Daily Tips

The focus of all global markets remains on the price of crude oil, specifically Brent oil (Sept) and the $100 level. The move below $100 (last 97.70)  today has eased some of the pressure on global markets but so far just enough to steady the ship, not reverse it

The chart displayed here is a CFD chart with a different price feed but the AT lines on it should coincide with what you see on your charts.

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Coming into the day, AUDUSD .7000 has printed 7 days in a row. To extend this pattern to 8 days, .7000 would need to trade again today. If not, break of the pattern would be typically bearish but in this case, only if the low is taken out.

Range over this period has been .6962-.7127, low set yesterday.

(AT daily chart)

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Pause yesterday above key 1.1361 support (low 1.1364) keeps the focus on 1.14, which would need to be regained to neutralize the downside risk (high so far today 1.1401)..

Keep one eye on the price of Brent oil, which has slipped back below $100 (the key focus), easing some of the pressure on global markets in general after spiking/closing above it yesterday.

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Extending its pivot around .7000 to 7 days in a row. Range during this period has been .6965-.7027

As I showed in USDCAD when a break of a 12-day pivot around a pivotal round number (1.42) seny a (bearish) directional signal, keep an eye on the pattern around AUD.7000.

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Keeps  a bid while above 65525 (and 65K)  but upside would need to break 67224 (and 68K+ for confirmation) to build further momentum.

If 67224 stays intact, then 63660 and 62417 (and the trendline) need to hold to keep the downside contained.

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Battle continues here as well over 29K with its pivot  extended to extended to 5 days in a row.

For bulls to take control, 29K  needs to become support followed by a firm break above 29172 (use 29200 as well).

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USDCAD torn between Trump tariff threats (bullish) + pause above 1.40 vs. firmer oil prices (bearish)

Treating the bounce from above 1.40 as a retracement shows the following FIBOS using 1.4247 =< 1.4003 (high 1.4111)

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With down momentum broken following the move above 78.84 (on this CFD chart), battle is on for 85.00, above which is needed to give it psychological boost as there is a void of key resistance above it (high 85.66).

Key an eye on correlations as so far only the USD has reacted with US stocks, GOLD, and BITCOIN so far ignoring.

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Break and close above 65525 would be considered a breakout that would need to get through 67224 (leave a cushion to above 68K to confirm) to open a void on the upside.

On the downside, back below 65525 *(leave a cushion back below 65K ro confirm) to cool the risk.

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Markets always on the lookout for the path of least resistance. In this case it is selling JPY on its crosses where there ius less chance of sparking BoJ intervention.

In this case, there is a tug-of-war where AUDUSD is trading  up while USDJPY is up as well. Note most of the move in the cross is the result of AUD moving up more while JPY is down less vs the USD.

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