September 2nd 2020: Upbeat ISM Manufacturing Survey Supports Modest DXY Recovery
- Daily Report, Recent Posts, Technical Analysis
- September 1, 2020
Your 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: GBP/USD Recoils from Noted Support, Targetting Resistance Daily Timeframe – The British pound versus the US dollar (GBP/USD) recently rebounded from a highlighted area of support at $1.2339ish (made
READ MOREAmidst 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 MOREThe path for future interest rates in the US remains uncertain, with some Fed officials even talking about the possibility of rate hikes if inflation continues to increase. From six rate cuts to less than two (-39bps), the hawkish repricing in the swaps market for the Fed funds target rate this year has reinforced a
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
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