IC Markets

2021-07-15 09:18:33 #Risk sentiment on Wednesday is rather risk on. Asian stocks were mixed Thursday as traders digested a slowdown in China’s growth as well as federal Reserve Chair Jerome Powell’s signal that more U.S economic progress is needed before stimulus can be pared back. Gold was around a four-week high, aided by inflation concerns and Powell’s comments on stimulus. Powell also once again stressed that inflation is transient. Treasury yields fell and the dollar trimmed a retreat. Open / Comment

2021-07-14 08:41:08 #UKOIL (Intraday perspective: Downside potential below 76.83)
Price traded sideways and is still holding below resistance at 75.79. With stochastics testing resistance, where price pulled back in the past, we still see a low probability bearish scenario where price may drop towards 74.22 support. Otherwise, failure to hold below 75.79 will see price push higher towards next resistance at 76.83. Open / Comment

2021-07-14 08:39:27 #GOLD (Intraday perspective: Bullish pressure above close of 1,815.00)
Gold prices have been consolidating below major resistance of 1,815 for the past six trading days. If prices can close above the major resistance area at 1,815, we could see it swing toward our first resistance at 1,826.50, in-line with 61.8% Fibonacci retracement and 200% Fibonacci extension. If price drops, it would find support at 1,792.78, in-line with 38.2% and 50% Fibonacci retracement. Open / Comment

2021-07-14 08:38:49 #DXY (Intraday perspective: Short term pullback before 93.035)
Prices are currently approaching resistance in line with horizontal swing high resistance which coincides with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. Prices might pullback onwards horizontal pullback support in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. If prices continue to push up, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci retracement and 161.8% Fibonacci extension. Stochastics is approaching 93.17 level resistance level. Open / Comment

2021-07-14 08:37:00 #Risk sentiment on Tuesday is a bit more risk on. Investors wait for the second quarter's major company earnings result to expect to see a recovery and judge the speed of recovery of the economy via the results. Equities went to record highs on Monday with the dollar trading slightly below 3-months high. Investors expect a solid earnings season and it pushes the stock rally. Investors think about how central banks will unwind the support driving the recovery from the pandemic. Open / Comment

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2021-07-13 09:10:53 #UKOIL (Intraday perspective: Downside potential below 75.79)
Price traded sideways and is still holding below resistance at 75.79. With Stochastics testing resistance, where price pulled back in the past, we still see a low probability bearish scenario where price may drop towards 74.22 support. Otherwise, failure to hold below 75.79 will see price push higher towards next resistance at 76.83. Open / Comment

2021-07-13 09:09:51 #GOLD (Intraday perspective: Bullish pressure above close of 1,815.00)
Gold dropped and found support at about 1,792.78 during Monday session, in-line with 38.2% Fibonacci retracement and 50MA. If prices can close above the major resistance area at 1,815, it would swing toward our first resistance at 1,826.50, in-line with 61.8% Fibonacci retracement and 200% Fibonacci extension. If price drops, it would still find support at 1,792.78, in-line with 38.2% and 50% Fibonacci retracement. Open / Comment

2021-07-13 09:09:07 #DXY (Intraday perspective: Bullish pressure above 92.083)
Price is currently taking support on horizontal swing low support in line with 88% Fibonacci retracement and 100% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 100% Fibonacci extension. If prices push down, prices might take support on horizontal swing low support in line with 127.2% Fibonacci retracement and 161.8% Fibonacci extension. Stochastics is also at 16.41 support level, potential for a bounce. Open / Comment