Brent crude has been running low on momentum in recent days and may be primed for a corrective move.
The fundamentals have become increasingly bullish for oil prices as the weeks have passed, from a strong economic recovery to a carefully managed return of output from OPEC+ and now, an energy crisis that has increased oil crude demand by 500,000 barrels per day....
We've seen a slight recovery in EURUSD over the last week, taking the pair back to the top of the descending channel it's traded in since mid-June.
The top of the channel coincides with the 38.2 fib level (September highs to October lows) so could mark a shallow correction in the downtrend. Or it could be the first test in a broader corrective move.
A move...
Bitcoin has been heavily in focus on Tuesday following the launch of the first-ever ETF, a landmark momentum for the cryptocurrency industry.
The fact that the first day of trading of the ProShares ETF on the NYSE came at a time when bitcoin was pushing record highs is probably no coincidence, traders perhaps hopeful that the day would bring extra...
Last weeks breakout following a long period of consolidation has seen GBPJPY make strong gains to the upside and it's about to face its first big test.
The pair has previously seen support and resistance around 154.50 and we appear to be seeing that once more as it pushes for a fifth consecutive day of gains.
The stochastic and MACD on the 4-hour chart suggest...
Bitcoin has been on an incredible run recently, one that may not come as a surprise to some, but that also begs the question, how much further can it go?
It has run into some resistance on approach to $60,000, a notable psychological resistance level and one that falls just ahead of the all-time high. So it's not surprising that we're seeing some resistance...
The pound has been recovering against the dollar this month after breaking key support towards the end of September, but it may be running into trouble.
The pair has run into some resistance around an area that has been a major support zone for much of the year so far. What's more, it falls around the 50% retracement level which would be a typical rotation level...
Are we about to see silver break out of the descending channel and bring an end to months of a downtrend?
The charts suggest we probably aren't. Silver has rallied over the last week or so but today it's run into significant resistance near the upper end of the descending channel and the long upper wick suggests it's been strongly rejected.
This fell just shy...
We've been waiting for a breakout in GBPJPY for some time and recently, the closing in of the moving average bands have given the impression that it's not far away.
While the descending trend line above gives the impression that a break below is a little more likely than above, this is a trend that's formed over a very long period of time, which arguably make it...
The last four months have seen the euro fall quite considerably again the dollar, down more than 6% in that time.
Rising US yields in recent months have contributed to the rally in the dollar, as has risk aversion in recent weeks, but how much more can we expect?
In many ways, that depends on how much policymakers are willing to tolerate, both in terms of...
EURJPY has been trading sideways for a few months now, with support around 128 and resistance 130.50.
While there's nothing to suggest the pair will break out in either direction yet, we may soon see the lower end come under some pressure.
We've seen some consolidation in the pair over the last week and it's now approaching key fib levels of the recent highs and...
It's been another rough day for the Nasdaq, with the index sliding more than 2% and leading the way lower in the US.
As central banks prepare to pull back on pandemic stimulus measures, investors are starting to get nervous and it seems big tech is viewed as being most sensitive to it.
It doesn't help that central banks are doing this at a time when the global...
The rally in UK stock markets has looked vulnerable for some time and with investors seemingly getting nervous in recent weeks, leading to some interesting pullbacks, a larger correction could lie ahead.
A break below 7,000 a couple of weeks ago could have triggered a much steeper decline but the index ran into strong support around 6,800 where the 200/233-day...
Cable finally broke through its summer lows on Tuesday and further losses may be on the cards.
The pair appeared to be shaping up for such a move last month after bouncing off a key fib level and breaking through the 200/233-day SMA band. But it dragged its feet a little after failing to make new lows on multiple occasions.
Still, the move finally came as the...
A shallow correction is all the euro could manage earlier this month and since then, the dollar has been back in control.
The pair finally made new lows today which could potentially be the catalyst for much larger losses. But major support lies beneath.
The 200/233-week SMA band sits a little below 1.16 and a break of this would be a significant bearish...
Gold continued to fall on Tuesday, breaking below $1,740 and further losses could be on the cards.
The yellow metal has come under significant pressure as central banks have prepared the markets for the end of pandemic era stimulus and even rate hikes as early as next year.
Even higher inflation hasn't tempted traders back in, despite its reputation as a hedge,...
The rally in USDCAD has lost momentum over the last couple of months, perhaps a sign that the correction is drawing to a close.
The pair only recently broke above the 200/233-day SMA band, giving the impression that the correction had only just started. But then it failed to make a new high last week and now it's testing that same moving average band from...
The next few weeks will be interesting in GBPUSD with the pair seeing the currencies of two central banks intent on tightening going head to head.
This is perhaps why it has entered into broad consolidation with the pair once again failing to make a new low, despite breaking back below the 200/233-day SMA once more.
The pair rotated strongly off 1.3750 over the...
A breakout has been a long time coming in the GBPJPY pair, with the consolidation having started many months ago.
With support and resistance now closing in, we may not have to wait much longer. While support has been found until now around 148.50, the lower part of the descending triangle, the 200/233-day SMA band could represent the first major breakthrough...
