GBP/USD Crossing Swords with Technical Confluence!
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- April 22, 2024
Amidst a dovish repricing, according to the OIS curve, sterling is on the back foot against the majority of its G10 peers ahead of the US cash open, currently down -0.4% versus its US counterpart. Technically, however, we are at an interesting juncture on the daily chart, with notable technical support aided by the Relative
READ MOREXJO WEEKLY Price structure: Impulsive decline The XJO 200 has decisively moved lower from the ascending wedge pattern discussed last week. It is now moving below the all-time high level and erasing gains for the 2024 year so far. This does not change the primary UP trend. The extended range (large range) may see some
READ MOREAmid tensions in the Middle East, potentially disrupting oil supplies, the oil complex is an interesting market to keep an eyeball on at the moment. As of writing, escalation between Iran and Israel has been limited following attacks from both sides earlier this month. What is reasonably clear is that both nations are trying to
READ MOREAhead of this week’s US GDP first estimate print and the PCE Price Index numbers, the US Dollar Index will likely be a watched market. Buyers remain firmly at the wheel. YTD, we are nearly +5.0%, with April on track to close higher for a fourth consecutive month, up +1.5% MTD. And from a technical
READ MOREChart Pattern Structure Indicates Additional Underperformance for the Stock Chart pattern enthusiasts will acknowledge two key patterns in play on Tesla’s daily chart at the moment. Longer-term, we have what is referred to as a falling wedge pattern unfolding, taken from $205.28 and $175.01; these are generally considered reversal structures that demonstrate slowing momentum to
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: USD/JPY Eyeing 1990 Highs Monthly Timeframe – The USD/JPY currency pair recently refreshed multi-decade highs of ¥154.79, a move probing offers at channel resistance, taken from the high of
READ MOREWe have an interesting technical picture unfolding on the NZD/USD at the moment. From the daily timeframe, it is evident that the currency pair has been underwater for the majority of this year. In fact, year to date, we are lower by -6.6%. Further Selling? Favouring bears at this point is the downtrend shaped by
READ MORETechnical Picture Favours Bears Week to date, against the US dollar (USD), the price of bitcoin (BTC) is down more than -7.0% and touching gloves with levels not seen since mid-March. Technically, the longer-term picture exhibits overbought/overvalued conditions. Following the all-time high clocked in early March at $73,845, commitment from buyers has been lacklustre and
READ MOREYY Headline: 3.2% (Est: 3.1%; Prev: 3.4%) MM Headline: 0.6% (Est: 0.4%; Prev: 0.6%) YY Core: 4.2% (Est: 4.1%; Prev: 4.5%) MM Core: 0.6% (Est: 0.5%; Prev: 0.6%) The March UK CPI numbers hit the wires earlier this morning, revealing a slower-than-expected pace of disinflation across all four key metrics. While all four reports
READ MOREFollowing today’s mixed bag of employment and wages data, tomorrow’s attention is directed to the March UK CPI inflation release, scheduled to air at 7:00 am GMT+1. Estimates Suggest Further Disinflation Both headline and core (excludes food, energy, tobacco and alcohol) measures have surprised to the downside in the previous two releases and are expected
READ MORECanada’s March inflation is expected to rise to 2.9%, potentially impacting a June rate cut. US retail sales beat forecasts, keeping the not-so-soon rate cut story. USD is buoyed by the Chinese authorities, allowing a lower yuan. Good morning to all our readers! Yesterday was dominated by US retail sales data; retail sales rose 0.7%
READ MOREDollar’s Safe-Haven Status Could Hold Strong Amid Market Turmoil Iran’s attack on Israel had a limited impact on the Forex market. US retail sales data today follows a strong CPI, with little expected impact on Fed rate cut projections for 2024. The corrective upside in the Pound and Euro lacks firm conviction. Good morning to
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