Crude Oil prices fell on Wednesday, with losses in both U.S WTI and U.K. Brent, as the market awaits inventory data. Energy Information Administration (EIA) data last week showed U.S. inventories rising by 1.8 million barrels, which was smaller than expected. The American Petroleum Institute (API) will release its forecast on U.S. crude inventory on […]
The AUDUSD pair had tried to build a base of support around the 0.78900 level after price moved above this area on the 14th of February. However, the level was breached from above yesterday and, after a protracted battle that saw the 4-hour moving averages used as resistance, the price dropped under the 0.78690 support […]
There is a busy day of Economic Data ahead, starting with PMIs for European countries and the Eurozone as a whole. PMI Data across the Euro block has been improving but the consensus is for a slight drop in figures today. The UK Jobs data then follows, with most data points expected to be in […]
The EURUSD pair has moved higher to test resistance and create a high at 1.25549. This was marginally above the previous high at 1.25732. When this level failed as support, the market sent price lower through the broken blue trend line around 1.24911. Price action proceeded lower to the next support level at 1.24593, which […]
Bank of Japan Governor Kuroda was reappointed to a rare second term last week, with the implication that the Japanese Yen cannot rely on any interest-rate hikes. Kuroda is expected to continue with monetary accommodation, negative base rates and direct management of the bank’s own government bond yield curve. Despite all this, the Japanese Yen […]
BOE Governor Mark Carney delivered a speech about leadership and values at Regent’s University, in London, followed by audience questions. Some of his comments were: something will go wrong again even if we don’t know what it is or when. He said the best defence against a future crisis is an anti-fragile system. He cites […]
U.S. markets are closed today for Presidents’ Day so European markets are struggling for direction. With lighter trading volumes anticipated there are likely to be few trading triggers today. There are no high impacting economic data releases due, however traders will look cautiously at a speech by Bank of England (BOE) Governor Mark Carney about […]
The precious metal has broken out from its descending wedge around 1331.00 and moved higher to create a lower high at 1361.80.The price then dropped back lower to support at 1344.16. Resistance above can be found at 1361.80 and the January high at 1365.30. A break above this resistance targets 1375.50 and 1389.00 with a […]
The GBPCAD pair is currently holding above 1.75000, attempting to break out to new highs above 1.76590. Trendline resistance is at 1.77279, with 1.77500 and 1.77815 further up before 1.78000. Support can be found at the rising blue trend line around 1.74050 and also 1.74617, which is the high from the 1st of December, and […]
The New Zealand Dollar has continued to strengthen after the Reserve Bank of New Zealand’s (RBNZ) latest survey of inflation expectations was released on Wednesday. The survey revealed a steady climb in the number of businesses expecting inflation to rise over the coming years. The RBNZ will only raise interest rates after inflation has made […]
The dollar is down 2.2% since the start of this week in what’s come to be the currency’s worst performance in two years, with USDX falling to 88.15 in a new three-year low. Strong macroeconomic indicators have triggered expectations that the ECB and the Bank of Japan, the second and third most important central banks […]
There was reduced liquidity in the Asian session due to the observance of the Chinese New Year festivities. However, there was still business to be attended to as the Bank of Japan re-appointed Governor Kuroda for a second term at the helm. There were also two deputy governors nominated: Amamiya is the current Bank of […]
The Australian Dollar advanced after labour statistics showed the jobs market down under remained strong. The Australian Bureau of Statistics reported jobs growth of 16,000 against an expectation of 15,300, with the unemployment rate steady at a four and a half year low of 5.5%. Despite Wednesday’s strong U.S. CPI print, the U.S. Dollar continued […]
The EURGBP pair is testing resistance at 0.89000 once again. There is resistance from this level up to 0.90500, with probes into this area over recent months failing and dropping back to support below 0.87500. As a result, the pair has formed a descending channel with the lower support around 0.86500. Support under the current […]
US Inflation data was released yesterday, with the initial reaction seeing USD pairs strengthen and Equities selloff. However, once the first 15 minutes had passed, post data, the trend reversed and the USD weakened further while Equities were short squeezed and bid higher. The US 500 Index dropped from 2672.90 to a low of 2627.7 […]
The last 24 hours have seen no drastic changes in the overall mood of market participants. In equity markets cautious purchases prevail, while in the foreign exchange market the U.S. dollar is retreating. U.S. stock indices are displaying growth mainly due to the dollar weakening, while Asian markets displayed mixed dynamics this morning. The USDX […]
Cryptocurrencies are attempting to recover from deep losses experienced over the last month. There has been a flow of negative news and regulatory concerns that have affected sentiment, which may have contributed to the decline. One of the more fascinating theories pertains to the Lunar New Year, which marks the first day of the year […]
The US stock index is in a holding pattern as we await US Inflation and Retail Sales data at 13:30 GMT today. The market has managed to grind higher and break above its Blue downtrend resistance line and price is positioned below 2670.00. Major resistance on the 4-hour chart is located at 2729.00 but in […]
The USD has weakened further overnight as the market awaits important US Data at 13:30 GMT. USDJPY broke down under 107.000, while GBPUSD made another attempt to stay above 1.39000. EURUSD advanced to 1.23900, while Gold followed suit to reach a high at 1336.80. The US CPI data later is expected to point to an […]
The International Energy Agency (IEA) today published their forecast for oil demand growth in 2018 at 1.4 million bpd from a previous projection of 1.3 million bpd. However, the boost in output, particularly in the U.S., will outweigh any growth in demand and increase global oil inventories. The IEA reported, “Today, having cut costs dramatically, […]
The German 30 Index has settled down over the last number of hours into a trading range between 12400.00 and 12200.00. This follows the highly volatile moves since the start of the month. With US inflation data tomorrow volatility could return but for now, the market is steady. There are a number of patterns on […]
Cryptocurrencies are following a sideways trend. On the one hand, we’ve seen some crypto-investor relief after SEC and CFTC representatives at the U.S. Senate hearing unequivocally decided not to impose any limitations on cryptocurrency trading on a national level, though the IRS plans to put together a control group to monitor operations on the cryptocurrency […]
Swiss Consumer Price Index (YoY) (Jan) was 0.7% v an expected 0.8%, from a previous 0.8%. Consumer Price Index (MoM) (Dec) was as expected at -0.1% from 0.0% previously. USDCHF fell from 0.93976 to 0.93664 after the data was made public. UK MPC Member Vlieghe spoke at the Resolution Foundation in London. Some of the […]
The AUDUSD pair has broken its downward sloping trend line from the last ten days, after testing support at 0.77600. Resistance is now found at 0.78430 and 0.78566. The 50-period MA in the 4-hour timeframe is located at 0.78849, with the 200-period MA at 0.78932 close to resistance at 0.78960 and the 0.79000 level. The […]
The FTSE 100 index managed to rebound without visiting the lows of 6915 after a volatile session on Friday. This morning, global equity markets have opened with bullish sentiment. In the 4-hourly timeframe, FTSE 100 is attempting to break above the falling resistance trend line, with a potential inverted head and shoulders pattern forming with […]
A quiet week ahead on the data front at first glance but US Inflation on Wednesday will be a major market mover. Market participants will view this data point as an indicator given the reaction to higher inflation on bonds and Central Bank policy. Higher Inflation would impact the pace of rate hikes from the […]
The US 30 Index attempted to rally on Tuesday but spent Wednesday and Thursday forming a Head and Shoulders pattern that triggered in the final hours of yesterday’s session. This is shown on the chart with the head and shoulders tops marked in red boxes and the neckline in blue. As the market sold off […]
The cryptocurrency market has remained relatively stable. According to CoinMarketCap, the total market capitalisation has gone up by almost $120 billion (42%) from Tuesday lows, with Bitcoin trading around $8,000 and Ethereum near $800. The market seems to be waiting for new triggers, with the exception of Bitcoin Cash, that’s been adding more than 25% […]
EURUSD 1-hourly price action capped by falling resistance trend line Initial upside resistance can be found at the 1.2290-1.2310 levels. Price action is down trending, creating lower highs and lower lows. Sentiment appears bearish, with intraday below pointing to the downside supports at 1.2228, followed by the 1.2200 and 1.2185-1.2167 levels. Alternatively, a confirmed breakout […]
The global equity markets are bracing themselves for a stormy closing session this week, as data from Thomson Reuters’ Lipper unit shows US fund investors withdrew the largest amount from US-based equity exchange-traded funds on record. The amount totals $23.9 billion coming out of equity ETFs in the week. The reason cited by the research […]
