Ahead of today’s European cash open, the Office for National Statistics released the June employment data for the UK.
Unemployment meaningfully declined to 4.2% between April and June 2024, easing from 4.4% between March and May (the highest rate since September 2021) and lower than the 4.5% market consensus. However, June’s employment claimant count surged to...
The AUD/NZD cross will be interesting to watch ahead of the Reserve Bank of New Zealand (RBNZ) rate announcement this week.
Areas of Focus
Areas of focus heading into Wednesday’s risk event include three key resistance levels at NZ$1.0975 (entered the fray last week), NZ$1.1028, and NZ$1.1051, with the lower of the three boasting strong historical...
Ahead of this week’s CPI inflation print, the US Dollar Index has moderately bounced back from support at 102.78. Despite benefiting from additional channel support (taken from the low of 103.65) and the Relative Strength Index (RSI) recently shaking hands with oversold space (< 30.00), bullish resolve from the support has been uninspiring.
Lacklustre Rebound...
Aluminium versus the USD (ticker: XAL/USD) has traded southbound since reaching a high of $2,800, limited between a descending channel (extended from $2,800 and $2,475).
Adding to the bearish vibe, price action manoeuvred below trendline support, taken from the low of $2,110, and retested the underside of the ascending line to form resistance. What also might...
Upcoming Earnings
Uber Technologies, Inc. (ticker: UBER) is scheduled to report earnings before the market opens on 6 August. The consensus EPS estimate for the fiscal quarter ending June 2024 is $0.31. The reported EPS for the same quarter a year prior was $0.18.
Early Downtrend; Further Selling?
Between mid-2022 and March 2024, Uber was entrenched in a...
Upcoming Earnings
Mastercard Incorporated (ticker: MA) is scheduled to report earnings before the market opens on 31 July. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $3.51. The reported EPS for the same quarter a year prior was $2.89.
Active Downtrend
Basic trend studies demonstrate that the stock has been...
The AUD/USD currency pair (Australian dollar versus the US dollar) is on track to snap a two-month winning streak. It is down nearly -2.0% month to date, largely driven by risk sentiment.
Monthly and Daily Resistance Levels
Technically, the AUD/USD faded monthly resistance at $0.6670, which combines with the upper boundary of a symmetrical triangle, or...
Despite recently reaching an all-time high of 5,669, the S&P 500's monthly chart is on track to end July with a bearish shooting star candlestick pattern, snapping a two-month bullish phase. Follow-through selling on the chart could see the unit trade as far south as support at 4,776.
Meanwhile, on the weekly chart, last week ended in a bearish engulfing...
Upcoming Earnings:
PepsiCo, Inc. (ticker: PEP) is scheduled to report earnings before the market opens on 11 July. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $2.16. The reported EPS for the same quarter a year prior was $2.09.
Ichimoku Indicator Suggests Bearish Movement for the Stock
Since forming a top at...
The Bank of Canada (BoC) will take centre stage tomorrow at 1:45 pm GMT. Alongside the rate decision, the central bank will deliver the rate statement and the Monetary Policy Report, released quarterly and providing investors with a glimpse of what the central bank expects in Q3. This offers investors invaluable insight into the central bank’s thinking on future...
Upcoming Earnings
Alphabet Inc. (ticker: GOOG) is scheduled to report earnings after the market closes on 23 July. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $1.85. The reported EPS for the same quarter a year prior was $1.44.
Price Action Nearing Ichimoku Cloud
The stock is poised to register its first losing...
Ichimoku Support Calling Dip Buyers
Following the Dow Jones Industrial Average (Dow) refreshing all-time highs on Thursday at 41,414, the day ended as a bearish outside reversal.
While the bearish outside reversal could trigger an extended retracement slide, all of the Ichimoku Indicator’s signals are bullish. For example, price action is trading firmly...
Following on from last week’s spot silver chart (XAG/USD), local trendline resistance, etched from the high of $32.51, stood its ground, eventually forcing the precious metal south of neighbouring support from $30.73 (now marked resistance) and longer-term trendline support (drawn from the low of $22.31).
You may also acknowledge that price action on the daily...
As expected, UK unemployment remained at 4.4% from March to May 2024, its highest rate since September 2021 and points to a softening jobs market. Following the release, Sterling (GBP) was modestly lower against major peers.
In another sign of a softening jobs market, UK vacancies fell to 889,000 in May, down from 905,000 in April. Interestingly, this is the...
Down -2.7% month to date, July has erased June’s upside move (+2.3%) and is on track to potentially form a monthly outside reversal candle from resistance at ¥160.20, a level drawn from as far back as the 1990s. The selling is likely due to increased expectations of a Fed rate cut in September and an unwind in carry trades.
Monthly Chart Demonstrating Scope to...
Upcoming Earnings:
Johnson & Johnson (ticker: JNJ) is scheduled to report earnings before the market opens today. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $2.71. The reported EPS for the same quarter last year was $2.80.
Breakout Above Cloud?
The daily chart of Johnson & Johnson shows that this stock has...
Bitcoin (BTC) versus the US dollar (USD) is up +9% today, drawing BTC/USD out of negative terrain this month and considerably off worst levels.
Early July witnessed the unit shake hands with an AB=CD bullish formation at $54,678 – a 100% projection ratio – and a 38.2% Fibonacci retracement ratio at $55,151, an area aided by the Relative Strength Index (RSI)...
Overnight, the Reserve Bank of New Zealand (RBNZ) held its Official Cash Rate (OCR) unchanged at 5.50% for an eighth consecutive meeting, which was widely expected by markets and economists. What did surprise at today’s meeting, however, was the central bank's shift to a more dovish stance, indicating that a rate reduction may be closer than previously...
