8th August Aussie – Potential Head and Shoulders

Aussie short term charts starting to look ominous. Potential head and shoulders formation with neckline at 0.7890. A break of this chart formation will want minimum initial targets 150 pts lower…. so down to 0.7750 support. This level was previous multi year range highs where price aggressively broke out from. Markets like to retest important break levels so… Read More »

8 Aug: Forecast: Stock Indices, Commodities

  S&P: 2477 24 Hour: Neutral Medium Term: Neutral No change in view. The S+P traded another tight 2471/77 range on Monday. The daily momentum indicators neutral and give little hint either way despite the DJI making consecutive new highs. Further gains would seem possible in the days ahead, although the short term charts are flat on Tuesday… Read More »

8 Aug: Forecast: FX: US$/Majors

  EURUSD: 1.1794 24 Hour: Neutral – Possibly sell short term strength Medium Term: Mildly Bearish A tight range has seen the Euro use 1.1800 as a pivot on Monday, with much the same likely again on Tuesday, leaving the outlook unchanged. The short term charts have now unwound their oversold condition and another rangebound session may be… Read More »

8-Aug-17: Trend table outlook for FX, Commodities, Indices.

It looks as though markets are going to be largely on hold until Friday’s US CPI figure is released, with a general lack of interest due to the northern hemisphere summer holidays. I would not be too involved today although it may be that we do see further US$ strength in the days ahead. Selling short term weakness… Read More »

7-Aug-17: Trend table outlook for FX, Commodities, Indices.

The US$ may have found a bit of a base – at least temporarily – and the Euro and Sterling in particular both look very tired and could have further downside ahead of them. Elsewhere, the Aud looks as though it may venture a bit lower over the next few days, while in the crosses, it would appear… Read More »

7 Aug: Forecast: Stock Indices, Commodities

  S&P: 2471 24 Hour: Neutral Medium Term: Neutral No change in view. The S+P traded another tight 2465/75 range on Friday, unmoved by the NFP figure. As before, with the daily momentum indicators still pointing higher, further gains would seem possible in the days ahead, although the short term charts are flat on Tuesday so another rangebound… Read More »

7 Aug: Forecast: FX: US$/Majors

  EURUSD: 1.1772 24 Hour: Bearish – Sell short term strength Medium Term: Bearish The Euro headed sharply lower following Friday’s US jobs data, reaching a low of 1.1727 before closing at 1.1770. Technically, it looks as though the dollar’s weakness may have ended for the time being, and the charts generally hint that further downside pressure may… Read More »