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EURUSD is giving back gains it had accumulated post the European Central Bank (ECB) meeting. The pair is expected to retrace to 1.1225 / 1.1200 (50% retracement / 200-hour moving average) in the continuation of the three-day downtrend channel. Intra-day resistances are eyed at 1.1255 (50-hour moving average), 1.1285 (Sep 9th resistance) and 1.1327 (post-ECB peak).
The USDJPY treaded water in Tokyo. The short-term direction remains unclear. Intra-day resistances are eyed at 102.83 (200-hour moving average), 103.32 (minor 23.6% retracement on Aug 26th – Sep 2nd rise). Intra-day support is seen at 102.20/102.18 (major 50% / 100-hour moving average), 101.69 (major 61.8% and ascending base line since Sep 7th) before 101.06 (minor 76.4%) and 100.04 (Sep 26th low).’
The GBP-bears remain in charge. The critical 1.3296 (major 38.2% retrace on Aug 29th – Sep 2nd advance) has been broken on the downside, sending the GBPUSD in the short-term bearish consolidation zone for a further pullback to 1.3205 (major 61.8%) and 1.3150 (minor 76.4%). Intra-day resistances are eyed at 1.3285 (200-hour moving average), 1.3296 (major 38.2%) and 1.3337 (100-hour moving average).
The AUDUSD tanked to 0.7522 after having aggressively broken below the former ascending trend-line base, 0.7648, on Friday. The solid downside momentum suggests a potential pullback toward 0.7490 (Aug 31st low), then to 0.7440/0.7420 (July 20 & 26th support).
Gold stabilized at about $1330 following three consecutive sessions sell-off. The Federal Reserve (Fed) expectations and the US dollar appetite will determine the value of gold on the run to FOMC decision due on September 22nd. The $1305 / 1297 zone (100-day moving average / minor 23.6% retracement on Dec’15 – Jul’16 rise) is seen as a solid mid-term support, while the upside is expected to remain capped pre-$1350, two-week downtrend channel top.
Sharp reversal in WTI sent the price of a barrel to $45 from $47.80 top last week. The US dollar and the event risk pre-OPEC meeting hint at two-sided volatility. On the upside, offers are presumed at $45.90 (Major 38.2% retrace on Sep 1st – Sep 8th), $46-60 (minor 23.6% retrace). Below $44.80 (major 61.8%), a further sell-off to could be considered toward $44.10 (minor 74.6%) and $43.00/42.50.
Whilst risk sentiment has been healthy across the week, this swelling optimism boosted US stock markets to an all-time high overnight. A rally in tech stocks, which have done a lot of lifting for the indices over the year, in addition to fading concerns over U…Read more
Despite a shaky end to trading on Wall Street overnight, which saw the Dow gain 0.6%, the S&P just 0.1% and the Nasdaq slip by the same, Asian markets moved broadly higher on improved sentiment. European bourses are taking the lead from the US over Asia, w…Read more
Asian markets took the lead from Wall Street overnight, rallying as the latest tit for tat measures in the escalating trade spat have not been quite as severe as the markets had been expecting. Tech stocks were also heavily in demand, bouncing back after steep…Read more
Traders are faced with a sea of red in risk-off trading as markets are set to open on Tuesday. Despite the fact the market has been expecting an escalation in trade tensions between the world’s two largest economies with further tariffs from Trump; the reality…Read more
Escalating trade tensions will once again be a central theme to driving sentiment and trading this week, with President Trump widely expected to levy tariffs on a further $200 billion worth of Chinese imports, potentially as soon as today. The elevated trade c…Read more
European bourses are set to take the lead from a positive session on Wall Street and Asia overnight. A drive higher from tech stocks on Wall Street helped lift Asian equities after their recent battering, pulling them off 2-year lows.
Asian markets were endin…Read more
Today will be a busy day for traders with 2 central bank rate decisions and US inflation data all due for release within a few hours of each other. The BoE monetary policy announcement will kick things off, followed shortly after by the ECB rate announcement a…Read more
Wall Street traded higher overnight shrugging off trade tensions, amid rallying tech stocks led by Apple and a 2% gain in oil prices. Meanwhile, Europe is looking to take the lead from the US with European bourses broadly looking to start the session on the fr…Read more