Aaron-Hill

Aaron-Hill

In the US: It was quite a week for the US. According to the Bureau of Labour Statistics (BLS) on Wednesday, consumer price inflation slowed to its lowest level since March 2021 at 3.0% in the twelve months to June (vs expected 3.1% ). Core inflation—excludes energy and food—also cooled to 4.8% (vs expected 5.0% ). Additionally, Thursday revealed that the US...

Aaron-Hill

After chalking up a fourth consecutive month in the green (June +6.5%), aided by the Relative Strength Index (RSI) on the monthly timeframe rebounding from support between 40.00 and 50.00 (common in strong uptrends), the S&P 500 is fast approaching the all-time high at 4,818 set at the beginning of 2022. Price action on the weekly timeframe held firm north of...

Aaron-Hill

Spot gold, in $ terms, chalked up its largest one-week advance since March last week, adding +1.6%. The end of June witnessed the yellow metal discover a (technical) floor from a descending resistance-turned-support line taken from the high of $2,070 on the weekly timeframe. Notably, this was reinforced by the Relative Strength Index (RSI) finding support off...

Aaron-Hill

It has been quite a week for the US dollar. Consistent with the US Dollar Index—a geometrically-weighted average of the dollar’s value against a basket of six major currencies, including Europe’s single currency—the greenback plunged -2.3% last week, marking its largest one-week decline this year, along with refreshing YTD lows and driving price action into the...

Aaron-Hill

Daily Timeframe - Technically, LTC/USD has gradually trended higher since bottoming in mid-June at $40.32 (2022). At the beginning of last week, we also saw the unit refresh YTD highs at $114.98, though we did spend the remainder of the week giving up ground. Friday ended with testing support from $95.13, which, as you can see, attracted moderate dip buying....

Aaron-Hill

Thanks to robust demand for TSLA—last week’s bullish weekend gap and June adding nearly 30%—a harmonic bat pattern’s potential reversal zone (PRZ) between $300.79 and $283.88 was identified on the weekly timeframe. As you can see, the aforementioned PRZ welcomed price in recent trading. Additionally, the weekly Relative Strength Index (RSI) is simultaneously on...

Aaron-Hill

It was another positive week for spot silver. In dollar terms, the precious metal rallied +1.4% and notched up a second week in the green. Is this surprising? No. Will the bulls remain in control in the medium term? Unlikely, according to technical studies. You will acknowledge that price action rebounded from support on the weekly timeframe at $22.42....

Aaron-Hill

Daily Timeframe - Another currency that has earned a spot on this week’s Market Insight is the euro. Against the US dollar, Europe’s shared currency advanced 0.5% last week; a large portion of that upside was seen on Friday. For those who read the previous analysis, you may recall that EUR/USD has been testing the mettle of the 50-day simple moving average...

Aaron-Hill

With Friday’s one-sided decline, it was a disappointing week for the Dollar Index, down -0.6%. Trend studies on the monthly timeframe show price action has been northbound since bottoming in 2008 at 70.70. Q4 (2022), as you can see, staged a noteworthy correction from 114.78 (from channel resistance), which remains active in 2023. Predictably, due to the fractal...

Aaron-Hill

Helped by the Relative Strength Index (RSI) rebounding from the 50.00 centreline, longer-term price action on the weekly timeframe reveals ETH/USD ruptured the upper boundary of a pennant formation ($2,140, $1,737) in June. Taking the value of the pole that preceded the pennant pattern and extending this value from the breakout level, the pattern’s profit...

Aaron-Hill

Tesla (TSLA) finished June strongly, adding an eye-popping +28.4%. This upside momentum, however, has unmasked a possible ceiling on the weekly chart: a harmonic bat pattern Potential Reversal Zone (PRZ) between $300.79 and $283.88. The aforementioned area is made up of a deep 88.6% Fibonacci retracement, an ‘alternate’ AB=CD formation (1.272% Fibonacci...

Aaron-Hill

Against the US dollar, the price of gold settled the week marginally lower (-0.1%), booking a third consecutive weekly loss for the precious metal. Any longs from $1,928-$1,960 on the weekly chart have likely been taken out, with breakout sellers perhaps showing more interest over the next few weeks. On top of the weekly chart displaying scope to press as far...

Aaron-Hill

Sterling finished the week largely unmoved against its US counterpart. Technically, out of the weekly timeframe, GBP/USD recently faded a key resistance level from $1.2767, following the break of trendline resistance taken from the high of $1.4250 earlier in June. It should not surprise to have seen the unit reject the said horizontal resistance given the number...

Aaron-Hill

Sterling was a notable laggard in the G10 space at the close of London today. The pound’s widespread weakness can be attributed to comments from Bank of England (BoE) Governor Andrew Bailey at the ECB Forum on Central Banking, in Sintra. Bailey signalled that UK interest rates would likely remain ‘higher for longer’ due to persistent inflationary pressures. You...

Aaron-Hill

From the weekly timeframe, I see the USD/JPY eyeballing a Harmonic Bat pattern’s Potential Reversal Zone (PRZ) between ¥149.09 and ¥146.68 (made up of a deep 88.6% Fibonacci retracement ratio , a 1.618% Fibonacci projection and a 200% extension ratio). Given the limited resistance overhead on the weekly chart until the observed PRZ, additional outperformance...

Aaron-Hill

Against the US dollar, bitcoin printed bold gains last week (approximately +17.0%) and refreshed YTD peaks of $31,443. After a fleeting visit to resistance-turned-support on the weekly timeframe at $25,381 the week before, a level accompanied by trendline support taken from the low of $16,326, bulls well and truly made their mark and stepped in last week. They...

Aaron-Hill

The S&P 500 concluded the week -1.4% lower, snapping a five-week winning streak and forming an interesting candlestick formation (see below). From the monthly timeframe, I do not have much to add. The following passage shows where I left the monthly chart last week (italics): Aided by the Relative Strength Index (RSI) rebounding from support between 40.00 and...

Aaron-Hill

Spot silver (XAG/USD), in dollar terms, fell sharply last week. Shedding -7.3%, its largest one-week drop this year, landed the precious metal at weekly support from $22.42. This follows weekly resistance welcoming price action at $25.87 earlier in the year. Clearance of current support may pave the way for a run towards support coming in at $20.82. While...