The “other 3” crypto currencies were slightly limp over the last 24 hours, but that’s not a huge surprise considering how much noise we have seen in the crypto currency markets over the last several days. We initially rallied and all of them, but started to see sellers return latRead More »
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Results from Keppel Corporation, CapitalLand Mall Trust and CapitaLand Commercial Trust, and interest-rate decisions from the ECB and the BoJ are some of next week's highlights.
Ethereum traders sold off during the previous week, slicing down slightly below the $800 level before bouncing. This is a very negative candle, although the rally of course will bring some hope into play. Ultimately, I believe that drilling down to the shorter-term charts will be necessary in this market
The “other 3” crypto currencies that we follow here at FX Empire have had rough weeks as well, and I think that we will continue to see a lot of noise.
Bitcoin traders sold off the markets rather drastically during the previous week, reaching below the $10,000 level, and testing the 20 SMA of the Bollinger Band indicator during the week, before rallying again. However, I suspect that the selling has not ended, based upon short-term charts.
The German index initially fell during the week, but found enough buying pressure to break out to the upside. It now looks as if we are trying to clear major resistance just above, as the uptrend continues.
The US stock markets have rallied again this week, but I think they are starting to get a little bit overbought. We are starting to see this and various indices, so look for value going forward.
The S&P 500 initially fell during the week, but turned around to form a bit of a hammer. The hammer sits just below the 2800 level, so I think if we can break above the top of this hammer, it will show a need to explode to the upside. You could in fact be a bit of a “blow off top.”
The FTSE 100 had a negative week, but quite frankly it has been explosive to the upside over the last couple of months. That gives us an opportunity to go looking for value.
Silver markets word noisy during the week, showing a lot of volatility. However, we are essentially at “fair value” based upon consolidation over the last couple of years. Because of this, I’m not expecting much, least not until we get an impulsive move.
The crude oil markets had a slightly negative week, but we are overextended so that’s not very surprising considering that we had been so overbought. At this point, value should be something that you are looking for.
Natural gas markets had a positive week, and impulsive for that matter. The $3 level has offered support on a pullback, but we have seen a bit of resistance above as well.
Gold one back and forth during the week, using $1325 level as support, and $1350 level as resistance. The neutral candle suggests to me that we may have a little bit of momentum building to do.
The US dollar has gone back and forth during the week, but mostly shown a lot of negativity. The 110-level underneath offers plenty of support, as it is not only a large, round, psychologically significant number, but it is also the 61.8% Fibonacci retracement level.
The US dollar has been volatile during the week, but as we close out the Friday session, it looks as if the market doesn’t know where to go next, in relation to the Canadian dollar. I think that the market continues to be difficult for longer-term traders, as there are so many moving pieces.
The New Zealand dollar has rallied again this past week, for the sixth candle in a row. By doing so, we have gotten a bit overextended, at least in the short term. We approach the area above with caution.
The British pound has rallied again during the week, and it looks very healthy. Now that we have cleared the massive gap a couple of weeks ago, the market should continue to find plenty of buyers. However, markets don’t go in one direction forever, so volatility should be expected.
The British pound has rallied a bit during the week, but turned around to form a shooting star. This is an overly surprising though, because as we broke above the 153 handle, it was a very major barrier that we were overcoming.
The EUR/USD pair rallied significantly during the week, but gave back some of the gains, to form a candle that looks almost like a shooting star. I believe that sends this market looking for lower pricing, but that should only offer more bullish pressure in the end.
The EUR/GBP pair has been going back and forth for several months, and we are currently in the middle of that area. I think there is significant support going down to the 0.87 level, which is a massive barrier of support in form of the 61.8% Fibonacci retracement level. I suspect that we will continue