On the chart, the 50% weekly Fibonacci retracement is still the main technical reference with there being clear demand below that area. 67c seems to be a firm support for now and will probably remain so unless there’s a significant surprise from American inflation or the Fed’s meeting. To the upside, the 50 SMA from…
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With the NFP approaching, rangebound action seems likely. 11 August’s low around $1.276 could continue to be an important support, especially considering the presence of the 200 SMA. To the upside, $1.305 has been tested several times without success over the last few months. In this situation, saturation can be helpful to find entries in…
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Key data this week Bold indicates the most important releases for this symbol. Wednesday 24 August 12:30 GMT: durable goods orders (July) - consensus 0.6%, previous 1.9% Thursday 25 August 6:00 GMT: German quarterly GDP growth (final, Q2) - consensus nil, previous 0.8% 6:00 GMT: German annual GDP growth (final, Q2) - consensus 1.4%, previous…
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Overall, the dollar reacted positively to strong job data at the end of last week because that suggests the American economy isn’t as weak as had been feared. However, ongoing gains by the greenback have been absent in most pairs as it remains technically overbought with few exceptions. The very clear resistance on this chart…
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Oil’s headwinds continue Brent Crude (symbol ‘UKOIL’) made losses in the first week of August, reaching around $95 and erasing all the gains after Russia’s latest invasion of Ukraine. The USA’s technical recession and signs of a general economic slowdown around the world have affected sentiment negatively, while there are some signs of increasing supply…
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A sustained bounce seems unlikely in the runup to the NFP, but the chart also suggests some positivity. There was some follow through on the bounce from oversold and stochastic crossover around the middle of last month, with the price now still not quite overbought. Volume has increased compared to Q2’s average. The next main…
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The main downtrend is still active with the price below all of the 50, 100 and 200 SMAs, but there is no longer any sign of oversold from either the slow stochastic or Bollinger Bands; the former at around 65 is between neutral and overbought. The next movement for EURUSD depends on the reaction to…
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McDonald’s might hold ahead of earnings Shares in McDonald’s Corp (symbol ‘MCD’) have made gains since late last month to around $253 as losses continued in some other sectors and participants are increasingly worried about the prospect of a recession. McDonald’s will report its earnings for Q2 pre-market on Tuesday 26 July. The consensus for…
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With US Earnings season kicking off this week with JP Morgan expected to open the season announcement on Thursday 14th July. With US CPI and Retail Sales data also expected later in the week on Wednesday and Friday respectively, Exness Senior Market Analyst Terence Hove advised that “we are likely to see volatility in the…
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On the chart, the picture is generally neutral aparts from moving averages. Volume is low so far this week and the slow stochastic is almost exactly neutral at just above 50. The 50 SMA is the main technical reference at the moment, with movement above there unlikely unless traders receive positive new information of some…
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