August 31, 2020

Market Update – August 31

Is DXY still ‘trying’ to bottom? If so, then it needs to turn up around 92, which is the line off of the 2011 and 2014 lows (arithmetic scale). 91.50-92.00 has also been a major pivot since 1998. I sound like the boy who cried wolf but I’m on alert for a turn higher.
August 28, 2020

AUD/USD Rallies to 20-Month Highs

The Australian dollar climbed to its highest levels against the greenback since December of 2018 in early trading on Friday. The Aussie has been lifted by recent positive Sino-U.S. trade developments and better than expected economic data.
August 28, 2020

Market Update – August 28

Gold is sitting on top of the 2011 high…major level. A break below would open up 1765/90 (see hourly chart below), which is a well-defined zone and intersects the lower parallel of the Schiff fork from the high. Proposed resistance is 1941 (high volume level from today). As noted yesterday, I’ve been tracking near term fluctuations in GLD. High today was just above 185, which keeps the short term bearish channel intact (see yesterday’s GLD chart).
August 27, 2020

Steve Ward Interview

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August 27, 2020

Market Update – August 27

Since the 8/6 high in gold, I’ve been closely tracking GLD. The rally from 8/12 found resistance at the 61.8% retrace and a short term bearish channel is confirmed following the median line touch. If GLD has turned lower, then resistance should be 185.00 (38.2% retrace and VWAP from the high).
August 26, 2020

Market Update – August 26

These 3 charts are from Nordea’s latest FX Weekly. The relationships between the Fed’s balance sheet / USD, Trump’s job approval / USD, and EURUSD / US-Europe Covid case count spread all point to a stronger USD from current levels.
August 25, 2020

Market Update – August 25

3 lower highs and 2 lower lows since the EURUSD high. I like that strength has failed near VWAP from the high twice and that today’s high is near the high volume level (circled) from 8/19. 1.1880 is still resistance if reached and the big test for the bulls remains the lower parallel, currently near 1.1675 (see below).
August 24, 2020

Gold Consolidates as Risk Appetite Picks Up

Gold started the week on the defensive after being unable to hold above the key $2,000 level late last week. Meanwhile, the US dollar has stabilized, finding its feet after falling to its lowest levels in over two years last Tuesday.
August 21, 2020

EUR/USD Slips After PMI Miss

EUR/USD traded sharply lower in early trading on Friday, after eurozone PMI surveys came in weaker than expected.
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