Following UK inflation data earlier today, the FTSE 100 market index has continued to decline from its all-time high of 8,474 last week.
Technical Market
With the FTSE 100’s trend still firmly to the upside, the H4 timeframe is offering interesting price action at the moment.
Firstly, you will notice that as the index tested all-time highs, price action...
BTC/USD bulls have been making a comeback since forming a low of $56,478 and recently completed an inverted head and shoulders pattern (left shoulder: $59,559; head: $56,478; right shoulder: $60,165). Yesterday’s rally ventured through the pattern’s neckline, a descending line extended from the high of $67,273.
What is interesting from a technical standpoint is...
Technicals Suggesting a Correction to Support for Copper
The metals complex has been on fire; copper futures (COMEX) recently touched gloves with a fresh record high of $5.1990 per pound. This followed last week printing its largest one-week gain (+8.3%) since early February 2022.
You may also note that the metal shook hands with a 1.272% Fibonacci projection...
Since topping at ¥156.77 on 14 May, short-term price action on the H1 chart for the USD/JPY has exhibited a downside bias. Of late, as you can see, recent flow chalked up a pullback from a low of ¥153.60 and has initiated the process of forming the D-leg of an ‘alternate’ AB=CD bearish formation at ¥154.95 (marked by a 1.618% Fibonacci projection ratio). The...
Ahead of today’s US CPI release, the US Dollar Index is hovering just north of major support coming in at 104.78, and is seen testing the grip of channel support, extended from the low of 105.21. These are important barriers to monitor.
Inflation Expected to Slow
A broad miss in the data today will likely weigh on the US dollar (USD), potentially pushing the...
Upcoming Earnings Release:
NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings on 22 May. The consensus EPS estimate for the fiscal quarter is $5.15. The reported EPS for the same quarter a year prior was $0.88.
Bulls In Control
From the Ichimoku Indicator, you will see that the Leading Span A crossed below Leading Span B, but the thing to...
Upcoming Earnings Release:
NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings on 22 May. The consensus EPS estimate for the fiscal quarter is $5.15. The reported EPS for the same quarter a year prior was $0.88.
Bulls In Control
From the Ichimoku Indicator, you will see that the Leading Span A crossed below Leading Span B, but the thing to...
Sterling ended the week a touch lower versus the US dollar, down -0.2% and snapping a two-week bullish phase. As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could be on the table.
Long-Term Picture
Price...
Upcoming Earnings Release:
Baidu, Inc. ADS (ticker: BIDU) is scheduled to report earnings on 16 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.90. The reported EPS for the same quarter a year prior was $1.81.
Bulls Starting to Show Ahead of Earnings
There is some interesting price action on the daily...
Wage Growth in Focus Following Dovish BoE
UK employment and wage data will be widely watched this week on Tuesday at 6:00 am GMT. Last week, the Bank of England (BoE) claimed a large part of the spotlight; albeit leaving the Bank Rate unchanged at 5.25% (16-year peak), a dovish shift was delivered in the shape of MPC votes. In a 7-2 vote to hold the Bank Rate...
Control changed hands in the gold space (XAU/USD) last week; buyers strengthened their grip, adding +2.5% and snapping a two-week losing streak a whisker off all-time highs of $2,431.
Technicals Favouring Buyers
Last week’s move was (technically) aided by support on the daily timeframe coming in from $2,280, a level which the Research Team were watching...
Europe’s shared currency eked out a marginal gain of +0.1% versus its US counterpart last week, marking a fourth straight week in positive territory for the major currency pair. This will be a watched market ahead of Wednesday’s US CPI print, with technicals suggesting a move higher in EUR/USD from short-term support.
Long-Term Picture
There is little change...
Upcoming Earnings Release:
Walmart Inc. (ticker: WMT) is scheduled to report earnings before the market opens on 16 May. The consensus EPS estimate for the fiscal quarter ending April 2024 is $0.52, while the reported EPS for the same quarter a year prior was $0.49.
Strong Technical Evidence Supporting Buyers
Ahead of next week’s earnings, Walmart is offering...
Longer-term price action for Litecoin (LTC) versus the US dollar (USD) is on the verge of challenging trendline support, extended from the low of $40.18. With price action failing to print any meaningful highs following the previous test of trendline support, a break below the trendline support could be seen and may serve as an early cue for completing a...
Coffee futures are down -7.3% MTD, with the move pulling price action to within striking distance of an interesting combination of trendline support around 190.79, which may offer buyers a platform to work with.
As evident from the daily chart, we have trendline support taken from the low of 143.40 and a trendline resistance-turned-potential support drawn from...
We have a simple chart layout for the WTI oil chart this week to work with. Following four consecutive days of losses, price action is within a stone’s throw of connecting with a tight area of confluence, consisting of Quasimodo support from $77.55, trendline support (drawn from the low of $67.74) and channel support from the low of $81.09.
Should price test the...
Upcoming Earnings Release:
Airbnb, Inc. (ticker ABNB) is scheduled to report earnings today after the market closes. The consensus EPS estimate for the fiscal quarter ending March 2024 is $0.23, while the reported EPS for the same quarter a year prior was $0.18.
Buyers Preparing to Show?
Airbnb is quite an interesting stock to monitor at the moment.
Most...
Following Friday’s huge miss in US jobs data – which triggered dollar selling, a bid in equities and bonds, and a sizeable dovish repricing in rates (markets are now implying 53bps of easing this year for the Fed funds target rate, with September fully priced in for a 25bp cut as opposed to November’s meeting prior to the release of the data) – the first full week...
