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Daily Market Comment – Stocks climb, dollar slips as Yellen makes case for more stimulus

Posted on January 20, 2021 at 9:53 am GMT

Stocks power higher after Yellen calls for more big spending to fight pandemic Risk assets rally ahead of Biden inauguration as reflation trade boosted Dollar under renewed selling pressure, gold capitalizes Yellen talks up big spending Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited hopes of more massive stimulus packages in the United States in her confirmation hearing yesterday. Yellen went out of her way to make the case for higher spending to counter [..]

Technical Analysis – GBPJPY re-conquers MAs and cloud; favours upside

Posted on January 20, 2021 at 8:35 am GMT

GBPJPY’s upward march appears to have stalled lately between 140.32 and 142.25, although the pair is still emitting a bullish tone as the price hikes the cloud’s upper band after a rebound off the 140.32 barrier. At the moment, the Ichimoku lines are not giving any clear directional signals, while all the advancing simple moving averages (SMAs) are sponsoring a dictating bullish bearing. The short-term oscillators are also suggesting positive momentum is improving. The MACD, not too far above its [..]

Technical Analysis – NZDUSD bounces off 40-SMA; positive outlook remains intact

Posted on January 20, 2021 at 8:16 am GMT

NZDUSD has rebounded off the 40-day simple moving average (SMA) since yesterday, remaining well above the long-term ascending trend line. The RSI is heading upwards with weak momentum, approaching the positive territory, however, the MACD is falling beneath its trigger line, mirroring the latest decline in the price action from the 33-month high of 0.7314. Immediate resistance to further gains would likely come from the multi-month high of 0.7314. If there is a successful break above this area, further resistance could be met around the 0.7390 barrier, taken from [..]

Technical Analysis – USDJPY gets squeezed below major resistance

Posted on January 20, 2021 at 7:05 am GMT

USDJPY is trapped between its 20- and 50-day simple moving averages (SMAs) and beneath the surface of the crucial 10-month old descending channel as the 104.00 level keeps cancelling bullish actions. The RSI and the MACD remain flat around their neutral levels, whereas the bullish cross between the red Tenkan-sen and Blue Kijun-sen lines is currently providing hope that the next move in the price could be positive. The latter, however, awaits a confirmation above the 104.00 number and the channel’s topline, while [..]

Technical Analysis – Apple stock declines somewhat in short-term; bullish in long-term

Posted on January 19, 2021 at 2:30 pm GMT

Apple stock price appears to be losing ground, finding powerful support at the 126.43 barrier. A paused state of directional momentum is reflected in the Ichimoku lines, while the price rests above the upper surface of the Ichimoku cloud. The bearish signals in the short-term oscillators further reflect the fall in the price. The RSI has barely inched below the 50 level, while the stochastic indicator is moving south. If sellers drive the index below the 126.43 support, the 50-day simple [..]

Australian employment report may shoot aussie higher – Forex News Preview

Posted on January 19, 2021 at 2:25 pm GMT

December’s employment report for Australia is likely to attract investors’ attention on Thursday at 00:30 GMT. Technically, the recession is over in the country as the economic indicators have turned positive, however, the recovery is not. Unemployment is expected to take two to three years to return to pre-pandemic levels and looking at the nation’s currency, it is holding near recent highs. Unemployment rate predicted to drop to its lowest level since April In the previous release, the unemployment rate unexpectedly fell to 6.8% in November versus October’s figure of 7%. This [..]

Technical Analysis – USDCAD ranges, with upside efforts curbed by 200-MA

Posted on January 19, 2021 at 12:45 pm GMT

USDCAD appears to have glided into a sideways market with a floor at 1.2624 and a ceiling at 1.2834. The price is currently standing on the slight upturn in the 50-period simple moving average (SMA), trying to gain some footing. Nevertheless, from the beginning of the year, the picture is fairly neutral, something also demonstrated in the directionless Ichimoku lines. The dictating 100- and 200-period SMAs are defending the broader negative picture, while the short-term oscillators and the subsided negative [..]

Technical Analysis – Netflix stock faces SMA resistance ahead of Q4 earnings report

Posted on January 19, 2021 at 11:11 am GMT

Netflix’s stock has been volatile within the range of 457.45 – 574.68 since mid-June, though in the four-hour chart, the simple moving average lines (SMAs) seem to have been navigating the price to the downside over the past two weeks. The negative slope in the RSI and the trendless negative MACD are currently keeping the odds for a significant upside reversal minimal, suggesting that a drop towards the 61.8% Fibonacci level of the latest upleg at 493.10 could be more likely. If [..]

Daily Market Comment – Wall Street eyes Yellen testimony, dollar eases

Posted on January 19, 2021 at 9:31 am GMT

Stocks perk up after slow start to the week as focus turns to Yellen and earnings Hopes that Biden administration will spend “big” bolsters sentiment Euro steadies as Italian worries abate, dollar retreats Yellen to tell US lawmakers to “act big” After a sluggish start to the week, risk sentiment improved late on Monday as investors turned their attention on incoming Treasury Secretary Janet Yellen’s confirmation hearing before the Senate today (1500 GMT), while bracing themselves for a slew of [..]

Technical Analysis – WTI futures consolidate but continue to favour upside

Posted on January 19, 2021 at 9:10 am GMT

WTI oil futures appear to be finding a foothold on the 50-period simple moving average (SMA) and the cloud’s upper surface, after the pullback from the 11-month high region of 53.91. The Ichimoku lines are reflecting the sideways edging in the price, while the climbing SMAs are promoting additional advances. Looking at the short-term oscillators, we can see a slight pickup in positive momentum. The MACD is holding marginally below its red trigger line and the zero mark, while the [..]

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