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...
AUD/JPY appears to be on track to test the 2013 high (105.43) as it climbs to a fresh yearly high (105.10).
AUD/JPY Rate Outlook
AUD/JPY extends the advance from the start of the week to clear the April high (104.96), with the recent advance in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
A move above 70 in the RSI...
DXY is testing a major technical confluence here at 105.55/71 - a region defined by the 61.8% Fibonacci retracement of the April decline, the 2023 January high, the March 2023 & May 2024 high-day closes (HDC) and the 100% extension of the June advance.
Looking for a reaction up here. Initial support 104.68 and losses should be limited to the 200DMA IF price...
The US dollar staged a slight sell-off following a weaker-than-expected retail sales report, which provided a modest boost to currency pairs like GBP/USD from their earlier lows. Despite this, the GBP/USD has seen little significant movement over the past few weeks. However, it could encounter volatility with the upcoming Bank of England rate decision, UK CPI and...
USD/CHF retraces the decline from the start of the month as it rebounds from the former-resistance zone around the February high (0.8886).
USD/CHF Rate Outlook
USD/CHF may test the monthly high (0.9036) as it initiates a series of higher highs and lows, with a break/close above the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) zone...
EUR/USD sold off last week after FOMC and this pushed the pair back-below the 200-day moving average.
The big question now is whether bears can push a test of range support, which was last in-play in mid-April when the 38.2% Fibonacci retracement of the 2021-2022 trend caught support. The 50% of that same Fibonacci setup had helped to set resistance in March at...
Crude oil's rally today underscores its recent resilience. Prices surged despite weaker Chinese industrial data, suggesting investors are expecting the oil market to tighten as we head deeper into the US driving season.
Thanks to the rally, WTI has broken its bearish trendline that had been in place since April, finding strong support around $77.80, where the...
Here is 6-hour chart of silver. Who on earth uses a 6-hour chart, you might be asking? Well, I don't either but the 4-hour chart would look too zoomed out to make out the price candles. Besides, time frame is irrelevant - price action is price action.
Anyway, silver looks poised for a fresh bullish breakout from a continuation pattern, assuming it can hold above...
Major US technology stocks have pushed higher today, maintaining their gains following Powell's press conference last night. Despite the Dow closing lower yesterday, tech-heavy indices like the Nasdaq 100 have continued to gain ground. The technology sector continues to drive market performance; without it, the stock markets would look significantly different....
GBP/JPY stages a four-day rally to register a fresh yearly high (200.94).
GBP/JPY Outlook
GBP/JPY may continue to trade to fresh yearly highs as it extends the recent series of higher highs and lows, and a further advance in the exchange rate may push the Relative Strength Index (RSI) towards overbought territory.
The breach above the May high (200.75) may...
A recovery off near-term downtrend support is now testing initial downtrend resistance here with the 200DMA highlighting the 75% parallel here near 2344 post CPI / FOMC.
Key resistance / bearish invalidation steady at 2387.
Support rests with the May low at 2277- note the median-line there over the next few days. A break / close below would be needed to mark...
Crude oil prices gave up their earlier gains, to turn modestly lower on the day after the release of the EIA weekly US oil inventories, before bouncing off their lows ahead of the FOMC rate decision. Watch the closing prices. A daily close in the red may lead to some follow-up selling in the days ahead, given that WTI has arrived and reacted negatively from the...
WTI has plunged more than 17.3% off the April highs with the decline responding to confluent support today at 72.14/93 - a region defined by the objective yearly open and the 2024 low-day close (LDC).
Looking for a reaction down here. . .
Initial resistance now eyed at 75.33 with bearish invalidation now lowered to 77.67 .
A break lower exposes the...
Aussie is testing confluent support here at the 38.2% retracement near 6580 . Looking for a reaction heading into US CPI / FOMC.
Ultimately, losses would need to be limited to 6538 IF price is still heading higher with a breach above 6690 needed to mark uptrend resumption.
Bottom line- threat for an exhaustion low over the next few days- Watch the weekly...
BTC/USD trades to a fresh monthly low ($66561) following the failed attempt to test the April high ($72727).
BTC/USD Outlook
BTC/USD fails to defend the opening range for June as it extends the decline from last week, with a break/close below the $62780 (100% Fibonacci extension) to $64850 (23.6% Fibonacci extension) region raising the scope for a move towards...
Sentiment in Europe remained pessimistic for the second consecutive day. Concerns about the continent's political future were underscored by the EUR/GBP reaching its lowest level since August 2022, alongside a sharp decline in French bonds and stocks. The yield on the benchmark 10-year French bonds increased by another 10 basis points as bond prices fell for the...
Crude oil prices rose on Monday, making back its losses from Friday and some. While there is hope for increased fuel demand as we head to the summer months, today’s recovery comes on the back of a three-week drop. Prices have been held back in recent weeks because of various factors, ranging from concerns over increased non-OPEC supply and worries about the demand...
