CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.97% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Click here to read full risk warning

Recent Posts by Stuart McPhee

EURUSD - Returns to Trading Range Below 1.15 as Draghi Warns on Growth

 

 
In the last week or so the EURUSD has dropped from a three month high near 1.1570 and returned back below the key 1.15 level. For the last couple of months now the EURUSD has been content to trade within a narrow range enjoying support from the other current key level of 1.13 and meeting resistance at the 1.15 level. It is interesting to note that its recent excursion above 1.15 didn’t last long as it was quickly sold down at those three month highs.
Read More

GBPUSD - Near 1.29 after No Confidence Vote and Despite Massive Brexit Defeat

 

 
In the last month the GBPUSD has slowly but steadily climbed higher from a two year low below 1.25 up to the current key level of 1.27 and beyond, reaching a two month high above 1.29 in the last few days. As expected it met some resistance from the 1.27 level in the last few weeks as multiple attempts to push higher were thwarted and now that it has cleared, it is now experiencing some support from this same level.
Read More

AUDUSD - Rallies to Five Week High Above 0.72 Despite RBA Warnings

 

 
In the last couple of weeks the AUDUSD has done very well to rally from its lowest level in many years below 0.67 up to a five week high in the last few days back above 0.72. It has eased a little in the last couple of days however it has done well to move back above the key level of 0.7150, and this level may provide some additional support like it has previously. The AUDUSD didn’t finish 2018 very well falling strongly throughout December to hit a three year low just below 0.7050 before dropping sharply down to below 0.67 and regaining lost ground just as quickly as it fell. 
Read More

XAUUSD - Stuck at Resistance at $1300 as China Disappoints

 

 
In the last week or so gold has met stiff resistance at the current key level of $1300, after enjoying a healthy surge higher. This push higher saw gold move to a six month high just shy of $1300 after enjoying some solid support from the key $1240 level and the $1200 level before that. For a couple of weeks before the push higher gold consolidated a little resting on support at $1240 after making a strong rally back towards this level, which had become significant when it offered reasonable resistance halting its climb a couple of months ago.
Read More

Market Recap: 7 - 11 January

 

 
On Tuesday last week we covered UK Oil which since writing has continued to move higher to multi-week highs above $62, before easing a little to start the new week. The current key level remains $58, as it has met some resistance at this level around a week ago and eased lower, which was to be expected after this level offered strong support to oil to finish last year. 
Read More

GBPUSD - Looking for Support at 1.27 Again as Brexit Future Unknown

 

 
In the last month the GBPUSD has slowly but steadily climbed higher from a two year low below 1.25 up to the current key level of 1.27 and beyond. As expected it met some resistance from the 1.27 level in the last few weeks as multiple attempts to push higher were thwarted and now that it has cleared, it is now experiencing some support from this same level. In early December, the 1.27 level gave way to immense selling pressure, after the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the few months prior.
Read More

BTCUSD - Consolidates Around $4000

 

 
In the last few weeks Bitcoin (BTCUSD) has been content to trade right around the current key level of $4000 as the volatility has almost halved in the last month. Several weeks ago Bitcoin was able to rally higher and move away from the support level at $3300 pushing up to a three week high just above $4000 before commencing the consolidation period. In the couple of weeks prior to the rally, it consolidated a little as it received some much needed support from around the $3300 level, after dropping sharply in November. This drop saw BTCUSD drop to its lowest levels for 2018 after having been quite content to trade right below the key level of $6500 for many weeks. Up against immense selling pressure it dropped sharply to around $5500 before consolidating for several days before dropping even further to below $4300 before the November drop.
Read More

USDCAD - Drops Sharply from 18 Month High above 1.36 as BOC Sits

 

 
The last week or so has seen the USDCAD move sharply from an 18 month high above 1.36 down to the current key level of 1.32, which has remarkably seen a significant move of more than 400 pips in around six days. Throughout the last 12 months the 1.32 level has been significant for the currency pair so you could reasonably expect to see some buying to support the price. For several months in the second half of 2018 the 1.32 level was significant repelling prices lower although in November this level was cleared, which then saw the 1.32 level propping up prices.
Read More

US30 - Rallies Towards Key 24,000 Level as Fed Expected to Pause

 

 
In the last couple of weeks the US30 index has been able to rally well back towards the key 24,000 level after falling to its lowest levels in 18 months below 21,500. December was several weeks the US30 index would rather forget as it fell very sharply down through any support at the 25,000 level and then also through the 24,000 level down to that 18 month low. It is doing well to remain within touch of this level, however many will expect the 24,000 level to offer some resistance should the index return to this level.
Read More

UK Oil - Rallies to Key Level of 58 on OPEC production cuts

 

 
After doom and gloom to close out 2018, oil has started this year in much better spirits rallying well and moving back to the key $58 level. It has however met some resistance at this level and moved back down below, which was to be expected after this level offered strong support to oil to finish last year. Starting at the beginning of October, oil fell sharply from its multi-year high above $86 down to its lowest levels in 12 months below $58 at the end of November before falling lower to 18 month lows a couple of weeks ago. For several weeks, oil was able to find some much needed support from around $58 and enjoy a reprieve from the immense selling pressure which has dominated it for the last couple of months prior, which is why this level has currently significant.
Read More