Gold has been the best mover to start the week and has made a 4hr chart breakout above a 10-month Bull Flag trend line. The GBP pairs have edged higher too and I suspect this is due to optimism with the easing of Covid restrictions. Apart from that, there isn’t much momentum around so keep […]
Last week: There was another noteworthy event last week and this was the print of much higher than expected US CPI data. The higher inflation data raised the specter of higher interest rates and this certainly spooked stock traders and investors and soured risk sentiment. So much so, that the S&P500 and DJIA have printed […]
I am not a crypto trader but listened to a very interesting podcast over the weekend that focused on Dogecoin. The link to this 37 minute NY Times podcast is here and is well worth a listen. This podcast piqued my interest and got me checking the chart of DOGE/USD and my findings are below.
The 12-month support trend line kicked in for the S&P500 last session but will be in focus again today with Friday’s trade as US Retail Sales data is released. The US$ was little changed and, thus, so were most FX pairs.
US CPI data came in better than expected which has raised inflation fear sending US stocks lower and the US$ higher. However, this comment on the data should be noted. The Aussie and Kiwi were the hardest hit by the US$ strength and triggered new breakouts.