Seasonality: Another important factor for Natural gas is seasonality. The price of this commodity usually peaks in Winter (the withdrawal period) and in summer (the injection period). Now there’s a potential dip between seasonal trends, and considering a softening in the monetary policy from FED, it’s possible to see at least some pullback, which might…
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AUD/USD Technical Position: Since the beginning of March, the AUD/USD currency pair has echoed a subdued tone around the late November lows (2022) at $0.6585 on the weekly timeframe. Overhead, resistance warrants attention at $0.7020 with scope to pursue deeper terrain as far south as demand from $0.5975-0.6166. Interestingly, out of the daily timeframe, buyers…
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Technical Confluence Accompanying the AB=CD pattern is price shaking hands with the lower Bollinger Band (set to three standard deviations) and the Relative Strength Index (RSI) exiting oversold territory. Therefore, the supporting technical confluence—momentum and volatility indicators—suggests a short-term push to the upside may unfold, targeting the aforementioned Fibonacci retracement ratios. Charts: TradingView Meanwhile, after…
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Short-Term View Ahead of FOMC Minutes Based on the H1 timeframe, it is obvious that there is a notable downside bias, with price action close to testing support at 101.44. In the event of a spike higher, resistance warrants consideration at 101.82. Therefore, given the bearish vibe derived from the bigger picture, 101.44 support appears…
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On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands last Tuesday and has since corrected to the downside. The Bollinger bands are contracting at the time of this report but volatility could pick up later in the week around publication hours of the…
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ATH Likely to be Challenged Technically, limited resistance is evident on the weekly timeframe, following the breach of resistance from $1,988. This paves the way for a run at the ATH of $2,070. You may recall that I highlighted the daily timeframe’s price action in the Weekly Market Briefing, paying specific attention to a clear-cut…
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Dollar-loonie is likely to be highly active later this week because of the respective countries’ job reports on Thursday and Friday. Since the NFP has consistently been higher than expected in 2023 so far, it wouldn’t be very surprising to see a stronger result on Friday with a kneejerk higher for USDCAD. That could provide…
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Economic Data for the Week Ahead: Monday 3 April US ISM Manufacturing PMI for March at 3:00 pm GMT+1 Markets welcome the latest manufacturing PMI data from the US, expected to marginally tick lower to 47.1 in March from February’s 47.7 figure. However, the forecast range resides between 48.0 and 44.4. Tuesday 4 April Reserve…
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On the technical side the price on the fiber chart has found resistance on the upper band of the Bollinger bands last Thursday “forcing” it to correct around the $1.07600 area which is trading at the time of this report. The Bollinger bands are expanding indicating volatility build up which is expected to peak for…
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On the technical side the price of Crude oil on the daily chart is “walking the band” ( touching the Bollinger bands in consecutive sessions) indicating great push by the bears in high volumes. It is trading at a 15 month low with no signals of correcting to the upside just yet while the 50…
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