USD/CHF clears the June high (0.9036) as it extends the advance from the start of the week.
USD/CHF Rate Outlook
Keep in mind, the recent advance in USD/CHF has kept the Relative Strength Index (RSI) out of oversold territory, and the oscillator may show the bullish momentum gathering pace as it climbs to its highest level since May.
A close above the 0.9030...
Gold has continued to consolidate within the June 7th trading range (the highlighted NFP outside-day reversal candle). . The focus into the start of June is on a breakout of 2286-2387 range for guidance.
Key support 2277/86
Initial resistance 2368 with 2387 key.
From a trading standpoint, while the broader outlook is still constructive, the threat for a...
The gold-silver ratio has reached a key area of resistance between 80.30 to 80. 55 area and has reacted. This comes on the back of a major breakdown below a multi-year bullish trend line back in early May. So far, the ratio has held resistance here, which suggests that silver might be able to outperform gold again. However, it could also mean that both precious...
Like Germany's DAX that we highlighted earlier today, the UK's FTSE 100 is also on the verge of a bearish break down after a strong start to 2024.
The UK index has formed a clear inverted cup-and-handle pattern over the last 10 weeks. Akin to the "head" and "right shoulder" of a head-and-shoulders pattern, this setup shows fading buying pressure and a potential...
Germany's DAX index has had a solid 2024 so far, but the shine may be coming off the bullish technicals as we head into the second half of the year.
After hitting a record high near 19K in May, the index has seen its gains stall out. Prices retreated to bullish trend line support in mid-June, and with bulls failing to drive a convincing bounce off that level, the...
Sellers had an open door to push a breakout over the past three weeks. But they were continually thwarted at the 1.0668 support level, which has led to a bounce to start this week.
Key resistance overhead at the 200-day moving average, that's the big spot for bulls to encounter if they want to turn this into anything more than a support stall.
- JS
The price of oil may continue to retrace the decline from the April high ($87.67) as it carves a series of higher highs and lows.
Crude Oil Price Outlook
The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the...
Ahead of a busy week, the the US dollar index has started Monday's session on the backfoot, largely thanks to a relief rally on the EUR/USD exchange rate. But against currencies where the central bank is more dovish than the Fed – most notably against the likes of the Japanese yen and Chinese yuan - the dollar remains supported.
After Friday’s latest inflation...
Ahead of French elections on Sunday, European markets, led by France, underperform a tech-driven Wall Street. Here, the S&P 500 (+0.65%) has just hit a fresh record high, and was on course to end up for the fourth consecutive week. Month- and quarter-end flows in high-flying tech keeps US equities supported as we head to the second half of the year.
Meanwhile,...
Amazon continues to break to new highs, reaching almost $200.00, before pulling back a little. It was still up a good 2% at the time of writing, but it looks like more gains could be on the way after this week's bullish breakout.
On Wednesday, Amazon broke through the resistance in the $190 - $191 range, closing up 3.9% at a record high. This surge made it the...
The world’s most important market, the 10yr US Treasury, is trading directly at a critical level. Going back years, the 4.32% level has served as reliable support/resistance, and today’s drop after peeking above that level yesterday has only emphasized the importance of that key level.
At the same time, the 10yr Treasury yield has put in a series of lower highs...
After a torrid rally though most of Q4 2023 and Q1 2024, Bitcoin has lost its upside momentum over the last 3+ months. Since then, the cryptocurrency has carved out a broad range between $57-60K on the low side and the all-time high near FWB:73K on the topside.
As traders price in the potential selling of long locked-up supply from the Mt. Gox, BTC/USD could see...
Dips below 7685 in Australian ASX 200 SPI futures have made for good buying in June. Will the latest be any different?
Yes, the price action looks terrible having broken out of the pennant in the overnight session, so I’m not rushing the buy the dip. But if we see the move stall during the session, there are grounds for a cheeky long with a stop below the session...
AUD/JPY may attempt to test the 2007 high (107.82) as it breaks out of the range bound price action from earlier this week.
AUD/JPY Rate Outlook
AUD/JPY trades to a fresh yearly high (106.95) with the recent rally in the exchange rate pushing the Relative Strength Index (RSI) into overbought territory.
The move above 70 in the RSI is likely to be accompanied...
Aussie has been testing this resistance zone for nearly six-weeks now at 6676/90 - a region defined by the 61.8% retracement of the December decline and the 100% extension of the April advance.
A breach / close above this threshold is needed to mark uptrend resumption towards the 78.6% retracement at 6762 .
Support rests at 6579 with near-term bullish ...
News of a surprise inventories build in the US has caused oil prices to give up earlier gains and turn lower.
The EIA US weekly crude oil inventories came in at +3591K vs -2850K expected and -2547K prior.
The 3.6-million-barrel build suggests weaker demand despite hopes that inventories would draw down more meaningfully due to the US driving season. However,...
Nikkei futures are extremely overbought on a 4h timeframe having surged to more than two-month highs earlier Wednesday. On each of the past five occasions RSI has exceeded 77, as it has today, it has coincided with a near-term market top.
By coincidence, today’s rally stalled at 39775, a level that acted as both supply and demand on multiple occasions earlier...
GBP/JPY extends the recent series of higher highs and lows to register a fresh yearly high (202.73), with the Relative Strength Index (RSI) flirting with overbought territory.
GBP/JPY Outlook
The broader outlook for GBP/JPY remains constructive as the 50-Day SMA (197.57) still reflects a positive slope, and the exchange rate may continue to track the positive...
