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 These suggests that more buying could be on the way in the days ahead, as the previous selling pressure has been replaced by buying.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...
While the tech-heavy Nasdaq 100 is struggling, "The People's Index" is breaking out to fresh record highs.
The Dow has comfortably broken above previous resistance near $40K, stretching its gains to above GETTEX:41K so far. While a near-term dip is possible given the overbought RSI indicator, the longer-term bias will remain to the topside (and bulls will be...
The Nasdaq 100 has come under pressure in recent days, dragged down by the same Big Tech stocks that had boosted it in recent years.
The index has now broken below its near-term bullish trend line and is now pressing against previous-resistance-turned-support near $20K. A drop below that key horizontal level could expose the 50-day MA in the mid-19Ks next.
-MW
GBP/JPY consolidates after rallying to a fresh yearly high (208.12) during the previous week, but the exchange rate may continue to track the positive slope in the 50-Day SMA (200.24) as it holds above the monthly low (204.74).
GBP/JPY Outlook
Keep in mind, the recent decline in GBP/JPY pulled the Relative Strength Index (RSI) back from overbought territory,...
WTI is testing a major resistance pivot here at 84.58-85.40 . Looking for a reaction off this mark with the immediate rally vulnerable while below.
Initial support now 81.81 backed closely by the monthly open at 81.44 . We remain constructive while above the 200SMA at 79 .
A topside breach / close above this region exposes the yearly high-close (HC) /...
Silver has held its own above its bullish trend line, potentially on the verge of breaking higher after a short-lived dip post US retail sales data.
Our gold and silver outlook remains bullish. With gold only a few dollars shy of hitting a new record high, silver could play catch up and head to a fresh multi-year high.
Gold's recent performance has been...
The world's most widely-traded currency pair has seen a big bullish run over the last 2+ weeks, but today's price action shows some hesitation around the 4-month highs at 1.0900.
The combination of a daily doji candle (in progress) and relatively stretched RSI and MACD oscillators hints at a pullback if tomorrow's US Retail Sales report can beat expectations. To...
Cable has rallied in 10 of the last 12 days, taking the pair up to its highest level in nearly a full year. For this week, the key level to watch will be psychological resistance at 1.3000: If that level, which also represents the late July 2023 high, is convincingly broken, GBP/USD could make a run at its 2+ year high near 1.3150 next.
Meanwhile, given the...
USD/JPY snapped back from 160.00 last week and it's highly-suspected to have been driven by intervention.
When the BoJ last intervened in late-April and early-May, the pair retraced more than 800 pips before finding support at prior resistance, with bulls resuming the prior trend. With rollover still positive on the long side and negative on the short side,...
Following the release of today’s weaker-than-expected US CPI report, the US dollar slumped and bond prices rallied. This helped to fuel a fresh rally in precious metals. As well as silver we saw big gains for the small-cap Russell 2000. With rate cut expectations on the rise, our silver forecast remains positive.
Given the recent break out from the bull flag...
Traders should be on alert for a bullish breakout in Dow E-mini futures.
Sitting in a triangle and having found plenty of support on dips towards and below 39400 over recent weeks, the price closed marginally above downtrend resistance on Wednesday, managing to do what it was unable to on the prior three ventures above the level. With RSI and MACD providing...
EUR/GBP extends the decline from the start of the month to approach the June low (0.8397), and the exchange rate may track the negative slope in the 50-SMA (0.8503) as it holds below the moving average.
EUR/GBP Rate Outlook
EUR/GBP snaps the range bound price action from earlier this week to register a fresh monthly low (0.8426), and failure to defend the June...
