Daily Market Comment – Stocks retreat, dollar edges up as virus concerns creep in again

Posted on January 22, 2021 at 10:11 am GMT

Equity rally loses steam after strong weekly gains amid renewed virus jitters Talk of Biden tax increases also undermines risk appetite, lifting the dollar Poor data pull down pound and aussie but euro fares better after ECB stays put Virus outbreaks, recession fears cap risk rally The stimulus-led stock market rally faltered on Friday as investors paused for breath after sharp gains in a week when US President Joe Biden formally took office, reaffirming expectations of higher spending and borrowing [..]


Technical Analysis – USDCAD calls for an upside reversal after new 33-month low

Posted on January 22, 2021 at 8:32 am GMT

USDCAD stretched its March downtrend to a fresh 33-month low of 1.2588 on Thursday before completing the day with a bullish doji candle. The positive candle formation is an indication of a coming upside breakout, which the price is currently pushing to confirm, as it is recovering towards its 20-day simple moving average (SMA) at 1.2719. With the RSI distancing itself above its 30 oversold level and the MACD, although negative, hovering above its red signal line, an upside correction [..]


Daily Market Comment – Wall Street at fresh record as Biden sworn in; euro up ahead of ECB

Posted on January 21, 2021 at 10:10 am GMT

Hopes of more stimulus and relief over Biden’s peaceful transition lift sentiment US stocks close at new record highs as strong earnings add extra fuel Dollar skids again, euro bounces off lows ahead of ECB decision Optimism high as Biden enters White House After four tumultuous years, Trump’s presidency came to a historic end on Wednesday, as Joe Biden marked his first day at the White House by spreading a message of hope and unity to a fractious nation. While [..]


Daily Market Comment – Stocks climb, dollar slips as Yellen makes case for more stimulus

Posted on January 20, 2021 at 9:53 am GMT

Stocks power higher after Yellen calls for more big spending to fight pandemic Risk assets rally ahead of Biden inauguration as reflation trade boosted Dollar under renewed selling pressure, gold capitalizes Yellen talks up big spending Risk appetite was riding high on Wednesday after Treasury Secretary nominee Janet Yellen reignited hopes of more massive stimulus packages in the United States in her confirmation hearing yesterday. Yellen went out of her way to make the case for higher spending to counter [..]


Technical Analysis – USDCAD ranges, with upside efforts curbed by 200-MA

Posted on January 19, 2021 at 12:45 pm GMT

USDCAD appears to have glided into a sideways market with a floor at 1.2624 and a ceiling at 1.2834. The price is currently standing on the slight upturn in the 50-period simple moving average (SMA), trying to gain some footing. Nevertheless, from the beginning of the year, the picture is fairly neutral, something also demonstrated in the directionless Ichimoku lines. The dictating 100- and 200-period SMAs are defending the broader negative picture, while the short-term oscillators and the subsided negative [..]


Daily Market Comment – Wall Street eyes Yellen testimony, dollar eases

Posted on January 19, 2021 at 9:31 am GMT

Stocks perk up after slow start to the week as focus turns to Yellen and earnings Hopes that Biden administration will spend “big” bolsters sentiment Euro steadies as Italian worries abate, dollar retreats Yellen to tell US lawmakers to “act big” After a sluggish start to the week, risk sentiment improved late on Monday as investors turned their attention on incoming Treasury Secretary Janet Yellen’s confirmation hearing before the Senate today (1500 GMT), while bracing themselves for a slew of [..]


Week Ahead – ECB, BoJ and BoC meet but all eyes on US Capitol

Posted on January 15, 2021 at 12:17 pm GMT

The first of the new year’s central bank meetings will get under way next week and it will be a heavy schedule on the data front as well. The European Central Bank, Bank of Japan and Bank of Canada will almost certainly be debating the latest setback to the recovery from the worsening Covid-19 outbreak. China will report its fourth quarter GDP print and flash PMIs along with inflation and retail sales numbers will be doing the rounds in most [..]


Technical Analysis – USDCAD holds under SMAs unable to break bearish shackles

Posted on January 15, 2021 at 8:31 am GMT

USDCAD is pushing off multi-year lows but seems to be incapable of shaking off the bearish tone which has grasped the pair for nearly a year, starting back in March 2020. The Ichimoku line’s negative tempo has somewhat eased, while the diving simple moving averages (SMAs) are dictating the bearish picture. Taking a glimpse at the short-term oscillators, we can observe a slight stalling in downwards momentum. The MACD, in the negative region, is resting on its red trigger line, [..]


Technical Analysis – USDCAD posts losses in Ichimoku cloud

Posted on January 12, 2021 at 9:43 am GMT

USDCAD posted losses for the second consecutive period, pulling back from the 200-period simple moving average (SMA) around the 1.2835 resistance and is now hovering in the Ichimoku cloud. The RSI in the 4-hour chart is falling further in the positive area, while the MACD is losing some momentum above its trigger and zero lines.  However, the red Tenkan-sen is still moving above the blue Kijun-sen line while the 20- and 40-period SMAs created a bullish crossover in the preceding sessions, which is still acting as support. However, should the price close comfortably below the [..]


Technical Analysis – US 30 index begins new year with new record highs

Posted on January 8, 2021 at 10:29 am GMT

The US 30 stock index (Cash) is edging north, standing around the fresh record high of 31,252.85. The MACD, in the positive region, is holding near its trigger line, while the RSI is extending its move towards the overbought territory. The bullish 50- and 100-day simple moving averages (SMAs) could boost the price, sending the index to new uncharted peaks. In a bullish scenario, immediate resistance may develop from the 32,000 and 33,000 psychological numbers before meeting the 261.8% Fibonacci [..]

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