IC Markets

2021-07-13 09:08:24 #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

2021-07-12 08:07:15 #UKOIL (Intraday perspective: Downside potential below 75.79)
Price rose higher and is currently testing resistance at 75.79. With stochastics testing resistance, where price pulled back in the past, we see a low probability bearish scenario where price may drop towards 74.94 support. Otherwise, failure to hold below 75.79 will see price push higher towards next resistance at 76.83. Open / Comment

2021-07-12 08:06:31 #GOLD (Intraday perspective: Bearish below 1,815.00)
Gold is consolidating below the major resistance level at 1,815. We are seeing a medium-probability scenario where prices drop to retest support at 1,790.51, in-line with 38.2% and 50% Fibonacci retracement and 50MA. RSI is also indicating a bearish momentum looking to retest bullish ascending trendline. If prices break 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. Open / Comment

2021-07-12 08:05:18 #DXY (Intraday perspective: Bullish pressure above 92.083)
Prices 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

2021-07-12 08:04:39 #Risk sentiment on Monday is slightly mixed. The market waits for the major slew of earning reports from major companies starting with big banks like JPMorgan, Morgan Stanley, Goldmann Sachs, Citigroup. Investors will also be looking out for the spread of the delta variant coronavirus as Sydney and Japan continue their lockdown state and emergency respectively. 10 year treasury yield held steady on Friday with equities recovering from the sell off on Thursday. Open / Comment

2021-07-09 08:25:58 #UKOIL (Intraday perspective: Upside potential above 74.04)
Price broke above descending trendline resistance (now support). With price now holding above moving average, we see a medium probability bullish scenario where a further push up above 23.6% Fibonacci retracement and 74.04 support could be possible, with 75.10 resistance as a near term target. Otherwise, failure to hold above 74.04 will see price dip lower towards 73.58 support instead. Open / Comment

2021-07-09 08:25:22 #GOLD (Intraday perspective: Bearish below 1,815)
Gold retested 1,815 and faced bearish pressure. We are seeing a medium-probability scenario where prices drop to retest support at 1,790.51, in-line with 38.2% and 50% Fibonacci retracement and 50MA. Stochastic is also indicating a bearish momentum looking to retest bullish breakout descending trendline. If prices break 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. Open / Comment

2021-07-09 08:24:12 #DXY (Intraday perspective: Bullish pressure above 92.358)
Prices might take support on horizontal pullback support in line with 61.8% FIbonacci retracement and 61.8% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 100% Fibonacci extension and 161.8% Fibonacci retracement. If prices push down, prices might take support on horizontal pullback support in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension. Ichimoku cloud is below prices, showing a bullish pressure for prices. Open / Comment

2021-07-09 08:22:14 #Risk sentiment on Friday is rather mixed but slightly leaning towards a more risk off sentiment. Asian stocks and U.S equities both lowered on Friday as there is growing anxiety about the spread of the Delta coronavirus variant which could hamper the global economic recovery. Treasuries trimmed a rally and the dollar edged up. U.S government bonds pared an overnight advance. Oil traded around $73 a barrel. Open / Comment

2021-07-08 08:56:25 #UKOIL (Intraday perspective: Downside potential below 73.68)
Price is holding between 73.89 resistance and 72.24 support. With technical indicators showing room for further bearish momentum, a short term drop below 73.89 resistance towards 72.24 support could be likely. Failure to hold below 73.89 resistance will see price swing the other way towards 74.68 resistance instead. Open / Comment