We previously have discussed when markets fail at the top of a trend channel they tend to move to the base of the channel, we saw that move at the end of July and our negative bias has remained unchanged since then. We have now closed below a 4-month uptrend and our attention is centred on the base of that channel now coming in around 4220. Disclaimer: The...
We've observed a bearish key day reversal on the daily USD/SEK chart. This pattern typically forms when the market reaches both a new high and a new low compared to the previous day's trading range and closes below the previous day's low. It's crucial to note that there should be a previous upward movement in the market for this pattern to be significant. In...
We have some important events on the horizon for the British Pound (Sterling). Tomorrow, we'll receive the latest inflation numbers, followed by the Bank of England (BOE) meeting on Thursday. In terms of inflation, it's expected to stay elevated due to higher petrol prices. Additionally, there's an anticipation of another 25-basis-point interest rate hike during...
We have US inflation on Wednesday and the ECB decision later this week and we take a look at the key nearby supports and resistances to watch.
A combination of sideways trading over a 6-week period, a mild buy signal on the DMI and the fact that price is consolidating above its 55-day ma all suggests to us that the market is trying to base. We have cloud resistance that the market is pushing quite hard into, and should we see a close above 4.5042, the recent high it should be well placed for further...
An expanding top pattern, also known as a broadening top or megaphone pattern. It is characterized by a series of higher highs and lower lows, resulting in the formation of two divergent trendlines that gradually move apart from each other. This pattern indicates increasing volatility and uncertainty in the market. Key characteristics of an expanding top...
Last week, the Turkish central bank made a significant move by raising rates by 750 basis points. This caused a sharp downward movement in the US dollar relative to the Turkish lira. Since then, there has been a notable response, with the market showing a sharp rebound. During times of such volatile market reactions, it's valuable to examine Fibonacci...
We expect Platinum to erode the downtrend that started in May 2023 at the level of 931 and move upwards. Our confidence in this projection stems from two factors. Firstly, the market is rebounding off a robust 3-year uptrend, indicating a strong underlying support. Secondly, there's a notable divergence in the daily RSI, which indicates a loss in downward momentum...
We were somewhat surprised to see gold continuing to slide given weakness in stocks etc., but we have taken out uptrend support and the 200-day ma support and will need to allow for further slippage. We look at the longer-term charts in order to get a better understanding of what the market is doing and illustrate that having failed at the top of a 12-year...
Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient....
Crude Oil futures recently struggled to surpass the mid-April high of 83.53. This inability to break through signals a disruption in its short-term upward movement. This suggests a potential correction lower in the near future. Any downward movement is likely to find solid support from the prior downtrend level around 77.70, as well as from the 200-day moving...
Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient....
We recently analysed the S&P 500 index and observed that it had reached the upper boundary of two distinct channels. Our anticipation was that the market would encounter difficulties at this juncture, leading to a subsequent correction, and indeed, this has materialized. It's a recurring pattern that when the market encounters resistance at the upper limit of a...
We wanted to highlight the important levels to watch on the GBP/USD currency pair after the recent Bank of England rate increase yesterday, and with the upcoming US non-farm payrolls data. The market has recently failed at the 2007-2023 downtrend (3.3160) and has eased back to the 38.2% retracement at 1.2622. Currently, it appears to be forming a potential...
Sentiment seems to have taken a hit due to the recent FITCH downgrade of the US. We took a look at the UK stock market (we previously indicated a potential downward correction for the S&P earlier in the week) What's concerning is the attempt to surpass the 61.8% retracement level, which stood at 7723 based on this year's movement. Unfortunately, it has...
We note that the market has rallied to the top of 2 channels and we would allow for some near term consolidation/correction from this resistance at 4616. We also note a Fibonacci extension at 4630 and the March 2022 peak at 4637. Combined with a diverging RSI, which depicts a loss of upside momentum we would not be surprised to see some profit taking...
As we look at EUR/USD ahead of the ECB meeting, the central bank appears likely to raise rates today, but what will be crucial is their forward guidance. The euro dollar chart is showing promising technical behaviour. We observed that the recent high at 1.1275 closely aligned with the Fibonacci retracement of the entire downward move from the peak in...
Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient....