Confluence Watch: USD/JPY Approaching Interesting Location
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- May 14, 2024
Short-term price action (H1) on the USD/JPY is currently worthy of the watchlist. The pair has ended in the green six times out of the last seven trading days, assuming today ends positively. We have also recently witnessed the unit break above resistance at ¥156.28 and retest this level as support and test the mettle
READ MOREUpcoming Earnings Release: Alibaba (ticker: BABA) is scheduled to report earnings today before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $0.92. The reported EPS for the same quarter a year prior was $1.15. Bullish Breakout Suggests an Uptrend The first and probably most obvious observation on the
READ MOREFirst out of the gate tomorrow, UK employment numbers and wage data will be seen at 6:00 am GMT. Employment and unemployment metrics are still considered unstable data in light of the survey issues. Therefore, attention will be firmly on wage numbers. Deceleration in Wages Despite CPI inflation slowing and on course to reach the
READ MOREUpcoming Earnings Release: Baidu, Inc. ADS (ticker: BIDU) is scheduled to report earnings on 16 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.90. The reported EPS for the same quarter a year prior was $1.81. Bulls Starting to Show Ahead of Earnings There is some
READ MOREXJO WEEKLY Price structure: Consolidation Last week a higher low and higher high has moved off the 7632 all-time high-level set in August 2021. The index has now remained at or around this level for the past 20 weeks. The rising wedge pattern broke to the low side with the impulsive move, the current rally
READ MOREControl changed hands in the gold space (XAU/USD) last week; buyers strengthened their grip, adding +2.5% and snapping a two-week losing streak a whisker off all-time highs of $2,431. Technicals Favouring Buyers Last week’s move was (technically) aided by support on the daily timeframe coming in from $2,280, a level which the Research Team were
READ MORESterling ended the week a touch lower versus the US dollar, down -0.2% and snapping a two-week bullish phase. As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could
READ MOREEurope’s shared currency eked out a marginal gain of +0.1% versus its US counterpart last week, marking a fourth straight week in positive territory for the major currency pair. This will be a watched market ahead of Wednesday’s US CPI print, with technicals suggesting a move higher in EUR/USD from short-term support. Long-Term Picture There
READ MOREUpcoming Earnings Release: Cisco Systems, Inc. (ticker: CSCO) is scheduled to report earnings after the market closes on 15 May. The consensus EPS estimate for the fiscal quarter ending April 2024 is $0.70, while the reported EPS for the same quarter a year prior was $0.88. Short-Term Upside Possible, Targeting Resistance With earnings ahead next
READ MOREUpcoming Earnings Release: Walmart Inc. (ticker: WMT) is scheduled to report earnings before the market opens on 16 May. The consensus EPS estimate for the fiscal quarter ending April 2024 is $0.52, while the reported EPS for the same quarter a year prior was $0.49. Strong Technical Evidence Supporting Buyers Ahead of next week’s earnings,
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: NZD/USD Responding from AB=CD Resistance Daily Timeframe – Since the beginning of the year, the New Zealand dollar (NZD) has been on the ropes against the US dollar (USD),
READ MOREUpcoming Earnings Release: Airbnb, Inc. (ticker ABNB) is scheduled to report earnings today after the market closes. The consensus EPS estimate for the fiscal quarter ending March 2024 is $0.23, while the reported EPS for the same quarter a year prior was $0.18. Buyers Preparing to Show? Airbnb is quite an interesting stock to monitor
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