The US Dollar is seeing its sharpest pullback after touching technical resistance mid-month at 97. The Dollar Index has pulled back by 2.4% despite hawkish talk from Fed members. The key question on the charts will be as to whether the next move higher in US Dollar will result in a lower-high that is followed by the next big breakdown. As a technically-driven FX trader, the most important development for me to watch is what happens on the ...
Backwardation is rising again, and that’s good news for bulls. The spread between December 2018 and December 2019 has widened in favor of Dec. 18 showing a demand premium that will likely continue to support the bullish argument. The rise came after the largest stockpile drawdown of crude in the US in four weeks per weekly EIA data. Weekly EIA data showed a bigger-than-expected draw of nearly six million barrels against an expectation of ...
GBPUSD: Retail trader data shows 70.5% of traders are net-long with the ratio of traders long to short at 2.39 to 1. In fact, traders have remained net-long since Apr 20 when GBPUSD traded near 1.40482; price has moved 9.4% lower since then. The number of traders net-long is 4.5% lower than yesterday and 7.3% lower from last week, while the number of traders net-short is 1.6% lower than yesterday and 9.7% higher from last week. We typically ...
The Nikkei 225’s daily chart points to a touch of technical stasis, of the sort now quite common across the equity market space. The Tokyo stock benchmark has settled into a broad range since late July at what- by recent standards- are quite elevated levels. While bulls can if they like take some comfort that the market is clearly in no hurry to take cash off the table, there is clearly little impetus to push on towards recent highs, which remain just out of reach. ...
In the bigger scheme of things, the Nikkei 225 remains in an uptrend when looking at the chart below. You can see it is being supported by a rising trend line dating back to June 2016. However, its progress in 2018 so far has been rather shaky. Thus far, it has been oscillating in a range between 24,180 and 20,278. For it to make its leg move higher, it does face some obstacles ahead. Zooming in on the daily chart shows that the index ...
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