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There is a key zone of support from around 11730 down to 11660, which EURUSD held on several occasions during the latter part of last year. The euro was able to recapture this once strong level of support last week and will be our first zone to watch for a higher-low to develop. Should we see buyers step up in the aforementioned zone, we'll be look for at least one more thrust higher towards the 11900/12000-area. A successful test could ...
Dow Jones Bullish Breakout Continues to Fresh Two-Month Highs US stocks continue to show strength after the February pullback helped to build-in congestion formations across a number of indices. In the Dow, we looked at a bullish setup on Tuesday of this week, and prices have promptly took out both topside targets as buyers have continued to drive. This led to a bullish break of the symmetrical wedge formation that we've been following; ...
US 500: Retail trader data shows 39.5% of traders are net-long with the ratio of traders short to long at 1.53 to 1. In fact, traders have remained net-short since May 03 when US 500 traded near 2644.0; price has moved 4.3% higher since then. The number of traders net-long is 6.3% lower than yesterday and 7.7% higher from last week, while the number of traders net-short is 11.8% higher than yesterday and 15.8% higher from last week. We ...
Crude has fallen nearly 12% with the latest move lower generated from the news that the US has ‘quietly’ requested that the Saudis and other OPEC producers to hike production by some 1mm bpd. There remains little else aside from the non-verified headline. However, this makes the June 22 OPEC meeting all the more interesting. Traders are continuing to watch the US Dollar, which continues to pull-back from YTD highs of 94.60, but remains above the 26-day midpoint of 92.84. ...
GBP/JPY Bounce to Resistance at Prior 2018 Low This week started off with an increased slate of worry as financial markets gripped for the possibility of another summer of political volatility out of Europe. This helped to bring considerable strength into the Japanese Yen, helping pairs like EUR/JPY and GBP/JPY fall down to fresh 2018 lows. In GBP/JPY, the selling was especially noticeable, as both a weak British Pound and ...
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