Just Eat Takeaway - Short Term - We look to Sell at 58.56 (stop at 66.36)
We look to sell rallies. Previous support at 59.00 now becomes resistance. The trend of lower highs is located at 66.36. We look for a temporary move higher. The bias is still for lower levels and we look for any gains to be limited. Further downside is expected although we prefer to set...
AbbVie - Short Term - We look to Buy at 119.00 (stop at 114.50)
Previous resistance level of 119.95 broken. A move higher has resulted in prices breaking from the previous range and confirmed our bullish expectation. We have a Gap open at 118.86 from 03/12/2021 to 06/12/2021. Further upside is expected although we prefer to set longs at our bespoke support...
Ethereum - Intraday - We look to Sell a break of 4428 (stop at 4505)
A break of the recent low at 4435 should result in a further move lower. We are trading at overbought extremes. Expect trading to remain mixed and volatile.
Our profit targets will be 4204 and 4154
Resistance: 4660 / 4700 / 4780
Support: 4500 / 4450 / 4400
Disclaimer – Saxo Bank...
Bitcoin - Intraday - We look to Buy at 56866 (stop at 55988)
Daily signals are mildly bullish. Trend line resistance is located at 58000. Bespoke support is located at 57000. We look to buy dips. We look for gains to be extended today.
Our profit targets will be 59387 and 60287
Resistance: 58000 / 59500 / 60000
Support: 57000 / 56000 / 55600
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Bitcoin - Intraday - We look to Buy a break of 59019 (stop at 57996)
Trend line resistance is located at 58400. A break of resistance at 59000 should lead to a more aggressive move higher towards 60000. A break of yesterdays high would confirm bullish momentum. Daily signals are mildly bullish.
Our profit targets will be 61878 and 62778
Resistance: 59000...
Summary: The contagion across asset markets triggered by new covid strain concerns has hit FX in the form of classic deleveraging, as euro and yen shorts are squeezed on a reversal of recent US yield rises and safe haven seeking, while the US dollar gets a pass elsewhere because it is still safer than smaller, less liquid currencies, particularly in EM. The...
Summary: US President Biden will tap Jay Powell for a second term as Fed Chair and will nominate Lael Brainard to be promoted to Vice Chair of the Fed, a move that sent the USD modestly higher and US yields sharply higher, though some of the reaction may have been on pent-up reaction to prior developments. Elsewhere, the descent in the Turkish lira is turning...
Summary: The strong USD and now a strong JPY, together with other market indicators suggest a rather strong wave of risk aversion rolling over markets here on spreading Covid restrictions in Europe and as we await the US Fed Chair nomination announcement and wonder to what degree it matters beyond a knee-jerk reaction. Next week an interesting test for markets as...
Summary: A fresh spike in natural gas prices in Europe accelerated the relative weakness of the euro yesterday and the single currencies performance is so dire that we have to consider where to look if the market transitions to more existential, as opposed to cyclical concerns. Elsewhere, SEK has recently looked like the baby being thrown out with the bath water...
Summary: The bottom continues to fall out for the euro, which notched new lows for the cycle versus the US dollar as Covid and growth concerns weigh. Sterling is in part responsible for the weaker single currency as it has recovered all of the losses in the wake of the disastrous Bank of England meeting last Thursday on strong jobs data, the narrative and even...
Summary: The US October CPI data came in far hotter than expected at new multi-decade highs, jolting markets across the board as Fed rate hike expectations were brought forward. The US dollar strengthened across the board, and so did gold as real yields plunged on the market figuring that the Fed will remain behind the curve on inflationary risks. On that note,...
Summary: The JPY is challenging speculative positioning and rallying as global long safe haven yields have dropped sharply, particularly in the US on Friday after a nominally strong October jobs report. Elsewhere, the USD status is in focus this week ahead of the unknown, but imminent timing of the Fed Chair nomination, and sterling traders will wonder if the...
Summary: The market got what it expected from the FOMC meeting yesterday, as the Fed is set to taper asset purchases at the expected pace, with some flexibility on a shift in the pace in the likely event that the overheating US economy requires that they second guess the ponderous move toward rate lift-off. The US dollar is back firmer this morning nonetheless as...
Summary: The Reserve Bank of Australia only checked a couple of the boxes in its shift in the direction of tightening overnight, far short of where the market has priced the central bank to head with its policy rate in the coming year, but how much should the market care when it feels as though central bank guidance is loosing its sway? Elsewhere, rapidly...
Summary: The wild ride last week for the Euro in the wake of the ECB meeting and in how the market is pricing future ECB policy relative to its own guidance points to very interesting tests this week for the RBA, which meets tonight, and of course for the dovish Fed, whose guidance looks far behind the curve relative to market pricing. Indeed, it appears that...
Summary: The ECB is the latest central bank to suffer the market second guessing its intentions as rate hike bets for next year rose to cycle highs even as ECB President Lagarde pushed back against the market pricing these rate moves. The Euro rose in response, with EURUSD trading above local resistance, but we have a critical week ahead for the US dollar as next...
Summary: A solid beat in the Australian CPI reading overnight saw a huge adjustment to the forward rate curve in Australia but failed to impress the currency as much as other factors are providing some offsetting pressure. Today we look forward to a Bank of Canada meeting that will have to deliver a guidance shift to meet market expectations for rate moves in the...
Summary: A speech on Friday from Fed Chair Powell jolted the expected time frame for Fed rate lift-off forward, although it did little for the US dollar outside of a bit of stabilization, and the JPY is near the top of the two-week range against the US dollar as long US yields are well behaved. This week, the focus will be on the Bank of Canada and ECB meetings...
