With the yen breaking down lately, Japanese authorities have stepped up their warnings about FX intervention. However, the conditions for intervention are not fully present yet, as the moves in USDJPY in particular have not been sharp enough. For the yen to stage a lasting recovery, it might require some policy tightening from the BoJ […]
The US 30 cash index has completed five red candles after again failing to decisively rally above 34,280. This level has morphed into a key sentiment area as over the past 10 months the bulls have registered six false breakouts. The US 30 index is currently hovering a tad above the 33,754 level but below […]
GBPUSD trimmed some gains after the 1.2800 round level blocked last week’s quick rally, with the price correcting down to 1.2690 on Wednesday. Traders might keep selling the pair as the RSI and the stochastic oscillator seem to have peaked in the overbought region, suggesting that the latest bull run is overdone. On the downside, […]
NZDUSD appears to have found its feet around the 200-day simple moving average (SMA) following the pullback from the June top of 0.6246. But the fact that the latest upleg was unable to breach the medium-term descending trendline casts into doubt the prospects for a bullish break in the near term. The momentum indicators are […]
BTCUSD (Bitcoin) entered a rally mode on Tuesday, breaking above the resistance (now turned into support) barrier of $27,400, which coincides with the 23.6% Fibonacci retracement level of the September 2022 – April 2023 up leg. The rally also took the crypto above the downward sloping resistance line drawn from the peak of April 14, […]
Visa stock has recovered from the May 31, 2023 dip but has failed to make significant gains. It remains under pressure despite the overall bullish market sentiment, and it is hovering inside the 228.44-225.96 range. There is a sense of anticipation in the market as both the simple moving averages’ (SMAs) convergence and the tightening […]
The eurozone economy contracted during the past two quarters albeit mildly, entering a technical recession. Traders will look to see whether the negligible downturn has worsened when flash S&P Global PMI figures for the month of June arrive on Friday at 08:00 GMT. Forecasts point to another disappointing report, which the euro might not like. […]
Silver recorded a very strong bearish move yesterday and it is now hovering around the 23.00 area and the lower boundary of its December 2022-February 2023 rectangle. It is ready to record another bearish breakout with the bears hoping that this endeavor will be more successful than their May 25 attempt, when silver quickly rebounded […]
Dollar gains as housing starts surge Focus turns to Fed Chair Powell’s testimony UK CPIs increase chances for a 50bps hike by the BoE Powell gets a second chance to convince the market The US dollar gained ground against most of the other major currencies on Tuesday, losing only against the Japanese yen. Although the […]
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USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair seems to be consolidating in the near term after failing to breach the November 2022 high of 142.24. The momentum indicators currently suggest that the bullish forces are in control. Specifically, the RSI […]
EURGBP marked a 10-month low of 0.8517 at the bottom of the four-month-old bearish channel on Monday, fully reversing its December-February ascent ahead of the Bank of England’s policy announcement due on Thursday. The 61.8% Fibonacci retracement of the 0.8200-0.9249 uptrend has been cooling downside pressures since the start of the week as well. Still, […]
Citigroup is stuck in the middle of the 42.81-53.90 rectangle that has been dominating the price action since March 2022. It is currently below the February 2, 2023 downward sloping trendline and hovering around the various simple moving averages (SMAs) used, pointing to a delicate balance due to increased indecisiveness from market participants. The bears have […]
Despite the Fed’s updated dot plot last week signaling that two more rate hikes may be on the cards, market participants are finding it hard to believe it. Fed Chair Powell did not convince them either when he held the press conference following the decision. However, he is being given another opportunity to pass his message this […]
Apple’s stock has been in a steep uptrend since late December, smashing historical resistance levels and posting a fresh all-time high of 186.37 on Thursday. The big question that lies ahead though is whether the rally can resume without a sizable pullback and at which level will the stock price peak. The momentum indicators currently […]
USDJPY has come under selling pressure after hitting a seven-month high of 142.24 earlier today. Caution likely set in as the pair approached the 61.8% Fibonacci retracement level of the October 2022-January 2023 downtrend at 142.49. But whilst the stochastic oscillator is indicating further losses in the short term as it has gone into a […]
The much-anticipated upward AUDUSD breakout managed to quickly disappoint the bulls. The pair managed to record a 4-month high of 0.6899 before quickly dropping. It currently trades around 0.6775, back inside the rectangle that has been dominating the price action since February 24, 2023, and below the November 3, 2022 upward sloping trendline. Apart from […]
Gold experienced a pullback after peaking at the all-time high of 2,079 in early May, falling beneath its 2,000 psychological mark and the 50-day simple moving average (SMA). Although bullion has been stuck within a tight range for the past month, the formation of a structure of lower highs is hinting at a deteriorating technical picture. The momentum […]
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EURCHF has returned inside the rectangle that has been defining the price action since October 13, 2022. The bears must feel under the weather as their latest downward breakout failed once again, despite almost testing the 0.9665 level. They should probably regroup as the bulls appear determined to stage a proper rally towards the higher […]
China rate cut unable to lift market mood as doubts grow about economy Wall Street futures struggle ahead of Powell testimony, dollar drifts sideways Yen’s freefall pauses, pound softer ahead of CPI data, aussie slides on RBA minutes China stimulus: too little too late? Equity markets were mostly on the backfoot again on Tuesday as […]
The US 100 index is edging slightly lower after recording another 2023 high. The index stands around 30% higher than the March 13, 2023 low, with the move since the April consolidation being almost exponential. The bears are again trying to record a small pullback. Their last two attempts to stage a correction, in May […]
EURJPY experienced a huge week after a bullish triangle breakout, appreciating by more than 3.0% to an almost 15-year high of 155.37 in what was the fastest rally in more than a decade. The bulls are trying to revive their positive momentum near their recent highs as the RSI and the stochastic oscillator are flagging overbought conditions. Note […]
GBPUSD has been in a prolonged uptrend since October 2022 supported by its long-term ascending trendline. Even though the pair stormed to a fresh 14-month high of 1.2847 on Friday, it quickly pared some gains due to reaching overbought conditions. The momentum indicators currently suggest that bullish forces are holding the upper hand. Specifically, the RSI […]
The Swiss National Bank (SNB) is widely expected to raise interest rates at 07:30 GMT Thursday, although markets are divided about the size of the move. With inflation grinding lower, the risks seem tilted towards a smaller rate increase that could briefly hurt the Swiss franc, although its overall path will also depend on global […]
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USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. Moreover, the ascending 50-day simple moving average (SMA) is set to post a golden cross with the 200-day SMA, which could enable the pair to extend its advance. The momentum indicators currently suggest that bullish forces […]
The US 500 stock index (cash) is pulling back slightly from Friday’s highs when it briefly hit a 14-month peak of 4,446.77. The index has been on a roll during June, gaining more than 5%, but it could be about to record its first two consecutive daily declines this month as the positive momentum wanes. […]
With the Bank of England (BoE) dropping calls that the UK is facing its longest recession since records began, investors are hoping, or even demanding, of more aggressive action. With that in mind, Thursday’s monetary policy decision at 11:00 GMT may attract special attention as traders may be eager to see whether Bailey and co […]
The Bank of England (BoE) and the Swiss National Bank (SNB) will feature in the next series of central bank meetings on Thursday. Investors are speculating that some policymakers might debate a bolder half-point rate hike, with the talks likely being more intense within the SNB. Meanwhile in the eurozone, Friday’s preliminary business PMI figures […]
