A day of indecision as the markets pause!
Price action on the major US indices yesterday could best be described in one word, indecision, with all of the Emini futures closing with a doji candle of one variant or another.
Anna Coulling
Canadian Dollar Remains Under Pressure – For The Time Being
The Canadian dollar has continued to come under heavy selling pressure once again today, driven by a resurgent US dollar, which has now broken through the key 81.30 level on the daily chart of the dollar index, to move firmly higher from this platform of support which is now in place.
Oil Futures Continue to Remain Bearish
Oil prices continue to remain heavily bearish on the daily chart following the initial failure at the $106 per barrel area in early July which was the tipping point for the commodity, with the final phase of this particular price action, clearly marked with a shooting star candle and pivot high, coupled with high volume, and confirming the weakness at this level.
Bearish sentiment for gold accelerates with volume leading the way
The last few days have seen some clear and unequivocal signals from the gold futures chart, that the precious metal is on the way lower, something I have been suggesting for several weeks.
Bearish tone continues for the Canadian dollar (USDCAD)
Following on from my recent posts about the bearish nature of the USDCAD and the medium term prospects for the Loonie, today’s advance GDP release has helped to drive the Canadian lower once again, accelerating its downwards progress and adding to yesterday’s wide spread down candle.
USDJPY – find better trades in the Yen cross pairs
The USDJPY continues to deliver a masterclass in patience for longer term traders, with the long term consolidation phase continuing once again last week, as the pair closed with a narrow spread down candle on the weekly chart, ending the futures trading session at 101.30.
Volume & big draw in inventories combine to help oil futures
Crude oil futures finally managed to find some bullish momentum today, courtesy of the oil inventories from Cushing, which helped oil to reclaim the $100 per barrel level, to currently trade at the time of writing at $101.26 per barrel.
Where gold goes – silver follows!
The plunge in gold prices yesterday, rocked the markets with the precious metal shedding over $30 per ounce in the futures market as the big operators finally triggered the move in a classic pump and dump operation.
Amazon Stock Price Breaks Out on Excellent Volume
Yesterday’s strong gains for equity markets around the world, and the US markets in particular, helped to add further bullish momentum to Amazon. Following Friday’s breakout from the recent congestion phase, the stock is now looking to build further on the substantial platform of support between $320 to the downside and $337 to the upside.
Anatomy of a trade – trade what you see, not what you think!
Yesterday the YM E-mini index future delivered a masterclass in trading what you see, and not what you think. Trading with an opinion is one of the most destructive approaches to the market – just ask the euro bears who have been shorting the single currency for years. All to no avail.