EUR/USD
Despite that current price is above the multi-month uptrend line (September 2022 low - January 2023 high), current price remains vulnerable to the key support at 1.0525, the fact that price did pierce below the 1.0525 level yesterday does raise the risk that there could be another attempt for price to test the 1.0525 support. A clean break below the key...
AUD/USD
Bearish price trend remains after the break below the 0.6630 key support level. Downside prospects for a further push lower towards 0.65 and perhaps even 0.64 as extension. Upside risk for short sellers seen above 0.6790.
FTSE 100 Index trending higher on the weekly chart; current price is above its 10 week moving average (bullish); both the 4 and 13 week rate of change indicators above zero (bullish); upside prospects for the short to medium term (5-49 days) spotted at 8,023 and 8,203, while downside price risk below 7,742 implies the end of the prevailing up-trend.
Not...
Commentary
EUR/NOK multi-week higher tops and higher bottoms on price indicate a dow pattern uptrend; provided price can hold above the 10.9 key support the potential for a continuation of the prevailing uptrend remains for a move towards 11.05 in the short term (5-13 days), otherwise if price fails to hold above the 10.9 key support then scope for a price...
MARKET TALK
This mornings German consumer price index (CPI), the key indicator to measure German inflation, indicated that German inflation has increased from -1.2% to 0.5%, an increase month on month
Technical commentary:
EUR/USD traders seeking a potential short term (14-25 days) upside target could be eyeing the 1.105s (see chart), while short term...
COMMENTARY
The AUD seems to be gaining the most against the JPY compared to the following G10 Fx pairs including the NZD, CAD, EUR, and the USD in front of tomorrow's Reserve Bank of Australian (RBA) interest rate decision. High price action across the AUD cross pairs is expected upon tomorrow's RBA rate decision.
Current price for the AUD/JPY is above its ...
Tesla, Meta, Google and Disney all higher last 5 days
MARKET TALK
Big tech up sharply during the last 5 days, are investors discounting the “pending” recession and betting on the strength of the US consumer to support big tech earnings throughout 2023?
Tesla: up +9.43% last 5 days; earnings beats the street reported record revenue for Q4 2022
Meta: up +5.75%...
Dow Jones 30 Index
The multi-week sideways price action seems to be the consolidation of the October - December advance, bullish conditions appear to remain intact provided the 32,950 support area proves true.
Not investment advice. Past performance is not indicative of future results.
Higher tops and higher bottoms on price indicate an uptrend (dow pattern); the piercing above the 0.6893 resistance (December 3rd high) confirms the potential for the resumption of the trend which started on October 13; moving average analysis are bullish since current price is above both the 50 day and 20 day averages; upside focus seen at 0.7122 provided price...
US hourly earnings hold the key for US dollar direction
Event: United States Non Farm Payrolls
Released: Monthly on the first Friday
Next release: 1:30 GMT January 06, 2023
Skilling point of view:
Flat US Job growth: Month-on-month US Nonfarm Payrolls have been slowing since February 2022 and now, US job growth has been relatively flat during the...
Current price remains below its 40 week moving average (200 days) which indicates that the longer term trend is lower (100 days or more), however, the scope for a further near term (25 to 50) corrective upside rally from the November high - December low remains on the table, provided the key resistance near $85.05 can be overcome for prospective extension move...
Daily Insight
UK already 3 months deep into recession; EUR/GBP to hold recent gains?
Latest GDP data from the UK indicated that the UK fell deeper into a recession during the last 3 months while year on year GDP fell -52.5%
TECHNICAL COMMENTARY
EUR / GBP : the EUR has gained +4.5% against the GBP year to date and +1.3% during the last 30 days
Current...
EUR / JPY :
In the short term (14-25 days) the YEN could weaken against the EURO. Price action on the daily chart indicates that the EUR/JPY outlook could be bullish despite the recent pullback. Current price is above its 200 day and 20 day moving averages (bullish); MACD above its signal line (bullish); relative strength index has crossed above its 50 line...
GBP/USD: current price is now firmly above its 200 day moving average, multi-week uptrend seems to remain intact with higher tops and higher bottoms on price (Dow pattern), current price is trading near recent weekly highs; focus is on the 1.25 - 1.2670 zone for GBP/USD bulls, while the bears may be aiming for a move towards support around the 1.2049 (20 day...
TODAY’S MARKET IDEA: NASDAQ Index (US 100)
Commentary: Global risk appetite could be finding support from the easing of the China COVID restrictions, reduced energy supply risk, and slower pace of US interest rate outlook.
NASDAQ 100 Index: (4 hour chart) current price trading within an upward sloping price channel; MACD is above its signal line (bullish);...
Commentary:
WTI crude: The sharpe sell-off on November 28th may have strengthened the case for further weakness in the short term (5-25 days), the November 28th opening at $76.60 and intra day low at $73.93 followed by a closing price which was below the previous day’s high (November 27th) could be confirmation for a resumption of the November 7th - November...
Commentary:
Despite the optimism around the reopening of China from COVID restrictions, oil prices remain vulnerable to fears of a global economic slowdown. The EU’s price cap at $60 per barrel while OPEC+ is expected to maintain existing production targets adds towards the bearish outlook on price.
Brent crude : Last weeks gains can be viewed as a...
TODAY’S MARKET IDEA: GBP/USD
GBP/USD bullish conditions remain, however, faces strong resistance at the August highs near 1.2280 (daily chart)
GBP/USD current price faces key resistance near the top end up the multi-week upward price channel (1.2280). A break above this resistance could place the 1.25s in sight, while downside support can be seen near 1.19....
