IC Markets

2021-07-23 08:45:45 #Risk sentiment Asian stocks opened cautiously on Friday morning after U.S. equities rallied toward an all-time high. Treasury yields climbed after a dip that followed a higher-than-expected weekly jobless claims data. U.S. futures increased after the S&P 500’s highest three-day advance since April took it nearer a new peak, while the Nasdaq closed at a record.Oil prices rose slightly as demand recovers after supply tightening. Moreover, the direction for global risk sentiment will dictate the pace of US haven demand. Secondly, the Fed could shift the rates needle in either direction at next week’s monetary policy meeting depending on how forcefully the US central bank commits to a per December taper. If they hint at a sooner taper, the US dollar will surge. Open / Comment

2021-07-22 09:01:39 #UKOIL (Intraday perspective: Upside potential above 71.81)
Price pushed higher overnight, surpassing previous resistances. With technical indicators now showing room for further upside momentum, buyers may look to add to their longs above 71.81 support with a possible upside target at 73.22 resistance. Otherwise, failure to hold above 71.81 could see price swing lower towards next support at 69.72 instead. Open / Comment

2021-07-22 09:01:14 #GOLD (Intraday perspective: Bearish below close 1,798)
Gold prices fell and found support at 1,795.50, in-line with 88% Fibonacci retracement, 76.4% Fibonacci extension and ascending trendline support. We are awaiting to see whether the price action will break down from the triangle pattern. MACD is also indicating bearish momentum for further downside. If it breaks down, it will swing towards support at 1,782.97, in-line with 61.8% Fibonacci retracement and 100% Fibonacci extension. If price bounces, it will swing towards resistance at 1,818.81, in-line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance. If price breaks out of descending wedge trendline resistance it will swing towards 1,837, in-line with 78.6% Fibonacci retracement and 100% Fibonacci extension. Open / Comment

2021-07-22 08:58:31 #DXY (Intraday perspective: Bullish from 92.726)
Prices are bouncing off the horizontal sing low support, in line with 50% Fibonacci retracement and 78.6% Fibonacci extension, and may rally up to the strong Fibonacci confluence area, in line with the 127.2% Fibonacci retracement and 68.1% Fibonacci extension. If prices reverse off the resistance, it may take support at the horizontal overlap support, in line with 161.8% Fibonacci extension. Furthermore, EMA is holding below prices, and MACD is holding above the 0 line, further supporting our bullish view. Open / Comment

2021-07-22 08:57:56 #Risk sentiment early Wednesday is largely risk-on. Asian stocks continued their climb after solid company earnings, alleviating worries about coronavirus flare ups. U.S. futures increased slightly after the S&P 500’s largest back-to-back hike in two months, spearheaded by energy and financial stocks.The dollar and Treasuries declined. Bitcoin rebounded after Elon Musk affirmed that Tesla and his SpaceX. Open / Comment

2021-07-21 09:49:21 #UKOIL (Intraday perspective: Neutral between 69.72 and 67.84)
Price trading sideways and now holding between 69.72 resistance and 67.84 support. With price holding below long term moving average, the bias for further downside still remains. However as there are no good levels for entry which provides a good risk to reward ratio, we prefer to remain neutral. A break below 67.84 support will see price drop lower towards 64.94 support next. Open / Comment

2021-07-21 09:48:34 #GOLD (Intraday perspective: Bearish pressure at 1,818.81)
Gold prices pulled back to support at 1,802.50, in-line with 38.2% Fibonacci retracement. Price actions indicate a possibly triangular pattern formation where the prices could bounce to retest resistance at 1,818.81, in-line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and descending trendline resistance. If the price drops, it will swing towards support at 1,802.50, in-line 88% Fibonacci retracement, 76.4% Fibonacci extension and ascending trendline support. Open / Comment

2021-07-21 09:13:16 #DXY (Intraday perspective: Bullish from 93.163)
Prices are approaching and likely to surpass the horizontal swing high resistance, in line with 127.2% Fibonacci retracement and 78.6% Fibonacci extension, and may rally up to the strong Fibonacci confluence area, in line with the -61.8% Fibonacci retracement and 127.2% Fibonacci extension. If prices reverse off the resistance, it may take support at the horizontal overlap support, in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Furthermore, EMA is holding below prices, and MACD is holding above the 0 line, further supporting our bullish view. Open / Comment

2021-07-21 09:12:25 #Risk sentiment early Wednesday is largely risk-on. Asian stocks rose after US stocks' largest increase since March as concerns over the coronavirus resurgences eased. Treasury yields rebound back above 1.2% as investors expect the Fed to eye a later start to its tightening process. U.S. equity futures increased after bargain hunters helped the S&P 500 to all but erase Monday’s slide in a comeback for the reopening trade, led by cyclical sectors such as industrials and financials. Oil continued dipping to $69 per barrel after a surprise gain in inventory. Open / Comment

2021-07-19 09:06:18 #UKOIL (Intraday perspective: Upside potential above 72.10)
Price drifted lower and is approaching key graphical support swing low at 72.10. With RSI holding above support where price bounced in the past, we see a probability of a short term intraday bounce towards graphical swing high resistance at 74.00. Failure to hold above 72.10 support will see price drop further towards next support at 70.94. Open / Comment