Easy Does It: Bank of England Leaves Bank Rate on Hold at 5.0%
- Daily Analysis, Daily Report, Fundamental Analysis, Recent Posts, Technical Analysis, Trending Now
- September 19, 2024
Europe’s single currency is poised to end the week on the back foot versus its US counterpart and snap a two-week bullish phase. As of writing, the currency pair is down by -0.9%. 50-Month SMA Resistance Starting from the monthly chart, the 50-month simple moving average (SMA) at US$1.1109 currently offers dynamic resistance, a line
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: Dollar Index Targeting 2023 Lows With the US Federal Reserve Chairman Jerome Powell communicating it is time to begin policy easing, the US Dollar Index is on track to
READ MOREThe Research Team briefly touched on the AUD/NZD in an earlier release, but given the underperformance in the cross today, it deserves another look. Daily Support Giving Way The pair continues to echo a bearish vibe following Australia’s July CPI inflation (Consumer Price Index) report, which displayed price pressures had eased across all key measures.
READ MOREIchimoku Cloud and Resistance Breach As you can see, Nike, Inc. (NYSE; ticker: NKE) has broadly exhibited a downward bias since the beginning of 2022. The tide may be shifting, however. The stock recently made its way north of the Ichimoku Cloud, composed of the Leading Span B (light orange at US$84.40) and the Leading
READ MOREAustralia’s CPI inflation data (Consumer Price Index) rose +3.5% (YoY) in July 2024, slightly below the market’s median consensus (+3.5%), though down from June’s reading of +3.8% and the lowest level seen since March this year. The disinflation trend has resumed its downward path following inflation clocking highs of +4.0% in May 2024 (YoY), its
READ MOREFollowing on from the latest ‘Technical Take’ for spot gold (XAU/USD), you will note that price did indeed run through short-term stops below the higher low at US$2,485 formed on 19 August on the H1 timeframe and tested the combination of support at US$2,477 and trendline support, taken from the low of US$2,381. Price has
READ MOREThe Dow Jones Industrial Average (DJIA) hit an all-time high of 41,420 on Monday and formed what many will note as a bearish pin bar or ‘shooting star’. This candlestick formation shows buying pressure failed to maintain its momentum and sold off into the close. Candlestick traders, therefore, may view this as a sign that
READ MOREXJO WEEKLY Price structure: All time high on the close. The Weekly chart shows a small range low to high advance, the current close at an all-time high is an important observation as no broad profit taking has taken place. Current observable price rejection remains above the 8083 level. This week key support remains above the
READ MOREAll eyes are on US Federal Reserve Chairman Jerome Powell’s speech today at 10 am ET (2 pm GMT). Powell’s speech comes at an important time for the US economy – with unemployment at levels not seen since late 2021 – and the Fed nearing a rate reduction after being on hold at 5.25%-5.50% for
READ MOREUpcoming Earnings Salesforce, Inc. (ticker: CRM) is scheduled to report earnings after the market closes on 28 August. The consensus earnings per share (EPS) estimate for the fiscal quarter ending July 2024 is $1.73. The reported EPS for the same quarter a year prior was $1.63. Vulnerable Resistance? Resistance is currently being tested at US$263.42
READ MOREPattern Breakout to the Upside Kicking things off with a look at the monthly chart, which shows that the Australian dollar (AUD) has been on the front foot versus the US dollar (USD) in August, up +2.6% month to date. Since late 2022, the AUD/USD pairing has carved out a symmetrical triangle between US$0.6170 and
READ MOREUpcoming Earnings NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings after the market closes on 28 August. The consensus earnings per share (EPS) estimate for the fiscal quarter ending July 2024 is $0.59. The reported EPS for the same quarter a year prior was $0.25. +10% Gains in August Nvidia has been on a
READ MORE