Snapping a three-week bearish phase, the US dollar welcomed some tentative relief last week, adding +0.6% according to the US Dollar Index. Regarding the monthly chart, the trend has remained higher since 2008. Q4 (2022), however, staged a noteworthy correction from 114.78, which remains active in 2023. Predictably, due to the fractal nature of the markets, this...
Following three months of prior gains, MTD, the S&P 500 is higher by +5.5%. Aided by the Relative Strength Index (RSI) rebounding from support between 40.00 and 50.00 (common in strong uptrends), monthly price is fast approaching the all-time high at 4,818 set at the beginning of 2022. Price action on the weekly timeframe consumed resistance at 4,325 (now...
Spot gold remains an interesting market. From the weekly timeframe, the key development last week was price clipping the lower edge of support from $1,928-$1,960. This area entered the fray last month, following a near-test of the all-time high of $2,075 in early May. Buyers remain present here, though they have yet to demonstrate much bearing and price touching...
Sterling soared higher last week, adding +1.9% against the US dollar and refreshing YTD highs at $1.2848. In one fell swoop, GBP/USD cruised through trendline resistance (taken from the high $1.4250) and resistance at $1.2767 on the weekly scale. MTD, the currency pair is 3.1% higher, and YTD, we are now 6.1% in the green. Continued interest to the upside on the...
The US dollar—according to the US Dollar Index—fell -1.2% last week, recording its largest one-day slump since January this year. MTD, the buck is also down -1.9%. We have an interesting clash of timeframes regarding trend direction for the US dollar. The monthly timeframe has been climbing since early 2008. The current correction that begun in Q4 of 2022 has...
I feel this is a stock certainly worth a revisit. The previous week’s analysis noted the following from a long-term perspective (italics): … The monthly timeframe shows June making its way north … a fter discovering dynamic support from the 50-month simple moving average at $178.79. This implies additional outperformance for TSLA and shines the technical...
Out of the weekly chart, following a near-test of the all-time high of $2,075 in early May, I see an active (albeit tentative) support zone at $1,928-$1,960. Buyers are present here, though they have yet to demonstrate much bearing. Consuming the aforementioned area shines the headlights on support as far south as $1,807. Interestingly, and somewhat supportive of...
With the FOMC in the limelight this week, a technical assessment of the Dollar Index will help highlight the key levels to watch for the week ahead. First and foremost, against a basket of six major currencies, the US dollar’s strength further diminished last week, down -0.5%. This somewhat questions the strength of the current trend on the daily timeframe,...
Active Higher Timeframe Technical Support From the monthly timeframe, chart pattern enthusiasts will acknowledge that since October 2022, price movement has been compressing between converging ascending/descending lines from C$1.3978 and C$1.3226 to form a potential pennant pattern. As you can see, price is now testing the lower boundary of the aforementioned...
The technical landscape for spot silver ($ terms) reveals price discovered a ceiling at around $25.86 in April. Despite attempts to consume weekly resistance, the unit ultimately withdrew and touched gloves with a long-term trendline resistance-turned support level (drawn from the high of $30.14). In addition to this market trending higher, the descending support,...
From a long-term technical perspective, the monthly timeframe shows June making its way north of channel resistance drawn from the high of $384.29 after discovering dynamic support off the 50-month simple moving average at $178.18. This implies additional outperformance for TSLA and shines the technical spotlight on potentially completing a monthly AB=CD...
As the US dollar continues to find grip at higher levels—underpinned by a rally in US government yields—the price of spot gold (XAU/USD) is in relatively deep water. Higher-Timeframe Picture Shows Gold Approaching Support Medium-term price action on the daily chart exhibits scope to extend losses. The longer-term ascending channel is interesting (drawn from...
Last week witnessed a rise in the USD/JPY currency pair, adding +1.6% and extending the previous week’s +0.7% rally. This led to fresh YTD highs on Thursday, reaching ¥138.75, levels not seen since November 2022. The recent bid also threw light on the weekly timeframe’s AB=CD bearish configuration at ¥140.34, denoted by way of a 100% projection, as well as a...
The price of spot gold in $ terms concluded last week down -1.7%, following the precious metal topping a whisker south of the all-time high of $2,075 in early May (a move aided by negative divergence out of the Relative Strength Index ). Based on the weekly timeframe, I see limited support (the $1,949 region appears soft on this chart), meaning the yellow metal...
Following a rebound from support at $0.42283, a level accompanied by a 1.272% Fibonacci projection at $0.41596 (‘alternate’ AB=CD bullish formation), the price of XRP/USD tested the lower boundary of channel resistance extended from the high $0.58479. A breakout north of here could see follow-through buying occur, in line with the current uptrend (active since...
Price action on the daily timeframe of BTC/USD has, since 19 March, been busy carving out a head and shoulder top pattern, formed at $29,190 (left shoulder), $31,050 (head) and $30,050 (right shoulder). The major crypto recently closed beneath the pattern’s neckline, extended from the low of $26,525, and price is now retesting the lower side of the neckline. We...
I wrote about the S&P 500 in recent analysis, emphasising the following (italics): Although there is a chance of the daily chart’s diamond top pattern completing and price breaking out lower (given weekly resistance at 4,177), the uptrend and absence of bearish activity at the said weekly resistance potentially swings the technical pendulum in favour of pushing...
There’s not much to add in terms of the monthly chart for the S&P 500 that was not communicated in recent analysis. The trend remains firmly to the upside and has done since breaking out of a 13-year range in 2013. The upside bias is supported by the Relative Strength Index (RSI) rebounding from indicator support between 40.00 and 50.00. The correction from...