We still see the Dax going up in particular next month if as widely expected the ECB cut rates and launch additional QE. Over the past couple of days the index has risen significantly mainly due to an easing of tensions in the US/China Trade War. However, we would want to see the Dax consolidate above the key resistance level at $11976 to continue the upward momentum.
If the base of the descending triangle at $9413 is broken we see further downside towards the next support level at $8600. Therefore we see the next move from the current level as crucial to the direction of Bitcoin in the short term.
We still see AUDUSD going down and downward momentum is growing as the currency pair approaches 0.67. It has dropped in the past couple of days from 0.675 to 0.673 as AUD Private Capital Expenditure came in at -0.5% compared to 0.4% expected whilst US GDP came through at 2.5% vs 2.4% expected. This drop has occurred despite US/China trade relations somewhat easing...
We still see EURUSD going down as the key support level of 1.10976 we mentioned on our last analysis has been broken enabling the downtrend to resume. Additionally, today EUR CPI data came in at 1.4% vs 1.5% expected whilst US GDP came through at 2.5% vs 2.4% expected and with the uncertainty surrounding Brexit, as well as the ECB expected to initiate QE in...
We still see USD/JPY rising as it passed through 106 on the back of positive news regarding the US/China trade war as China advised they would not immediately retaliate to US tariffs. Therefore we expect the currency pair to keep rising towards 107 and pass through the resistance level at 106.858 in the near term.
We still see Bitcoin in a descending triangle pattern therefore we are going to hold our neutral view as we see how the market develops. If the market were to fall below the $10000 psychological level and breach the $9422 support level at the base of the triangle we expect further downside. However, what is encouraging in terms of long term potential upside is...
We currently see Gold prices potentially moving higher due to increased fears of a recession due to the inversion of the yield curve and an escalation of the US/China trade war. However, we would not want to see prices drop below the $1533 support level which could happen as the RSI is currently 85 and if stocks bounce from their currently level after the recent...
We see US Crude oil prices rising and following the recent upside momentum towards $60 but would not want to see US Crude Oil Prices fall much below the $55.5 support level towards $50. This could happen due to fears of an upcoming recession as indicated by inversion in the yield curve and an escalation of US/China trade tensions as well as excess supply.
We indicated that we saw Silver rising if it broke the resistance at $17.3 in our last analysis which it did and Silver has now exploded past $18. So we see prices consolidating at this level and moving higher in particular if there is an escalation the US and China Trade war. Our near term target is at the resistance level at $18.2 but would not want to see price...
We currently see AUDUSD falling lower and today Debelle indicated that a weaker Australian Dollar would be beneficial. Despite the RBA in the past suggesting that further rate cuts will not necessarily stimulate the weakening Australian economy if it's struggles continue and unemployment rises we feel the RBA may be forced to cut rates below the current level of...
We currently still see EUR/USD dropping but there has not been much price action as the currency pair struggles to break the key support level at 1.10962. Therefore we are awaiting German unemployment and CPI data as well as US GDP data on Thursday but still see EUR/USD moving towards 1.09 in the coming months.
We still see USDJPY going up despite escalating tensions in the US/China trade war which saw the currency pair dropping towards the 104.8 support level. Whilst prices stay above and don't consolidate below the 104.8 support level we see USDJPY rising back towards the resistance level arounds 107. Encouragingly earlier today prices bounced of the 104.8 support...
We currently see the Dax going up but this is long term position where we are expecting QE and rate cuts in Q4 to lead to upward surge in the Index. The Dax could consolidate at this area around $11640 before gaining momentum towards $12000. However, we expect volatility due to the ongoing trade war notably due to mixed signals coming from both the US and China.
On our previous analysis our view on Gold was neutral but we now see Gold prices moving lower as the recent uptrend has lost momentum. This can be attributed to the FED minutes released Wednesday from the FED meeting on the 31.07 indicating as in Powell's post FED meeting speech that there would be no further rate cuts. Therefore our view currently is short unless...
On our last USD/JPY analysis on the 16.08 we saw a falling wedge but the currency pair has failed to break resistance level at 106.8. Therefore we are still long as we await significant price action but we would the market to rise above 107 and break the next key resistance level before confirming our bullish stance in the near term.
We currently see AUDUSD dropping further despite not much price action in either direction after the release of the FED meeting minutes. This is because as expected from Powell's Post FED meeting Speech on the 31.07 the minutes indicated there would be no further rate cuts going forward. This coupled with the presumption that the CBA would be forced to cut rates...
We currently see EURUSD continuing it's recent downtrend despite the currency pair rebounding above the resistance level at $1.10958 towards $1.11. We don't see EUR/USD consolidating at this level and rising further and expect it to drop towards YTD low at around 1.104 due to the Italian Political crisis and weakening Eurozone economy. However, more dovish than...
We are currently long oil and remain bullish above the $55.5 support level and are near term target would be for oil prices to break above the resistance level towards $60. Oil prices have rebounded recently on the back of risk on sentiment and a bounce in stocks however we remain cautious and wouldn't want prices to drop back towards $50.