Crude oil sets the support and resistance going into next wkA week or so ago, the price of crude oil moved above a key swing ceiling between $82.43 and $83.44 (see yellow area and read numbered circles on the chart above). The price moved above that ceiling on...
Canadian home prices post second-largest increase ever
Earlier today, Teranet and National Bank released the latest edition of their house price index for Canada. It showed that prices boomed 1.8% from June to July in the fifth consecutive monthly increase.The rise is the second-largest in a single month, surpassed only...
Bitcoin falls to fresh daily lows, falls 7%
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Baker Hughes US oil rig count -5
Oil rigs 520 vs 525 priorGas rigs 117 vs 123 priorThe market is betting on OPEC+ supply next year filling the shortfall of production because it doesn't look like it will be coming from the US. WTI crude is up $1 to $81.39 on talk of a big inventory draw next week in...
USDCHF chopped higher in trading this week. What next going into the new trading week?
The USDCHF has chopped parsley higher this week. On the downside, a swing area support held near 0.8742. On the top side, there were some modest moves above a swing area high near 0.88193 that failed. However, as we head closer to the close for that week, the price is...
British Pound (GBP) Latest: GBP/USD Arm Wrestle Continues, Jackson Hole Nears
GBP/USD and EUR/GBP Analysis and ChartsGilt yields support Sterling against a robust US dollar.EUR/GBP set to test range support. Recommended by Nick Cawley How to Trade GBP/USD Get My Guide The British Pound is ending the week in reasonable shape against the US...
The USDCAD finds seller’s near retracement target. Will the sellers take charge now?
The USDCAD has found sellers near the 61.8% retracement of the 2023 trading range. With the USDCAD up each of the trading days today, will the sellers look to lean against the retracement level and start a corrective move to the downside?The 61.8% retracement comes in...
European equity close: A week to forget as FTSE 100 flirts with some dangerous levels
FTSE 100 dailyClosing changes:Stoxx 600 -0.6%German DAX -0.6%FTSE 100 -0.6%French CAC -0.4%Italy MIB -0.4%Spain IBEX -0.1%Weekly:Stoxx 600 --2.3%German DAX -1.5%FTSE 100 -3.4%French CAC -2.3%Italy MIB -1.8%Spain IBEX -1.8%The FTSE 100 is a bad day away from breaking...
No Grayscale vs SEC decision today
Eyes are on the US court of appeals for the D.C. Circuit for a potential decision in the bitcoin spot ETF case with Greyscale suing the SEC for approval. Some were pointing to slate of decisions today set for 11 am ET but that came and passed with four decisions and...
USDJPY returns to the lows for the day after the 100 hour MA area finds sellers
USDJPY back down testing the lowsThe early buying of the USD in the North American session, took the price above its 100-hour moving average near 145.70. The high price reached 145.755 and 145.733 consecutive hourly bars. However, momentum could not be sustained (with...
Nasdaq moving toward key MA support and swing area support. Will the buyers show up?
The NASDAQ index has moved lower over the last 4 trading days and currently trades down around 1% on the day. The index has moved down -1.14% to -1.17% on 3 consecutive days... That decline has pushed the price closer to a swing area between 13101.18 and 13181.09....
GBPUSD snaps back higher
GBPUSD back above the 100/200 hour MAsThe GBPUSD is snapping back higher. In the kickstart technical video from earlier, the pair had moved back below the 100/200 hour MAs which are converged at 1.2719. That tilt of the bias more to the downside but a swing area...
The situation in China is starting to remind me of the US in 2008
I clearly remember this time of year 15 years ago. It was 5 months after the collapse of Bear Sterns and markets were full of complacency. The Fed was at 2.00% and offering no signals about cutting rates, despite an average of 66K job losses over the past six...
US stocks lower for the 4th consecutive day.
The major US indices are opening lower and working on their 4th consecutive day to the downside.. The S&P and NASDAQ are on pace for their 3rd consecutive week of the downside. The NASDAQ and S&P is on pace for their worst week since March 6. The NASDAQ index...
AUDUSD and NZDUSD tell similar technical stories today. What does that story say?
The AUDUSD and NZDUSD have technical stories that are similar. On the downside, the low prices from yesterday gave traders is something to lean against on dips. For the AUDUSD a swing area and downward-sloping trendline on the daily chart stalled the fall. On the...
Fed poll: Half of economists see the Fed waiting until at least April before cutting rates
48 of 95 economists see Fed waiting until at least the end of March before cutting90% of economists see Fed holding in Sept80% expect no further hikes this yearFull detailsHere is the 2024 FOMC meeting schedule:Jan. 30-31;Mar. 19-20;Apr. 30 – May 1;Jun. 11-12;Jul....
Kickstart your forex trading day for Aug 18:A technical look at the EURUSD, USDJPY, GBPUSD
In the morning kickstart technical view of the EURUSD, USDJPY and GBPUSD, the US dollar is moving higher.EURUSD: The EURUSD is training to the lowest level since July 6 and in the has moved into a swing area between 1.0833 and 1.08485. That area is a key barometer for...
Bonds sellers emerge again in a troubling sign
US 10y yield -10 minsThe bond sellers have showed up again. Yields were lower early with 10s trading at 4.22% but they've risen 5 bps from there and are now nearly flat on the day.This dynamic is increasingly problematic as both stocks and bonds sell off. There's no...
Weekly Market Recap (14-18 August)
Monday:New Zealand Services PMI for July plunges into contraction to the lowest level since January 2022:47.8 vs. 50.1 prior (revised from 49.6).New Zealand Services PMITuesday:Japan Preliminary Q2 GDP beat expectations, but the deflator has also jumped...
Canada July PPI -2.7% y/y vs -5.5% prior
Prior was -5.5%Producer prices m/m +0.4% vs -0.6% priorRaw materials price index -11.1% y/y vs -19.7% priorRaw materials price index+3.5% m/m vs -1.5% priorPPI rose after three months of declines. Prices for energy and petroleum products rose 4.1% month over month, a...