According to the Job Openings and Labor Turnover Survey, the May Job openings report surprised to the upside, rising by 8.14 million (4.9%), up from April’s downwardly revised print of 7.92 million (4.8%), a three-year low. As per the Reuters poll, recent data surpassed the market's median estimate of 7.91 million and came within striking distance of the upper...
Ahead of today’s eurozone CPI inflation report (9 am GMT), the EUR/GBP cross is approaching an interesting resistance level of £0.8500.
What makes this level a worthwhile watch is that the base is complemented by several additional resistances.
These resistances include the potential ascending resistance line, drawn from the low of £0.8493, which, as you can...
The Australian Bureau of Statistics (ABS) released a report overnight revealing a significant increase in inflation. From +3.6% in April, inflation rose by +4.0% in the twelve months to May in Australia. This data, which surpassed the market’s median estimate of +3.8% (Reuters poll), is particularly noteworthy. The monthly CPI indicator accelerated for a third...
UK Prime Minister (PM) Rishi Sunak surprised everyone on 22 May. Speaking outside 10 Downing Street, the PM called for a snap general election on 4 July.
Parliament was subsequently dissolved on 30 May, with all business in the House of Commons and House of Lords ending.
Why Did Sunak Call for an Early Election?
Contrary to expectations of an autumn...
In three successive days of selling, triggered after a bearish outside reversal formed on Thursday last week from all-time highs of $140.76, Nvidia (ticker: NVDA) has shed approximately -15.0% from the peak.
The company’s market value dropped more than US$500 billion to US$2.91 trillion, consequently pulling the chipmaker back to third place after briefly...
The price of silver versus the US dollar (XAG/USD) offers an interesting technical picture.
Friday finished as a bearish outside day reversal from the upper boundary of a descending channel (from $32.30). However, this sent the precious metal back under both the Conversion Line (blue at $29.76) and the Base Line (red at $30.60), which some could view as a bearish...
The EUR/GBP cross recently shook hands with support made up of Fibonacci ratios between £0.8408 and £0.8434 (consisting of 78.6% and 88.6% retracement ratios and a 1.618% projection ratio). While buyers have attempted to make a stand from the aforementioned area, the trend has largely favoured bears since November’s top (2023) at £0.8766. A clear descending...
Double-Bottom Pattern Neckline and Ichimoku Cloud Resistance
Blackrock Inc. (ticker: BLK) recently established what many chartists would recognise as a double-bottom pattern from around $753.83. The neckline for the pattern is seen at $789.08, which has yet to be breached, so the pattern’s formation has not been completed.
Once, or if, we see a daily close...
As widely expected by markets and economists, the Reserve Bank of Australia (RBA) held the Official Cash Rate (OCR) at 4.35% (12-year high), marking the fifth consecutive meeting on hold. The central bank has also left the door ajar for a rate increase should price pressures continue to rise.
Rate Statement Unchanged
The accompanying rate statement largely...
Following the Bank of Japan (BoJ) maintaining its overnight rate between 0.0% and 0.1% and announcing that a bond-taper plan will be delivered at next month’s policy-setting meeting, the Japanese yen (JPY) and yields traded southbound.
Technical View Supports Buyers
Technically, the USD/JPY is an interesting market. In the long term, the trend is...
Ahead of this week’s RBA meeting, the Australian dollar exhibits a potential bearish scenario versus the US dollar, with the monthly and daily charts indicating further softness for the AUD/USD currency pair.
50-Day SMA Demands Attention
Since September 2022, buyers and sellers have squared off between two converging lines on the monthly scale, a movement...
Following yesterday’s FOMC-induced advance from daily support between $1.0726 and $1.0739, chart studies on the daily timeframe demonstrate the scope to navigate higher terrain until reaching a resistance zone between $1.0920 and $1.0883.
Given the daily structure and having seen H1 price trading within striking distance of $1.08 support, this could prompt buyers...
Upcoming Earnings:
Adobe Inc. (ticker: ADBE) is scheduled to report earnings after the market closes on 13 June. The consensus EPS estimate for the fiscal quarter ending May 2024 is $3.54. The reported EPS for the same quarter a year prior was $3.04.
Kumo Cloud Demanding Attention
According to the Ichimoku Indicator, an Ichimoku Cloud resistance is present...
According to the Ichimoku Indicator, Goldman Sachs (ticker: GS) is set to target recent all-time highs of $471.
You will note that the stock was on the back foot at the end of May and formed a correction that has been bought into from lows of $447 and forced price action back above the Conversion Line.
The correction was shaped by way of a bullish flag pattern...
Since March this year, price action on the weekly timeframe has outlined a potential bullish flag pattern, drawn from the all-time high of $73,845 and a low of $60,717. As you can see, the upper boundary is currently being challenged and is poised to cede ground. On the daily chart, the decision point area at $64,612-$66,484 held ground and opened the door to an...
According to the US Dollar Index, the US dollar recently elbowed south of its 200-day simple moving average (SMA) at 104.43. This follows a rejection of resistance from 105.04 on the daily chart, which, as you can see, shares chart space with the 50-day SMA at 105.08.
Early Downtrend
Regarding trend studies, an early sign of a downtrend is seen through the...
Versus the US dollar, Platinum is inching closer to a notable area of support after refreshing year-to-date highs of $1,095 last week.
Having seen price action pencil in a clear uptrend since February this year, a test of support between $987 and $1,002 could have dip-buyers make a show. The support area consists of two horizontal support levels around $990, one...
While the AUD/USD shows signs of trending higher on the daily chart – a series of higher highs and higher lows have been seen since $0.6362 – the unit recently connected with resistance at $0.6659, a move bolstered by the monthly chart linking with the upper boundary of a potential bearish pennant formation, drawn from a high of $0.7158 and a low of...
