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...
Markets and economists forecast that the FOMC will leave the Fed funds target range unchanged at 5.25%-5.50% for a fourth consecutive meeting. Therefore, the policy meeting, scheduled for today at 7:00 pm GMT, will focus on the accompanying Rate Statement, Fed Chair Jerome Powell, and whether we see a pushback against March rate pricing.
133bps of Cuts Priced...
Versus the US dollar, the price of ripple (XRP/USD) finished another trading week on the ropes and ran into an area of weekly support worthy of note for the week ahead: between $0.51462 and $0.53650, which has teamed up with a trendline support taken from the low of $0.30000.
Weekly Support Echoing Feeble Vibe
While the weekly zone is defined support and...
Clean resistance zone offered at ¥147.44-¥147.39 midday London.
Sellers from this point are likely to position stops beyond ¥147.50.
This is in line with the immediate downtrend.
BTC/USD closed out the week considerably off worst levels, delivering an unambiguous weekly hammer candlestick formation (the pattern is based on Friday’s closing price). Adding credibility to this bullish reversal pattern is where it developed: weekly support coming in at $38,809, as well as garnering reinforcement from the trend: the major crypto pair has...
Despite generous economic data last week, the US Dollar Index was tiresome. The week settled marginally higher, adding +0.2%, but it barely scratched out a fresh higher high and largely remained within the previous range (check weekly chart).
Monthly Chart:
Technical observations on the monthly timeframe are largely unchanged from previous writing (and will...
Today’s economic calendar—the end to the final full week of January—concludes with a look at the Fed’s favoured measure of inflation: December’s US Personal Consumption Expenditure (PCE) Price Index.
PCE Estimates
Scheduled at 1:30 pm GMT, economists’ estimates suggest a slight uptick in the headline measure to 0.2% from November’s -0.1%, while year-on-year...
The European Central Bank (ECB) is expected to announce its latest policy settings today at 1:15 pm GMT and, together with the Advance estimate for Q4 GDP out of the US at 1:30 pm GMT, will be the dominant macro drivers. It is widely anticipated the central bank will hold the line and keep all three key benchmark interest rates unchanged for a third successive...
Kicking this off from the monthly timeframe, it is resolutely clear that the trend is to the downside. Another key technical observation on the monthly scale is the bearish chart pattern that was recently completed (completed meaning that a breakout lower emerged beneath the lower boundary of a descending triangle formation extended from the high of CHF1.0042...
Netflix (ticker NFLX) is scheduled to report quarterly earnings following the US market close today. The EPS estimate is down from $3.49 to $2.20. According to the company, new subscribers are anticipated to have increased by around 8.5 million, similar to the previous quarter.
Most will be already aware that the streaming video giant also recently implemented a...
Following November and December’s spirited push, totalling approximately +13.3%, 2024 is off to a solid lead, up +1.5% month to date and refreshing the all-time high (ATH) at 4,842.
Technical studies from the monthly timeframe remain clear and, for the most part, unchanged. The index has been entrenched in a dominant uptrend since breaking out in early 2013....
It has been a disappointing week for the major crypto pair BTC/USD despite the US securities regulators' bitcoin ETF approval a week ago.
Weekly Support Ahead; Sellers to Control in the Short-Term?
The majority of technical hands acknowledged the prior week’s shooting star candlestick formation (bearish signal) on the weekly timeframe that formed off...
Month to date, versus the US dollar, Europe’s single currency is lower by -1.3% and has erased all of December’s upside.
Multi-Timeframe Technical Approach Highlights Nearby Resistance
The Research Team acknowledged the following in recent analysis regarding the monthly timeframe (italics):
Overall, the currency pair has been in a downward trend since 2008,...
The US Dollar Index wrapped up last week a whisker south of session tops, adding +0.8% and extending January’s recovery. Month to date, the unit is +1.8% in the green and has reclaimed the entire portion of December’s downside.
Monthly Timeframe
Technical observations on the monthly timeframe are largely unchanged from previous writing (and will likely remain...
APPL Prints Largest One-Day Gain in Months
Major US equity indices rallied across the board yesterday; the S&P 500 added nearly +1.0% (and formed a half-hearted daily morning star pattern ). Large tech names led the way in recent movement, and, unsurprisingly, the price of Apple (AAPL), due to its large weight in the S&P, gapped higher and delivered its largest...
Amidst a bid in US yields and the dollar, alongside hawkish commentary from Federal Reserve Governor Christopher Waller, who emphasised support for a more methodical and careful approach to loosening policy, we have seen the price of spot gold (XAU/USD) trade on the back foot in recent days and consequently pull the yellow metal into an interesting area of...
Following two consecutive months of upside for the AUD/USD, things have, for lack of a more technical phrase, ‘gone pear-shaped’ for the currency pair in January. Month to date, the unit is down -3.7%, and has reclaimed the entire month of gains provided in December and is already beginning to chew away at November’s upside move.
Monthly Symmetrical Triangle
...
Following this morning’s jobs data out of the UK, which saw unemployment remain steady at 4.2% in the three months to November and wages for November (3m YoY) fall to 6.8% (including bonuses) and, as expected at 6.6% for pay excluding bonuses, sterling has sold off against its US counterpart during the European session.
Technical Eyes
Technically, the...
