The Pattern Pulse – 6 February 2025
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- February 6, 2025
Spot gold (XAU/USD) remains trading off record highs of US$2,790 and is on track to end November down around 3%. This also marks the precious metal’s first monthly loss since June. Strong Uptrend and Ichimoku Cloud Support Overall, the trend remains firmly to the upside for Gold and has largely been the case since March
READ MORESince mid-September, the USD/JPY (US dollar versus the Japanese yen) has been rallying higher, with investors buying into shallow dips from the area between the Ichimoku’s Conversion Line (blue at ¥155.01) and the Base Line (red at ¥152.92). This is common in uptrends, with investors often positioning protective stop-loss orders just beneath the lower edge
READ MOREFrom the daily chart of WTI oil, price action recently moved above the Ichimoku’s Conversion and Base Lines (blue and red at US$68.65 and US$69.71, respectively), which for some traders will be considered a bullish signal. Double Bottom Pattern Adding to the above, you will see that price is forming a double-bottom pattern from around
READ MOREYour 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: EUR/USD Shaking Hands with Range Support Monthly Timeframe: Down 3.0% so far this month, the EUR/USD (euro versus the US dollar) is now shaking hands with key long-term range
READ MOREAs you can see from the H4 chart of the euro (EUR) versus the Japanese yen (JPY), the EUR/JPY currency pair demonstrates more or less equal bids and offers at current levels. Price Testing the Ichimoku Cloud Resistance Sentiment has been on the downside since topping at ¥166.69 at the end of October. The latest
READ MOREQ3 24 earnings for Nvidia (Nasdaq; ticker: NVDA) – a leader in the artificial intelligence (AI) chip and data centre solutions market – and the company’s Q4 forward guidance will be released after the market closes today. Over the past two years, Nvidia’s performance has been nothing short of remarkable, resulting in substantial growth in
READ MOREA report released this morning by the Office for National Statistics (ONS) revealed that all key inflation measures exceeded expectations in October. As a result, the British pound (GBP) appreciated against all G10 currencies, with the strongest gains seen against the Japanese yen (JPY). Additionally, FTSE 100 futures experienced a moderate decline following the report,
READ MOREPolicymakers ‘may’ think twice about reducing the overnight rate by another 50 basis points (bps) next month following inflation accelerating to the upside. I emphasise the word ‘may’ here. According to the October CPI inflation report (Consumer Price Index) released by Statistics Canada, headline YY (Year on Year) CPI inflation increased to 2.0%. This marked
READ MOREUpcoming Earnings The Nvidia Corporation (ticker: NVDA) is scheduled to report earnings after the market closes tomorrow. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending October 2024 is US$0.70; the reported EPS for the same quarter a year prior was US$0.38. Trend Favouring Dip Buying Ahead of the company’s earnings report
READ MOREUSD to Remain Bid? US Federal Reserve (Fed) Chairman Jerome Powell’s modestly hawkish commentary last week – ‘the economy is not sending any signals that we need to be in a hurry to lower rates’ – coupled with other Fed officials echoing a similar vibe as well as sticky inflation, prompted a dovish rate repricing.
READ MOREYour 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: USD Approaching Range Resistance Daily Timeframe: The US dollar (USD) remains well bid, with November’s current outperformance positioning the greenback 3.0% higher versus a basket of six international currencies
READ MOREFollowing the run higher in the US Dollar Index (USD) this month, price action has ventured into a key monthly resistance area between 107.39 and 105.91. Whether this is sufficient to hinder current outperformance in the USD is difficult to estimate at this juncture. However, from a technical analyst’s point of view, it is undeniable
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