IC Markets

2021-07-19 09:05:33 #GOLD (Intraday perspective: Bullish pressure to 1,829.00)
Gold prices pulled back to previous breakout support at 1,815.40 where we expect a potential bounce from this level to resistance at 1,829, in-line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. If price drops from here, it would swing towards horizontal overlap support at 1,802.50, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension. Open / Comment

2021-07-19 09:04:51 #DXY (Intraday perspective: Bearish from 92.845)
Prices are approaching the horizontal swing high resistance, in line with 78.6% Fibonacci extension and likely to reverse and fall to the horizontal swing low support, in line with the 100% Fibonacci extension. If prices break above the horizontal swing high resistance, it may take resistance from the level aligned with Fibonacci confluence, where 161.8% Fibonacci retracement and 127.2% Fibonacci extension are aligned. Furthermore, Stochastic is likely to resist off 91.66, supporting our bearish view. Open / Comment

2021-07-19 09:04:14 #Risk sentiment early Monday is largely risk-off. Asian stocks and U.S. futures fell early Monday on concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects. U.S. futures dropped after the S&P 500 fell for the first week in four. The rally in Treasuries continued, sending 10-year yields further below 1.3%. U.S. stocks fell Friday to finish the week lower, snapping a three week win streak for the major indexes. Dollar is mildly bullish as investors looked for a safe haven amid rising coronavirus cases. Oil dipped to $72.5 per barrel after OPEC+ agreed to increase production into 2022. Open / Comment

2021-07-16 10:34:25 #UKOIL (Intraday perspective: Downside potential below 73.18)
Price is breaking beneath the level of 73.18 in line with 78.6% fibonacci retracement and 61.8% fibonacci extension. Price may drop from here towards the next support level at 72.10. If price fails to break this area, we may see a bounce up towards 74.50. Do note that EMA and MACD is below the 0 line, are showing bearish pressure. Open / Comment

2021-07-16 10:34:02 #GOLD (Intraday perspective: Short term pullback to 1,815.40)
Gold prices are facing bearish pressure at 1826.50, in-line with 61.8% Fibonacci retracement and 200MA. Prices could potentially pullback to retest previous breakout area at 1,815.40. If price bounces from here, price could swing towards resistance at 1,842.91, in-line with -27.2% and 78.6% Fibonacci retracement. Open / Comment

2021-07-16 10:33:39 #DXY (Intraday perspective: Bullish from 92.385)
Prices are holding above the ascending trendline, and is likely to fall to the horizontal swing low support, in line with the 61.8% Fibonacci extension and 78.6% Fibonacci levels, and bounce back to the swing high resistance, in line with 127.2% Fibonacci Extension and 161.8% Fibonacci retracement. If prices fall below the ascending trendline support, it may take support at horizontal swing low support, in line with the -27.2 and 127.2% Fibonacci retracement levels. EMA is holding below prices, further showing a bullish sentiment. Open / Comment

2021-07-16 10:32:58 #Risk sentiment early Friday is relatively mixed. Asian and US stocks fell amidst concerns about global recovery from the pandemic as cases resurge in some countries. The US 10 Year Treasury Yield advanced by one basis point to 1.31% as investors divert away from government bonds. Dollar is mildly bullish due to the dovish stance by the Federal Reserve. Oil slipped to around $73 per barrel due to the spread of the coronavirus. Open / Comment

2021-07-15 09:26:51 #UKOIL (Intraday perspective: Upside potential above 73.78)
Price dropped lower and is approaching key Fibonacci retracement at 73.78. With stochastic testing support where price bounced in the past, we can expect to see buyers enter with their longs to push price higher towards a possible upside target at 74.94. Otherwise, a break below 73.78 support will see price drop lower towards 72.10 support next. Open / Comment

2021-07-15 09:26:24 #GOLD (Intraday perspective: Bullish pressure to 1,842.91)
Gold prices bounced to our resistance level at 1826.50, in-line with 61.8% Fibonacci retracement and 200MA. Prices could potentially continue its bullish momentum towards resistance at 1,842.91, in-line with -27.2% and 78.6% Fibonacci retracement. If the price drops, it would find support at 1,815.40 which was the previous breakout area. Open / Comment

2021-07-15 09:20:44 #DXY (Intraday perspective: Bullish from 92.315)
Prices are currently bullish as it is holding above the ascending trendline support. Prices might bounce from horizontal pullback support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push up towards 127.2% Fibonacci retracement and 161.8% Fibonacci extension fibonacci confluence zone. If prices push down, prices might take support on horizontal pullback support in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices. Open / Comment