If the Nasdaq can break and hold above 11550-11580 region then the path of least resistance looks to be higher.
Planning on entering long on the break with a SL around 100 ticks below.
No clear profit target but looking for a move back towards prior peak around 12465
After falling to its lowest level in almost 2 months the Nasdaq managed to bounce and print a bullish hammer on D1.
Longer term uptrend identified by D1 Ichimoku cloud remains in tact.
Market leaders Apple and Amazon also showed positive price action.
Entering long with SL at 10610, targeting a move back towards prior highs around 12450.
The Kiwi has come under some selling pressure following the latest RBNZ decision, with the central bank expanding QE and giving their strongest hint yet at negative rates - they are in "active preparation."
NZDUSD dropped near a 1-month low in response after already closing below the 21 EMA for the 1st time since mid-May.
Bearish cross in 8/21 EMAs seen which...
The FTSE has lagged other major indices since the March lows but could now be set to play catch up.
Price still around the 50% retracement level and in a narrow 300 point range for the past month or so.
8/21 EMAs positive and a clean break above 6290 would pave the way for a breakout.
Possible targets the 61.8% fib at 6520 or the 78.6% at 7007.
I like long...
After Wednesday's bearish outside day, this could be a nice opportunity for those looking to get short.
Price now firmly below D1 cloud with all 3 lines supporting the break.
Stop loss placement depends on risk profile with a case to be made for several levels, yesterday's high (17.21), recent swing high (17.53) or even above D1 cloud (around 17.75).
I prefer...
Bullish engulfing day for GBPAUD helped in part by diverging Covid-19 developments.
Support around 1.7860 held on another retest.
Price back above 8 EMA which has done a decent job of capturing the downtrend from the April highs of 2.0852.
Fib retracements offer potential targets for longs with 23.6% at 1.8569 and 38.2% at 1.9006.
There's been a strong move higher in Chinese equities to start the new week with the Shanghai composite gaining in excess of 5% to hit a 2-year high.
Price now firmly above the 200 week SMA and could be well placed to rally further.
A long position with a fairly wide stop (around the 200 SMA, so 3000 for now) seems attractive.
After moving above the daily Ichimoku cloud, WTI has just got back above the H1 cloud, suggesting that both the short and long term trends may now have turned higher.
Price needs to clear prior overhead resistance around 39.40 before a sizable move can occur and also worth noting the H1 cloud break is yet to be confirmed by the accompanying lines.
Nonetheless,...
The negative reaction from US stocks to the FOMC announcement saw the market breach the neckline of a head and shoulders setup at 3179.75.
The last candle rule could've been used for risk management with stops placed above the high of the H1 candle which ended below 3179.75 - circa 3190.
Price has since hit the symmetrical target of 3129.75.
GBPUSD has been on a tear higher lately with 10 consecutive green D1 candles.
Price has now returned to the potentially pivotal swing level of 1.2760 ahead of a major event - this evening's FOMC.
Any strong USD reaction here could well determine the path of least resistance.
For those not following the meeting closely tonight's closing level (9PM BST) can be...
Potential head and shoulders forming in the S&P500 with a neckline around 3180.
Would target 50 point drop if breached and plays out in a textbook fashion.
Beware FOMC decision this evening (7PM UK time) which could obviously have a huge impact.
Tonight's closing level on to watch
The Nasdaq was relatively weak yesterday compared to most stock indices with the Nasdaq:Russell 2000 (US small caps) ratio drifting towards it's lowest level in 2 1/2 months.
This could be seen as logical as lockdowns ease and the relative advantage of big tech vs the rest is eroded somewhat.
No trade here for me as a spread but worth watching if trading either...
USDCAD has been holding support around 1.3855 in recent weeks as price has drifted below the D1 Ichimoku cloud.
Today there's been a strong drop (-1.4%) as the USD side in particular has been on the move, falling amidst a more positive backdrop for risk assets.
Cloud break not fully confirmed yet but plenty of scope for more downside should this move gain traction.
S&P500 futures have made a push higher in recent trade with the market seeking to end a month-long consolidation between 2755-2975.
The move above 2975 occurred on diminished volume due to the US bank holiday yesterday which is a potential warning sign. Tonight's closing level is one to watch but as long as the market remains above 2975 then the near-term long...
The German Dax has continued to rise this morning, with the market up another 1.4% and hitting it's highest level in almost 12 weeks.
Price has now filled the gap lower from 6th March and is probing the 61.8% fib retracement.
The market still remains shy of the 200 SMA (≈12000) so long-term trend could be still seen as not positive.
