Bitcoin trades at $66,192 (+5.32%), supported by reports of inflows into Bitcoin ETFs and the rising prospects of “pro-crypto” presidential candidate Donald Trump.
The overnight surge above the 200-day moving average, currently at $63,356, opens up a test of trend channel resistance at $67,800ish, coming from the March $73,794 high. This trend channel has proved...
The ASX200 finished +38 pts (0.47%) higher yesterday at 8252. The push above 8250 significantly reduced the chances of a potential head-and-shoulders topping pattern and following gains on Wall Street overnight, the ASX200 is set to resume its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.
A sustained break above...
ASX200 It's still early days, but worth flagging to keen followers of the Australian Stock Market.
This morning, the ASX200 surged to a high of 8238.2, falling just short of the September 20th high of 8246.2 and the September 30th record high of 8285.70.
If the ASX200 were to now fall away from the 8250 resistance area, it's possible that it is tracing out the...
Gold finished at $2607 (-0.54%), marking a sixth straight session of falls, as US yields and the US Dollar continued to reprice higher following the robust Non-Farm Payrolls report, which ruled out a 50bp rate cut from the #Fed in Nov.
The pullback from the $2685 high towards uptrend support at $2600 has been orderly thus far, and provided the $2600 support...
The IBEX 35 remains flat, with mixed performance among the selective stocks. The most bearish companies are those negatively affected by interest rate cuts, such as banks, while construction, real estate, and utilities, which benefit from lower rates, rose today after:
Several ECB members advocate for another interest rate cut next week after having reduced them...
Crude oil overnight shied away from our key resistance at $72.50 highlighted in this article here yesterday www.ig.com as the market pushed back expectations of an Israeli response to Iran's missile attack until the end of the Rosh Hashanah holiday tomorrow.
While its possible, we think its unlikely that Israeli will launch an attack on Iranian oil fields as...
USDJPY finished higher overnight at 146.47 (+0.99%), boosted by stronger-than-expected ADP employment data and comments from new Japanese Prime Minister Ishida, who met with #BoJ Governor Ueda yesterday.
Defying his reputation as a monetary policy hawk, Ishiba said the economy is not yet ready for further rate hikes. At the same time, Ueda reiterated his less...
Bitcoin is trimming its monthly gains into its month end, trading at $63,237 (-3.65%), hastened by the rise in US yields and the USD that followed Fed Chair Powell's less dovish commentary.
We would consider moving back to a bullish bias in #BTC on a dip back towards support at $52,000/$50,000. Conversely, if Bitcoin saw a sustained break above trend channel...
The ASX200 closed out September in style, with the index at record highs after a monthly gain of 2.20%. While the gains at the index level were more a steady march higher, there were fireworks at a sector level as easing measures announced in China last week sparked a tectonic shift from out of the banks and into the big miners.
Provided the ASX200 confirms...
USD - An end-of-month/QTR rebalancing bounce in the offering.
A rise in long-end US yields and the start of month-end rebalancing flows overnight helped the beaten-up USD index, the DXY, bounce from a fourteen-month low.
The rule of thumb for month-end/QTR-end rebalancing flows, whether it be in stock indices, bonds or FX, is to "buy the losers and sell the...
On Friday, the ASX200 ran head-on into our band of daily and weekly trend channel resistance at 8230/50ish, from which we saw initial rejection.
A loss of support at 8120/00ish is needed for Friday's rejection to become more significant, which would then warn that a deeper pullback towards 7900 is underway. Aware that should the ASX200 break above resistance at...
Bitcoin trades lower at $63,282 (-0.44%), displaying signs of initial rejection from the $64,000/$65,000 resistance area, which includes the 200-day moving average and the late August $65,103 high. We recently squared up our bullish BTC tactical bias initiated on the 9th of September in recognition of this resistance zone.
We will consider moving back to a...
In the lead-up to tomorrow FOMC meeting, and driven by various dovish news reports, the interest rate market is pricing in 40bp of cuts —raising the odds considerably of a 50bp rate cut tomorrow.
The basis for this is it would be improbable for the #Fed to allow pricing to move so far towards a 50bp cut only to let markets down with a 25bp cut, risking a repeat...
USD/JPY finished lower overnight at 140.64 (-0.38%), paring losses from a fourteen-month low of 139.57.
USD/JPY’s rebound into the close and bullish RSI divergence indicates that USD/JPY is looking for a short-term low. However, whether it can rebound to pressure crowded short USD/JPY positioning will depend on Friday's #BoJ meeting outcome.
At the meeting, the...
The ASX200 is set to open this morning at fresh record highs, seven weeks after striking its previous record high of 8148 back in early August.
From here a sustained close above 8150 would open the way for the rally to extend towards weekly trend channel resistance at 8230/50ish. Conversely, a failure to sustain the break above 8150 would keep the ASX200 range...
Gold skyrocketed 🚀o/n to a fresh record closing high of $2558 (1.87%), kicking into gear after the ECB cut rates by 25bp.
In our Gold post last week we noted that while it held above $2470 and continued to coil below $2530 it could extend gains towards $2550.
Now that it's above $2550, providing it holds above a layer of s/t support at $2530/20 (sustained...
AUDUSD finished higher overnight at .6674 (0.33%), supported by a rebound in commodity prices and risk sentiment. And after running into bids placed ahead of the 200-day moving average at .6616.
The rejection from the .6800/25c resistance area has likely run its course for now. Provided the AUD/USD holds above the 200-day ma (on a sustained basis), there is...
USD/JPY finished flat overnight at 142.36 (-0.07%), bouncing back from an intraday low of 140.71 in response to US inflation data, which bolstered US yields.
The rebound has left signs of downside capitulation at the 140.71 low, supported by bullish divergence on the RSI indicator, opening the way for a recovery back towards 145.50ish.
