Ivan Delgado is a decade-long Forex Trader. Feel free to follow Ivan on Youtube. Join thousands of traders who follow Ivan's insights to increase their profitability rate by learning the ins and outs of how to read and trade financial markets. Ivan has you covered with in-depth technical market analysis to help you turn the corner.
The Daily Edge is authored by Ivan Delgado, Market Insights Commentator at Global Prime. The purpose of this content is to provide an assessment of the market conditions. The report takes an in-depth look of market dynamics, factoring in fundamentals, technicals, inter-market in order to determine daily biases and assist one’s decisions on a regular basis. Feel free to follow Ivan on Twitter & Youtube.
The tormented state of affairs in global bond yields just days after the US and China agreed to a trade truce is a clear indication that it’s going to take a lot more than just promises of a resumption in trade talks if the market is to keep buying into the idea of risk trades. BoE’s Goveor Caey was the last key actor to wa, rightly so, that as the tactics of protectionist policies by the US pans out, the global economy not only is on tenterhooks but if tensions continue it may “shipwreck” prospects for growth. It is also clear that the reversal in global yields back in line with the main macro trend means the market has ‘moved on’ from any G20-induced paraphealia to be fixated back to the path of global central bank easing. The Japanese Yen’s strong appreciation against most currencies is the proof in the pudding that risk is far from conducive, as is the sell-off in Crude Oil despite OPEC agreed to extend production cuts for nine months tells, which us a similar story. Meanwhile, the ballistic move back up in Gold, tells us global easing cycles remain the true catalyst to keep the bull run going strong. Interestingly, the two most heavily traded currencies, the EUR, and USD, both performed poorly, even if it was the Sterling that had the worst daily run as the market comes to terms about the pessimistic outlook by BoE’s Goveor Caey. The diversification of flows favored the AUD and CAD although aggregated tick volume in both indices does not suggest further continuation with Intermarket flows not backing up the trends (Lower Yuan and Oil).
* The Information is gathered after scanning top publications including the FT, WSJ, Reuters, Bloomberg, ForexLive, Institutional Bank Research reports.
EUR/USD: 100% Proj Target Pauses Move Down, Sellers Step In At Resistance
GBP/USD: Bearish Outlook Persists, Cluster Of Bids Found at Proj Target
AUD/USD: Looking Rather Expensive Based On Intermarket Flows
USD/JPY: Bullish Outlook Negated, Testing Critical Support
Crude Oil: Focus Clearly Shifts To Sell Rallies
Gold: Upside Breakout Of Descending Trendline In-Line w/ Main Technical Trend