WTI crude posted a strong rally from the $67 support level thanks to another strong drawdown of crude inventories. The fact it rallied over 3% despite the stronger US dollar and hawkish comments from Powell makes us wonder if it could have broken above $70 were the dollar not to dominate FX majors on Wednesday. Still, prices are trading within a range between $67...
USD/CHF remains within a longer-term downtrend on the daily chart, and momentum has has been pointing lower since the May 31 high. A bearish engulfing candle formed (which is also part of a double top) around 0.9000 to suggest a swing high has formed on the daily chart.
From here's we'd consider bearish setups on lower timeframes up to (or around) Tuesday's low,...
AUD/NZD has fallen 3% since the April high, although it looks set to build a base above the April low. A Rikshaw Man Doji formed on the daily chart above this key support level and a bullish RSI is forming on the RSI (2) to hint at a near-term inflection point.
What may help it rally from here is Bloomberg's report that the RBA considered three rate paths ahead...
The ASX 200 suffered its worst day in 10-week on the final day of May, thanks to weak China PMIs and month-end flows. The first day of June posted a very minor (almost sheepish) gain, but with a positive lead from Wall Street and SPI futures higher by ~0.66% overnight, the ASX is expected to extend its rise from the lows.
The fact that the lows formed around a...
EUR/USD broke above the 1.0800 handle yesterday thanks to a weak US inflation report, yet price action now finds itself back beneath that key level leading into today's FOMC meeting (and tomorrow's ECB meeting). But as the pair has risen over the past two weeks, it may take a particularly dovish meeting from the Fed to drive it materially higher.
Therefore,...
Whilst the US dollar has mostly retraced over the past couple of weeks against FX majors, it has held its own against then Yen. In fact, momentum is now turning higher after forming a triple bottom ~139 and breaking above a retracement line.
The most traded price during the prior consolidation is 139.55, which could provide a level of support if prices retrace...
The Aussie has seen an impressive short-covering rally over the last couple of weeks, where large speculators were had their most bearish net-exposure since September. Another ‘surprise’ RBA hike (to some…), calls for a Fed pause, stimulus from China and higher have helped it recoup losses sustained since the May high. And our attention now shifts to the FOMC...
Whilst Meta platforms has closed the gap with Nvidia in terms of YTD performance on the Nasdaq 100, Nvidia remains king of the crop having climbed over 170% from its 2022 low.
Prices blew past their previous record high set in 2022, and since consolidated around the current cycle highs. An initial inspection of the higher timeframes suggests it could be...
Oil prices are trading quite erratically on the daily chart, making it a much less appealing market to trade on that timeframe. But that doesn't mean we cannot find potential inflection points at the intraday level.
Monday's opening gap has been filled, and earlier losses on Tuesday were fully recouped to print a bullish pinbar on the daily chart which found...
What costs $3500 and leaves the user vulnerable to being pranked from ‘friends’ whilst wearing it? Yes, Apple’s augmented reality headset, which comes in ~3x more than one made by Meta. You can read up on all its features and Apple’s latest announcements elsewhere. As what we’re focussing on today is that Apple’s stock closed lower on the day it unveiled its...
EUR/GBP has just suffered its worst month in ten, thanks to renewed bets of a more-hawkish BOE and soft inflation reports across Europe. Volumes increased during the recent leg lower to show fresh bearish bets being placed and the OBV (on balance volume) has also confirmed the move lower on prices.
Prices are consolidating near the cycle lows on the 1-hour chart...
I suspect it could be a case of now or never for ASX bulls.
Whilst it suffered its worst day in 9-weeks on Thursday, this could be part of an ABC correction and the 200-day MA is nearby as a probably support level, even if it breaks lower today. Futures markets shows heavy volume occurred around yesterday's lows (bears piled in around the lows) yet sentiment...
The AUS/USD is within an established bear trend on the 4-hour chart, and closed to a fresh YTD low on Friday having broken beneath the March and April lows.
Prices have managed to retrace over the past two days during lower-liquidity trade whilst the US dollar’s rally took a breather. For now, we’re looking for evidence of a swing high below or around the 0.6550...
A bullish engulfing candle has formed on the EUR/USD daily chart, which could carry some weight given the technical levels of support it sits upon.
Despite an intraday break below 1.0700, the market rebounded and closed back above this big round number. The 200-day EMA also provided support following an intraday false break beneath it, and it is worth mentioning...
Whilst this year's 'rally' on the S&P 500 has been mediocre at best, the increase in net-short exposure to S&P futures has been impressive. As of last Tuesday, large speculators pushed their net-short exposure to the futures contract to their most bearish level since late 2007.
Yet with prices rising whilst speculators increase bearish exposure, there is a clear...
There are a growing number of calls for the RBNZ to deliver a hawkish 25bp hike tomorrow, due to the government's 'inflationary' budget delivered last week.
This could also potentially result in the RBNZ upgrading their terminal rate in their quarterly forecasts.
NZDUSD is consolidating on the 4-hour chart, having found support above the 200-day EMA. RSI (14)...
The 10hour chart remains within an established downtrend within a bearish channel. Prices retraced towards the daily pivot point and upper trendline whilst a bearish RSI divergence formed on RSI, yet volumes were notably lower to suggest the rise was corrective. Momentum has turned lower, so perhaps the swig high has already been seen.
- The bias is bearish...
Tesla's share price has made a mediocre attempt to rise above $180, yet Friday's bearish engulfing / outside day seems to have different plans. The fact the candle occurred on high volume following a bearish RSI divergence suggests it may have reached (or is close to) a swing high. Furthermore, the reversal candle has formed around the monthly pivot, 61.8%...
