AUDUSD has carved out a sideways range between 0.6570 and 0.6710 dating back to early May, and even within that range, the pair has spent the last two weeks putting in a series of higher lows and lower highs.
This price action has created a symmetrical triangle pattern, hinting at a potential higher-volatility breakout heading into the US Core PCE report at the...
“Don’t fight the market” is one of the oldest adages in trading, but apparently the Bank of Japan didn’t get the memo.
Japan’s central bank has now intervened directly in the FX market to support the yen at least four separate times in the past 24 months, with little to show from the billions it spent as USD/JPY once again tests a 34-year+ highs at 160.00....
Nvidia has bounced back today after its recent 16% drop from a record high reached just last Thursday.
For the first time in three days, it has broken above a prior day’s high.
After finding good support from its 21-day exponential moving average around $120, and key support slightly lower at $118, today sees NVDA rise above Monday’s high of $124.45 to trade...
Gold rejected confluent resistance last week at 2368 with price marking an outside-day reversal off the high.
The immediate focus is on a breakout of the 2318-2368 range for guidance with a breakout of the monthly opening-range (2286-2387) ultimately to clear the way.
From a trading standpoint, the threat remains for a deeper correction within the broader...
Sitting in a bullish pennant pattern with RSI and MACD pointing to building bullish momentum, it looks like we may soon see a test of topside resistance in Dow Jones futures, pointing to the potential for a bullish break or bearish reversal that may see the price coil up even further.
Whatever outcome eventuates, we can build a trade setup around it using...
Silver is currently in a bullish consolidation phase, which should not be mistaken for a sign of weakness. Despite the recent strengthening of the US dollar, silver’s long-term bullish trend remains intact.
Silver was testing support around $29.50 at the time of writing after a sharp drop on Friday. But this volatility is all inside a bullish continuation...
SGX iron ore futures look set for a potential push below $100, breaking a series of downside supports over the past two sessions.
Friday brought a bearish break of the symmetrical triangle futures had been trading in over recent weeks. That was followed up today with the price slicing below $103.50, the low struck on June 11.
With momentum building to the...
WTI is up more than 13% off the monthly lows with the rally now testing the first major technical hurdle at 81.81 . Risk for some kickback here.
A breakout of the April Downtrend keeps the focus higher while above the objective June open at 77.11 with a topside breach / close above this pivot zone needed to fuel the next leg higher.
Key topside resistance...
The GBP/USD was already weaker after the Bank of England kept rates unchanged at 5.25% as expected, in a "finely balanced" decision for some members on Thursday, which the market had interpreted as a signal that the first rate cut was going to come in August. Well, today, we had weaker-than-expected PMI data from the UK, which means that "balance" is shifting...
The EUR/USD got another reality check earlier today with the release of disappointing PMI data from the eurozone, suggesting that growth in Q2 may be lower than expected. Add to this the ongoing French election uncertainty and the rise of far-right parties across Europe, and the recent rise in oil prices, the short-term outlook continues to look bearish.
As...
Gold has been on a nice run, breaking out of the pennant it had been coiling in before doing away with the downtrend dating back to the record high set in May.
Momentum on the 4H timeframe remains to the upside with MACD and RSI signaling building strength. While the latter sits in overbought territory, it’s not at the level that warns of an imminent risk of a...
Silver is following in the footsteps of its big brother Gold by bouncing off long-term trend line support (in this case, at its 50-Day EMA at $29) to resume its longer-term uptrend.
As of writing, Silver is testing a near-term bearish trend line connecting the recent highs, but if that resistance level gives way, the grey metal could quickly rally to retest its...
Gold has had a relatively quiet couple of months, carving out a broad range between $2285 and $2425 since the start of April.
While there are no imminent signs that the range will break any time soon, the precious metal is turning higher off support to test (and potentially break) near-term bearish trend line resistance. A confirmed break here would tilt the odds...
Having broken through a long-standing support zone on Wednesday, and with uncertainty over the outcome of French elections like to persist for several weeks, selling rallies in EUR/USD screens as favourable in the near-term.
EUR/AUD looked like it may have bottomed last Friday with a morning star pattern formed to start the trading week. However, the bearish...
The EUR/USD outlook remains uncertain amid a backdrop of fluctuating US dollar strength and significant upcoming events. The US dollar has been slightly weakened due to a lack of major news and the US holiday, compounded by a disappointing retail sales report. Investors are eyeing key central bank decisions from the Bank of England and the Swiss National Bank on...
AUD/USD has been consolidating within a 120-pip range for the past 6+ weeks, and there are no imminent signs of that range breaking. However, forex traders may still want to prepare for a potential bullish breakout (helped along by a hawkish RBA meeting and weak US retail sales data).
In that scenario, a clean break above 0.6700 could open the door for a...
From a purely technical perspective, USD/JPY remains in a well-defined uptrend that started just after Christmas. Over the last few weeks, the pair has carved out a clear ascending triangle pattern with resistance at 158.00, suggesting that a break above could quickly expose the 30+ year highs near 160.00.
The only fly in the proverbial ointment is the BOJ, which...
There are few things ASX 200 futures traders like more than a US public holiday, often delivering big gains when Wall Street is away. Yet, when we look at futures before the Juneteenth public holiday, SPI sits in negative territory, down 0.24%, giving back some of the solid gains of the previous session when the contract broke back above the 50DMA with ease.
One...
