ($98.3 million in 12 months through March, the company said. Investment and other income rose from 11.8 billion schillings to […]
India’s Prime Minister Narendra Modi said the plan of India to acquire Toshiba Corp’s Westinghouse Electric’s nuclear reactors marks a new era in the nuclear and scientific cooperation with the U.S. At the U.S. India Business Council-organized event, the Indian prime minister said, “In the field of nuclear energy, we are purchasing six nuclear reactors […]
Blackstone Group LP is currently working on advanced negotiations to acquire Acrisure LLC which is estimated to be valued at over $2 billion according to sources. The private equity firm has succeeded the auction for Acrisure so far, though discussions with the Genstar Capital LLC, the insurance brokerage company’s owner, are still ongoing. Genstar purchased […]
A U.S. State Department Official reported that North Korea has recommenced production of plutonium fuel, implying the communist country’s plans to continue its nuclear weapons program despite sanctions from the international community. The U.S. report comes after U.N. Nuclear watchdog stated that it had signs that North Korea’s capital, Pyongyang has restored operations of a […]
Oil prices inched closer to its highest in around eight months, bolstered by anxieties over Nigeria’s oil industry and data indicating bigger than anticipated drawdown in US crude inventories. An American Petroleum Institute data showed commercial oil inventories declined by 3.6 million barrels in the previous week. Analysts noted worries regarding global supply disruptions boosted […]
The World Bank reduced its estimation for global growth for 2016, putting it at 2.4% from 2.9% in January, attributing it to weak demand in advanced economies, disappointing trade, dwindling capital flows, and low commodity prices. Based on its Global Economic Prospects, the institution said commodity-exporting nations have experienced hardships due to lower commodity prices. […]
Amazon Inc. would invest additional $3 billion in India, increasing its initial investment in the country to more than $5 billion, said Amazon CEO Jeff Bezos. Bezos recently stated in an event in Washington that India was the company’s fastest-growing market region. The company plans to open a Web Services Cloud Region in India within […]
In H1 chart, USDX is still forming a lower low pattern above the support level of 93.89, but there are signs that a breakout could happen to extend the decline toward the 93.50 level. However, to avoid the bearish scenario for coming days, it should break above the resistance zone of 94.30, where a rally […]
Volatility is on the air, at least in the GBP pairs, as we saw a huge rebound towards the resistance level of 1.4659 during Tuesday’s session. Currently, Cable could be looking to restart the bearish bias to attempt a break below the 200 SMA, but the sideways structure remains solid and eventually we should see […]
General Motors’ CEO Mary Barra advised car manufacturers playing with self-driving vehicles to keep steering wheels, brake pedals, and accelerators to “demonstrate and prove the safety.” Alphabet Inc., a Google subsidiary, initially suggested of removing the said parts due to redundancy. GM recently bought Cruise Automation for $500 million, a company that develops self-driving car […]
Lending Club Corporation put off its annual meeting on Tuesday and rescheduled it on June 28, saying that it needs more time to present a complete report to stockholders. The company is experiencing internal turmoil after former CEO Renaud Laplanche resigned last month. An investigation mounted by the company revealed that Laplanche tampered with documents […]
Australian miner Rio Tinto Ltd. is using its “liquidity position” to buy back $3 billion worth of notes to pare off debt. This is the company’s second buyback after it offered to purchase $1.5 billion worth of bonds in April this year. Rio Tinto will put special preference to $2.9 billion of bonds that will […]
Anglo American is looking at Glencore Plc and BHP Billiton Ltd among the bidders for its coal mines in Queensland, Australia, people familiar with the matter told Bloomberg. The Moranbah North mine and Grosvenor Mine can reportedly reach a value of $1.5 billion. Bidders also include UK firm Anemka Resources, China’s Yanzhou Coal Mining Co., […]
