As seen from the daily chart of spot silver against the US dollar, XAG/USD recently broke out to the downside after forcefully breaking south of a neckline ($24.51) of a double-top pattern formed around resistance at $25.85. Downside support can be seen in the form of a trendline resistance-turned-support taken from the high of $30.14, closely followed by the...
The price of spot gold in $ terms has recently pulled back from YTD peaks at $2,067, a whisker south of the all-time highs for the precious metal at $2,075. Should we break the $1,999 low (5 May) this week, this exposes support at $1,982, which aligns with a 100% projection at $1,983 (equivalent AB=CD support). Though overthrowing this barrier opens the door to...
It may seem like a repeat of last week’s analysis, though I assure you it is not. Sterling concluded the week -1.5% lower against the US dollar. Following an eye-popping eight consecutive weeks of upside for GBP/USD, buyers passed the baton to sellers in recent trading after crossing swords with weekly trendline resistance drawn from the high of $1.4250. Erasing...
According to the US Dollar Index, the US dollar gained 1.4% last week and settled at session tops. Additional outperformance, however, is questionable. The primary trend remains to the downside, yet the recent push has lifted daily prices to fresh highs, a move gesturing early signs of a trend reversal. With that being said, though, there is scope to pursue deeper...
BTC/USD: As evident from the daily timeframe of BTC/USD, the major cryptocurrency remains higher, trending north since bottoming in November 2022. Support from $27,132 was welcomed in late April, a move aided by the 50-day simple moving average of $28,563. Further buying also saw the Relative Strength Index (RSI) reclaim 50.00+ territory. As such, chart studies...
Versus the USD, sterling outperformed last week, gaining for a third consecutive week and refreshing year-to-date tops at $1.2653. Adding +0.5%, this has hauled weekly price action to within a stone’s throw of major trendline resistance taken from the high of $1.4250. Therefore, it is likely that we will be seeing the currency pair test the aforementioned...
ECB Hikes for a Seventh Consecutive Meeting The EUR/USD currency pair was widely talked about on Thursday and for a good reason. The European Central Bank (ECB) hiked all three benchmark rates by 25 basis points. The main refinancing rate increased from 3.5% to 3.75%; the deposit facility rate increased from 3.0% to 3.25%, and the marginal lending rate increased...
USD/JPY Testing Weekly Resistance Higher up on the curve, it is clear that the currency pair is testing the underside of a key resistance level on the weekly timeframe at ¥137.23. Should price close at current levels, this would deliver a weekly shooting star candlestick pattern, an individual bearish candlestick formation that could signal further selling....
The pound outperformed against its G10 peers last week, with GBP/USD gaining 1.0% and closing in on prominent resistance. As evidenced from the weekly timeframe, the aforementioned currency pair is nearing trendline resistance taken from the high of $1.4250, sheltered just south of resistance at $1.2767. These remain two key levels as we enter the first full week...
Versus the US dollar, the price of Bitcoin is nearly 8% higher, week to date. You can see from the weekly timeframe that support managed to remain in the fight at HKEX:28 ,844 this week, with price on the cusp of reclaiming the entire portion of last week’s 9% decline. While the Relative Strength Index (RSI) has recently pencilled in an overbought signal, the...
With Europe’s single currency commanding nearly 60.0% of the weight in the US Dollar Index, there is a natural inverse correlation, and any downside pressure in the buck will likely reinforce the euro. Here is where I stand with the most widely traded currency pair, which finished last week unmoved. The weekly timeframe has buyers and sellers battling for...
Clocking a HKEX:2 ,048 peak mid-month has the yellow metal on track to chalk up a dominant upper candle shadow on the monthly timeframe. Further losses this week would end the month in the shape of a bearish Shooting Star candlestick pattern. The weekly timeframe shows that last week ended just shy of session lows, down 1.1%. This places a bold question mark on...
Down nearly 11% on the week, Tesla (TSLA) shares plunged following disappointing Q1 (2023) earnings compared with Q1 a year before. Technically, at least out of the longer-term charts, the recent selloff is unlikely to have raised too many eyebrows. From the monthly timeframe, I noted price action was testing a particularly notable support-turned-resistance at...
In the previous Weekly Market Insight, I directed the technical spotlight to a long-term harmonic equivalent AB=CD bullish structure on the 5-year US Treasury yield weekly chart in a market trending higher since August 2020. The AB=CD zone, as you can see, has offered this market a technical floor since mid-March, denoted by the 100% projection at 3.243%. What’s...
Versus the US dollar, Bitcoin wrapped up the week higher by 7.0%. MTD, we are also higher by around 7.0%, following a 23.0% gain in March. From the weekly timeframe, last week punctured resistance at HKEX:28 ,844 in dominant fashion (now support), potentially clearing the runway for an approach to resistance from HKEX:32 ,933, in line with the chart’s EARLY...
Daily Timeframe. Aside from the FTSE 100—which gauges the performance of 100 blue-chip UK-listed companies on the LSE weighted by market capitalisation—Germany’s DAX 40, France’s CAC 40 and the Euro Stoxx 50 refreshed YTD highs last week. The trend is clear in all four markets, presented through a series of higher highs and higher lows. Consequently, more so...
Daily Timeframe. Following a 15.0% gain in March, MTD, April is 5.0% higher. The question, therefore, is whether bulls have enough gas in the tank to take on higher levels after refreshing YTD pinnacles on Friday just north of $26.00. Regarding trend direction, it is plain to see that there is a clear upside bias in this market right now. However, while the...
The US dollar concluded another week on the ropes, shedding 0.5%. MTD, nevertheless, the US Dollar Index is 1.0% in the red, following a 2.3% drop in March. Those who read my previous Weekly Market Insight may recall that I highlighted the likelihood of further downside unfolding, which, as you can see, has indeed materialised. Friday, however, concluded the...