Gold Holds Near Nine-Year Highs
Gold remained bid in early trading on Friday, underpinned by the prospect of further fiscal stimulus and simmering US/China tensions. Meanwhile, the US Dollar Index fell to its lowest levels since September of 2018.
Market Update – July 24
USDOLLAR (EUR, GBP, AUD, and JPY) is testing a major level (daily chart is below). Price reacted today at the top side of the center line of the Schiff fork from the March high and the top side of the line off of the March and May highs. This is a great spot for a bounce. Pay attention to the upper parallel and former support at 12253. A break above there would indicate an important behavior change.
Market Update – July 23
THE U.S. DOLLAR IS GETTING PUNCHED IN THE MOUTH, AND ITS OUTLOOK AMID CORONAVIRUS DOESN’T LOOK GREAT, SOME EXPERTS SAY
Extreme Bearish Sentiment Towards the U.S. Dollar
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele, our Chief Technical Analyst.
Market Update – July 22
This is a picture of the TV in my living room earlier today. I keep Bloomberg on throughout the day for background noise and the scrolling headlines on the right of the screen are the same headlines that are published on the app. The headline circled in red would not appear if the short USD trade weren’t extremely crowded, at least on a short term basis. Sentiment is ripe for a reversal.
Market Update – July 21
I’m not sure what to say anymore when it comes to indices. NYSE breadth, for example, was negative today (more stocks down than up) but both the S&P 500 and Nasdaq were up. The Nasdaq was up A LOT thanks to MSFT and AMZN.
Market Update – Big Seasonality Shift Now
Seasonal tendencies are now bullish-sideways for DXY (and bearish-sideways for EURUSD) through mid-August. The biggest shift in seasonal tendencies however is in the commodity currency complex. AUDUSD and NZDUSD enter their most bearish period of the year starting now. USDCAD is in its most bullish period of the year. Nasdaq seasonal tendencies are bearish through August 14th. These charts are shown below.
EURUSD and DXY Pattern and Levels
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele, our Chief Technical Analyst.
Dollar Holds Above Key Support as Risk Appetite Dampens
The greenback rebounded on Thursday, amid fears that a resurgence in the coronavirus could slow a global economic recovery. Meanwhile, US/China tensions remain elevated, with murmurs that a new Cold War is emerging between the superpowers.