• Daily Resistance at 104.15 Remains Key on Dollar Index

    Daily Resistance at 104.15 Remains Key on Dollar Index

    • February 10, 2024

    The US dollar, according to the US Dollar Index, ended another week in positive territory, just. From the weekly scale (check weekly chart), you’ll note that the Index wrapped up the week considerably off best levels and pencilled in what many candlestick enthusiasts will refer to as a Japanese shooting star candlestick (bearish signal formed

    READ MORE
  • Natural Gas Clocks Three-Year Low

    Natural Gas Clocks Three-Year Low

    • February 8, 2024

    Monthly Support Eyed Recent trading has seen the price of natural gas futures refresh multi-year lows at 1.927 USD/MMBtu. Since November 2023, we have seen natural gas trade lower by nearly -50% and demonstrate scope to reach support at 1.615 USD/MMBtu, a level that boasts historical significance as far back as 1999! Given this, there

    READ MORE
  • Nvidia Is Closing in on $700; Will the Stock See $1,000 This Year?

    Nvidia Is Closing in on $700; Will the Stock See $1,000 This Year?

    • February 7, 2024

    Year to date, Nvidia (ticker: NVDA) is up by an eye-popping 38.0% and refreshed its all-time high at $697.54 yesterday! This follows last year’s near-240% rally. Needless to say, the US semiconductor company’s share price (current: $678) is fast approaching $700 amid demand for AI chips. Interestingly, based on recent analysts’ forecasts for the stock,

    READ MORE
  • RBA Holds Rates Unchanged; Projection Change

    RBA Holds Rates Unchanged; Projection Change

    • February 6, 2024

    Overnight, the Reserve Bank of Australia (RBA) made the airwaves with its latest rate decision. In its first policy-setting meeting this year, the Board opted to leave the Cash Rate unchanged at 4.35%, a 12-year pinnacle. Downward Revisions on Growth and Inflation On one side of the fence, the accompanying Rate Statement retained a hawkish

    READ MORE
  • Technical Take on XAU/USD: $2,000 Whipsaw

    Technical Take on XAU/USD: $2,000 Whipsaw

    • February 5, 2024

    XAU/USD Down -1.1% Amid a rally in US Treasury yields and a broad-based USD bid, spot gold (XAU/USD) is getting hammered lower today! Bear Trap? Down -1.1%, the precious metal is now on the doorstep of shaking hands with the widely watched 2,000 level. While this psychological barrier will house buying interest, a whipsaw (or

    READ MORE
  • XRP/USD: Another Harmonic AB=CD Poised to Offer Resistance

    XRP/USD: Another Harmonic AB=CD Poised to Offer Resistance

    • February 3, 2024

    Following last week’s week-ahead post on the price of ripple versus the US dollar, the H4 harmonic ‘alternate’ AB=CD bearish formation at $0.53316, depicted through a 1.272% Fibonacci projection ratio (plus the moderate Fibonacci cluster, backed by 38.2% and 61.8% Fibonacci retracement ratios), served well as resistance and sent price to a fresh YTD trough

    READ MORE
  • Resistance Eyed on AUD/USD

    Resistance Eyed on AUD/USD

    • February 3, 2024

    AUD/USD bears outperformed in January, guiding the major pair nearly 250 pips lower, or -3.5%. Monthly Coil in Play From the monthly timeframe, things have been consolidating between two converging lines ($0.7158 and $0.6170) since late 2022. The fact that there is not a steep pole that precedes the formation, this pattern has been identified

    READ MORE
  • S&P 500 Refreshes All-Time High, Again!

    S&P 500 Refreshes All-Time High, Again!

    • February 3, 2024

    The title of this post has been ‘on repeat’ for three weeks; that’s because the S&P 500 pencils in a fresh all-time high (ATH) each week! January ended in unchartered territory, touching a fresh all-time high of 4,931 and adding +1.6%. This extended recovery gains from the near-test of monthly support coming in from 4,102

    READ MORE
  • US Dollar Index: Breakout Higher

    US Dollar Index: Breakout Higher

    • February 3, 2024

    It was shaping up to be yet another tiresome week if not for Friday’s monstrous beat on US non-farm payrolls, which triggered a bid in the US Dollar Index and ended the week +0.5% higher. Daily Resistance Cleared Resistance at 103.62 on the daily timeframe saw its fair share of upside attempts since 17 January,

    READ MORE
  • US Non-Farm Payrolls

    US Non-Farm Payrolls

    • February 2, 2024

    Today’s US Employment Situation Report will be released at 1:30 pm GMT. According to Bloomberg, the median estimate for today’s non-farm payrolls for January is 185,000, with the estimate range between 300,000 and 120,000. A softer-than-expected release—around the 130k-140k neighbourhood that is nearer the estimate range low—may attract USD shorts. Weaker job growth could also

    READ MORE
  • GBP/USD Approaching Resistance Post BoE Decision

    GBP/USD Approaching Resistance Post BoE Decision

    • February 1, 2024

    As widely expected, the Bank of England (BoE) kept the Base Rate unchanged at 5.25% for a 4th straight meeting. The MPC vote was a rather rare three-way split: two members opted for a rate hike, one for a rate cut, and the remaining six officials voted for a pause. We also witnessed the accompanying

    READ MORE
  • Happy Fed Day!

    Happy Fed Day!

    • January 31, 2024

    Markets and economists forecast that the FOMC will leave the Fed funds target range unchanged at 5.25%-5.50% for a fourth consecutive meeting. Therefore, the policy meeting, scheduled for today at 7:00 pm GMT, will focus on the accompanying Rate Statement, Fed Chair Jerome Powell, and whether we see a pushback against March rate pricing. 133bps

    READ MORE