Market CommentaryMore Market Commentary
The EUR/USD has been in a short term bull move from the lows at 1.1074 in the beginning of August. This is mainly due to a weakness in the US Dollar. This currency pair has hit its secondary bull targets at around the 1.1358 level or the 161.8% of the first leg of the bull move. This zone is also the 61.8% of the 1.1637 - 1.0909 move to the downside. Massive supply is being found and price has tested it twice already.
Right now bulls are recharging at previous lows and the 50% of the last leg...Read More
Starbucks has been on the decline since peaking in early April, and while the chart seems to portray a vicious downtrend it is only down about 10% from those highs. Certainly not a performance to be proud over, but now it appears the stock may have found support at 55 and is ready to rise up again.
There is a higher low on the chart from the June low, a good start. Monday's action was constructive, with strong turnover and heavy option flow . The MACD is turning up and while it's a bit ea...
Aside from eyeing the usual crop condition, export news, and latest weather reports, traders will be given results from various crop tours this week. Pro Farmer’s crop tour and subsequent results could either validate the USDA’s surprising bearish outlook released on August 12th, or could reduce yield and therefore production for this year’s crop. I believe this week’s crop tour could have more influence than in previous years as the USDA called for record yield and production for both beans ...Read More
On Tuesday minutes from the Federal Reserve’s Discount Rate Committee meeting on July 25 were released. A total of 8 regional banks out of 12 asked for an increase in the rate, from 1% to 1.25%, up from 6 of 12 at the previous meeting. The board ultimately decided to keep the rate unchanged at 1%. However, this piece of news confirms that the Fed is getting ever closer to pulling the trigger on another hike. Although economic data pertaining to growth has been somewhat mixed, there is cu...Read More
Crude oil has demonstrated once again how volume-at-price information allows traders in-the-know to stay one step ahead of everyone else.
Crude oil has been marching back to the upside in August, especially since breaking above resistance, now support, at 43.39. This is a key inflection point, initially defined as support by the high-volume area created back in April-May at 43.39 – 44.83. That zone of support ...Read More