AUD/USD broke below 0.7472 support and extended its downside movement from 0.7813 to as low as 0.7424. Further decline could be expected in a couple of days, and next target would be at 0.7300 area. Key resistance is now at 0.7560, only a breakout of this level could signal completion of the downtrend.
In 2017, the revenue that the city of Philadelphia saw from its controversial soda tax fell far short of city leaders’ expectation that it would bring in $92.4 million in its first year. So much so that the city’s mayor, Jim Kenney, scaled back his ambitions for how much money the city would collect in the future to match…
Cooper Tire (CTB) makes tires for vehicles. The industry is going through a difficult period, with recent sales below expectations, causing promotional pricing that further compounds the problem. Because it is a high fixed-cost industry (manufacturing), revenue shortfalls like those experienced right now cause big changes on the bottom line. For example, this year’s headline…
Roxanne by the Police. Or do you? That’s just it. The market is pretty tough to read right now. How will the US pulling out of the Iran deal play out? The immediate response was gold, silver, and soft commodities rallying. And equities, especially the Russell 2000 and Transportation, after testing the top end of the…
Tuesday’s only winner in top 10 was IOTA, after the IOTA foundation announced it would work together with German automaker Porsche on the Program 4 project. IOTA, who is working on creating more solutions in real-world case usage, will work together with Porsche along with other startups on this program which is focused on smart…
Asian shares are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.4% while the Hang Seng is also up 0.4%. The Shanghai Composite is trading up by 0.1%. US stocks closed little changed on Tuesday after President Donald Trump announced he was withdrawing the US from the Iran nuclear deal signed three years…
Gold has traded in a drifting rectangle pattern for most of this year. The rectangle pattern on the daily chart is part of a huge weekly chart base pattern. That has been forming for about five years. Note the enormous increase in trading volume over the past two years. This is extremely positive technical action. Trump…
Market Analysis The market’s attention has been on S. America’s soybean prospects and trade statements from the capitols of China and the US over the past 8-12 weeks. Reports from the two main soybean producing countries have continued their basic trends with disappointing Argentine harvest reports that has been slowed by recent heavy rains and…
After a banner year, the emerging markets thrived in the first quarter of 2018 too, courtesy of cheap monetary policies, a strong global economy, rising commodity prices, and a weak dollar. The trend seems to be reversing now as the greenback has gained strong momentum, triggering a selling spree in the emerging market currencies. Notably,…
Over the years I have written extensively about gold and from an intraday speculative perspective there is, of course, always money to be made, whether long or short. But for the longer term investor in gold these are tough times where patience in abundance is required, which is why I have moved to the monthly…
