All trading involves risk.
All trading involves risk.
AUD/USD is seeing a potential shift from a long-term downtrend to a near-term uptrend - see the key levels we'll be watching next week!
Markets have all but come to a halt ahead of this year’s G20 summit, where eyes firmly fixated on the Trump-Xi meeting, as it could mark the difference between risk-on and risk-off next week.
With its repeated failure to break key support levels along with a favourable seasonal phase through December, we see potential for EUR/USD to carve out a low.
NZD crosses have provided the ‘trendiest trends’ in recent weeks. So, today we check out NZD/USD, GBP/NZD and AUD/NZD daily charts to highlight key levels.
Among the large US indices, the Nasdaq 100 has fallen the furthest from its highs. However, we’re starting to see signs that the tech benchmark could be oversold.
After we highlighted $1200 as a pivotal level for gold, the shiny yellow metal has bounced above this key level to show bulls still appear intent on carving out a bottom on gold.
It wouldn’t be a market correction without comparisons to prior market tops. So, today we compare the S&P500 price action to its three previous bear markets.
By some measures, oil’s rout may not be over, and this could well be the catalyst that sends USD/CAD above its 2018 highs.
One by one FX majors point towards a broader USD reversal, with the Swiss franc now coming onto our radar.
USD/JPY has dropped sharply to test the established bullish trend line off its March lows - what will next week bring?
1.13 remains an important level for the Euro as we head towards the weekly close, with a growing potential it could mark a bear-trap and reversal of fortunes for bulls.
A quick update on AUD following the strong employment data seen earlier today.
Momentum has turned to drive gold back down to $1200. Yet it could provide near-term opportunities for both bulls and bears near the lower bounds of its channel.
Bears appear unconcerned with the prospects of a Santa’s rally this year, who instead appear set to drive it to the October lows.
USD/CAD has broken out of its 4-month bearish channel this week, potentially opening the door for further strength in the coming week.
We’ve seen NZD go from strength to strength since breaking its channel, so we’re intrigued to see if AUD/USD can now play catch-up.
Since its sell-off from multi-year highs, WTI is within its most bearish 5-week run since January 2016. And whilst momentum favours a test of $60, the risk of a retracement from current levels appears high.
Since it broke its bearish channel last week, bullish momentum has continued to pick up against RBNZ’s wishes. And, with RBNZ and FOMC meetings just around the corner, it remains a pair to keep an eye on.
Although the midterms elections haven’t always been viewed as a major event for markets, there is an argument to be made that this one could spark more volatility than usual.
See the key levels we'll be watching on EUR/USD in the coming week!
Around current levels, DXY is on track to close the week with a bearish reversal at the highs.
It goes without saying that NZD/USD has been under heavy selling pressure overall this year. Yet, one by one clues are surfacing that this trend is under threat.