Following the Bank of Japan (BoJ) maintaining its overnight rate between 0.0% and 0.1% and announcing that a bond-taper plan will be delivered at next month’s policy-setting meeting, the Japanese yen (JPY) and yields traded southbound.
Technical View Supports Buyers
Technically, the USD/JPY is an interesting market. In the long term, the trend is...
Ahead of this week’s RBA meeting, the Australian dollar exhibits a potential bearish scenario versus the US dollar, with the monthly and daily charts indicating further softness for the AUD/USD currency pair.
50-Day SMA Demands Attention
Since September 2022, buyers and sellers have squared off between two converging lines on the monthly scale, a movement...
Following yesterday’s FOMC-induced advance from daily support between $1.0726 and $1.0739, chart studies on the daily timeframe demonstrate the scope to navigate higher terrain until reaching a resistance zone between $1.0920 and $1.0883.
Given the daily structure and having seen H1 price trading within striking distance of $1.08 support, this could prompt buyers...
Upcoming Earnings:
Adobe Inc. (ticker: ADBE) is scheduled to report earnings after the market closes on 13 June. The consensus EPS estimate for the fiscal quarter ending May 2024 is $3.54. The reported EPS for the same quarter a year prior was $3.04.
Kumo Cloud Demanding Attention
According to the Ichimoku Indicator, an Ichimoku Cloud resistance is present...
According to the Ichimoku Indicator, Goldman Sachs (ticker: GS) is set to target recent all-time highs of $471.
You will note that the stock was on the back foot at the end of May and formed a correction that has been bought into from lows of $447 and forced price action back above the Conversion Line.
The correction was shaped by way of a bullish flag pattern...
Since March this year, price action on the weekly timeframe has outlined a potential bullish flag pattern, drawn from the all-time high of $73,845 and a low of $60,717. As you can see, the upper boundary is currently being challenged and is poised to cede ground. On the daily chart, the decision point area at $64,612-$66,484 held ground and opened the door to an...
According to the US Dollar Index, the US dollar recently elbowed south of its 200-day simple moving average (SMA) at 104.43. This follows a rejection of resistance from 105.04 on the daily chart, which, as you can see, shares chart space with the 50-day SMA at 105.08.
Early Downtrend
Regarding trend studies, an early sign of a downtrend is seen through the...
Versus the US dollar, Platinum is inching closer to a notable area of support after refreshing year-to-date highs of $1,095 last week.
Having seen price action pencil in a clear uptrend since February this year, a test of support between $987 and $1,002 could have dip-buyers make a show. The support area consists of two horizontal support levels around $990, one...
While the AUD/USD shows signs of trending higher on the daily chart – a series of higher highs and higher lows have been seen since $0.6362 – the unit recently connected with resistance at $0.6659, a move bolstered by the monthly chart linking with the upper boundary of a potential bearish pennant formation, drawn from a high of $0.7158 and a low of...
Designed to track the performance of the S&P 500 market index, the SPDR S&P 500 ETF Trust (current AUM is US$529,081.40 million) is engaging with an interesting area of support on the 4h chart after gapping lower on Wednesday. This follows an all-time high forged last week at $534.00.
SPDR Testing Support
The uptrend in this market at the moment is obvious,...
Overnight, Aussie inflation accelerated for a second successive month, according to the Monthly Consumer Price Index Indicator, rising +3.6% in the twelve months to April and surpassing the +3.4% median market estimate and the +3.5% print reported in March. This will be unwelcome news at the Reserve Bank of Australia (RBA) and highlights that we will unlikely see...
Once again, Europe’s shared currency (EUR) is on the back foot against the British pound (GBP), down -0.2% (WTD) and navigating waters south of weekly support from £0.8511.
Vulnerable Support on the Weekly Chart
What’s also interesting from a technical standpoint is that the cross-currency pair is now seen testing the lower boundary of a descending triangle...
The US dollar is poised to end the month lower against a basket of six major currencies. According to the US Dollar Index, the greenback is down -1.5% in May and on track to snap a four-month winning streak.
Technically speaking, the monthly timeframe presents little to work with this week (well, anything within touching distance that is). The 107.35 October...
It was another positive week for BTC/USD, which was up +1.9% as of London’s close on Friday despite finishing considerably off its best levels.
Price movement on the weekly timeframe has been working between the limits of a potential bullish flag pattern since forming the all-time high of $73,845 in March. Even though the unit faded the upper edge of the...
While the uptrend in gold (XAU/USD) remains well and truly intact – last week refreshed all-time highs of $2,450 – momentum shows signs of softening as the yellow metal recorded its largest one-week loss this year (down -3.3%).
Higher-Timeframe Structure Favouring Shorts
Price action on the weekly timeframe concluded the week in the shape of a bearish...
Europe’s single currency wrapped up the week on the ropes versus its US counterpart, shedding -0.2% and snapping a five-week bullish phase. Month to date, EUR/USD is up +1.7% and poised to end the month trimming a four-month losing streak.
Monthly/Daily Flow Supports Short-Term Bid
Bolstered by Friday’s rebound from trendline resistance-turned-support on the...
ETH/USD bulls have made a strong comeback in recent days. Following Monday’s +13.0% advance and Tuesday’s +7.0% push, the major altcoin is within reach of challenging all-time highs of $4,092. Following the break of key resistance at $3,677 (now serving as support) and April’s high of $3,726, the path of least resistance is towards all-time highs.
You will note...
Since pencilling in a bottom at $1.0601 in April of this year, Europe’s single currency has rallied against the US dollar and established clear higher highs and higher lows (an uptrend).
From the EUR/USD’s daily chart, price action recently rejected resistance at $1.0883, formed a moderate correction within the trend, and led the pair to retest a trendline...
