• Cotton reversed from resistance area • Further losses are likely Cotton recently reversed down from the resistance area lying between key resistance level 0.9600 (which also reversed the price with the daily Japanese candlesticks reversal pattern Shooting Star in May), upper daily Bollinger Band and the resistance trendline of the daily up channel from […]
• CHFJPY reversed from resistance area • Further losses are likely CHFJPY recently reversed down sharply from the resistance area lying between key resistance level 112.00 (which has reversed the price multiple times from the middle of March), upper daily Bollinger Band and 38.2% Fibonacci correction of the previous extended downward impulse from February. The […]
Cryptocurrencies got a lift from some positive news after a week of continued declines with the market capitalisation dropping to $284bn. The US Securities and Exchange Commission (SEC) clarified that Bitcoin and Ethereum are not considered securities under the law. The statement came during a speech from William Hinman, Director at the Division of Corporation […]
EURGBP pair was pushed lower yesterday after the ECB announcement. The pair has traded above 0.88000 and was using its 4 hour moving averages as support but the weakness in the Euro sent the price driving under this indicator at 0.87729 which was retested for good measure before the decent was halted at 0.87187. This […]
The German 30 Index was propelled higher yesterday as the Euro weakened in response to the ECB decision to taper its QE purchases. The index broke above resistance at 12950.00 and 13000.00 before falling short of the 13200.00 level. It has come off the highs this morning and found support at 13100.00. It remains to […]
The ECB dominated markets yesterday as they shifted their policy stance and signalled their exit from QE. The Bank is looking to reduce its bond buying by 15Bln euro from September and terminate the program completely by December provided market conditions support the move. The Bank also wished to maintain rates at their current levels […]
The focus for today will be the ECB monetary policy announcement where baseline interest rates are expected to be held steady but the market will look for any signal regarding the quantitative easing (QE) program. Recent comments Peter Praet, a member of the Executive Board of the ECB, gave a strong hint that the June […]
• Soy broke multi-month support level 9.4330 • Likely to fall further Soy recently broke the major, multi-month support level 9.4330 (which stopped the price sharply in December and January, as can be seen below). The breakout of the support level 9.4330 follows the earlier breakout of the two strong support levels 9.9000 and 9.7000. […]
• AUDNZD broke support area • Likely to fall further AUDNZD recently broke through the support area lying between key support level 1.0780 (which stopped the A-wave of the active ABC correction (2) from May) and the support trendline of the daily up channel from April (which has enclosed the previous medium-term impulse wave (1)). […]
This pair has positioned itself between the two trend lines shown around the 130.000 level. It is likely that the ECB decision today will force a breach of the trend lines giving traders and opportunity to interact with the market. Resistance comes in at 130.520 for the trend line with the 131.000 level above. A […]
With the ECB meeting today markets are rightly focussed on the EUR crosses. We join EURAUD at an interesting junction with price breaking higher from its trend line resistance yesterday and reaching its 50 and 100 DMAs at 1.56483 resistance today. Depending on the market reaction to the ECB decision and press conference the price […]
The FOMC raised rates by 0.25 bps yesterday evening to a 1.75% to 2.00% target range in a hawkish move and reaffirmed its expected forecast of 2 more hikes in 2018 and 3 in 2019. The move had been fully anticipated by markets and so did not come as a big surprise. The committee cited […]
• Natural gas reversed from support area • Likely to rise further Natural gas recently reversed up from the support area lying between key support level 2.870 (which also reversed the price in May), 200-day moving average, upper trendline of the recently broken up channel from February and the 38.2% Fibonacci correction of the previous […]
Today the Federal Reserve is expected to hike interest rates from 1.75% to 2.0% at the conclusion of its June 12-13 FOMC meeting, and announce the next step in its balance sheet normalization policy. The US economy has shown strong momentum with inflation at the Federal Reserve’s 2% target. If the FOMC upgrades the economic […]
The precious metal has been in a consolidation pattern around 1300.00 for some time now, with today and tomorrow having the potential to jolt the market back to life. The price action has set up what appears to be a bearish wedge continuation pattern. As can be seen the price entered the pattern from above […]
• USDJPY broke key resistance level 110.30 • Likely to rise further USDJPY recently rose sharply – breaking through the resistance area lying between key resistance level 110.30 (top of the previous correction (a)) and the 61.8% Fibonacci correction of the previous downward impulse 1 from the middle of May. The breakout of this resistance […]
The EURUSD pair is trading in a range at the moment between 1.18350 and 1.17200 as we head into the FOMC meeting today and the ECB meeting tomorrow. Technically price has broken down in four hour from the 3 touch trend line shown on the chart but this move will need to be confirmed soon […]
The global markets are holding steady as traders position for the FOMC today and the ECB tomorrow. In an interview with FOX News US President Trump suggested that there will be additional tariffs imposed on China on Friday focussed on Chinese agricultural products. Chinese stock markets are down as a result but most other markets […]
“Bloody Sunday” cost the crypto market $50 billion of market cap. In one day its market capitalization plummeted from $ 340 billion to $ 290 billion at its lowest point. As of Tuesday, June 12, the total market cap has returned to $300 billion. Bitcoin (BTC) has grown by 1% in the last 24 hours […]
• Sugar rising inside impulse waves 3 and (3) • Likely to rise further Sugar continues to rise inside the short-term impulse wave 3 which started recently from the support area lying between pivotal support level 0.1180 (previous resistance from May), 50-day moving average, support trendline of the daily up channel channel from April and […]
The British Pound made some gains today despite the latest UK employment details showing lower than expected wage growth. UK claimant count unexpectedly dropped in May with the unemployment rate holding steady at 4.2%. But average earnings growth was weaker than expected at 2.5% against and expectation of 2.6%. Attention will now turn to a […]
• EUR/CAD reversed from support zone • Likely to rise further EUR/CAD recently reversed up from the support zone lying between support level 1.5200 (previous resistance from May), upper trendline of the recently broken down channel from March and the 38.2% Fibonacci correction of the previous upward impulse from May. The upward reversal from this […]
The EURCAD pair has rediscovered its DMAs over the last week and is now attempting to break above the 100 DMA at 1.53700. It is using the 200 DMA at 1.52474 as support in its attempt with yesterday’s low at 1.52031 a key level for risk to lean against. A failure of the move and […]
The G7 Summit deepened the rift between the US and its closest allies with Canada taking the brunt of the damage. What the fallout for NAFTA will be remains to be seen. The impact on Mexico also remains unclear with the USDMXN pair cycling between 20.64168 and 20.20390. The market moved higher since the April […]
US President Trump and North Korean Leader Kin Jong Un met in Singapore overnight. Progress was made between the two leaders during this first meeting however market reaction is muted so far. It is not yet known what progress has been made on denuclearisation, with a press conference scheduled for 06:30 GMT. USDJPY advanced higher […]
• Copper reversed from resistance zone • Further losses are likely Copper today reversed down from the strong resistance zone lying between resistance levels 3.2660 and 3.3110 (which stopped the sharp upward impulse in December, as can be seen below). This resistance zone was further strengthened by the upper daily Bollinger Band. The price previously […]
US equities ended last week with solid gains ahead of what turned out to be a turbulent G7 summit. President Trump has fired off a string of angry tweets criticising Canada and the EU over trade adding that “Fair trade is now to be called fool trade”. Attention will now turn to the historic talks […]
• NZDJPY rising inside impulse wave ③ • Further gains are likely NZDJPY continues to rise inside the long-term impulse wave ③, which started earlier from the support zone lying between the support levels 74.80, 75.60 (which has been reversing the price from April of 2017) and the lower weekly Bollinger Band. The upward reversal […]
This pair was sent lower last week when it collided with the crossing of the resistance trend lines at 1.30657. Price fell to the area of the supporting 200 period MAs in a repeat of the move from the previous week. The rebound higher failed above 1.30000 and has since rebounded from its 100 period […]
The AUDUSD pair is testing resistance at the first falling blue trend line today in an attempt to regain higher prices after failing at the red line last week. Price is trading between the resistance at 0.76150 and support at 0.76000. There is support to lean against at the 200 and 100 period MAs at […]
