Market Insight for the Week Ending 9 June
- Daily Analysis, Daily Report, Recent Posts, Technical Analysis, Trending Now
- June 3, 2023
Friday welcomed the latest US employment situation report. Once more, US non-farm employment change defied market consensus; the US economy added an eye-popping 339,000 new payrolls in May, almost double the median consensus (190,000) and marks a 14th consecutive month of exceeding expectations. However, while employment change depicts a resilient labour market, which forms part
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: USD/JPY Testing the Mettle of AB=CD Resistance Daily Timeframe – The past few days have seen the USD/JPY test the grip of a harmonic AB=CD resistance level at ¥140.34, denoted by
READ MOREThe US Dollar Index is poised to close out the month of May 2.8% higher, reclaiming all the prior month’s downside and a large portion of the 2.3% drop in March. Needless to say, it’s been a positive month for the greenback, which is likely to continue into June, according to chart studies. Leaving support
READ MOREMarket technician’s view of charts that affect equities: With an agreement now placed on the US debt limit going into this week, the challenge for traders will be ascertaining if this is already priced. This week, the Australian Index set a bullish key reversal pattern last Friday. Further concerns still remain around the US regional
READ MOREAs the US dollar continues to find grip at higher levels—underpinned by a rally in US government yields—the price of spot gold (XAU/USD) is in relatively deep water. Higher-Timeframe Picture Shows Gold Approaching Support Medium-term price action on the daily chart exhibits scope to extend losses. The longer-term ascending channel is interesting (drawn from $1,641
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: NZD/USD Challenging Support Daily Timeframe – Following the RBNZ signalling a pause in policy firming, the NZD/USD currency pair tumbled more than 2.0% yesterday and landed price at support from $0.6088
READ MOREFor those who read the previous technical view I posted on the GBP/USD currency pair, price action has indeed continued to pursue lower levels. Short-Term Price Action Sub $1.24 Despite efforts to shape support from the $1.24 region, recent hours witnessed price elbow beneath the psychological level. This followed a near-pip-perfect H1 AB=CD harmonic bearish
READ MOREMarket technician’s view of charts that effect equities: Continuing to overshadow the Australian market, traders are keeping an eye on Washington as concerns around debt ceiling negotiations have come close to a resolution, the risk of an historic default event in the first 2 weeks of June remains. However the markets last week traded as if an agreement
READ MOREThe final full week of May is upon us and delivers a range of heavyweight data to be conscious of this week. Monday will be relatively quiet; the calendar lacks tier-1 economic data, and Canadian banks will be closed in observance of Victoria Day. Tuesday will see a slew of manufacturing and services PMIs released
READ MOREI wrote about the S&P 500 in recent analysis, emphasising the following (italics): Although there is a chance of the daily chart’s diamond top pattern completing and price breaking out lower (given weekly resistance at 4,177), the uptrend and absence of bearish activity at the said weekly resistance potentially swings the technical pendulum in favour
READ MOREUpbeat economic data underpinned the US Dollar Index in recent trading and firmly shifted attention to a key resistance level on the daily timeframe at 103.85. Given the latest USD strength, a break of the aforementioned level will not surprise. Should a breakout higher materialise, you will find that short-term traders are likely to drill
READ MOREYour weekly review of technical patterns and structure. The research team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: EUR/USD Poised to Navigate Lower? Daily Timeframe – Since topping around $1.1096 on 3 May and chalking up a double-top pattern, Europe’s shared currency has been on a downward slide against
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