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...
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...
