Walt Disney’ stock tumbled to the lowest level since the pandemic crash last Friday before forming a green doji candlestick on Monday around the 82.37 trough. The stock is hovering at a low level that is considered attractive, and indicators like the RSI and Stochastic oscillator confirm that it may be oversold. On the other hand, the price is […]
Dollar traders turn cautious ahead of important data Yen stays pressured as yield differentials stay in the spotlight Wall Street records gains as Powell refrains from committing to more hikes Traders await key US data, Friday’s NFP the highlight The dollar pulled back against most of the other major currencies on Monday, extending gains only […]
GBPUSD had been in a prolonged uptrend since October 2022, storming to a fresh 15-month high of 1.3141 on July 14. However, since then, the pair has been experiencing a prolonged downside correction, with the price falling to a fresh two-month low of 1.2547 last Friday before recouping some losses. The short-term oscillators currently suggest that near-term […]
EURJPY climbed back above its 20-day simple moving average (SMA), aiming to push its 2023 uptrend above last week’s high of 159.47. The upward-sloping SMAs promote the positive trend in the market, but the technical oscillators can’t warrant stronger bullish momentum in the coming sessions. The RSI is maintaining a negative trajectory above its 50 neutral […]
The Fed and the ECB reiterated that inflation remains undefeated and interest rates may remain elevated during the Jackson Hole Symposium last week, but again they refrained from providing any clear signals about what the next rate decision will be. That throws a brighter spotlight on upcoming economic data. Specifically, the US nonfarm payrolls report, […]
The US 500 stock index (cash) had been undergoing a pullback after marching to a fresh 16-month high of 4,606 on July 27. Even though the price managed to rebound at 4,342, which is the 23.6% Fibonacci retracement of the 3,486-4,606 upleg, its upside got capped by the 50-day simple moving average (SMA). The short-term oscillators […]
The Fed and the ECB reiterated that inflation remains undefeated and interest rates may remain elevated during the Jackson Hole Symposium last week, but again they refrained from providing any clear signals about what the next rate decision will be. That throws a brighter spotlight on upcoming economic data. Specifically, the US nonfarm payrolls report, […]
GBPUSD slid last week, and it is now flirting with the 1.2600 level which appears to be the neckline of a Head and Shoulders (H&S) that’s been forming since June 14. Overall, the pair is trading below the uptrend line drawn from the low of October 12, below the 50- and 100-day exponential moving averages […]
Rate hike odds edge up after Powell and Lagarde signal inflation fight not over But dollar steady as yields barely budge, Wall Street closes higher China announces more stimulus, stocks jump before paring gains Powell strikes a balanced tone Markets were still digesting Powell’s Jackson Hole speech on Monday amid a mixture of relief and […]
Gold had been experiencing a strong pullback following its recent peak at 1,987, with the price falling to a fresh five-month low of 1,884. However, bullion managed to find its footing and recoup some losses, jumping back above the crucial 200-day simple moving average (SMA). The momentum indicators currently suggest that bearish forces are fading but remain […]
USDJPY got picked up by the bulls again from slightly below the 145.10 barrier, marked by the peak of June 30. Overall, the pair remains in an uptrend mode, well above all three of the plotted exponential moving averages (EMAs) and the uptrend line drawn from the low of March 24. This keeps the technical picture overly positive but […]
Markets have been taunted by shifting Fed expectations over the past week and there’s likely to be more anguish for investors in the next few days as crucial payrolls and inflation numbers are coming up. The August jobs report and PCE inflation readings will be closely watched amid signs the US economy is starting to […]
Bitcoin has been trading within a range during this week as investors and markets are bracing for Jerome Powell’s speech at the Jackson Hole symposium on Friday. Lately, cryptocurrencies have been following moves in stock markets, thus it is highly likely that they will also react to any dovish or hawkish surprise. Given the doom […]
With Lagarde taking off her ultra-hawk armor at the latest ECB gathering and last week’s business surveys pointing to deepening wounds for the Euro area economy, investors have become skeptical as to whether the ECB should press the hike button again in September. Will the Eurozone preliminary inflation numbers, due out on Thursday at 09:00 […]
Traders play defense ahead of Powell’s speech at Jackson Hole Dollar benefits from risk aversion as stocks reverse lower Euro extends losses, Lagarde unlikely to offer helping hand Markets nervous ahead of Powell A sense of nervousness has returned to global markets. Traders seem to be playing some defense, reducing leverage and trimming their risk […]
USDCAD had been stuck in a steep uptrend after finding its feet at the 10-month low of 1.3091 in mid-July. Moreover, the pair has sliced through important technical zones such as both the 50- and 200-day simple moving averages (SMAs), while posting consecutive fresh two-month highs in the last few daily sessions. The momentum indicators currently […]
China has long been the world’s growth engine, but that status is under threat as its economic recovery has hit a major stumbling block and the high-growth era seems to be well and truly over. Exports are falling, consumers aren’t spending much, bank lending is slowing and the crisis in the property sector only seems […]
The Eurozone economy seems to be rolling over. Business surveys paint an ugly picture, especially in Germany, where economic activity is already contracting. And yet, the euro has not absorbed any significant damage. What’s behind this FX resilience and is a ‘reality check’ imminent? Storm clouds gathering It’s been a tough few quarters for the […]
GBPUSD drifted back lower after the 20-day simple moving average (SMA) capped yesterday’s bounce off the 1.2615 floor for the fifth consecutive day. The RSI has changed direction to the downside in the bearish area, reflecting strengthening selling attitude, though with the MACD stalling its decline near its red signal line, the pair might have another […]
After a prolonged period of sideways trading during the summer months, BTCUSD (Bitcoin) experienced a vast sell-off, dropping to a fresh two-month low of 25,350. Nevertheless, the king of cryptos appears to have temporarily paused its decline, with the price trading without clear direction for the past few sessions. The momentum indicators currently suggest that bearish […]
The German 40 index (cash) corrected higher after completing a bullish morning star pattern near its July low of 15,455 and just above the 23.6% Fibonacci retracement of the October 20222-August 2023 uptrend. The 200-day exponential moving average (EMA) made this area important to watch as well. The rising RSI is an encouraging sign of […]
Global bond yields plummet after disappointing business surveys Gold and stocks capitalize, Nvidia earnings add fuel to Nasdaq rally Major FX pairs swing violently, Japanese yen comes out on top Soft PMIs highlight global slowdown It was an electrifying trading session in financial markets, after a round of disappointing business surveys from the major economies […]
WTI oil futures (October delivery) have been steadily losing ground after peaking at the nine-month high of 84.15 on August 10. Moreover, bearish pressures have not shown any sign of easing despite the completion of a golden cross between the 50- and 200-day simple moving averages (SMAs). The momentum indicators currently suggest that bearish forces are holding the […]
AUDUSD stayed above the 2020 support trendline for the third time since the pandemic fallout. This happened after a bearish five-week strike that caused the price to drop to a nine-month low of 0.6363. The pair is set to post its first weekly gain as the price picks up positive momentum towards its 20-day simple moving average […]
The JP 225 index (cash) has been experiencing a downside correction after posting a new record high of 34,006 in mid-June. Even though the price managed to halt its retreat and recoup minor losses, its structure of lower highs and lower lows remains intact. The momentum indicators currently suggest that bullish forces are slowly picking up. Specifically, the […]
EURUSD extended its slide following the disappointing Euro area PMIs, breaking below the 1.0830 support, marked by the lows of June 30 and July 6. The pair is already well below the prior uptrend line drawn from the low of September 26 and it is now testing the 200-day exponential moving average (EMA). A break […]
Nvidia has been the best performing stock of the S&P 500 in 2023, gaining around 300% and marching to consecutive higher highs. Despite experiencing a pullback below its 50-day simple moving average (SMA) for the first time in eight months, the stock bounced back and is set to revisit its record high ahead of its […]
Gold is looking to exit a bearish channel in the four-hour chart after its sell-off stalled around the 1,884 level. Encouragingly, the precious metal has surpassed its 20- and 50-period simple moving averages (SMAs), making its latest rebound more credible. The positive momentum in the technical indicators is further boosting hopes for an upside reversal; the MACD has […]
NZDUSD has been in a steep decline after peaking at the five-month high of 0.6410 in July. However, the pair has managed to temporarily pause its retreat following its bounce off 0.5902, which is the 61.8% Fibonacci retracement of the 0.5510-0.6536 upleg. The short-term oscillators currently suggest that positive momentum is picking up but bearish forces remain […]
Dollar trades mixed as Jackson Hole draws closer Fed’s Barkin sees reacceleration scenario Euro falls on PMIs, UK PMIs next Wall Street turns spotlight to Nvidia earnings Fed’s Barkin adds to the likelihood of more Fed hikes The US dollar traded mixed against the other major currencies on Tuesday as traders may be reluctant to […]
