The Silver price is currently trading below the 21-day and 50-day SMAs. The Stochastic Oscillator period 14 is bellow 20 levels on the daily chart with the signal lines pointing down to indicate a sell signal. Also the bullish trend line has been broken and that in and of itself is not a good sign for the bulls. The next week or two should be crucial and tell us...
Wall Street reversed its three-day sell-off overnight on renewed US-China trade hopes as investors piled back into the global recovery trade. We think that the market probably goes higher, reaching towards the $ 3,200 level based upon the bullish triangle on the daily chart. Overall, this is a time year the typically works out well for stock markets anyway, as...
High volatility will very likely continue this week considering the high profile events featured. Firstly, the “deadline” of December 15 for US-China trade negotiation approaches. We’ll quickly know if there is a deal, or at least progress, to avert the new tariffs on USD 156B of Chinese imports. Secondly, GBP is currently pricing in a Conservative majority after...
US Non-Farm Payrolls report will be the major focus today. Most of the economists are expecting US NFP to post reading in between 183-200K in November. In addition, they are forecasting the unemployment rate to remain between 3.5-3.6% for the month. Average hourly earnings growth is expected to pick up to 0.3% mom. Still, there are signs that the jobs report...
BoC rate decision is the main focus today. For the past 2 weeks, USD/CAD has been traded in a tight range and while no changes are expected from the central bank, Governor Poloz's speech will be watched closely. He could continue to talk about the possibility of an “insurance cut” in coming months, as uncertainty of trade war persists. If Poloz focuses on the...
The American S&P 500 returned to the region above 3100. Recently the index testing the upper limit of the daily Bollinger Bands, which is also near to the bullish channel resistance line. That's why we may looking to short this market rather we would like to see a buying opportunity underneath. The 50-day SMA is currently trading around the 3030 level, which is...
Risk overall continues to ebb and flow on US-China trade uncertainty and looks somewhat asymmetric, tilted to the downside, based on our view that the HK Bill if passed through the House of Reps could seriously complicate trade talks and the signing of Phase 1. Stock markets are on the rise, and the risk-on atmosphere is weighing on USD, JPY and gold. Last week...
In short-term EUR/GBP remains neutral at this point. Another decline is mildly in favor as long as 0.8676 resistance holds. Break of 0.8521 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support. Considering diminishing downside momentum as seen in daily MACD, we’d expect strong support from there to bring...
Later this evening around midnight New Zealand will publish quarterly Retail sales report.The New Zealand Dollar traded mostly flat last week as investors seemed to shrug off the latest developments over the trade deal. Following the Reserve Bank of New Zealand’s surprise decision to keep monetary policy unchanged at its last meeting, the data will be watched for...
GBP is the only gainer vs USD since the beginning of the week as opinion polls suggest the Conservatives could win with as much as a 48-pt majority in next week's elections. While most GBP bulls appear to be anticipating a Tories majority victory, a Tories win without majority (hung parliament) would depend on the make-up of the possible coalition. An unlikely...
It didn’t take long for the major indices to get back to all-time highs, as they began this shortened holiday week with a solid rally on hopes for a trade deal. The prospect of renewed economic growth and favorable monetary policy have also played some roles for the rally. Overnight, DOW rose 0.68%, but lagged comparing it with S&P 500 and NASDAQ. Obviously, the...
The collapse at the beginning of the working week may be since hedge funds on CME have $50 mln in short positions for Bitcoin. Quite enough to strengthen the adverse reaction of the market, already affected by the actions of the Chinese authorities. In addition, the situation with the “miners’ exodus” also helped to form a “perfect storm”. The downward momentum...
EUR/USD extended its decline and retested the 1.0980 support area at Friday. The intraday bias remains neutral first and some recovery could be seen. A major bearish trend line is forming with resistance near 1.1045 on the 4-hours chart. Besides, the pair settled below 1.1040, the 100-day and the 50-day SMAs on the chart. So, we're expecting the sellers to return...
The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Monday, bouncing from the uptrend line and reaching towards and above the 50-day SMA initially. The crude oil market kick off the week with rally, as an Iraq oil minister suggested that not only would OPEC continue its production cuts, but it would possibly even...
The Aussie jumps in early Monday’s trading, supported by upbeat Chinese data and tomorrow morning we expect RBA to leave the rate unchanged. The first bullish target siting at 61.8% Fibo on the fall of 0.7082 to 0.6670 at 0.6828. Daily Stochastic indicator emerged from oversold zone after forming bullish divergence that adds to supportive factors. On the upside,...
Ripple price remained depressed over the weekend despite other cryptos posting minor gains. This morning the crypto asset declined with 1.48%. On Sunday, the major support at $0.25 was tested. Right now Ripple is in the middle of a correction to the short term support at $0.26. For the day ahead, a move through to $0.2640 levels would support a run at the...
After brief consolidation the EUR/AUD’s rise from 1.5976 resumed and intraday bias is back on the upside. Friday’s daily candle came out as a bullish Marubozu candle, which indicates that the buyers are in control. Additionally, the today breakout on daily chart above Friday’s high may push the price upside with good bullish momentum. But the H4 chart shows that...
The currency pair CAD/JPY is trade around 81.58 today. There is very interesting situation with H4 and D1 timeframes! Technically, at H4 chart, we notice many reasons for BUY: 1. Third touch of H4 support line which is the same like D1 support. 2. In the same time the price tests D1 resistance (support now). 3. 38,2 Fibo @ the same area. 4. MACD divergence. On...