• Confluence Watch: Active EUR/USD Resistance

    Confluence Watch: Active EUR/USD Resistance

    • April 30, 2024

    From a technical standpoint, the EUR/USD exchange rate has spent the last few days meandering around resistance on the daily timeframe. With the trend leaning in favour of sellers, resistance is seen between $1.0753 and $1.0726, made up of the following technical tools: Horizontal resistance at $1.0739. Quasimodo-support-turned-resistance at $1.0726. Ascending support-turned-resistance line, taken from

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  • FOMC: A Wait-and-See Approach

    FOMC: A Wait-and-See Approach

    • April 30, 2024

    It is pretty much a sealed deal that the Federal Open Market Committee (FOMC) will hold the line tomorrow at 6:00 pm GMT, keeping its overnight benchmark rate unchanged at 5.25%-5.50% for a sixth consecutive meeting. While there is no update for economic projections at this meeting, you will recall from the last policy-setting meeting

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  • Update on Silver After AB=CD Completion

    Update on Silver After AB=CD Completion

    • April 29, 2024

    You may recall the Research Team highlighted AB=CD bullish completion at $26.79 on the H4 timeframe for spot silver (XAG/USD) last week. Subsequent to this, price action recently came within reaching distance of the 38.2% Fibonacci retracement ratio at $27.84 before rotating southbound and pencilling in a potential higher low at $26.94 earlier today. AB=CD

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  • USD/JPY Closing in on 1990 Highs

    USD/JPY Closing in on 1990 Highs

    • April 27, 2024

    BoJ More Dovish than Expected Friday witnessed a surge in dollar demand versus the beleaguered Japanese yen (JPY). The USD/JPY pairing not only recorded its largest one-day gain this year (+1.7%), but the exchange rate also refreshed multi-decade highs and is swiftly closing in on the ¥160 region, a 1990 peak. Earlier on Friday, Asia

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  • Dollar Index: A Buyers’ Market

    Dollar Index: A Buyers’ Market

    • April 27, 2024

    Bulls in Control According to the US Dollar Index, year to date, the US dollar (USD) is nearly +5.0% higher against a basket of six major currencies. With the possibility of buyers strengthening their grip towards the 107.35 October 2023 peak on the monthly scale, things remain optimistic for the USD. This is reinforced by

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  • EUR/USD: Bears to Remain in Control from $1.07?

    EUR/USD: Bears to Remain in Control from $1.07?

    • April 27, 2024

    Europe’s shared currency wrapped up the week off best levels, eking out a marginal gain of +0.3% versus the US dollar. Higher Timeframes Suggest Further Underperformance Things are not looking too cheerful for the euro, both from a technical and fundamental perspective. Scope to continue pressing southbound on the monthly scale until support at $1.0516

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  • XAU/USD: A Trend-Follower’s Market

    XAU/USD: A Trend-Follower’s Market

    • April 25, 2024

    Spot gold (XAU/USD) is +0.7% higher in US trading despite an earlier spike lower that was fuelled by the latest US GDP report (the first estimate). Trend + AB=CD Support Suggest a Buyers’ Market Technically, the price of gold could be poised to attack higher terrain. The trend, according to the higher timeframes, is unquestionably

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  • US GDP Data Delivers Mixed Vibe: Growth Slows While Inflation Accelerates

    US GDP Data Delivers Mixed Vibe: Growth Slows While Inflation Accelerates

    • April 25, 2024

    US GDP, according to the first estimate (or ‘advance estimate’) for real GDP growth, revealed a HUGE miss and stresses a cooling economy. According to the Commerce Department, US economic activity slowed significantly in Q1 of 2024, increasing at an annualised rate of 1.6%. This fell considerably short of economists’ estimates of 2.5% (the estimate

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  • GBP/USD Crossing Swords with Technical Confluence!

    GBP/USD Crossing Swords with Technical Confluence!

    • 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

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  • WTI Oil in Focus This Week

    WTI Oil in Focus This Week

    • April 20, 2024

    Amid 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

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  • Dollar Index In View Ahead of Data

    Dollar Index In View Ahead of Data

    • April 20, 2024

    Ahead 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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  • Bears In the Driving Seat for Tesla (TSLA)

    Bears In the Driving Seat for Tesla (TSLA)

    • April 18, 2024

    Chart 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

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