Dollar Index Testing Range Support Ahead of FOMC Announcement
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- September 17, 2024
50 Basis Point Cut? The US Federal Reserve will reduce its target on the funds rate tomorrow, but whether the central bank opts for a 25 or 50 basis point reduction is difficult to say. Market pricing is leaning in favour of the latter (65% probability). Consequently, price action could be choppy heading into the
READ MOREInflationary pressures in Canada continued to subside in August, underpinning the possibility of more policy easing this year. According to a report released by Statistics Canada (StatCan) earlier today, headline CPI inflation (Consumer Price Index) cooled to +2.0% in August (YoY), down from +2.5% in July and south of economists’ expectations of +2.1%. This marks
READ MOREUpcoming Earnings FedEx Corporation (ticker: FDX) is scheduled to report earnings after the market closes on 19 September. The consensus earnings per share (EPS) estimate for the fiscal quarter ending August 2024 is US$4.87. The reported EPS for the same quarter a year prior was US$4.55. Ichimoku Cloud Support You can see that price action
READ MOREWith markets now pricing in a 60% chance that the US Federal Reserve will step up and reduce its Policy Rate by 50 basis points on Wednesday, the US dollar (USD) is on the ropes today. This has pushed the EUR/USD above its 50-month simple moving average at US$1.1095, directed the US Dollar Index towards
READ MOREXJO WEEKLY Price structure: 2nd Outside range. Last the discussed OPd has failed to follow through lower, no close below the 7910 level occurred, this being the message from the market. Again, last week the 7910 level was retested followed by a rally to close again above the 8083 initial resistance level of 9 weeks ago.
READ MOREOn track to end the week up +3.0%, spot gold (ticker: XAU/USD) has outperformed versus the US dollar (USD), underpinned by lower moves in US Treasury yields and the deterioration of the USD ahead of next week’s rate announcement from the US Federal Reserve. Breakout Higher In the latest edition of The Pattern Pulse, the
READ MOREThe Boeing Company (ticker: THE) is under pressure amid the ongoing strike, consequently affecting production at its commercial hub in Seattle. Following the rejection of a tentative contract offer from the company, Boeing’s largest union voted to walk off the job on Thursday. Workers rejected the contract by 94.6% and 96% voted to strike. Down
READ MOREUpcoming Earnings: Adobe Inc. (ticker: ADBE) is scheduled to report earnings after the market closes on 12 September. The consensus earnings per share (EPS) estimate for the fiscal quarter ending August 2024 is US$3.63. The reported EPS for the same quarter a year prior was US$3.26. Ichimoku Support Ahead of Adobe’s earnings release this week,
READ MOREYour weekly outlook of technical patterns and structure delivered directly to your inbox. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: AUD/USD Completes Daily Head and Shoulders Top Pattern Daily Timeframe: As evident from the daily timeframe of the AUD/USD currency pair (Australian dollar versus
READ MOREFollowing economic activity in July stagnating for a second consecutive month, the focus was on the GBP/USD currency pair (British pound versus the US dollar). Monthly Resistance Technically, the trend remains to the upside for the pairing and recently reached a year-to-date high of US$1.3267. Longer-term price action on the monthly timeframe is struggling to
READ MOREThe US dollar (USD) remains on the back foot versus the Japanese yen (JPY), poised to retest the August 2024 lows around ¥141.69. Active Conversion Line/Base Line Resistance While downside momentum has noticeably slowed for the USD/JPY currency pair, sellers are still in control. You will probably see that since the Conversion Line (blue at
READ MOREXJO WEEKLY Price structure: Outside range. The XJO Weekly chart has set an “outside period” with a long-range bar high to low. Using the Haguro method this type of bar (#9) with a lower wick exposed is identified as a turning point bar when found in a high price area following the August low point.
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