dvdubrovsky

dvdubrovsky

The 10-year Treasury yield has been rising since the end of January in the aftermath of a Bullish Morning Star candlestick pattern. Now, prices are approaching the December high at 3.905 after confirming a breakout above a falling trendline from October. Meanwhile, a bullish Golden Cross is set to form between the 20- and 50-day Simple Moving Averages, further...

dvdubrovsky

Gold prices dropped almost 2 percent on Thursday, the most since the summer of 2020. XAU/USD was unable to find follow-through after a boost from the Fed earlier this week. Upbeat US jobless claims brought data into focus ahead of Friday's non-farm payrolls report, pushing up the US Dollar. A Bearish Engulfing is in focus. Downside follow-through is lacking at...

dvdubrovsky

Bitcoin has broken under the critical 17567 - 18892 support zone, a range that has held since the middle of June, opening the door to resuming the broader downtrend. BTC/USD is also testing a break under the November 26th, 2020 low at 16200. That has exposed the September 2020 low at 9813. A push back above lows from June may shift the focus back to a neutral...

dvdubrovsky

The US 10-year Treasury yield left behind a Bullish Engulfing candlestick pattern on the daily chart this Friday. This is as the bond tested a rising range of support from August. A turn higher from here could open the door to revisiting the October high of 4.33. Otherwise, breaking lower exposes the 50-day Simple Moving Average, which could reinstate the...

dvdubrovsky

From a technical standpoint, the Nasdaq 100 could be eyeing near-term gains. Prices have left behind a Bullish Engulfing candlestick pattern, opening the door to an upward extension. This also follows positive RSI divergence, which showed that downside momentum was fading. Prices closed above the 20-day Simple Moving Average as well. Further gains would place...

dvdubrovsky

The Canadian Dollar may be vulnerable to the US Dollar with USD/CAD attempting to resume the broader uptrend. USD/CAD is attempting to confirm a breakout above the June 26th, 2020 high at 1.3716. Still, prices need to clear the September 2022 high at 1.3833 to open the door to extend gains. Keep a close eye on RSI, negative divergence is present. This is a sign...

dvdubrovsky

Gold prices closed under the 2021 bottom on Thursday, marking the lowest close since April 2020. That has opened the door to extending the dominant downtrend since March. Immediate support appears to be the 78.6% Fibonacci extension at 1651 before the 100% level at 1609 kicks in. In the event of a turn higher, keep a close eye on the former 1681 - 1696 support...

dvdubrovsky

The DXY Dollar Index confirmed a breakout under a near-term rising trendline from August as prices confirmed a Bearish Engulfing candlestick pattern. This might open the door to some weakness in the near-term. But, will the dominant uptrend hold? Keep a close eye on the 50- and 100-day Simple Moving Averages (SMAs). These could reinstate the dominant upside...

dvdubrovsky

Following a few months of consolidation, the US Dollar seems to be making some upside progress against the Chinese Yuan. Fundamentally speaking, a hawkish Federal Reserve and dovish People's Bank of China offer upside potential for USD/CNH. This also follows measures from China's government (about 1 trillion Yuan) to bolster the economy. In response, USD/CNH is...

dvdubrovsky

Crude oil prices fell almost 10 percent this week, the worst performance since late March. A near-term falling channel seems to be guiding WTI lower since June. Meanwhile, a bearish crossover between the 50- and 100-day Simple Moving Average (SMA) is underscoring a bearish posture. There is certainly room for upside within the channel, with immediate resistance...

dvdubrovsky

The 10-Year Treasury yield has been consolidating since April as traders grappled with inflation and recession woes. Now, a bearish Head & Shoulders chart formation is prevailing. At the time of publishing, prices finished forming the right shoulder and were trading at the neckline, which seems to be around 2.70. This is as the 100-day Simple Moving Average...

dvdubrovsky

EUR/GBP broke under a near-term rising trendline from April back in early July. While the Euro weakened after the breakout, it seems that the single currency is trying to make a comeback. Prices were unable to break under the 100-day Simple Moving Average. This means the Golden Cross with the 50-day line is still in play. Breaking above the 50-day line from...

dvdubrovsky

Gold prices have been getting washed out this week so far. While losses have slowed recently, XAU/USD finds itself sitting just above lows from August 2021. That makes for a range of support between 1716 - 1722. Still, getting there entails breaching 1731. The near-term 20- and 50-period Simple Moving Averages (SMAs) remain tilted lower, offering a downside bias....

dvdubrovsky

The 10-year Treasury yield confirmed a breakout under a near-term rising trendline from March, opening the door to reversing the uptrend since then. Rising concerns about a recession in the United States, also amid a general slowdown in global growth expectations, are pressuring bond yields lower. Ahead, the 10-year rate is facing the May low at 2.705 where the...

dvdubrovsky

WTI crude oil prices weakened 8.5% last week in the worst 5-day performance since March. That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone. In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2%...

dvdubrovsky

The US Dollar has been rising against the Chinese Yuan in June so far. On the 4-hour chart, USD/CNH appears to be carving out a bullish Falling Wedge chart formation. A breakout above, with resistance as the 23.6% Fibonacci extension at 6.7304, opens the door to perhaps revisiting the May high at 6.8375. Otherwise, a turn back lower towards 6.6131 would keep the...

dvdubrovsky

The US Dollar has been gaining ground once more against the Japanese Yen amid a rise in Treasury yields . This has been due to a combination of confidence from the Federal Reserve about the economy, and a solid US non-farm payrolls report this week. Next week, all eyes are on US CPI . Still-strong inflation, combined with rising crude oil prices, may...

dvdubrovsky

The US Dollar may regain its footing against the Chinese Yuan amid favorable fundamental headwinds. China's zero-Covid policy has been weighing on local economic output. Meanwhile, rising fears of a recession in the US are slowly weakening global growth expectations. This leaves China in a tricky spot, even if conditions open up locally. A slowing global economy...