Not the best set up but let see how it plays out
The gold-silver ratio has reached a key area of resistance between 80.30 to 80. 55 area and has reacted. This comes on the back of a major breakdown below a multi-year bullish trend line back in early May. So far, the ratio has held resistance here, which suggests that silver might be able to outperform gold again. However, it could also mean that both precious...
The GBP/NZD pair has shown a positive reaction to a significant demand area, with the price beginning to increase in value this morning. This upward movement is accompanied by an RSI divergence originating from oversold levels, which typically signals a potential reversal and further price appreciation. The presence of this RSI divergence strengthens the bullish...
The GBP/USD pair has retraced to 1.2618 against the US Dollar (USD) during Tuesday’s London session. The pair's weakness is attributed to risk aversion among market participants, driven by uncertainty ahead of Federal Reserve (Fed) Chair Jerome Powell’s upcoming speech and the United States (US) Nonfarm Payrolls (NFP) data for June, scheduled for release on...
The price of oil may continue to retrace the decline from the April high ($87.67) as it carves a series of higher highs and lows. Crude Oil Price Outlook The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the...
Ahead of a busy week, the the US dollar index has started Monday's session on the backfoot, largely thanks to a relief rally on the EUR/USD exchange rate. But against currencies where the central bank is more dovish than the Fed – most notably against the likes of the Japanese yen and Chinese yuan - the dollar remains supported. After Friday’s latest inflation...
Ahead of French elections on Sunday, European markets, led by France, underperform a tech-driven Wall Street. Here, the S&P 500 (+0.65%) has just hit a fresh record high, and was on course to end up for the fourth consecutive week. Month- and quarter-end flows in high-flying tech keeps US equities supported as we head to the second half of the year. Meanwhile,...
Amazon continues to break to new highs, reaching almost $200.00, before pulling back a little. It was still up a good 2% at the time of writing, but it looks like more gains could be on the way after this week's bullish breakout. On Wednesday, Amazon broke through the resistance in the $190 - $191 range, closing up 3.9% at a record high. This surge made it the...
AUD/JPY may attempt to test the 2007 high (107.82) as it breaks out of the range bound price action from earlier this week. AUD/JPY Rate Outlook AUD/JPY trades to a fresh yearly high (106.95) with the recent rally in the exchange rate pushing the Relative Strength Index (RSI) into overbought territory. The move above 70 in the RSI is likely to be accompanied...
Aussie has been testing this resistance zone for nearly six-weeks now at 6676/90 - a region defined by the 61.8% retracement of the December decline and the 100% extension of the April advance. A breach / close above this threshold is needed to mark uptrend resumption towards the 78.6% retracement at 6762 . Support rests at 6579 with near-term bullish ...
News of a surprise inventories build in the US has caused oil prices to give up earlier gains and turn lower. The EIA US weekly crude oil inventories came in at +3591K vs -2850K expected and -2547K prior. The 3.6-million-barrel build suggests weaker demand despite hopes that inventories would draw down more meaningfully due to the US driving season. However,...
GBP/JPY extends the recent series of higher highs and lows to register a fresh yearly high (202.73), with the Relative Strength Index (RSI) flirting with overbought territory. GBP/JPY Outlook The broader outlook for GBP/JPY remains constructive as the 50-Day SMA (197.57) still reflects a positive slope, and the exchange rate may continue to track the positive...
Nvidia has bounced back today after its recent 16% drop from a record high reached just last Thursday. For the first time in three days, it has broken above a prior day’s high. After finding good support from its 21-day exponential moving average around $120, and key support slightly lower at $118, today sees NVDA rise above Monday’s high of $124.45 to trade...