Technical Anyalysis

Technical Analysis

AUD/USD Plummets, Economists Sub 60 cent Forecast

Tom Stewarton 17/11/2021

AUD/USD has dropped out of resistance yesterday, and is pushing towards the September lows around 0.7180. This comes as leading economist and historically accurate AUD/USD forecaster Clifford Bennett calls for the rate to drop to 0.5800. Certainly, looking for short opportunities at the moment is preferable giving the immediate bear market.

Are Commodity Prices Going Up? A Review Of Lumber, Cash Crops, And Iron Ore

Mark O'Donnellon 10/11/2021

Some interesting factors are currently affecting the prices of Commodities. Supply chain bottlenecks, unpredictable demand from economies reopening, geo-political tensions, climate change policies are just a few examples. I find it helpful to review the state of the commodities market periodically. In this article, we will examine Lumber, Cash Crops, and Iron Ore. Commodity prices: […]

FX Weekly Outlook – Here’s What You Need To Know

Tom Stewarton 08/11/2021

Going into this week the USD is on the front foot again. Lets have a look at key fundamental factors in global markets and then break down some charts. ASIA MARKET The IMF (International Monetary Fund) downgraded its 2021 forecast for the Asia economic growth from 7.6% to 6.5% as Covid-19 rears its ugly head […]

What Affects The USD/ZAR This Week?

Mark O'Donnellon 08/11/2021

Since we last checked in on the South African Rand (ZAR) in June 2021, the currency was appreciating toward multi-year highs of 13.37 ZAR per US dollar, previously not seen since January 2019. In the proceeding five months, leading up to the present, the USD has staged a comeback against the South African currency and […]

BoE Monetary Policy Decision Due Today

Tom Stewarton 04/11/2021

The Bank of England monetary policy decision is due to be released today at 1200GMT. Governor Bailey’s press conference will follow at 1230GMT. The consensus is that rates will be left unchanged at 0.1%, however a change in BoE tone would move the pound. If the BoE is surprisingly hawkish it’d be expected to be […]

JPY BOJ Rate Decision!

Tom Stewarton 28/10/2021

The Bank of Japan announced their Interest Rate Decision today, and released their monetary policy statement. Rates remain at -0.1% as was the consensus. The BOJ is seen cutting growth and price outlook ahead of the Oct 31 election. USD/JPY looks south but Governor Kuroda’s take on the yen holds the key. The USDJPY is […]

AUD/USD Targets 0.7600!

Tom Stewarton 28/10/2021

AUD/USD is grinding to the upside today, still holding above the support trendline. the 0.7600 level was last tapped as resistance on the 6th of July. Currently the zone correlates closely with the 27% Fibonacci extension level. We are looking for price to continue upside into this level. Yesterday the AUD RBA CPI data was […]

USD/CHF Losing Steam Like Pot On The Boil!

Tom Stewarton 27/10/2021

USD/CHF has sold off over the last few days, and the bear trend is still full in force despite a pullback. Price held below support turned resistance at 0.92300 yesterday, falling just shy of my zone of interest. I’m looking for price to push back up today into these levels highlighted (the fibonacci golden pocket). […]

EUR/USD Crashes Through Support, Red Days Loom

Tom Stewarton 27/10/2021

EUR/USD 1D Chart EUR/USD has rebounded from from the previous swing low point of 1.16640, now acting as a resistance. The moving averages (50, 100 & 200 SMA pictured) are in a bearish cross, and the RSI is holding bearish levels below 50. Price looks set to continue downside. EUR/USD 1H Chart Price has broken […]

The NZD/JPY About To Soar?

Tom Stewarton 26/10/2021

NZDJPY has broken the corrective channel, finding support around the 21.4% fibonacci retracement level. The fibonacci level support also correlates with a previous daily high swing point. I am looking for a continued push into the 27% fibo extension level at the 84.000 price.

AUD/NZD About To Move Now!

Tom Stewarton 25/10/2021

AUD/NZD smashed to the downside, and dropped back below the monthly open (1.04682). The move came after price traded into the resistance at the 61.8% Fibonacci retracement level and the resistance trendline. Where’s Price Going Next? Price has been attempting to break above the monthly open and turn the monthly candle bullish, but has rejected […]

AUD/USD Bouncing From Support Now!

Tom Stewarton 25/10/2021

AUDUSD has bounced from support at the market open today. Price has support at the 50% fibonacci level and the inner trendline. Pictured below is the 1h chart. This week the economic calendar for the AUD & USD is relatively quiet. The events to watch for are the USD Housing Price Index data and the […]

AUD/USD Breakout Or Fake Out?

Tom Stewarton 22/10/2021

AUDUSD has broken above previous resistance at 0.74780 and now pulled back. The question facing discretionary traders now is whether this is a pullback or a fakeout and reversal. Price is still holding above the inner trendline, however to confirm the trend is still in place I’d like to see the 0.75465 level broken above […]

NZD/JPY Soars – What’s Coming Next?

Tom Stewarton 21/10/2021

My last article on the NZD/JPY outlined why I was looking for long positions at 76.500. The trade idea played out, with bullish seasonality pushing the pair to multi year highs. Price is now reaching multi year resistance at the 82.500 level. I anticipate some overdue correction to occur in the next few trading days, […]

JP Morgan – USD/CAD Downside To 1.2047

Tom Stewarton 20/10/2021

JP Morgan, via EFX has stated that a “move below 1.24 puts bears firmly in control and sets the market up for an eventual retest of the 1.2047 Aug 2011 50% retrace”. They have also stated that the “50 day MA now marks tactical resistance”. Will we see the 50 day MA retested as resistance? […]

WTI Soars, ADX Suggests This Bull Wave Only Getting Started

Tom Stewarton 19/10/2021

WTI/USD has crashed through 5 year highs at 76.88, and is now trading nearly $6 above the previous high. The RSI is now trading in overextended levels, however the ADX is just starting to tick upwards, suggesting that this bull wave may just be getting started. These prices are uncharted for 5+ years, but looking […]

Is EUR/USD Downside Over?

Tom Stewarton 19/10/2021

EUR/USD has formed fresh 52 week (1 year) lows, and is now pressing to the upside. Price appears to be breaking out of the current descending wedge pattern, a bullish chart pattern. The horizontal blue dotted lines mark the 52 week trading range. With Price action, the RSI, and the ADX all moving to the […]

EUR/USD Sentiment Swings Bullish – Too Early?

Tom Stewarton 15/10/2021

IG Markets’ client sentiment on EURUSD has swung bullish (64% bullish), as has XM’s client sentiment for the EURUSD (69% bullish). Despite the surge in retail long positions, the EURUSD may still have further downside to go. EURUSD has broken above the 50-200 hour moving averages, which are now in a bullish cross. However, the […]

NZDUSD Grinding Higher In Channel, Wedge Forming

Tom Stewarton 13/10/2021

NZDUSD (1h) is grinding to the upside in an ascending channel, and is currently at channel support. Technically the pair now lies at channel support. Upside from this level into the channel / trendline resistance is my play for todays trading. Pre-asia session today the NZD Food Price Index data was released surprisingly positive (o.5% […]

AUDUSD Pushes Into Support Pre UK Session

Tom Stewarton 06/10/2021

AUDUSD is dropping down into support prior to the UK Open today. With ADP’s Employment data release later today forecasted at 428K jobs added (an increase from the previous 374K jobs added) we may see continued downside below the support at 0.72550. From there I will be watching for a solid press through support to […]