After falling sharply in the last few days, crude oil prices were trying to form support as WTI tested its technically-important 200-day average following the release of US oil inventories data. The data showed a larger-than-expected drawdown of 3.7 million barrels on the headline front. Stocks of oil products (gasoline and distillates) and crude inventories at...
AUD/JPY has looked terrible since breaking the uptrend established in April earlier this month, slicing through a series of supports and the important 50-day moving average. Souring sentiment regarding China’s economic outlook has been a major factor behind the unwind, combining with narrowing yield differentials between the United States and Japan, along with...
Unlike the Nasdaq 100, the S&P 500 has managed to keep it's near-term uptrend intact, painting a potentially bullish picture for the broad index.
The next two weeks sees over 60% of the index's earnings get reported, offering major potential for volatility in individual names, especially among the "Magnificent 7" stocks that are so heavily weighted in the index....
NDX is bouncing back off its rising 50-day MA following last week’s big swoon. While last week’s break of bullish trend line support is significant, the longer-term uptrend remains intact, with the 50-day EMA and 200-day SMA still rising at a solid rate.
If the earnings results in the coming weeks (starting with Alphabet and Tesla after the bell) are able to meet...
AUD/JPY approaches the June low (102.62) after closing below the 50-Day SMA (101.40) for the first time since March.
AUD/JPY Rate Outlook
Keep in mind, the selloff in AUD/JPY emerged following the failed attempt to test the 1991 high (109.70), with the decline in the exchange rate pulling the Relative Strength Index (RSI) back from overbought territory.
The...
USD/CAD is testing confluent resistance here at 1.3776/91 - a region defined by the 100% extension of the monthly advance and the 78.6% retracement of the April decline. Looking for possible exhaustion / price inflection off this mark.
Initial support rests with the original slope (currently ~1.3710s) backed by the objective monthly open at 1.3678 - losses...
The Nasdaq may experience significant volatility in the coming days due to upcoming technology earnings reports.
Technically, the bullish trend is still intact despite a recent decline that brought the index below the 20,000 mark, which now serves as a short-term resistance level. Reclaiming this level in the next few days would be a positive sign.
The...
GBP/AUD is rarely as overbought as it is right now. And when it has been this overbought in the recent past, it’s usually coincided with a near-term top. It’s also fast approaching 1.9500, a level that has been akin to poison for longs throughout 2024. Combined, it has me on alert for a potential topping signal, providing the catalyst to establish shorts with...
Nikkei 225 futures bounced strongly from the 50-day moving average overnight, mirroring the reversal in US equities during the session. With horizontal support located nearby at 39455, it provides a decent long setup, allowing for a stop to be placed below for protection targeting a push back towards the record highs struck earlier this month. While it would have...
The price of oil appears to be on track to test the monthly low ($80.81) as it continues to pull back from last week’s high ($83.74).
Crude Oil Price Outlook
The recent rally in the price of oil seems to have stalled ahead of the April high ($87.67) as the Relative Strength Index (RSI) reverses ahead of overbought territory, with a breach below $80.70 (38.2%...
After last week’s breakout above 40K, the Dow went on to rise a further 1380 points before dropping sharply in the last two days of the week. As a result, the Dow is now back near the breakout area, now testing it from above. Can we see a bounce here?
Given last week’s bullish breakout, the path of least resistance on the Dow remains to the upside, even if we...
Nasdaq 100 futures were hammered last week on the back of strong volumes, making the next few days important as Alphabet and Tesla become the first of the ‘Magnificent 7’ names to report second quarter earnings after market close on Tuesday. They will set the tone for the remaining group, especially Alphabet given perceived tailwinds for revenues and earnings from...
Since breaking above the 200-day moving average and the bearish trend line around the 59,500 mark at the start of last week, Bitcoin has rallied sharply as the bears rushed to exit. Along the way, it has surpassed multiple resistance levels, including 63,800 on Monday. This level has now turned into support, indicating bullish price action.
In recent days,...
USD/CHF rebounds from a fresh monthly low (0.8820) to keep the Relative Strength Index (RSI) above 30.
USD/CHF Rate Outlook
Keep in mind, the recovery in USD/CHF takes shape after it failed to defend the June low (0.8827), with the 50-Day SMA (0.8993) now reflecting a negative slope following the decline from earlier this month.
Nevertheless, USD/CHF may...
Euro is testing major technical resistance this week at the yearly high-week close (HWC) / 61.8% retracement of the 2023 decline at 1.0942/60 . Risk for possible exhaustion / price inflection into this zone.
Key weekly support now at the objective monthly open near 1.07013 .
Bottom line: we're looking for a breakout of this range in the weeks ahead for...
following today's dovish-leaning ECB press conference, the EUR/USD dropped.
But the trend has been bullish for this pair and we favour looking for bullish setups than bearish ones.
One such area to watch out for bullish price action was being tested at the time of writing around 1.0900-1.0905 area. Here, the point of origin of the breakout and a bullish trend...
Crude oil has rallied sharply today. Both Brent and WTI have created large bullish engulfing candles on their daily charts. These suggests that more buying could be on the way in the days ahead, as the previous selling pressure has been replaced by buying.
Today’s gains were driven by a sharper-than-expected drawdown in US oil inventories data.
The recovery...
The price of gold clears the May high ($2450) to set a fresh record high ($2484).
Gold Price Outlook
The price of gold extends the rally from earlier this to push the Relative Strength Index (RSI) towards overbought territory, with a move above 70 in the oscillator likely to be accompanied by a further advance in bullion like the price action from earlier this...
