• Fresh Quarter. Fresh Month. Fresh Week. Market Insight for the Week Ending 7 April

    Fresh Quarter. Fresh Month. Fresh Week. Market Insight for the Week Ending 7 April

    • April 1, 2023

    Friday saw markets conclude what was a turbulent quarter, albeit an upbeat one for global equities. The recent banking turmoil shook Q1, though does appear to be receding. Despite the collapse of Silicon Valley Bank and Signature Bank and UBS’s rescue of Credit Suisse, Q1 ended well and truly on the front foot in the

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  • Global Equity Indexes Show Interesting AB=CD Technical Confluence

    Global Equity Indexes Show Interesting AB=CD Technical Confluence

    • March 29, 2023

    ASX 200 (XJO) I highlighted this market in our recent Chart of the Day on the daily timeframe. Following the lower low formed at 6,895 last week, which happened to probe below the 6,905 3 January low and touch gloves with a 1.272% Fibonacci projection at 6,897 (‘alternate’ AB=CD structure), the unit has been busy

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  • Bitcoin Facing Headwinds: CFTC Sues Crypto Exchange Binance

    Bitcoin Facing Headwinds: CFTC Sues Crypto Exchange Binance

    • March 28, 2023

    Binance—the world’s largest crypto exchange—is being sued by the Commodity Futures Trading Commission (CFTC). According to CoinMarketCap, trading volume over the last 24 hours for Binance was an eye-watering US$9,765,683,388 (compare this with Coinbase Exchange, the second largest crypto exchange, boasting a trading volume of US$1,090,158,774 over the same period). As the CFTC complaint alleges,

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  • XAU/USD Daily Bullish Pennant?

    XAU/USD Daily Bullish Pennant?

    • March 27, 2023

    Spot gold is a market the research desk has watched closely over the past week. And for a good reason. Price action on the weekly timeframe, aided by early negative divergence from the Relative Strength Index (RSI), recently greeted resistance from $1,988, a base that may concern breakout buyers beyond the $1,959 February peak. However,

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  • AB=CD for Oil?

    AB=CD for Oil?

    • March 27, 2023

    I have opted for a keep-it-simple approach for oil (WTI) today. As you can see on the daily timeframe, we have been working with a defined downtrend in oil since price chalked up a top at $121.31/bbl in June 2022. Interestingly, the downtrend offered several sell-on-rally scenarios should one have faded the lower side of

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  • Market Insight for the Week Ending 31 March

    Market Insight for the Week Ending 31 March

    • March 25, 2023

    Weekly Review A lot happened last week. Despite the recent banking turmoil, three central banks raised their benchmark interest rates last week as they continue to attempt to tackle elevated inflation. In fact, the month of March witnessed five central banks hike rates, including the US Federal Reserve recently increasing its Fed Funds rate by

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  • Reclaiming Position North of $2,000 Brewing on XAU/USD

    Reclaiming Position North of $2,000 Brewing on XAU/USD

    • March 23, 2023

    It is no secret that the price of gold and US government bonds are correlated. Among other factors, this is due to their safe-haven appeal (according to the 60-day rolling correlation coefficient, the correlation is nearly +0.90). Consequently, gold prices are also inversely correlated with US yields and the US dollar. With US Treasury yields

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  • US Dollar Echoes Weak Technical Tone Ahead of FOMC

    US Dollar Echoes Weak Technical Tone Ahead of FOMC

    • March 22, 2023

    Month to date, versus a basket of six international currencies, the greenback is nearly 2.0% lower. Technically speaking, according to the latest Weekly Market Briefing, selling was likely on the table and should not really surprise. Monthly Chart: Room to Extend Losses You will likely recall from the weekly report that the buck has been

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  • Oil Rebounds from Major Support; Further Upside?

    Oil Rebounds from Major Support; Further Upside?

    • March 21, 2023

    West Texas Intermediate (WTI) oil has, so far, remained on the front foot on Tuesday, following Monday’s recovery from 15-month lows. Fears surrounding the banking sector witnessed the price of oil spiral south over the course of last week, shedding more than 13.0%, its largest one-week decline in months. Those who read my Weekly Market

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  • First Light News—Tuesday 21 March

    First Light News—Tuesday 21 March

    • March 21, 2023

    The FP Markets research team produce First Light News during the early hours of the European session, ensuring traders and investors have the news needed to begin their day.   Good morning. US markets pencilled in gains across the board in the equity space on Monday amidst hopes of easing concerns in the banking sector.

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  • Market Insight for the Week Ending 24 March

    Market Insight for the Week Ending 24 March

    • March 18, 2023

    Weekly Review It has been a volatile week across the financial markets. Unless you have been hiding under a rock, you will recall that two US banking institutions recently collapsed: Silicon Valley Bank and Signature Bank, which sparked contagion fears. Also in the spotlight last week was Credit Suisse, falling to its knees and clocking

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  • EUR/USD Echoing a Technically Bearish Vibe Following ECB Hike

    EUR/USD Echoing a Technically Bearish Vibe Following ECB Hike

    • March 16, 2023

    The main highlight on the economic calendar on Thursday saw the European Central Bank (ECB) raise interest rates by another half-point (50 basis points) in an attempt to stem inflationary pressures. Euro area annual inflation for the month of February cooled to 8.5%, according to the flash estimate (the final CPI release is tomorrow at

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