• Major US Equity Indices Refresh All-Time Highs

    Major US Equity Indices Refresh All-Time Highs

    • March 2, 2024

    It was another great week for the US equity space, concluding February with a fourth successive month of upside. Investors remain buoyed by earnings, AI and, of course, the resilience of the US economy. Equities were bolstered by not only on PCE inflation data on Thursday, but also Friday’s ISM manufacturing report. Nasdaq Refreshes All-Time

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  • XAU/USD Prints Largest One-Week Gain Since Nov 2023

    XAU/USD Prints Largest One-Week Gain Since Nov 2023

    • March 2, 2024

    Where We Were For those who read last week’s week-ahead post, you will recall the FP Markets Research Team pencilled in the following points about gold prices (italics): There’s no denying that the yellow metal is exhibiting an uptrend and has been since pencilling in a bottom around the $1,614 area in late 2022. We

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  • USD/CAD: H1 Support Calls For Attention

    USD/CAD: H1 Support Calls For Attention

    • March 2, 2024

    Ahead of this week’s BoC meeting—the central bank is widely expected to remain on hold at 5.0%—the technical picture for the USD/CAD leans in favour of buyers for the time being. Monthly, Daily and H1 Charts Echo Bullish Tone From the monthly timeframe, we can clearly see the currency pair has formed a long-term consolidation

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  • EUR/USD Technicals Suggest Bears Will Be at the Wheel This Week

    EUR/USD Technicals Suggest Bears Will Be at the Wheel This Week

    • March 2, 2024

    Europe’s single currency concluded February eking out marginal gains against its US counterpart, delivering what many technical analysts will acknowledge as an indecision candle. Overall, the EUR/USD has been (and remains) in a downtrend since 2008, sporting clear lower lows and lower highs on the monthly chart. Despite January’s engulfing candle (textbook engulfing candles focus

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  • Spot Gold (XAU/USD) Punches Higher on PCE Data; Resistance Breached!

    Spot Gold (XAU/USD) Punches Higher on PCE Data; Resistance Breached!

    • February 29, 2024

    PCE Data Eases in the Twelve Months to January Today’s PCE data—a preferred measure for the Fed and one of the primary indicators they use to set monetary policy—was in line with economists’ estimates across the board. Interestingly, though, for the year-over-year measures for January, both headline and core supported the disinflationary process, easing to

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  • The Pattern Pulse—29 February 2024

    The Pattern Pulse—29 February 2024

    • February 29, 2024

    Your weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: AUD/NZD Offers Potentially Weak at Resistance Daily Timeframe – Following Aussie CPI data and the RBNZ holding the Official Cash Rate unchanged, the AUD/NZD cross has been well bid from support

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  • US GDP Growth Revised Slightly Lower

    US GDP Growth Revised Slightly Lower

    • February 28, 2024

    In terms of growth, the US economy is a notable outlier, still clearly echoing resilience. This is vastly different from the UK (technical recession) and the euro area (stagnating). According to the second estimate (or preliminary estimate), the US economy increased at an annualised rate of 3.2% in Q4 2023, a level consistent with economic

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  • RBNZ Maintains Official Cash Rate; AUD/NZD Cross Bid

    RBNZ Maintains Official Cash Rate; AUD/NZD Cross Bid

    • February 28, 2024

    Overnight, the Reserve Bank of New Zealand (RBNZ) claimed the spotlight. The RBNZ left the Official Cash Rate (OCR) on hold at 5.50% for a fifth consecutive meeting, as widely expected by both economists at Bloomberg and markets (approximately a 25% chance of a rate hike priced in according to the OIS curve). However, as

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  • AUD/NZD Testing Support Ahead of the RBNZ Announcement

    AUD/NZD Testing Support Ahead of the RBNZ Announcement

    • February 27, 2024

    Active Daily Support As can be seen from the daily chart of the AUD/NZD, the trend is evidently clear: it is to the downside: a series of lower lows and lower highs. However, we are at support from NZ$1.0587, a level delivering history as far back as early 2023. While buyers did step in from

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  • Interesting Scenario Brewing on EUR/GBP

    Interesting Scenario Brewing on EUR/GBP

    • February 27, 2024

    Technically speaking, price action on the EUR/GBP cross has been rangebound since late 2016, which is evident on the monthly chart. However, what this ranging action has offered technical eyes is a potential Head and Shoulder’s Top pattern to work with between £0.9306, £0.9504 and £0.9066 (if you wanted to be more technical, you might

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  • Index and Commodities Trading Week Beginning 26/02/2024

    Index and Commodities Trading Week Beginning 26/02/2024

    • February 25, 2024

    XJO WEEKLY Price structure: Consolidation The forward view for a further retracement remains the technical observation for this week. The small range set last week against the reversal bar #3 does not indicate selling pressure. With the close above the October 2021 all-time high level of 7632, support remains strong at this level. Consistent with

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  • US Equity Indices Refresh Record Highs; Further Upside?

    US Equity Indices Refresh Record Highs; Further Upside?

    • February 24, 2024

    It was another all-time high (ATH) for the S&P 500, the Dow Jones Industrial Average and the Nasdaq 100 last week. The Nasdaq Composite Index, however, has yet to make the transition to unchartered territory, but it’s close. The latter, unlike the Nasdaq 100 which covers approximately 100 non-financial companies, covers a much broader range

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