• 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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  • The Pattern Pulse – 18 April 2024

    The Pattern Pulse – 18 April 2024

    • April 18, 2024

    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: 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

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  • NZD/USD: Solid Technical Case for Both Buyers and Sellers

    NZD/USD: Solid Technical Case for Both Buyers and Sellers

    • April 17, 2024

    We 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

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  • BTC/USD on the Ropes: Weekly Support Calls for Attention

    BTC/USD on the Ropes: Weekly Support Calls for Attention

    • April 17, 2024

    Technical 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

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  • Stronger-Than-Expected UK Inflation Data

    Stronger-Than-Expected UK Inflation Data

    • April 17, 2024

      YY 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

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  • UK CPI Inflation Data Ahead: Sterling Hovering North of Key Support

    UK CPI Inflation Data Ahead: Sterling Hovering North of Key Support

    • April 16, 2024

    Following 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

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  • USD/CAD Forecast: Retail Sales Boost US Dollar, Canada’s CPI in Focus

    USD/CAD Forecast: Retail Sales Boost US Dollar, Canada’s CPI in Focus

    • April 16, 2024

    Canada’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%

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  • Dollar’s Safe-Haven Status Could Hold Strong Amid Market Turmoil

    Dollar’s Safe-Haven Status Could Hold Strong Amid Market Turmoil

    • April 15, 2024

    Dollar’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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  • Index and Commodities Trading Week Beginning 15/04/2024

    Index and Commodities Trading Week Beginning 15/04/2024

    • April 14, 2024

    XJO WEEKLY Price structure: Rejection of the high The Fake Out (FO) discussed two weeks ago has continued to play out with a reversal in the form of an outside period (OPd) and, last week, a further rejection of the high with a low closing price in the overall range. With the price remaining within

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  • Deeper Correction Likely for XAU/USD This Week

    Deeper Correction Likely for XAU/USD This Week

    • April 13, 2024

    Another week, another record high for the precious metal. The spot price of gold (XAU/USD) refreshed all-time highs at $2,431 last week, strengthened by expectations of US rate cuts, safe-haven demand amid geopolitical tensions in the Middle East and central banks purchasing large stockpiles of gold. However, sentiment soured on Friday, casting gold -1.2% lower

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  • S&P 500 on Track to Snap Five-Month Bullish Phase

    S&P 500 on Track to Snap Five-Month Bullish Phase

    • April 13, 2024

    The S&P 500 finished another week in negative territory, shedding -1.6% (-2.5% MTD). While it is clear that this market remains the domain of buyers, 90% of the upside in March has been reclaimed, and evidence is building for a deeper correction. Deeper Correction Possible Kicking things off from the monthly chart, following last week’s

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  • GBP/USD on the Radar This Week

    GBP/USD on the Radar This Week

    • April 13, 2024

    Sterling ended the week considerably lower against the US dollar, recording its largest one-week decline since July 2023 (-1.5%). In light of the slew of UK economic data on the docket this week—wages, CPI inflation and retail sales—this will be a particularly key market to monitor. Monthly Resistance Holding Firm Price action on the monthly

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