BTC/USD (Bitcoin versus the US dollar) has made north of US$100,000 following a brief consolidation just beneath the number in the shape of a pennant pattern. Year to date, the major Crypto pair has risen by nearly 150%.
Following Donald Trump’s US election victory, BTC has strongly outperformed and, over the last 24 hours, received another boost on the back of...
Following an all-time high of US263.72 in November (up 45%), SOL/USD (Solana versus the US dollar) price action on the daily timeframe is in the process of drawing up a pennant pattern between the record high and a low of US$220.78.
Pennant Pattern and Ichimoku Support Combination
What is interesting here is that the pennant pattern has formed ‘into’ an area...
The first full week of December places the spotlight on US jobs data. Employment metrics from the ISM (Institute for Supply Management) manufacturing and services PMIs (Purchasing Managers’ Indexes) land on Monday and Wednesday, respectively, JOLTs data (Job Openings and Labor Turnover Survey) airs Tuesday, ADP jobs numbers (Automatic Data Processing) are out...
Since November 12, the price action of DOG/USD (Dogecoin versus the US dollar) has formed what many technical analysts refer to as an ascending triangle between US$0.4381 and US$0.3006. Although this pattern is generally seen as a bullish continuation formation, there are occasions when it may indicate a reversal instead.
Should a breakout to the upside occur,...
Today, Australian CPI inflation numbers (Consumer Price Index) have already been seen, and the Reserve Bank of New Zealand has announced a 50-basis point (bp) cut during Asia Pac trading. In addition to Q3 24 US GDP (Gross Domestic Product) data coming in unchanged, the October US PCE price index (Personal Consumption Expenditures) will hit the wires at 3:00 pm...
Markets and economists widely anticipate that the Reserve Bank of New Zealand (RBNZ) will reduce the Overnight Cash Rate (OCR) by 50 basis points (bps) to 4.25% on Wednesday, a move that would push the OCR closer to neutral levels.
Markets Fully Pricing in a 50 Basis Point Cut
Markets are assigning a 60% chance that the RBNZ will opt for a 50 bp cut (60 bps...
Q3 24 earnings for Nvidia (Nasdaq; ticker: NVDA) – a leader in the artificial intelligence (AI) chip and data centre solutions market – and the company’s Q4 forward guidance will be released after the market closes today. Over the past two years, Nvidia's performance has been nothing short of remarkable, resulting in substantial growth in both share price and...
Canadian CPI Inflation Accelerates in October; Boc Still Likely to Cut Rates
Policymakers ‘may’ think twice about reducing the overnight rate by another 50 basis points (bps) next month following inflation accelerating to the upside. I emphasise the word ‘may’ here.
According to the October CPI inflation report (Consumer Price Index) released by Statistics...
Upcoming Earnings
The Nvidia Corporation (ticker: NVDA) is scheduled to report earnings after the market closes tomorrow. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending October 2024 is US$0.70; the reported EPS for the same quarter a year prior was US$0.38.
Trend Favouring Dip Buying
Ahead of the company’s earnings report...
Where do I start?
Irrespective of your opinions regarding Donald Trump, his recent election win and resounding defeat for the Democrats will unquestionably go down in history. Not only did the Republicans bag a clean sweep of all seven swing states, they secured a majority in Congress – winning both the House of Representatives and the Senate. In political...
Why the sudden surge in demand for Bitcoin and many other major Digital Currencies?
Trump Trade
In addition to institutional demand, the US Federal Reserve’s rate reductions (and forecasts of further policy easing), I am largely putting the latest rally down to Donald Trump’s election win.
Trump’s pro-business stance and promises of tax cuts and...
7:00 am GMT tomorrow welcomes UK employment data for September.
Expectations heading into the event show economists forecast regular pay (excludes bonuses) to have fallen to 4.7% in the three months to September (y/y) from August’s reading of 4.9% (maximum and minimum estimate range between 4.8% and 4.6%), while pay that includes bonuses is expected to have...
Upcoming Earnings
Airbnb Inc. (ticker: ABNB) is scheduled to report earnings after the market closes today. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending September 2024 is US$2.17. The reported EPS for the same quarter a year prior was US$2.39.
200-Day SMA Ahead
Airbnb has been rallying since putting in a bottom at...
Market watchers and investors are preparing for one of the most significant weeks of the year: the United States (US) presidential election takes place tomorrow, and the Federal Reserve (Fed) will announce its interest rate decision on Thursday. Both events could significantly impact global markets, potentially influencing currencies, equities, bonds, and...
Upcoming Earnings
Alphabet Inc. (ticker: GOOGL) is scheduled to report earnings before the market opens on 29 October. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending September 2024 is US$1.83. The reported EPS for the same quarter a year prior was US$1.55.
Inverted Head and Shoulders Pattern Eyed
The Ichimoku Cloud (formed...
Voters in the United States (US) head to the polls on 5 November to elect their next president. The 60th US Presidential election is shaping up to be a tightly contested race between Kamala Harris and Donald Trump, with current polls unable to point to a clear-cut winner. In the midst of ongoing campaign efforts, Gold has remained a clear outperformer, garnering...
After the price of WTI oil rose to highs of US$78.42 on 8 October and shaped an ‘alternate’ AB=CD bearish formation at US$77.68 (a 1.618% Fibonacci projection ratio that was bolstered by the 200-day simple moving average at US$77.40 and a 61.8% Fibonacci retracement ratio at US$77.21), the subsequent response has established an equal AB=CD bullish formation at...
As widely expected by markets and economists, the European Central Bank (ECB) reduced all three key benchmark rates by 25 basis points (bps) today amid easing inflationary pressures. This places the deposit facility rate, the main refinancing rate and the marginal lending facility rate at 3.25%, 3.40% and 3.65%, respectively. It also marks the central bank’s third...
