WTI Oil in Focus This Week
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- April 20, 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
READ MOREXJO 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
READ MOREIt 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
READ MOREGoldman Sachs Forecast Higher Prices for Gold The latest research out of Goldman Sachs forecasts that the price of gold will climb by 6.0% to $2,175 a troy ounce in the next 12 months. Among other factors, the research evidenced demand through central bank purchases and global geopolitical tensions. However, the authors also suggested that
READ MOREBTC/USD etched out its first weekly loss in four weeks. However, is this enough to forecast a reversal to the downside? Weekly Resistance Welcomes Sellers We have clearly seen the major crypto pairing bump heads with sizeable resistance on the weekly timeframe at $51,952, a level boasting strong historical significance and sponsored by the Relative
READ MOREUSD/JPY at Familiar Long-Term Resistance The US dollar (USD) ended a second week in positive terrain against the Japanese yen (JPY), leading the USD/JPY currency pair back to familiar resistance on the monthly chart at ¥150.80. However, things are not looking too bright for USD/JPY bears at this point. On the one hand, the trend
READ MOREThe only way is up! No, this is not that old favourite from the late 90s. I am talking about major US cash equity indices. Global Risk-On Surge US equities gapped higher at the open on Thursday, strengthened by the blowout earnings for Q4 revenue from NVIDIA (NVDA) that encouraged a global bid across risk
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Bad News for USD Longs? Daily Timeframe – According to the US Dollar Index, dollar longs are under pressure. Despite technically exhibiting an uptrend, there are signs of technical weakness emerging.
READ MOREWith the recent upside in most major crypto pairings, it seems only fitting to look over Ripple’s technical price action against the US dollar (XRP/USD). Following a pullback from lows of $0.4856 in early February (off support at $0.4946), buyers and sellers have been squaring off at the underside of trendline resistance (extended from the
READ MOREXJO WEEKLY Price structure: Hangman Weekly close The Weekly range testing lower levels and closing towards the high indicates selling; this type of process can show in Weekly charts 1 or 2 weeks prior to a decline. Q3 2022 shows a hangman reversal following a Bullish fluid movement. With a lower high and Lower Low against
READ MOREIt has been quite the week for the UK. Tuesday welcomed UK wage data, which fell less than expected and illustrated sticky inflation. Headline wages (including bonuses) dipped to 5.8% (expected: 5.6%; previous: 6.7%) in the three months to December 2023, and pay that excludes bonuses also fell to 6.2% (expected: 6.0%; previous: 6.7%). Wednesday
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Sterling Under Pressure at Range Lows As evidenced in the monthly and daily charts, a bearish picture remains for sterling against the US dollar. GBP/USD recently denied $1.2715 resistance on the
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