There is support between 6230 and 6200, with the 6/1 swing low at 6149 as the next level of significant support. As long as the spike day high (6323) keeps a lid on the market, we expect the market to be range-bound, with weakness unfolding in the very near-term. A range-bound UK stock market and currency as the next two weeks up to the EU referendum makes sense on this end as the pendulum swings from ‘stay’ to ‘leave’ within its own slight ...
We looked at the precipitous fall in Gold prices on the back of a more hawkish Federal Reserve that spent much of the month of May talking up the prospect of higher rates in the United States. This prospect of higher rates was a huge change-of-pace for markets, which had built-in the expectation for the Fed to be extremely dovish after the risk-aversion that put up sizeable moves at the beginning of the year. And that inferred dovishness was hugely helpful ...
The current price action formation on the daily chart of EUR/JPY is a descending wedge, and this can be found by connecting the swing high on March 31st with the swing high to April 27th to define resistance; while that confluent support zone between 121.50-122.50 continues to stem the declines. This support has held for the better part of three-and-a-half months; and at this point traders would likely want to see a concerted break before looking for down-trend continuation setups. ...
WTI Crude Oil Price came within a whisper of the 2016 high on Tuesday after hitting $50.10 in mid-morning trading ahead of July Contract expiration. Regardless of recent force, the CL1 June contract has seen a May price range of ~14% (43.03-50.21) that may be slowing down but does not appear done. After being the laughing stock of markets, Oil Bulls are looking at the longest run of gains in five years as they look to add another month ...
CAC 40 Daily Chart Price action for the CAC 40 is now trading higher for the fourth consecutive session. This bullish momentum has continued since the Index broke free from a previously mentioned consolidating trading range. Now as prices advance, traders may begin looking for potential points of resistance. For today’s trading that includes a 78.6% Fibonacci retracement found at 4,536.89. This value has been found by measuring the distance ...
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