The Research Team briefly touched on the AUD/NZD in an earlier release, but given the underperformance in the cross today, it deserves another look.
Daily Support Giving Way
The pair continues to echo a bearish vibe following Australia’s July CPI inflation (Consumer Price Index) report, which displayed price pressures had eased across all key measures. This is...
Upcoming Earnings
Salesforce, Inc. (ticker: CRM) is scheduled to report earnings after the market closes on 28 August. The consensus earnings per share (EPS) estimate for the fiscal quarter ending July 2024 is $1.73. The reported EPS for the same quarter a year prior was $1.63.
Vulnerable Resistance?
Resistance is currently being tested at US$263.42 but...
Upside Momentum Slowing on the Monthly Chart
Despite the yellow metal working with a clear uptrend and shaking hands with fresh record highs, momentum to the upside has noticeably decelerated. This can be observed through price action and the Relative Strength Index (RSI) on the monthly scale, which tests overbought conditions and exhibits the possibility of...
Tomorrow marks the opening of a three-day annual event in Jackson Hole, Wyoming, a gathering of key central bankers that the world and financial markets will monitor closely. This year’s event is titled: ‘Reassessing the Effectiveness and Transmission of Monetary Policy’.
Ahead of this week’s annual meeting, Minneapolis Fed President Neel Kashkari made the...
Active 50-Month SMA
Europe’s single currency (EUR) has been on a tear versus the US dollar (USD), up +2.7% month to date. The monthly chart shows buyers and sellers are now squaring off around the 50-month simple moving average (SMA) at US$1.1110, which, alongside neighbouring resistance at US$1.1233, could prove a difficult headwind for bulls to overcome....
Baidu Approaching Ichimoku Cloud Resistance
Upcoming Earnings:
Baidu, Inc. (ticker: BIDU) is scheduled to report earnings before the market opens on 22 August. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is US$2.24. The reported EPS for the same quarter a year prior was US$2.51.
Sell On-Rally Scenario at Ichimoku...
The price of Apple (ticker: AAPL) currently offers an interesting technical scenario on the daily chart.
Ichimoku Cloud Support in Play
As you can see, bulls recently rebounded from the Ichimoku Cloud, which is formed by the Leading Span A (light green at $213.71) and the Leading Span B (light orange at $213.37). Coupled with the underlying trend pointing...
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...
