Despite generous economic data last week, the US Dollar Index was tiresome. The week settled marginally higher, adding +0.2%, but it barely scratched out a fresh higher high and largely remained within the previous range (check weekly chart).
Monthly Chart:
Technical observations on the monthly timeframe are largely unchanged from previous writing (and will...
Today’s economic calendar—the end to the final full week of January—concludes with a look at the Fed’s favoured measure of inflation: December’s US Personal Consumption Expenditure (PCE) Price Index.
PCE Estimates
Scheduled at 1:30 pm GMT, economists’ estimates suggest a slight uptick in the headline measure to 0.2% from November’s -0.1%, while year-on-year...
The European Central Bank (ECB) is expected to announce its latest policy settings today at 1:15 pm GMT and, together with the Advance estimate for Q4 GDP out of the US at 1:30 pm GMT, will be the dominant macro drivers. It is widely anticipated the central bank will hold the line and keep all three key benchmark interest rates unchanged for a third successive...
Kicking this off from the monthly timeframe, it is resolutely clear that the trend is to the downside. Another key technical observation on the monthly scale is the bearish chart pattern that was recently completed (completed meaning that a breakout lower emerged beneath the lower boundary of a descending triangle formation extended from the high of CHF1.0042...
Netflix (ticker NFLX) is scheduled to report quarterly earnings following the US market close today. The EPS estimate is down from $3.49 to $2.20. According to the company, new subscribers are anticipated to have increased by around 8.5 million, similar to the previous quarter.
Most will be already aware that the streaming video giant also recently implemented a...
Following November and December’s spirited push, totalling approximately +13.3%, 2024 is off to a solid lead, up +1.5% month to date and refreshing the all-time high (ATH) at 4,842.
Technical studies from the monthly timeframe remain clear and, for the most part, unchanged. The index has been entrenched in a dominant uptrend since breaking out in early 2013....
It has been a disappointing week for the major crypto pair BTC/USD despite the US securities regulators' bitcoin ETF approval a week ago.
Weekly Support Ahead; Sellers to Control in the Short-Term?
The majority of technical hands acknowledged the prior week’s shooting star candlestick formation (bearish signal) on the weekly timeframe that formed off...
Month to date, versus the US dollar, Europe’s single currency is lower by -1.3% and has erased all of December’s upside.
Multi-Timeframe Technical Approach Highlights Nearby Resistance
The Research Team acknowledged the following in recent analysis regarding the monthly timeframe (italics):
Overall, the currency pair has been in a downward trend since 2008,...
The US Dollar Index wrapped up last week a whisker south of session tops, adding +0.8% and extending January’s recovery. Month to date, the unit is +1.8% in the green and has reclaimed the entire portion of December’s downside.
Monthly Timeframe
Technical observations on the monthly timeframe are largely unchanged from previous writing (and will likely remain...
APPL Prints Largest One-Day Gain in Months
Major US equity indices rallied across the board yesterday; the S&P 500 added nearly +1.0% (and formed a half-hearted daily morning star pattern ). Large tech names led the way in recent movement, and, unsurprisingly, the price of Apple (AAPL), due to its large weight in the S&P, gapped higher and delivered its largest...
Amidst a bid in US yields and the dollar, alongside hawkish commentary from Federal Reserve Governor Christopher Waller, who emphasised support for a more methodical and careful approach to loosening policy, we have seen the price of spot gold (XAU/USD) trade on the back foot in recent days and consequently pull the yellow metal into an interesting area of...
Following two consecutive months of upside for the AUD/USD, things have, for lack of a more technical phrase, ‘gone pear-shaped’ for the currency pair in January. Month to date, the unit is down -3.7%, and has reclaimed the entire month of gains provided in December and is already beginning to chew away at November’s upside move.
Monthly Symmetrical Triangle
...
Following this morning’s jobs data out of the UK, which saw unemployment remain steady at 4.2% in the three months to November and wages for November (3m YoY) fall to 6.8% (including bonuses) and, as expected at 6.6% for pay excluding bonuses, sterling has sold off against its US counterpart during the European session.
Technical Eyes
Technically, the...
Price action on the daily timeframe of the AUD/USD demonstrates that bears are at the wheel for now.
This follows last week's retest at the underside of breached channel support, extended from the low of $0.6339 and, as you can see, has led the currency pair to confront support at $0.6659 today. Accompanying this support level is a mild Fibonacci cluster, made...
The Forex market (FX), or foreign exchange market, represents a vast and dynamic space in which currencies are traded daily. Serving as the largest financial market in the world—trading in the Forex market reached US$7.5 trillion per day in April 2022, according to the Bank for International Settlements (BLS)—the Forex market delivers clear and actionable trends...
The weekly chart of Exxon Mobil Corp (XOM) is poised to confront a neckline at $98.31 of a major long-term triple-top formation around the $120.00 mark. Should further selling unfold and a price close materialises south of the neckline, chart pattern enthusiasts will look to apply the pattern’s profit objective (a value derived from the highest peak in the pattern...
The EUR/CHF cross echoes a strong downside vibe at the moment.
Monthly Descending Triangle Completed
Not only has price traded southbound since late 2007, but movement on the monthly timeframe closed south of the lower edge of a descending triangle last month, extended from CHF1.0097 to CHF0.9435. This also nudged the currency pair to all-time lows of...
Although the quarterly inflation print remains the go-to measure for Aussie consumer inflation, the monthly CPI indicator was developed in October 2022 to give policymakers inflation data at a higher frequency.
According to the monthly CPI indicator, inflation slowed to 4.9% in the twelve months to October 2023, easing from 5.6% in September 2023. Tomorrow’s...
