After creating a nice 3-bar reversal pattern beneath old resistance at $1650, Ether went on to break that resistance level on Thursday of last week, before going into a consolidation phase.
Today, ETH/USD has drifted back to that $1650 level where it is likely to find support, in my view.
Cryptos and other zero- and low-yielding assets like gold, silver,...
The ongoing rally in bonds have been driving everything from FX to metals this week. As bond prices surged higher, their yields fell, boosting the appeal of low- and zero-yielding assets such as the Japanese yen, gold, silver and bitcoin.
Yields have been dropping since the middle of June and this week saw that trend accelerate after the first estimate of the...
Bitcoin has today broken its bearish trend line that was in place since March, triggering some technical buying above it.
Cryptos and other zero-yielding assets have stormed back after the unexpected drop in US GDP increased speculation that the Fed will have to slow down the pace of the hikes and potentially go in reverse in early 2023.
Powell indicated at the...
GBP/JPY, a pair with a well-earned reputation for volatility, has spent the last couple of months seeing every smaller swings. As the chart shows, the pair has been putting in lower highs and higher lows, forming a classic symmetrical triangle pattern, for the past nine weeks since failing to break above its April high.
Coincidentally or not, the pair’s...
The Cable has broken out of a falling wedge pattern despite all the political uncertainty in the UK and ahead of FOMC rate decision.
It is interesting to note that the buyers have evidently stepped in around that long-term 1.20 handle.
This is potentially a major development from a technical view point. But let's see if there's going to be acceptance above...
It seems like only yesterday when oil prices were surging on Russia’s invasion of Ukraine, and analysts were predicting that the commodity could rise to $200 in short order. Since those fearful days in March however, supply has incrementally come into the market and demand has slackened, due in no small part to the high prices themselves.
Looking at the chart of...
Gold managed to bounce sharply off its lows during the ECB press conference, presumably because investors are now convinced that the the central bank will try to supress rising bond yields in troubled Eurozone countries, thus re-starting/continuing with some form of QE just as it has started to hike rates.
It remains to be seen whether the gains for gold will...
We have seen the first significant bullish reversal sign in ages with the S&P breaking its bearish trend line. It still needs to repair a lot of damage, but this is a good sign. It needs to hold above 3920 now in order to keep the bulls happy, otherwise this will be considered a false breakout. Next resistance is seen around 4080, the base of the previous...
The world’s second-largest cryptoasset had a brutal second quarter of the year, with ETH/USD prices falling over 75% from nearly $3600 at the start of April to a low under $900 by mid-June. Between the bankruptcy of so-called CeFi lenders (essentially crypto banks without insurance) like Celsius and Voyager, the implosion of the massive Three Arrows Capital hedge...
After a 30% plunge from its peak in February due largely to the dollar’s big rally and surging interest rates, silver has now reached a major support area.
At around $18.50 per announce, the commodity might have become too cheap. Will we see the return of the bulls as the metal tests THIS key support area?
As per the above chart, the area between $18 to $19 was...
The strength of US dollar caused the EUR/USD break below parity today and sent gold tumbling to $1700. But the metal managed a small bounce off its lows as recession concerns supported Treasurys, causing the yield on the 10-year to remain below 3%.
If gold has any chance of a comeback we now need to see the dollar fall back. Right now, expectations are rising...
The EUR/USD finally hit parity earlier amid fears of a Russian gas shutdown, rising hawkish bets on the Fed and downbeat risk sentiment. The final nail in the euro’s coffin was news of a considerable deterioration in the German economic outlook, according to the closely-watched ZEW survey.
But the historical and psychological significance of 1.0000 means we were...
The USD/MXN is attempting a breakout above 20.50, which will also see rates take out the bearish trend line that has been in place since last year. At the time of writing, it was doing a good job at that. A closing break would pave the way for more gains in this pair, and losses for the Mexican Peso.
Emerging market currencies have been in the spotlight amid the...
With investors fearful that a recession might be looming, they are selling everything now: crude oil, copper, stocks, crypto – you name it.
Today, oil caught the attention thanks to its $10 slide.
Crude oil prices are likely to be on a slippery slope given rising concerns about an economic slowdown.
We will now likely see traders sell into the rips than buy...
Strong US dollar and rising interest rate expectations continue to weigh on the precious metal, with the metal once again unable to benefit from the ongoing risk aversion in the markets. With gold prices almost back to the same levels as the early parts of 2022, the outlook doesn’t look great – at least for now. Something must change fundamentally to trigger a...
The big news for Bitcoin was from MicroStrategy, purchasing an additional 480 bitcoins for about $10.0 million at an average price of $20,817 per coin. So far, the news hasn't impacted the price of Bitcoin as it continues to hover around that $20K handle. We will need to see a big reversal stick around current levels to give hope that we have seen at least a...
Unsurprisingly, the Nasdaq has once again underperformed because of its large constituents of technology companies. It has stocks that pay no or low dividends and were driven higher in the past by hopes that we will see strong, sustainable, economic growth. In other words, undesirable companies in the current economic environment.
The Nasdaq hit resistance at...
Bitcoin has risen back above $20K after the weekend plunge below this key level.
At around $20K, bitcoin is now severely oversold following a relentless sell-off. There’s the possibility we will see at least a short-term recovery, although so far, we haven’t seen any clear bottom pattern yet.
Incidentally, the area just below 20K also marks the high from...
