Technical analysis

Share: Short Term Elliott Wave view in Dow Futures (YM_F) suggests that cycle from 7.27.2023 high is mature and about to complete soon as 5 waves impulse. Down from 7.27.2023 high, wave ((i)) ended at 35076 and rally in wave ((ii)) ended at 35660. Index extended lower in wave ((iii)) as another impulse

Share: GBP/USD remains on the sideline after reversing from two-week low. Three-week-old symmetrical triangle restricts immediate moves between 1.2710 and 1.2800. Steady RSI, two-month-old rising support line also challenge Cable pair’s trading moves. Upbeat UK PMIs will need validation from softer US PMIs, downbeat Fed talks to keep Pound Sterling firmer. GBP/USD edges

Share: GBP/USD retreats from daily highs and losses for the second day in the week but remains set to finish the week on a higher note. Retail Sales in the United Kingdom (UK) were softer, but most data supports the Bank of England’s (BoE) case for a rate hike at its upcoming meeting. The GBP/USD

Share: EUR/USD regains traction after bottoming out near 1.0860. Further recovery should initially target the mid-1.0900s. EUR/USD reverses four consecutive sessions of losses and regains the area beyond 1.0900 the figure on Thursday. If the rebound gathers extra steam, it could encourage the pair to dispute the interim 55-day SMA at 1.0951 prior

Share: NZD/USD takes offers to refresh yearly low during eight-day downtrend. Oversold RSI, key technical levels can challenge Kiwi bears. Corrective bounce can aim for May’s bottom but remains elusive below 0.6045. NZD/USD bears keep the reins for the eighth consecutive day as they refresh the yearly low to 0.5902 amid early Thursday.

Share: USD/MXN struggles to defend two-day winning streak ahead of Fed Minutes. Impending bull cross between 50-HMA and 200-HMA joins firmer RSI (14) line to favor Mexican Peso sellers. Pair seller need dovish remarks in FOMC Minutes, clear break of 17.00 to retake control. USD/MXN retreats to 17.35 as bulls struggle to keep

Share: AUD/JPY faces resistance from Tenkan and Kijun-Sen lines, currently trading just above at 93.93. Downside potential targets include the bottom of the Ichimoku Cloud at 93.45 and the 93.00 psychological level. On the upside, reclaiming 94.00 could see challenges at the August 15 high (94.86) and the Kumo top near 95.00/05. The

Share: AUD/USD picks up bids to refresh intraday high, reverses from YTD low. Mixed RBA Minutes, softer Aussie wage growth and downbeat China data prod Aussie bulls but US Dollar’s retreat favor recovery. Oversold RSI challenges Aussie bears beyond 0.6460-55 support zone. Multiple hurdles stand tall to test upside; 0.6600 appears the key

Share: S&P 500 has given up 2.72% so far in August. The index is in an official short-term downtrend. Target, Walmart and Home Depot release quarterly earnings this week. US Census Bureau reports July US Retail Sales on Tuesday. S&P 500 opened Monday lower alongside other major indices. The S&P 500 traded off about 0.1%

Share: Gold weakness has extended back to key support at $1,898/1,893 but strategists at Credit Suisse continue to look for a floor here. Weekly close below $1,893 would reinforce the longer-term sideways range We look for key support and the 38.2% retracement of the 2022/2023 uptrend, 200-DMA and June low at $1,900/$1,891 to