• Blog Template, FP Markets

    FOMC in the Rear-View Mirror; NFP Eyed

    • May 2, 2024

    The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices. The FOMC left the Fed funds target rate unchanged for a sixth consecutive session at

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  • Ichimoku Watch: AI King Testing Support

    • May 2, 2024

    Nvidia’s (ticker: NVDA) share price finished Wednesday’s session nearly -4.0% lower, following Tuesday’s drop of -1.5%. In addition to this, the stock has been in the early stages of a downtrend since forming a double-top pattern (red arrows) off all-time highs at $974.00. Inverted Head and Shoulders Pattern? However, with the stock now beginning to

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    The Pattern Pulse – 2 May 2024

    • May 2, 2024

    Your weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Long-Term Bullish Flag on USD/SEK Monthly Timeframe – Since late 2022, against the Swedish krone (kr), the US dollar (USD) has been busy chalking up a potential bullish flag

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    Ichimoku Watch: Tesla Poised to Fill Upside Opening Gap

    • May 1, 2024

    The share price of Tesla (ticker: TSLA) soared higher earlier this week following the company securing a deal with China’s search and mapping group Baidu. Despite the stock opening with a strong upside gap (window) on Monday on the back of the news, price action failed to breach the Leading Span B (the outer boundary

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    Confluence Watch: ETH/USD Support  

    • May 1, 2024

    Following yesterday’s edition of ‘Confluence Watch’ on the EUR/USD, today’s attention shifts to the Digital Currency Space: Ethereum versus the US dollar (ETH/USD). According to the weekly timeframe, the major altcoin is down nearly -10.0% WTD and fast approaching an area of confluence (support) between $2,283 and $2,627. The support zone boasts several technical components:

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    Confluence Watch: Active EUR/USD Resistance

    • April 30, 2024

    From a technical standpoint, the EUR/USD exchange rate has spent the last few days meandering around resistance on the daily timeframe. With the trend leaning in favour of sellers, resistance is seen between $1.0753 and $1.0726, made up of the following technical tools: Horizontal resistance at $1.0739. Quasimodo-support-turned-resistance at $1.0726. Ascending support-turned-resistance line, taken from

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    FOMC: A Wait-and-See Approach

    • April 30, 2024

    It is pretty much a sealed deal that the Federal Open Market Committee (FOMC) will hold the line tomorrow at 6:00 pm GMT, keeping its overnight benchmark rate unchanged at 5.25%-5.50% for a sixth consecutive meeting. While there is no update for economic projections at this meeting, you will recall from the last policy-setting meeting

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    Update on Silver After AB=CD Completion

    • April 29, 2024

    You may recall the Research Team highlighted AB=CD bullish completion at $26.79 on the H4 timeframe for spot silver (XAG/USD) last week. Subsequent to this, price action recently came within reaching distance of the 38.2% Fibonacci retracement ratio at $27.84 before rotating southbound and pencilling in a potential higher low at $26.94 earlier today. AB=CD

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    Index and Commodities Trading Week Beginning 29/04/2024

    • April 28, 2024

    XJO WEEKLY Price structure:  Inside range The brief rally early in the shortened four-day week met with resistance at the 7700 level (see Daily below). Currently, the weekly closing price is almost equal to the open, and the bar is an “inside range.” The current Weekly bar is also the second close below the 7632

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    Week Ahead: FOMC and Jobs Data in Sight

    • April 27, 2024

    Well, another week has passed, and the prospect of the Fed cutting rates this year is becoming more remote. Highlights last week include the US GDP first estimate slowing more than expected for Q1 to an annualised rate of 1.6%, far surpassing economists’ estimates of 2.5% and the Atlanta GDPNow model’s estimate of 2.7% real

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    USD/JPY Closing in on 1990 Highs

    • April 27, 2024

    BoJ More Dovish than Expected Friday witnessed a surge in dollar demand versus the beleaguered Japanese yen (JPY). The USD/JPY pairing not only recorded its largest one-day gain this year (+1.7%), but the exchange rate also refreshed multi-decade highs and is swiftly closing in on the ¥160 region, a 1990 peak. Earlier on Friday, Asia

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    Dollar Index: A Buyers’ Market

    • April 27, 2024

    Bulls in Control According to the US Dollar Index, year to date, the US dollar (USD) is nearly +5.0% higher against a basket of six major currencies. With the possibility of buyers strengthening their grip towards the 107.35 October 2023 peak on the monthly scale, things remain optimistic for the USD. This is reinforced by

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