Author: FX
Share: AUD/USD point of control eyed near 0.6680. Bulls step in at key support area vs. heavily bearish price action. As per the prior analysis, AUD/USD Price Analysis: Bears eye a break below key 0.6750, we have seen this play out. The bears moved in and took out the 0.6750s, printing a low of 0.6722, with last week’s lows down in the 0.6620s on a break of 0.6700, 0.6690. AUD/USD prior analysis ”The market has been giving two-way business and what we might see now is a downside continuation as follows: AUD/USD H4 chart The bears are lurking to fade rallies…
The Dow industrial average kept its winning streak alive with a slim gain of 0.01% today. The S&P index also rose modestly. The NASDAQ index fell for the 2nd consecutive day and is closing lower on the week.The final numbers are showing:Dow industrial average up 2.5 points or 0.01% at 35227.70S&P index up 1.48 points or 0.03% at 4536.34NASDAQ index fell -30.51 points or -0.2% at 14032.80This week: The Dow industrial average is now risen for 10 consecutive trading daysThe Dow streak is the longest since August/September 2017On Thursday the NASDAQ index had its worst day since MarchHealthcare, energy and…
Global growth and high interest rate concerns dragged the New Zealand dollar to the bottom of the forex heap this week. Meanwhile, strong U.S. data inspired hawkish Fed bets and pushed the U.S. dollar higher across the board. Missed the major forex headlines? Here’s what you need to know about last week’s FX scene: USD Pairs Overlay of USD vs. Major Currencies Chart by TV Anti-risk global growth concerns and pro-risk “peak Fed interest rate” speculations following the previous week’s slow U.S. CPI reading kept the U.S. dollar in tight ranges in the first half of the week. The Greenback started…
The EURGBP is major cross-currency pair that rose sharply this week. With the ECB meeting ahead next week, understanding the technical levels in play could open the door for trading opportunities.Technically as well, the market traders have used the technicals on the extremes to define support and resistance, and the correction off the high this week, has seen a swing level/area do a good job of holding support. Looking at the 4-hour chart below, the pair on Monday and Tuesday based at the 100/200 MA. The basing at the level, gave the buyers the go ahead to push higher. On…
Escalating tensions in Ukraine and resilient economic data from the major economies got traders pricing in higher interest rates and risk aversion. No wonder commodity-related currencies like NZD tanked while safe havens like the Swiss franc and gold gained ground! Not sure what I’m talking about? I can explain, but lemme show you the biggest headlines first: Notable News & Economic Updates: ? Broad Market Risk-on Arguments ECB Governing Council member Klaas Knot said monetary tightening beyond next week’s meeting is anything but guaranteed New Zealand’s CPI up by 1.1% q/q in Q2 2023 vs. 1.2% in Q1, 0.9% expected.…
oil with 200 dmaWTI crude oil has been flirting with the 200-day moving average all week and finally had a look above it, rising to $77.29. However it wasn’t able to break the weekly high of $77.32 and has backtracked slightly to $77.06.In all, I wouldn’t be comfortable calling that a technical break but it sets up next week to be an interesting moment in the crude oil market. We should hear soon about Saudi plans on whether to extend voluntary cuts through September so that could be the headline that does it. If not, the market will be looking…
I have showed this chart before because it shows how the CPI chart laps some very easy comps soon.What has emerged, pointed out by Omair Sharif, is that the numbers used on the chart are non-seasonally adjusted, which isn’t what is commonly (universally, frankly) used for the m/m CPI numbers.What it showed was that even if CPI ran at 0.2% m/m until January, the year-over-year reading would rise to 3.9%.This is problematic for two reasons:1) If you use the standard seasonally-adjusted numbers, a 0.2% m/m reading would get CPI back to 2.5% in January.2) If you insist on using non-seasonally-adjusted…
The price of WTI crude oil futures is settling near the high for the day at $77.07. That’s up $1.42 or 1.88%. The low for the day was at $75.69.The closing level is just below the 200-day moving average at $77.18. Recall from last week the price tested that level and rotated back down toward the 100-day moving average currently at $73.68 on Monday and Tuesday of this week. The low price for the week reached $73.82.For the trading week, the price rose 2.20%.Crude oil settles near 200 week MAAccording to the latest Baker Hughes Weekly Rig Count, the number…
Share: In this article we’re going to take a quick look at the Elliott Wave charts of NIKKEI published in members area of the website. As our members know NIKKEI is showing impulsive bullish sequences that are calling for a further strength. Recently we got a 3 waves pull back that has ended right at the Blue Box zone (our buying area) . In the further text we are going to explain the Elliott Wave Forecast and trading setup. NIKKEI Elliott Wave 4 Hour Chart 07.11.2022 NIKKEI is giving us pull back in 3 waves that are reaching extreme area at 32150-31082 blue box ( buying…
It was a very busy week for the forex calendar, bringing both potential opportunities and challenges for our strategists this week. It was arguably a net effective kind of week as we had two out of four strategies that were able to be on the right side of strong short-term momentum moves. AUD/USD 2-Hour Forex Chart by TV On Monday, we saw another dip in the Australian dollar to start the week during the Asia session, this time likely a reaction to the weaker-than-expected GDP and retail sales data from China. This once again supports the outlook that economic conditions…