China GDP miss, caution ahead of Big Tech earnings take wind out of post-CPI rally Hawkish Fed Governor comments also weigh on mood as dollar crawls higher Slew of incoming inflation data adds to nerves at start of the week Chinese growth data does little to squash doubts China’s economy grew by a less-than-expected 6.3% […]
EURUSD has experienced significant gains in the past 10 days, smashing its recent resistance levels and posting a fresh 17-month peak last Friday. However, it seems that the bulls cannot extend the recent rally as the pair has approached overbought conditions. The momentum indicators currently suggest that the recent rally could be overstretched. Specifically, the MACD is […]
While China is having another power battle in the artificial intelligence field against the US, economists are still hoping for the second biggest economy to bolster global growth as recession fears in the rest of the world persist. Monday’s Q2 GDP growth figures could bring some cheer to investors, likely showing the fastest expansion in […]
AUDUSD bulls are currently staging their fifth breakout from the rectangle that has been dominating the price action since February 24, 2023. Compared to the last breakout in mid-June, the bulls have managed to break the February 2, 2023 downward sloping trendline and they are now preparing to finally record a decisive move higher. Most […]
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The Nasdaq 100 index will rebalance the weights of its component stocks this month, effective July 24. This move will reduce the weight of the largest companies, to counter the supremacy of heavyweight tech shares and avoid concentration. In isolation, this implies less demand for the largest stocks and more flows into smaller Nasdaq companies. […]
Inflation data will continue to dominate the economic agenda in the coming week, although the spotlight will probably fall on Chinese GDP figures as well as US retail sales. The countries reporting CPI numbers include Canada, New Zealand, Japan and the United Kingdom. With inflation seemingly coming under control in America, investors will be on […]
Inflation data will continue to dominate the economic agenda in the coming week, although the spotlight will probably fall on Chinese GDP figures as well as US retail sales. The countries reporting CPI numbers include Canada, New Zealand, Japan and the United Kingdom. With inflation seemingly coming under control in America, investors will be on […]
Inflation data will continue to dominate the economic agenda in the coming week, although the spotlight will probably fall on Chinese GDP figures as well as US retail sales. The countries reporting CPI numbers include Canada, New Zealand, Japan and the United Kingdom. With inflation seemingly coming under control in America, investors will be on […]
Bank of America (BofA) stock recorded a green candle at yesterday’s session as a very important earnings period gets underway. It has been a tough period for the bulls as the stock remains significantly below the pre-March 2023 highs. However, it is trying to stay above the February 10, 2022 downward sloping trendline and to […]
US producer prices barely increase in June Dollar extends fall as investors add to their Fed cut bets Euro and pound extend their uptrends; aussie and kiwi rally Wall Street rises on cooling inflation; bank earnings on tap Dollar takes another dive after soft PPI data The US dollar extended its free fall on Thursday […]
USDCHF sank to its lowest level since January 2015 when the Swiss National Bank shocked markets by scrapping its three-year-old cap on the Swiss franc. The pair is currently consolidating its 4.0% weekly freefall near the lower boundary of the broad bearish channel slightly below 0.8600. This is where the price drifted higher in January […]
GBPJPY is trading sideways today as the first correction since the March 2023 lows is underway. The current drop has halted at the important March 23, 2023 upward sloping trendline with the pair now hovering a tad below the April 9, 2001 high of 181.42. The overall technical picture is more mixed at this juncture as […]
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The US 30 cash index is edging higher again today, but a triple-top pattern appears to be forming. This type of structure is not uncommon in this market, but it clearly casts a shadow on the current rally. A potential break of the 33,605 neckline would brand this structure as valid with its 32,700 target becoming active. […]
USDJPY is seeking shelter within the 138.55-138.00 zone after a dramatic, almost vertical decline over the past week, which squeezed the price by 4.0% and put the 2023 uptrend at risk of a reversal. An upside correction could be on the cards following the close below the lower Bollinger band. The RSI and the stochastic oscillator are warning of oversold conditions, […]
Dollar gets decimated by ‘cold’ US inflation report Stock markets hit new highs, gold powers higher Coming up – US producer prices and ECB minutes US CPI slams dollar lower A ‘cold’ US inflation report sent shockwaves across global markets yesterday, as investors reassessed the path for interest rates. Annual inflation as measured by the […]
After the password-sharing crackdown, Netflix saw its daily US sign-ups jump in the first few days. With that in mind, on Wednesday, when the streaming giant announces its earnings results for the second quarter, investors may pay special attention to the number of subscribers gained. Will the results be enough to extend the uptrend in […]
Bitcoin has been consolidating as the June rally catches its breath, coinciding with a similar pause on Wall Street for US equities. Concerns about central banks’ unwavering higher for longer stance has dented risk appetite lately, as bond yields have spiked globally, eroding the appeal of not just risk assets, but also safe havens such […]
EURUSD skyrocketed to sixteen-month highs in the wake of the US CPI data on Wednesday, experiencing one of its best daily performances this year. The pair inched up to a new high of 1.1147 early on Thursday, raising speculation that the bullish wave might have more room for improvement. That said, some caution might be necessary as […]
AUDUSD bulls are staging their fifth breakout, hoping to be more successful this time around and to finally break the rectangle that has been dominating the price action since February 24, 2023. The overall technical picture is positive for the bulls. The RSI has jumped above its 50-midpoint, and it is now trying to make […]
AUDCAD is recording an impressive green candle today, the strongest 1-day move higher since the May 2, 2023 session. The pair is currently hovering just below the busy 0.8927-0.8970 area, quickly recovering from the 2023 low of 0.8739 recorded on June 30. The medium-term trend clearly remains bearish and the current upleg could be seen as […]
EURUSD is edging higher again today, the fifth consecutive green candle. This is the longest run of positive daily sessions since the March 9-14 period that acted as a basis for a 5% upleg towards the 1.1100 area. EURUSD is already trading inside the busy 1.1032-1.1095 area, and a repeat of the March 2023 move […]
Gold has been swinging higher in the four-hour chart since hitting a three-month low of 1,892 at the end of June, rising as high as 1,940 today. The precious metal is hovering around a familiar constraining zone and near the 200-period simple moving average, which caused a soft decline over the past few hours. The 23.6% Fibonacci retracement of […]
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USDJPY has been sold aggressively since the NFP release last Friday, falling by almost 2.0% to a one-month low of 139.30. The bears snapped the latest bullish wave from mid-June, which peaked at 145.00, currently aiming for a close below the 50-day exponential moving average (EMA) and the support trendline from the March low at […]
USDCAD’s recovery proved very short-lived as the pair has been dropping aggressively over the past four sessions. It is currently hovering inside the busy 1.3190-1.3225 area with the bears probably keen on continuing the recent series of lower highs and lower lows. The next trough has to occur below the 1.3116 low recorded on June […]
US dollar beaten up as US inflation report looms Narrowing yield differentials turbocharge the yen RBNZ takes the sidelines, BoC takes the central bank torch Wall Street and gold gain on sliding Treasury yields Dollar traders are positioning for a soft US CPI report The US dollar continued tumbling on Tuesday and during the Asian […]
Some of the largest financial institutions in the US will unofficially kickstart the second quarter earnings parade, with JP Morgan Chase, Wells Fargo and Citigroup reporting their financial results on Friday before Wall Street’s opening bell. The banking sector came under pressure in March following the collapse of four regional US banks, but recently regained investors’ trust after […]
NZDUSD has been on the sidelines over the past week, consolidating its latest upturn around the 0.6200 level ahead of the RBNZ policy meeting due on Wednesday at 02:00 GMT. Despite the weak momentum in the price, the RSI and the MACD are still hovering within the bullish area, preserving hopes for an upside correction. […]
