Currency

NZD/CAD is testing key support of a 5-month double top pattern. Given the size of the prior swings within its downtrend, this could be a pair well worth monitoring for a major break lower over the coming week/s. Seasonally, April and May tend to be bearish months for NZD/CAD and price action is doing its […]

Whilst Australian employment held up, it doesn’t let inflation off the hook as a weak print tomorrow could see rate cut calls resurface. We’ve seen a few mixed messages from RBA of late. On the 10th of April, Guy Debelle sent AUD briefly higher when he reiterated higher growth expectations and that the RBA does […]

USD/JPY is consolidating near the March highs, with a potential inverted head and shoulders pattern still in play. If successful, the pattern projects an approximate target near the November highs, although 113 (psychological round number) and the 113.70 high make suitable, interim target. However, whilst price action has held above the neckline, in an ideal […]

A summary of the weekly Commitment of Traders Report (COT) from CFTC to show market positioning among large speculators. As of Tuesday the 16th of April: Traders were net-long the US dollar by $28.7bn, the highest level since the end of January. GBP flipped to net long for the first time since June 2018. Improved […]

BTCUSD Long-term Trend – Ranging     • Distribution territories: $6,500, $7,000, $7,500 • Accumulation territories: $3,500, $3,000, $2,500   Bitcoin market valuation hasn’t been able to move strongly in the market as well as its counter currency i.e. the US dollar. Therefore, the cryptocurrency’s price value has continued to push around in range spots […]

Today’s employment data for Australia dispelled any immediate fears of a rate cut. Yet, if a certain correlation is to hold true, we could see unemployment rise and calls for a cut to return with it. Unemployment ticked higher to 5% (4.9% previously) but as this was in line with expectation, the markets took it […]

ETHUSD Medium-term Trend: Bearish   • Resistance Levels: $230, $240, $250 • Support Levels: $150, $140, $130   Ethereum’s price is in a bullish trend. On April 8, the bulls managed to bring ETH to a high of $187.98. The bulls faced resistance at the $184 level and as a result the price fell to […]

New Zealand CPI data missed them mark, instilling a blast of bearish volatility for NZD crosses as traders adjusted to the idea of a May cut. At 1.5% YoY, it’s the lowest CPI read since Q3 2018 and below their own target of 1.6% (markets today were expecting 1.7%). Furthermore, QoQ was just 0.1% vs […]

The Australian dollar fell to the bottom of the pack following today’s RBA minutes, as traders questioned RBA’s confidence in their labour market forecasts. RBA held rates at 1.5% earlier this month and provided what appeared to be a fairly-balanced and neutral statement. We’d noticed that RBA remained confident in the labour market picking up, […]

We’ve continued to monitor CAD/JPY’s potential to break higher, following its 3-wave correction and break of its channel. Having consolidated above its channel throughout last week, Friday’s range expansion candle saw the cross stop just shy of its 200-day eMA and 19th March high. Furthermore, it’s kept alive its potential for form an inverted head […]