Following on from last week’s analysis on spot gold (XAU/USD), you will note that the yellow metal did tunnel through the widely watched $2,000 level in recent trading and shake hands with support between $1,971 and $1,986—made up of an AB=CD bullish pattern (100% projection ratio), horizontal support as well as a number of Fibonacci ratios.
As you can see from...
The price of Bitcoin has been on a tear against the US dollar recently. Week to date, BTC/USD has advanced nearly +9.0%, following last week’s +10.7% rally!
$50,000 Cleared
We did see the unit briefly make a pitstop at the underside of the $50,000 level on Tuesday, though sellers were reluctant to commit and concluded the day considerably off worst levels....
According to the Office for National Statistics (ONS), UK consumer prices steadied in January, with both headline and core inflation numbers matching prior months and undershooting economists’ estimates. In the twelve months to January, headline inflation rose 4.0% (expected: 4.2%; previous: 4.0%), and the core measure—excluding energy, food, alcohol and...
Today’s US inflation print came in hotter than expected.
The headline release slowed to 3.1% in the twelve months to January, down from 3.4% in December though above economists’ estimates of 2.9% (median forecast). Year-over-year core inflation matched December’s release at 3.9%, 0.2 percentage points north of the market’s median estimate of 3.7%....
Ahead of the European cash open, we welcome potentially heavyweight UK data at 7:00 am GMT.
As I am sure you’re already aware, I must point out that traders will be viewing the unemployment metric with some trepidation due to problems with data collection. Market consensus, however, forecast a slight uptick in the unemployment rate to 4.0% in the three months to...
Ahead of this week’s wages/employment data and CPI inflation print, the technical position for the GBP/USD leans in favour of bears.
Monthly Resistance Continues to Attract Selling
Kicking off with a look at the monthly chart, the currency pair continues to test the mettle of resistance at $1.2715, ending marginally lower for a second straight week. The...
BTC/USD longs had a splendid week. The major crypto has added an eye-watering +10.7%.
You may recall that the FP Markets Research Team recently beat the drum for the pairing, documenting the potential for outperformance.
Weekly Resistance Cleared
The weekly timeframe’s technical landscape showed price action retested support on the weekly timeframe at $38,809...
Major US equity indices continued to navigate higher terrain last week. Both the Nasdaq 100 and the S&P 500 refreshed all-time highs, with the latter exploring space north of the 5,000 level (lifted higher on resilient economic activity and disinflation). The index first hit 4,000 at the beginning of April 2021; that’s a 1,000-point gain in less than three...
The US dollar, according to the US Dollar Index, ended another week in positive territory, just. From the weekly scale (check weekly chart), you’ll note that the Index wrapped up the week considerably off best levels and pencilled in what many candlestick enthusiasts will refer to as a Japanese shooting star candlestick (bearish signal formed after a meaningful up...
Monthly Support Eyed
Recent trading has seen the price of natural gas futures refresh multi-year lows at 1.927 USD/MMBtu. Since November 2023, we have seen natural gas trade lower by nearly -50% and demonstrate scope to reach support at 1.615 USD/MMBtu, a level that boasts historical significance as far back as 1999!
Given this, there is room for further...
Year to date, Nvidia (ticker: NVDA) is up by an eye-popping 38.0% and refreshed its all-time high at $697.54 yesterday!
This follows last year’s near-240% rally.
Needless to say, the US semiconductor company's share price (current: $678) is fast approaching $700 amid demand for AI chips. Interestingly, based on recent analysts’ forecasts for the stock, the...
As evident from the daily timeframe of WTI oil, the unit has been trending lower since topping at $94.99 in late September 2023, shaped by a series of lower lows and lower highs.
What’s technically interesting right now is the possibility of an AB=CD pattern taking form at $77.80 (denoted by a 100% projection ratio) if price engulfs the $76.14 peak established in...
AUD/USD bears outperformed in January, guiding the major pair nearly 250 pips lower, or -3.5%.
Monthly Coil in Play
From the monthly timeframe, things have been consolidating between two converging lines ($0.7158 and $0.6170) since late 2022. The fact that there is not a steep pole that precedes the formation, this pattern has been identified as a...
Amid a rally in US Treasury yields and a broad-based USD bid, spot gold (XAU/USD) is getting hammered lower today!
Down -1.1%, the precious metal is now on the doorstep of shaking hands with the widely watched 2,000 level. While this psychological barrier will house buying interest, a whipsaw (or stop run) of this level could be on the table if challenged,...
As widely expected, the Bank of England (BoE) kept the Base Rate unchanged at 5.25% for a 4th straight meeting. The MPC vote was a rather rare three-way split: two members opted for a rate hike, one for a rate cut, and the remaining six officials voted for a pause. We also witnessed the accompanying Rate Statement etch out its warning that additional tightening...
Following last week’s week-ahead post on the price of ripple versus the US dollar, the H4 harmonic ‘alternate’ AB=CD bearish formation at $0.53316, depicted through a 1.272% Fibonacci projection ratio (plus the moderate Fibonacci cluster, backed by 38.2% and 61.8% Fibonacci retracement ratios), served well as resistance and sent price to a fresh YTD trough of...
The title of this post has been ‘on repeat’ for three weeks; that’s because the S&P 500 pencils in a fresh all-time high (ATH) each week!
January ended in unchartered territory, touching a fresh all-time high of 4,931 and adding +1.6%. This extended recovery gains from the near-test of monthly support coming in from 4,102 in October 2023. Recent posts by the FP...
It was shaping up to be yet another tiresome week if not for Friday’s monstrous beat on US non-farm payrolls, which triggered a bid in the US Dollar Index and ended the week +0.5% higher.
Daily Resistance Cleared
Resistance at 103.62 on the daily timeframe saw its fair share of upside attempts since 17 January, a level sharing chart space with a 200-day...
