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Copper remains beaten down

June 20, 2016 Anna 0

Last week’s price action on the daily copper chart once again reflected the congestion phase for the base metal that has been building steadily since […]

Forex

Nice clear signal on GBP/USD as Europe underway at 7am on 5min chart. Solid buy on excellent volume and 40 pips plus move. Now looking at London as trend up stalled on falling volume and rising price with weakness on the two candles. ... See MoreSee Less

Nice clear signal on GBP/USD as Europe underway at 7am on 5min chart. Solid buy on excellent volume and 40 pips plus move. Now looking at London as trend up stalled on falling volume and rising price with weakness on the two candles.

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Last day of the month, and half year end so expect some rotation and position squaring.

We also have some big option expiries today, most notably 1.25bn for cable with a strike of 1.35. I said yesterday this was the level to watch in the NY session & although pair did manage to peek above it, cable ended the session at 1.3426.

Ahead of London open cable has moved off the VPOC at 1.34, but keep in mind the 1.35 strike price. ... See MoreSee Less

Last day of the month, and half year end so expect some rotation and position squaring.

We also have some big option expiries today, most notably 1.25bn for cable with a strike of 1.35. I said yesterday this was the level to watch in the NY session & although pair did manage to peek above it, cable ended the session at 1.3426.

Ahead of London open cable has moved off the VPOC at 1.34, but keep in mind the 1.35 strike price.

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Thank you for coming along to this morning's forex webinar where we looked at the signal and noise for GBP, & how despite what you may be hearing in main stream media, financial media, twitter, facebook etc sterling hasn't quite died yet.

Bounce higher in cable is expected given the extent of last week's fall, and the question now is on how sustainable is the current move, or whether we can expect further weakness.

As traders we need to decide on our own time horizon as there will be opportunities to trade GBP both to the long and short side, but the 'noise' surrounding us may make this a little more tricky than usual.

Today's daily chart for cable has seen the pair push higher, and as we wait for the start of the US session will be keeping a close eye on the USD to see if this morning's momentum for cable can be maintained.

Key levels for cable so far are 1.34 which is providing a nice platform of support, but the high of the session is only at 1.3454 - so may be worth waiting to see what happens this afternoon.

Our next webinar is at 2.15 London time - hope you can come along. ... See MoreSee Less

Thank you for coming along to this mornings forex webinar where we looked at the signal and noise for GBP, & how despite what you may be hearing in main stream media, financial media, twitter, facebook etc sterling hasnt quite died yet.  

Bounce higher in cable is expected given the extent of last weeks fall, and the question now is on how sustainable is the current move, or whether we can expect further weakness. 

As traders we need to decide on our own time horizon as there will be opportunities to trade GBP both to the long and short side, but the noise surrounding us may make this a little more tricky than usual.

Todays daily chart for cable has seen the pair push higher, and as we wait for the start of the US session will be keeping a close eye on the USD to see if this mornings momentum for cable can be maintained. 

Key levels for cable so far are 1.34 which is providing a nice platform of support, but the high of the session is only at 1.3454 - so may be worth waiting to see what happens this afternoon.

Our next webinar is at 2.15 London time - hope you can come along.

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Signal or noise? A question for today's webinars. First one starts at 7.45 London time. Hope you can come along. ... See MoreSee Less

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Stocks

Volatility picking up on the VIX ahead of Brexit with some solid moves higher, but with the volatility indicator triggered on the daily chart expect to see the index retrace inside the spread of the candle with consequent return of bullish sentiment for US equities. VIX continues to find very strong support in the 12.50 area with the VPOC remaining firmly in the 14 region. ... See MoreSee Less

Volatility picking up on the VIX ahead of Brexit with some solid moves higher, but with the volatility indicator triggered on the daily chart expect to see the index retrace inside the spread of the candle with consequent return of bullish sentiment for US equities. VIX continues to find very strong support in the 12.50 area with the VPOC remaining firmly in the 14 region.

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Commodities

Given what happened during the Brexit referendum, no great surprise to see such a huge move in gold, resulting (not unexpectedly) in a massive volatility candle. And, as expected, price has duly retreated to within the spread of last Friday's candle with gold not trading at $1317 per ounce at time of writing.

$1317 is also an important level on the monthly gold chart, as it marks the upper resistance of a congestion band which goes back as far as 2013. Any breach is clearly significant, but for gold to continue higher we must see a strong close above this level. If and when this does occur the precious metal will then have the necessary platform to move significantly higher. ... See MoreSee Less

Given what happened during the Brexit referendum, no great surprise to see such a huge move in gold, resulting (not unexpectedly) in a massive volatility candle. And, as expected, price has duly retreated to within the spread of last Fridays candle with gold not trading at $1317 per ounce at time of writing.

$1317 is also an important level on the monthly gold chart, as it marks the upper resistance of a congestion band which goes back as far as 2013. Any breach is clearly significant, but for gold to continue higher we must see a strong close above this level. If and when this does occur the precious metal will then have the necessary platform to move significantly higher.

Crude oil ticking up in early trading on the faster charts with steady volume pushing higher on Globex. Now looking to recover the $50 per barrel region once again ... See MoreSee Less

Crude oil ticking up in early trading on the faster charts with steady volume pushing higher on Globex. Now looking to recover the $50 per barrel region once again

This has been one of the great trends of the last couple of months in soybean. It was a chart I used at a paid event in April for a group of traders as we explained the principles of volume price analysis and in this example using volume to confirm breakouts and breakaways.

At the time soy bean was trading at 940 and just moving higher from the congestion phase. Patience as always rewarded! Strong volume confirming the move with further confirming signals as the subsequent phases developed! Now topping out at 1200 ... See MoreSee Less

This has been one of the great trends of the last couple of months in soybean. It was a chart I used at a paid event in April for a group of traders as we explained the principles of volume price analysis and in this example using volume to confirm breakouts and breakaways. 

At the time soy bean was trading at 940 and just moving higher from the congestion phase. Patience as always rewarded! Strong volume confirming the move with further confirming signals as the subsequent phases developed! Now topping out at 1200

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