⭐️Key Takeaways⭐️ ✔️ AUDUSD is that risk-on sentiment currency - should monitor SPX for correlations. ✔️ Gold continues to maintain it's bull run but struggled to break above $2000. A correction is gold could signal strength with the buck. ✔️ Small timeframe rounding top action but could transition into a gartley pattern ⭐️Technical Analysis⭐️ As long as the US...
⭐️Key Takeaways⭐️ ✔️ Double Top discredited ✔️ JPY GDP figures at the Sunday open ✔️ Significant Resistance Level at $125 ⭐️Technical Analysis⭐️ EURJPY managed to establish a new higher high on Friday and hold onto those gains. Next upside level of resistance is around the 125 handle. If on the other hand the pair is able to develop lower lows, a retest of the...
⭐️Key Takeaways⭐️ ✔️ Trading Above 200SMA on Daily ✔️ BOE Interest Rate Decision on Thursday ✔️ JPY GDP figures at the Sunday open ⭐️Technical Analysis⭐️ Daily chart shows we the pair nicely held above the 200SMA on Friday. RSI is indicating that the pair is overbought however Friday's bullish continuation candle suggests more upside in the near term. If we get...
⭐️Key Takeaways⭐️ ✔️ This week we have jobs data from both Canada and the US. ✔️ GDP figures last Friday came in at 4.5% for Canada. Much better than the previous report around -11% ✔️ Strong support around the 1.33 handle ✔️ USD has performed under pressure for 6 consecutive weeks ⭐️Technical Analysis⭐️ This pair tends to trade roughly within 100 pip move...
⭐️Key Takeaways⭐️ ✔️ Bearish bias at this level of resistance ✔️ Canadian GDP on Friday came in better than expected. ✔️ Pound was one of the top performing currencies last week ⭐️Technical Analysis⭐️ Daily doji suggests the bulls are starting to get exhausted. 1 hour however doesn't look too aggressive towards the downside just yet which leaves me to believe...
⭐️Key Takeaways⭐️ ✔️ Double Top Daily but price action still making higher highs ✔️ Waiting for the pair to give me further directional clues ⭐️Technical Analysis⭐️ As of writing this article, AUDJPY seems to consolidating rather than correcting. It does appear to have a double top currently but that reversal pattern could very well be discredited if this pair...
⭐️Key Takeaways⭐️ ✔️ The Euro could very well be in for a correction ✔️ Daily candles making lower lows ✔️ Divergence with RSI ⭐️Technical Analysis⭐️ The bullish momentum for euro seems to be stalling out across the board. The daily timeframe shows some divergence which confirms the lack of the bullish momentum. At this point I'm a little hesitate to go long...
⭐️Key Takeaways⭐️ ✔️ Daily timeframe testing level of resistance which matches up with the 200SMA on the 1hr ✔️ USD should continue to remain under pressure with the rise in the COVID19 case numbers ⭐️Technical Analysis⭐️ Looking at the 1 hour timeframe we can see that we're starting to round off as the pair struggles to hold above the 200SMA. If the pair...
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Key Takeaways Gold made a triple attempt to break the $2000 barrier but was quickly rejected as it made fresh highs just above $1980 Johnson & Johnson, showed positive results for a vaccine. Goldman Sachs put out a $2300 forecast for the precious metal. Technical Analysis Time of writing this report is 3:45am EST. Current price-action behavior is...
Key Takeaways Oil falls 3.54% in worst single day decline since June 11 Trade below 200 SMA on Daily Divergence RSI and PA Technical Analysis Yesterday Crude Oil Inventories came in at -10.612M which added some strength to the oil prices. Today we're seeing pretty much a complete reversal of yesterday's gains. Now trading below $40. RSI is confirming...
Key Takeaways 130 points away from all time high Stocks higher after the meeting Fed's Powell: The labor market has a long way to go to recover. Fed's Powell: There's clearly a risk we're going to see a slowdown in the rate of growth, in economic activity, and in hiring. Fundamental Analysis SPX was mixed after the FOMC where interest rates were...
Key Takeaways DXY stays offered in the mid-93.00s ahead of the FOMC event. Advanced trade deficit came in at $70.64 billion in June. The FOMC meeting and Powell’s press conference are next of note. Fundamental Analysis Market speculation of further stimulus, lack of progress with quarantining the virus in the U.S, and the US/China tensions continued to...
Key Takeaways Broke below 200SMA and Ascending Trendline on Daily Timeframe Trending below 50 with RSI $200 could support price action Trade Idea Short Target remains @ $190. A break below the $200 psychological support will provide an opporunity to add additional short positions to this trade setup Regards, Michael Harding RISK DISCLAIMER...
Key Takeaways DAX barely budged this morning -0.11% FTSE 100 +0.49% 200 SMA Support Technical Analysis 4Hr timeframe for EG looks for supported in the interim as traders put their focus towards the NY session with all eyes on the FOMC later today. If we're able to break below the 200SMA I would look for the 0.9 psychological level for nearterm...
Key Takeaways UK PM Johnson's Spokesman: Seeing signs of a second wave of the pandemic in some other European countries. UK July CBI retailing reported sales +4 vs -25 expected Major indices off the session lows The major European stock indices are ending the session with mixed results. However most of the indices are well off there intraday lows. The...
Technical Bias: Bearish Key Takeaways Double Top technical pattern EUR/JPY retraces Monday’s decent advance and returns to 123.50. Virus cases are suddenly rising in France, Germany and Spain, raising concerns for a second wave. Technical Analysis The cross remains under pressure on the back of the continuation of the buying interest surrounding the...
What's up Traders! Let me know what you all think of shorting this precious metal at these levels as we approach the FOMC. Thumbs up, thumbs down, let me know... Cheers ~Michael Harding