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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.
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Market Blast Video - 08.01.2019

We have seen a bit of a New Year’s rally in the stock indices but we may just be heading back to resistance either to an upper trend line or to the 50 day moving average so we will monitor this.

Also, many analysts use the 50 day moving average, combined with the 200 day moving average, to look for a cross to the downside indicating a time to sell.

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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.
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Market Recap: 2 - 4 January

 

 
On Wednesday last week we covered the AUDUSD which since writing, had a ridiculously volatile finish to the week moving violently within a two hour window. The move saw it fall to its lowest level in many years below 0.67. As quickly as it fell, it was bought up strongly moving it back slowly towards to the key 0.7050 level. This level propped up the currency pair well throughout October. The AUDUSD finished the week back above this level at a two week high. The next key level of 0.7150 is back within the picture as this may provide some resistance should the AUDUSD continue to rally higher.
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XAUUSD - Surges to Six Month High on Rising Fears of Economic Slowdown

 

 
In the last couple of weeks gold has surged strongly higher to a six month high around $1295 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. After struggling with the resistance level at the $1240 level for several weeks, it fell back to another key level of $1200 where it bounced off strongly. The $1240 level provided some support in July and more recently pushed gold lower in October, so it is significant that it has now broken higher. The market will now be watching the $1300 level as this level was significant earlier last year.
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ETHUSD - Recovers Well to $160 as Hard Fork Looms

 

 
Ethereum (ETHUSD) has enjoyed its last few weeks and into the new year by moving very strongly from multi-year lows near $80 back up to around $160 in the last 24 hours. It has met some resistance at the latter level in the last couple of weeks which has seen Ethereum sold off a little. Given its momentum in its recent run, it wouldn’t surprise many to see it break through the resistance at $160 and threaten to return to the next potential significant level of $190. Ethereum enjoyed support from the $190 level for a couple of months before it broke down strongly through this level down to the multi-year lows close to $80.
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EURUSD - Drops Sharply But Eyes Off Support from 1.13 Level

 

 
The EURUSD has been content to trade within a narrow range for the last month or so enjoying support from the current key level of 1.13 and moving up to touch the 1.15 level in the last 24 hours. In the last 24 hours however, the EURUSD has fallen sharply in its largest fall in several months however it will be eyeing off the support at 1.13 again. The 1.13 level has become quite significant of late, and even though it has fallen through this level a few times, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide strong support should the EURUSD attempt to decline again.
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AUDUSD - Attempting to Grasp to Key 0.7050 Level after RBA Warns on Growth

 

 
The AUDUSD didn’t finish 2018 very well falling strongly throughout December to hit a three year low around 0.7017 a few days ago. In the last week or so it has attempted to remain within touch of the key 0.7050 level, which propped up the currency pair well throughout October. A few weeks ago the AUDUSD enjoyed some much needed support from the 0.7150, after this level played a role in the last couple of months with the currency pair bouncing off this level several times, however this level gave way to immense selling pressure which saw the AUDUSD fall from near 0.74 to its current trading levels.
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Market Blast Video - 24.12.2018

The markets opened today with many weekend gaps on USD pairs and Gold with unrest in the White House and uncertainty over US government funding.

Let’s see if these gaps close this week with many markets closed for Christmas.

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XAUUSD - Surges to Five Month High after Fed Raises Rates

 

 
In the last 24 hours gold has surged strongly higher to a five month high above $1265 after enjoying some solid support from the key $1240 level. For the last couple of weeks gold has 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. After struggling with the resistance level at the $1240 level for several weeks, it fell back to another key level of $1200 where it bounced off strongly. The $1240 level provided some support in July and more recently pushed gold lower in October, so it is significant that it has now broken higher. For the most part in the last couple of months gold has made a home in between two key levels of $1200 and $1240, and the markets were watching closely to see which way the next big move might be.
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