GBP/USD Crossing Swords with Technical Confluence!
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- April 22, 2024
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The Pattern Pulse—7 March 2024
- March 7, 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: Dollar on the Ropes Daily Timeframe – Following the break of channel support (extended from the low of 100.62) and subsequent push through the 200-day and 50-day simple moving averages (SMA)
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XAU/USD Clocks All-Time Highs
- March 6, 2024
Fuelled amid softer-than-expected US economic data—ADP non-farm employment change and JOLTs—and hopes of the Fed cutting rates in the summer, spot gold (XAU/USD) is on track to wrap up a sixth day in positive territory after refreshing all-time highs at $2,150. It has been quite the run for the precious metal, but with price now
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BoC Rate Decision: Dovish Policy Shift?
- March 6, 2024
Today will see the release of the Bank of Canada (BoC) rate decision at 2:45 pm GMT. BoC to Hold the Line The BoC is widely expected to keep its Overnight Rate on hold at 5.0% for a fifth consecutive meeting—a 22-year peak. As per the OIS curve, there’s only a 6% chance that we
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Precious Metals Broadly Higher!
- March 4, 2024
Following the US cash open, we can see precious metals have been broadly bid today. The price of spot gold (XAU/USD) and spot silver (XAG/USD) are +1.7% and +2.8% higher, respectively, at the time of writing. Despite UST yields advancing and the Dollar Index offering very little, both gold and silver are outperforming! Resistance is
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Week Ahead: Powell and Lagarde Are Back in the Spotlight
- March 2, 2024
Where We Were Last Week One of the highlight events last week was the Reserve Bank of New Zealand (RBNZ) which held the Official Cash Rate (OCR) on hold at 5.50% for a fifth consecutive meeting. The central bank also trimmed its OCR projections, unearthing a dovish shift which sent the NZD strongly lower. Major
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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
- 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
- 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
- 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!
- 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
- 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
- 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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