The US confirmed yesterday that it is imposing tariffs on Steel and Aluminium imports, at 25% and 10% respectively, from the EU, Canada and Mexico. Markets reacted by dumping risk assets but there has been a slight buy the dip as US stock markets finished off their lows. Further moves lower are expected in risk […]
• EUR/USD reversed from support zone • Further gains are likely EUR/USD continues to rise after the earlier upward reversal from the support zone lying between the major support level 1.1550 (which reversed the price in November) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks […]
Crude oil prices eased this morning following a rally in the previous session after a surprise build in crude inventory reported by the American Petroleum Institute (API). The API data on Wednesday reported a build of 1 million barrels in US crude inventory for the week. Focus will now turn to inventory data reported by […]
• AUD/CAD falling inside minor correction 2 • Further losses are likely AUD/CAD recently reversed down from the resistance zone lying between the resistance level 0.9850 (top of the previous correction 4), upper daily Bollinger Band and the 38.2% Fibonacci retracement of the previous downward impulse C rom March. The downward reversal from this resistance […]
USDJPY The USDJPY pair ran into resistance at 111.390 earlier this month on its attempt to reach 112.000. Price has been pushed down to 108.100 area support this week and has retested the previously supportive trend line as resistance yesterday at 109.052. Today’s low found support at the 108.539 level so far but a loss […]
Reports in the Washington Post today are suggesting that US President Trump plans to announce metal tariffs on Mexico, Canada and Europe set to come into force as early as tomorrow. The deadline for the EU’s relief from US tariffs expires tomorrow, June 1st. There has been a muted market reaction to the rumour but […]
• Natural Gas reversed from resistance level 3.000 • Further decline are likely Natural Gas recently reversed down from the resistance zone located between the round resistance level 3.000, upper daily Bollinger Band as well as the 61.8% Fibonacci retracement of the previous sharp downward upward impulse C from January. The downward reversal from this […]
The Canadian Dollar (CAD) has remained under pressure this week ahead of the Bank of Canada (BoC) interest rate announcement today. There is a small chance that the BoC will hike today however it is widely expected to hold interest rates at 1.25% as inflation has moved closer to the 2% target and economic growth […]
• GBP/CHF falling inside short-term impulse wave C • Further decline are likely GBP/CHF continues to fall inside the short-term impulse wave C, which belongs to the medium-term ACB correction (4) from the middle of April. The price earlier broke through the support zone lying between the support level 1.3220, support trendline from the end […]
EURUSD The EURUSD pair has slipped to the levels of July 2017 just ahead of 1.15000 support. The pair is having a relief rally this morning but price is still trading inside the down trend of recent weeks. Yesterday’s low was 1.15096 and a loss of this supporting area would see prices extend towards 1.14579 […]
Markets remain in risk off mode again today after Indices fell yesterday to the lowest levels since early May led by Europe as the Italian political crisis deepens. The Italian President vetoed the nomination for Finance Minister by the populist government last week. The resulting collapse in the coalition led to the President appointing former […]
• Cotton broke resistance level 0.9000 • Further gains are likely Cotton today rose sharply – breaking through the round resistance level 0.9000 (which reversed the price with the daily Japanese candlesticks reversal pattern Bearish Engulfing earlier this month, as can be seen below). The breakout of the resistance level 0.9000 is aligned with the […]
US equities are set to open lower as markets worry about political turmoil in Italy. The week has started with risk off sentiment in Europe due to the potential of an Italian election within a few months which could result in a win for populist parties that could lead to Italy leaving the Euro. However, […]
• EUR/JPY falling inside minor impulse wave 3 • Further losses are likely EUR/JPY has been falling sharply in the last few trading sessions inside the minor impulse wave 3 – which is a part of the longer-term downward impulse wave (3) from the end of April. Both of these impulse waves belong to the […]
GER 30 The German Index has fallen further today after the turmoil in Italian politics sparks a risk off mood in Europe and further afield. The upward trend lines were broken last week on the 4 Hour chart with the red trend line breaking at the 13000.00 level which was then used as resistance. The […]
The start of the week’s trading took place around excitement in the political situation in Italy and the unsuccessful attempts of Crude Oil to rebound. The single currency’s rebound lost its steam after reaching the 1.1730 area. During the European session EURUSD lost just over 1%, coming close to the 6-month lows near 1.16. The […]
The market turmoil continues as Oil reached a six week low yesterday after backing away from strong resistance at $73.00 early last week. The Inventory data on Wednesday, showing an unexpected build of 5.778M, compounded the pressure followed by increases in US Oil Rig counts to 859 on Friday and reports of Saudi Arabia and […]
Friday saw the markets focusing on Crude Oil. Oil experienced a daily decline of 3.2% being the first weekly decline for almost two months. Early Monday trading has seen the downward pressure continue as Brent prices move close to $75 per barrel, the lowest levels since the beginning of May and 7% of the peak […]
Cryptocurrencies have sold off this week with the market capitalisation dropping to $334bn. There was no clear catalyst for the massive price declines but could be related to uncertainty in South Korea where a new tax policy at Bitfinex caused negative investor sentiment. However, cryptocurrencies continue to see increased regulation with news that the US […]
GBPJPY The GBPJPY pair has fallen under support this week, first at the 148.800 area and then the rising support trend line at 147.300. The market spent the last couple of weeks consolidating between 150.000 and 147.000 with these levels now becoming resistive. The low reached yesterday was 145.679 and a break under this level […]
The US President dominated headlines and moved the market again yesterday when he wrote a letter to the North Korean Leader announcing his decision to pull out of the upcoming summit. The market reacted violently with traders seeking safety and sending stocks lower and the USD falling with USDJPY falling from 109.750 to 108.950 but […]
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Retail sales finally provided some encouraging news for the British economy. The Office for National Statistics (ONS) reported that retail sales grew 1.4% on an annualised basis in April, beating market expectations for a reading of 0.1%. The monthly growth read at 1.6%, more than double the expectation of 0.8%. This follows CPI reported yesterday […]
The US is considering new tariffs of up to 25% on imported vehicles and the President has instructed the Commerce Department to investigate the proposal on section 232 national security grounds. This has seen risk sentiment remain subdued with USDJPY down to fresh lows around 109.400 after falling from highs of 110.800 yesterday. This is […]
The Japanese Yen (JPY) is benefiting from risk-off sentiment today with the USDJPY pair plunging below the 110.00 level. A number of factors are combining to trigger the move including geopolitical tensions in Iran, trade war rhetoric between US and China, political turmoil in Italy, and renewed concerns over North Korea. The US 10-year Treasury […]
The GBPUSD pair is on the back foot today after US President Trump was pessimistic on any potential deal with North Korea and expressed his displeasure with US/Chinese talks. The support at 1.34000 was broken today after Monday’s test with price accelerating its decline creating a new low for 2018. Support can now be found […]
Markets traded lower overnight as risk sentiment was dealt a blow by US President Trump who said that he was not pleased with how the talks with China went and that he was “not satisfied”. He also said that there was a “substantial chance” that the summit with North Korea in June “would not work […]
AUDUSD and AUDJPY Analysis – May 22, 2018 The Australian Dollar was boosted after news that a trade war between the world’s two largest economies is on hold. China has agreed to purchase more U.S. goods in an effort to reduce the trade deficit with the U.S. which is placing on hold the previously announced […]
The USDJPY has run into resistance at 111.391 and pulled back to the 110.838 level. A drop under this area can result in a retest of support at 110.000 but there is the falling red trend line to deal with first. It is possible that a retest of this trend line will be successful and […]
The USD weakened further overnight after the move began in the US trading session yesterday. USDJPY moved down under the 110.000 level after making a high of 111.389. The Macro background is mixed with tensioning increasing around Iran but positive tones coming from US/China negotiations and US/North Korean talks going ahead as planned. The Italian […]
