News

Daily Market Comment – Record NFP jump overshadowed by US virus surge

Posted on July 3, 2020 at 8:51 am GMT

US economy adds record 4.8 million jobs in June but virus jitters cap risk appetite Stocks pare gains, dollar pulled in opposite directions Rising caution may shift attention back to stimulus as US, EU decisions pending US jobs report smashes forecasts but fails to lift markets The latest nonfarm payrolls report did little to dent expectations of a V-shaped recovery as a record 4.8 million jobs were restored in America in June, beating forecasts of an increase of 3 million. [..]

Technical Analysis – NZDUSD makes positive moves to retest ceiling of range

Posted on July 3, 2020 at 7:47 am GMT

NZDUSD recently overcame negative pressures jumping above the mostly flat 50- and 100-period simple moving averages (SMAs) and the neutral Ichimoku cloud to revisit the roof of the sideways market, which has held for around three weeks. Although currently stalled, this move is also reflected within the bullish Ichimoku lines. Furthermore, with positive momentum starting to pick up in the technical oscillators, the short-term picture is tilting more towards a positive outcome. The MACD, in the positive area and above [..]

Technical Analysis – USDCAD’s basic scenario is bearish, but eyes on nearby SMAs

Posted on July 3, 2020 at 7:35 am GMT

USDCAD bulls faded out near the descending trendline stretched from the top of 1.4667 in the last days of June, with the price slipping back to the 1.3500 zone. The downside correction, however, has not yet disturbed the short sequence of higher highs and higher lows started from the 1.3314 bottom. And should support around 1.3500 hold with the help of the 20- and 200-day simple moving averages (SMAs) in the same neighborhood, the pair may push harder to clear the [..]

Technical Analysis – GBPJPY finds obstacle at 100-day SMA; short-term outlook is bullish

Posted on July 3, 2020 at 7:26 am GMT

GBPJPY has found a strong resistance obstacle near the 38.2% Fibonacci retracement level of the up leg from 124.00 to 139.80 at 133.70, where the 20- and 100-day simple moving averages (SMAs) reside too. The recent rebound on the short-term ascending trend line drove the stochastic oscillator towards overbought conditions, suggesting a possible pullback in the market, however, the RSI is flattening near the 50-neutral threshold. To the upside, emanating pressure over the last couple of days has denied upside [..]

Technical Analysis – US 100 index is greedy for more all-time highs

Posted on July 2, 2020 at 12:25 pm GMT

The US 100 stock index (cash) is calling new all-time highs ahead of the Nonfarm payrolls report due later today as the price has yet to reach the edge of the overbought zone in the daily chart; the RSI has yet to peak above 70 and the Stochastics keep strengthening towards the 80 level. The next stop could be near the 10,650 level taken from the 161.8% Fibonacci extension of the latest negative correction (from 10,346 to 9,820). Alternatively, the [..]

Technical Analysis – GBPAUD stands near 9-month trough; remains in bearish mode

Posted on July 2, 2020 at 11:39 am GMT

GBPAUD has been heading considerably lower over the last four months, touching a new nine-month low of 1.7860. Currently, the price is edging slightly higher, approaching the 20-day simple moving average (SMA) and the MACD oscillator is moving above its trigger line. Also, the RSI is ticking up in the negative territory, suggesting a potential pullback. A rally above the 20-day SMA could challenge the 40-day SMA near 1.8363 and the 1.8430 resistance. Slightly higher, the 23.6% Fibonacci retracement level [..]

Technical Analysis – CHI 50 stock index accelerates to 2020 highs

Posted on July 2, 2020 at 11:13 am GMT

China’s 50 stock index (cash) is recording another stunning green day, rallying by more than 5% since the latest rebound on the 20-day simple moving average (SMA) to re-challenge the 2020 high of 14,678. The sharp move drove the pair to overbought territory according to the RSI, which pierced above 70. However, the indicator has yet to reverse lower and the stochastics seem ready to return above 80, so the rally may still have some fuel to burn. Above the [..]

Technical Analysis – EURJPY cautiously positive above SMAs

Posted on July 2, 2020 at 10:15 am GMT

EURJPY appears somewhat optimistic despite the recent consolidation in price above the 200-period simple moving average (SMA). Positive signals include the price having moved above the SMAs and the Ichimoku cloud, while the Ichimoku lines stall their positive tone. Furthermore, a nearing bullish crossover of the 100-period SMA by the 50-period one could boost positive sentiment too. Additionally, the oscillators are leaning slightly towards a positive outcome in the short-term, despite paused positive momentum. The MACD, in the positive region, [..]

Daily Market Comment – Dollar stumbles ahead of NFP; vaccine hopes shore up equities

Posted on July 2, 2020 at 8:30 am GMT

Dollar torn between upbeat data and US virus spike; NFP may decide fate Positive vaccine news helps breathe life into flagging stock market rally Gold retreats from highs as markets dismiss US-China tensions Dollar looks shaky as jobs report awaited Markets were mostly in risk-on mode on Thursday as the combination of positive economic indicators and potential coronavirus vaccines kept alive hopes of a strong recovery from the pandemic. But with US markets closed on Friday for Independence Day celebrations, [..]

Technical Analysis – WTI futures weaken their bullish move above SMAs

Posted on July 2, 2020 at 7:55 am GMT

WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the bullish region. In case of more upside pressures and a successful climb above the immediate resistance of 41.60, the next hurdle would come from the 61.8% Fibonacci retracement level of [..]

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