September 2nd 2020: Upbeat ISM Manufacturing Survey Supports Modest DXY Recovery
- Daily Report, Recent Posts, Technical Analysis
- September 1, 2020
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
READ MOREFollowing 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:
READ MOREFrom 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
READ MOREIt 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
READ MOREYou 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
READ MOREXJO 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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