Currency futures closed lower on Friday as the dollar strengthened on more signs the US economy was resilient. Data released on Friday on the manufacturing sector revealed a strong economy that could allow the Federal Reserve to hold higher interest rates for longer. US factory production (Source: Federal Reserve) Data revealed a recovery in factory Read More…
Analysis
Crude Oil Futures (CL) Technical Analysis
Crude Oil Weekly Chart The weekly shows significant support around the $67 level, which has been tested multiple times since mid-2021, establishing it as a ‘Huge Support’ zone. The volume profile on the left shows a lot of trading activity around these levels, painting the point of control within that support zone. Bears have not Read More…
US Wholesale Inflation Surge Sends Interest Futures Plummeting
Interest futures, including the US Treasury Bond, fell on Thursday after data revealed a jump in US wholesale inflation. As a result, investors lost a bit of confidence that the Fed would cut rates in June. This led to an increase in short-term Treasury yields, reflecting interest rate expectations. US consumer and wholesale inflation (Source: Read More…
Oil Prices Spike 3% as Crude Stockpiles Shrink
Oil prices rose almost 3% on Wednesday due to a surprise draw in crude inventories. Moreover, there was a bigger-than-expected decline in US gasoline stocks, indicating robust demand and a looming tightness in the market. US crude inventories (Source: EIA) Notably, economists had expected a 1.3 million barrel increase in crude inventories. However, the Energy Read More…
Bitcoin’s Bullish Surge Eyes Extended Rally to Six Figures: Technical Analysis
Bitcoin Futures continue to fly as the cryptocurrency has secured a position among the top assets in the world. The recent move above $69,435 has traders considering the possibility of an extended rally, potentially reaching the Fibonacci extension level of $102,975, which may be the next cycle high. The Relative Strength Index on the daily Read More…
Dollar Index in a Tight Coil, Technical Analysis
The U.S. Dollar Index is forming a converging pattern on the weekly chart, suggesting a potential breakout could happen soon. This pattern is known as a symmetrical triangle, and it often leads to significant price movements after a period of consolidation following an upward move. Weekly Looking at the weekly chart, the DXY is in Read More…