Tuesday’s action, shaped in tight Doji candle, suggests that recovery leg from 0.6865 (June 30 low) starts to lose traction, following repeated failure at initial Fibo barrier at 0.6961 (23.6% retracement of 0.7271/0.6965) reinforced by falling 20DMA. Overbought stochastic and south-turning RSI (currently at 42) on daily chart, warn of potential…

Cable moves within a narrow-range sideways mode for the second consecutive day, after 1% advance last week that completed reversal pattern on weekly chart (after the downleg from 1.3869 was contained by ascending trendline, drawn off 1.0348, 2022 low) and generated positive signal on close above weekly Ichimoku cloud top (1.3335). On the other…

Strong rise in early Monday trading is about to fully reverse last week’s 162.84/160.47 pullback, which marked a healthy correction (contained by Fibo 23.6% of 155.02/162.84 upleg) of larger uptrend. Completion of reversal pattern on daily chart confirms scenario as traders entered fresh longs at better levels, encouraged by absence of real…

EURGBP edges higher on Friday after fresh acceleration lower in past three days failed to clearly break Fibo support at 0.8552 (50% retracement of 0.8239/0.8865 rally, also weekly Ichimoku cloud base) and formed a bear-trap pattern on daily chart that paves the way for recovery. The Euro remained at the back foot due to significant slowdown in…

The US dollar fell across the board on Thursday, hit by disappointing US labor data, (June NFP  57K vs 114K f/c and downwardly revised May result to 129K from 172K) reflecting significantly weaker than expected job growth last month. The dollar Index, which tracks performance of dollar against the basket of six major currencies, fell 0.6% in…

Gold price jumped on Wednesday (up 2.2% until early US session) following another failure at strong $4000 support (metal failed to register clear break below this level in six consecutive attempts. Weaker than expected US private sector employment data for June and comments from Fed Chair Warsh that inflation risks have eased, lifted metal’s…

Brent price fell on Wednesday, after holding within narrow range in past two days, on track for eventual close below Fibo support at $73.04 (76.4% retracement of $58.70/$119.47 advance), after four consecutive failures at this level. Persisting optimism on signals of progress of peace talks in the Middle East would open way normalization of…

Recovery leg from 1.1324 (2026 low, posted last week) started to lose traction, as better than expected inflation numbers from some EU member countries (Germany, France, Italy) cooled expectations for ECB rate hike. Markets wait for the EU June CPI data (due tomorrow), as well this week’s release of US labor sector report for June. Renewed…