During yesterday’s trading session Crude Oil WTI rose above $70 for the first time since 2014, as US President Trump announced that he would reveal his decision on the Iran Deal today at 18:00 GMT. The indications are that he will withdraw from the agreement, calling it one of the “worst deals ever made”. This […]
Trading today will be dominated by the release of the U.S. employment report, which is expected to show that job creation accelerated while wage inflation held steady for the year. Non-Farm Payrolls numbers for April are expected at 192K versus a prior 103K and Average Hourly Earnings are expected to be unchanged at 2.7%. The […]
The EURJPY pair fell further this week, breaking its moving averages after moving below its uptrend line last week. The 130.000 level is now the next support area traders are watching. A loss of this area puts the focus on the previous lows at 129.604 and 128.943. A move down to 128.783 could find buyers […]
With the Non-farm payrolls and wage data set to dominate the session today, the overnight picture shows small ranges in markets after Indices sold-off but recovered yesterday. The AUD moved up to 0.75600 in reaction to the RBA Monetary Policy Statement, as the bank upgraded its core inflation outlook for the year and set the […]
The services purchasing managers’ index (PMI) this morning showed that Britain’s services sector struggled to recover in April from a sharp slowdown in March. The April services PMI was reported at 52.8 versus 51.7 in March, with an expectation of 53.5. Businesses were hurt by weaker demand from consumers due to higher than expected inflation […]
The AUDUSD has fallen to the 0.75000 level after its false breakout higher in the middle of April. Better economic data from Australia overnight has helped stem the fall, with the pair finding support at 0.74722 yesterday. A continuation of the trend lower targets 0.74000, followed by the 0.73450 level and 0.72860 in extension. Resistance […]
The US Fed’s Monetary Policy Statement and Interest Rate Decision were released yesterday evening, with the rate left unchanged at 1.75%. The market is pricing in two to three hikes in 2018, with a slight bias for three to four that could strengthen the dollar position. The Monetary Policy Statement set a slightly hawkish tone, […]
The US500 index has recovered after yesterday’s sell-off with a late session rally to the 4-hour moving average cluster. The blue trend line has been gained once again but the chart shows that the red trend lines, with the top one taken parallel from the bottom, defining the current price action. A break above this […]
The price action on this chart shows that the GBPAUD pair has been consolidating sideways after a breakout above 1.80000. The pair has spent most of April in this consolidation, with resistance at 1.85000 and support at 1.81695. Today’s drop below this support level puts the pair on the back foot. Resistance on a break […]
The USD is unwinding some of its moves from yesterday, with the EURUSD back above 1.20000 and GBPUSD back above 1.36000. Trading overnight was sluggish but some pairs are at decisive levels, with the AUDUSD back above 0.75000 and NZDUSD back above 0.70000, as New Zealand jobs data came in largely as expected. The market […]
The GBPUSD chart shows a pullback under the 100 DMA that has broken down towards the March low. This price action potentially sets up a double top scenario, and the level of 1.37117 comes in to focus as the trigger for this pattern. It is also in this area that the rising black trend line […]
Gold fell back from the 50 DMA at 1329.00 and has spent the last couple of trading sessions consolidating around 1320.00 and the 100 DMA at 1321.00. Support can be found at last week’s lows of 1314.50, followed by 1311.14 and the 200 DMA at 1304.35. The low point between the double top is at […]
With Bank Holidays today in Japan, China and Russia, trading this morning has been taking place in low liquidity conditions. This is expected to continue tomorrow as May Day/Labour Day holidays curtail markets in many countries. Today, markets are higher across the board, with Equities and Commodities up. There is some movement today in FX […]
The cryptocurrency market is attempting to recover after a major sell-off which started on Wednesday. Bitcoin has risen 5% and is currently trading around $9,350. The sell-off began at around the $9,700 mark. In 24 hours, BTC had fallen by 10% to $8,700. The leading altcoins also followed suit. It’s worth noting that the sell-off […]
The EURUSD fell after the ECB rate decision and press conference yesterday. The ECB passed the buck to the June meeting, with little insight into policy on this occasion. The pair left the 1.22000 level behind and has traded under 1.21000 today. A further drop targets the falling supporting trend line at 1.20150 and the […]
The UK100 Index has rebounded strongly after the selloff in global equities earlier this week. The chart shows price action has risen to the upper trend line of the channel overnight, creating a new higher high at 7465.00. The market has been supported by moves in pound sterling and the risk-on mode. Should the market […]
The ECB held rates steady yesterday and stayed tight-lipped on everything, forcing analysts to concentrate on the June meeting for policy change, in a quiet before the storm scenario. EURGBP fell to a low of 0.86805 for the day, as Euro bears took control. The BOJ also held rates unchanged but removed their time target […]
The EURJPY pair attempted to reach the 133.500 level this week but has dropped back to form a triangular pattern. This is forming inside a larger wedge pattern, marked out here with blue trend lines, and the recent high formed the third touch on the top line of this pattern. A break higher above the […]
Markets were choppy yesterday as 10-year US notes went above 3%, but after creating new lows for the week, stock markets rallied with much of this move extending into the Asian session. The USD strengthened further, with USDJPY reaching the key 109.500 level and GBPUSD consolidated under 1.40000. The EUR settled into a tighter range […]
US Crude supported by 67.53 level WTI Crude price action favoured Bears yesterday, after the release of weekly API numbers, which showed a build of nearly 1.1M barrels. Today, at 15.30 GMT, markets will react to the Weekly EIA Crude Oil change which is currently showing a forecast of -2,043M from a previous of -1.071M. […]
The USDCAD pair has returned to the previously broken red trend line and is consolidating in the area around 1.28363. A break higher targets today’s high at 1.28641, followed by 1.28940 and the area of resistance containing the recent highs, starting at 1.29200 up to 1.29300. A move that is sustained over this zone could […]
The market turned yesterday as the 3% level on the US 10 Year was tested and the 2-10 yield spread climbed from multi-year lows set earlier in the month. This caused some weakness in the USD, although it has regained some strength this morning. Equities were down over 1% yesterday in risk-off markets, with USDJPY […]
The total crypto market cap has exceeded the $400 billion mark for the first time since March 8. This time, the major altcoins are leading the growth, while Bitcoin has demonstrated a moderate dynamic. It is likely that recent optimism has inspired investors, who see altcoins as a cheaper and more comfortable way to invest […]
The Japanese Yen has been weakening following a dovish statement from the Bank of Japan Governor, Hurohiko Kuroda. In an interview, Kuroda said Japan will consider removing its loose monetary policy as soon as inflation meets the 2% target. However, Japan’s latest inflation reading was 0.5% for the 12 months leading to March. Kuroda added, […]
The GBPJPY pair has dropped back, after breaking the supporting trend line at the 152.100 level last week. The fall lower has found support at the 200-period MA at 150.655 and, today, price has retraced higher to resistance at the 50-period MA at 151.807. A break above this area would retarget the trend line at […]
NZDUSD bucked the trend overnight, as most other currencies managed to retrace some of their declines against the USD. The pair hit fresh lows around the 0.71125 mark after it gapped lower through the 0.72000 level over the weekend. The strength in the USD is continuing to make its mark, but after large moves, a […]
U.S. stocks closed lower on Friday, with the selloff eroding much of the week’s gains. Equities were pressured by a decline in Apple, after cautious analyst reports cast doubts about iPhone sales. Moreover, the yield on the 10-year US Treasury is rising and is close to 3%, a level which has previously caused a bearish […]
The EURUSD pair has fallen lower after losing trend line and moving average support. The price dropped to a low on Friday of 1.22490. Below this level, there is support at 1.22400 and the 1.22000 area. A loss of those levels would target 1.21640 and 1.21111 in extension. There is major trend line support at […]
The Koreas will hold historic talks on Friday, aimed at formally ending hostilities between them and closing a chapter of their combined history. North Korea pledged to suspend missile and nuclear tests effective immediately, while South Korea has lifted border propaganda broadcasts. USDJPY has moved up to the 107.800 level, with resistance above at 108.000 […]
Since the end of last week, the whole market has been in the ‘green zone’. According to CoinMarketCap, Bitcoin has gained 3.5% in the last 24 hours and reached the $8,500 mark. Today, it easily surpassed $8,300, which had been considered an important level of resistance. Since the beginning of the week, the crypto market […]
