Forecasts & Analysis, Page 4

The rebound in China’s economy did little to excite investors despite GDP, retail sales, industrial production, and fixed asset investments all showing signs of improvement.

The pair had risen yesterday following strong Chinese macro data. Today, it needs something more of power to impress the euro bulls.

NEO is on the move early. Support from the broader market could bring $11.50 levels into play later in the day…

The bulls are out early. Will this be a defining crypto moment?

Based on the early trade, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the price cluster at .7154 to .7153.

February’s employment report was mixed and in this week’s Reserve Bank of Australia minutes, the central bank didn’t sound too excited about the upcoming report. In the minutes, the RBA said that an uptrend in the unemployment rate would open the door to a rate cut.

Based on the early price action and yesterday’s close at 112.077, the direction of the USD/JPY on Thursday is likely to be determined by trader reaction to yesterday’s high at 112.170.

Based on Wednesday’s price action and yesterday’s close at 7689.75, the direction of the June E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the pivot at 7666.00.

Based on yesterday’s close and the current price at .6725, the direction of the NZD/USD on Thursday is likely to be determined by trader reaction to the major Fibonacci level at .6725.

Energy demand declined year over year

Natural gas prices are oversold

Gold dips but prices are oversold

Stock markets continue to struggle during the day on Wednesday, as we have hit a major high as of late. Overall, the market continues to be very choppy and difficult, but that makes sense considering we are in the middle of earnings season.

The Silver markets initially tried to rally during the day on Wednesday but then pulled back a bit to form a less than impressive candlestick. However, there is significant support underneath so it’s very likely that we need to make a serious decision.

Crude oil markets continue to press resistance overhead, but at this point it seems as if we aren’t quite ready to make a significant move. With that being the case, it’s very likely that we will continue to chop around with an upward bias.

Natural gas markets fell during the day on Wednesday, reaching towards the bottom of the support region that we have been paying attention to. Because of this, the next 24 hour should be rather interesting.

Gold markets initially tried to rally during the trading session on Wednesday but gave back the gains to test the crucial support level that I have marked on the chart.

The US dollar continues to face resistance against the Japanese yen, as the ¥112 level has been crucial. If we break down, there is significant support just below as well. In other words, we are essentially stuck in a bit of a range.

British pound traders were a bit bored during trading on Wednesday, as the market simply isn’t going anywhere. When you look at the longer-term charts though, you can see that we are in consolidation but drifting lower.

The British pound went back and forth against the Japanese yen on Wednesday, essentially doing nothing as we hover around the ¥146 level. At this point though, there are couple of places to pay attention to on the chart.