The cryptocurrency market finally saw some love on Tuesday, with Litecoin leading the way. Litecoin saw a 15% gain following days of consolidation around the 118 support level. It briefly tested the 137 resistance level before pulling back a bit towards the end of the trading day. This level is important because it has acted…
If the road to Hell is paved with good intentions, in economic terms the paving is done by zombies. We’ve all heard of the convention regarding Japanification. In desperation trying to avoid a worse fate, many of Japan’s tortured financial institutions were left open and operating so as to not force losses too much at…
by Philip Pilkington The other day my friend Rohan Grey – a lawyer and one of the key organisers behind the excellent Modern Money Network (bringing Post-Keynesian economics to Columbia Law School, yes please!) – directed me to an absolutely fascinating piece of writing. It is called ‘Taxes For Revenue Are Obsolete’ and it was written in 1945 by Beardsley…
Gold prices dropped $7.98 an ounce on Tuesday, pressured by climbing stocks and a strong dollar. Some chart-based selling was also behind gold’s 0.59% drop yesterday. XAU/USD headed back to the anticipated support in the $1329-$1328 area after the market failed to climb above the 4-hourly Ichimoku cloud. The market will focus on upcoming economic…
Yesterday, oil prices marked their sharpest one-day decline since February, following the markets as a whole. By 2:30 P.M. Eastern, the West Texas Intermediate (WTI) had dropped 3% for the day, while Brent was down 2.3%. Before Monday’s drop, both WTI and Brent were in the middle of an impressive rally – WTI had been…
The Aussie continued to climb this morning following the release of the retail sales. For the month of February, the MoM retail sales increased by 0.6%, which was higher than the 0.3% and last month’s 0.2%. This was a surprising increase coming a day after the Reserve Bank of Australia (RBA) left interest rates unchanged….
Wednesday’s stock picks: Long Square (SQ) Long Microsoft (MSFT) Short Huntington Bancshares (HBAN)
USD/JPY 4 hour The USD/JPY seems to be building a larger consolidation zone, which could be explained by a wave 4 correction (blue). Price did break above a resistance trend line (red) but still remains below shallow Fib levels such as the 38.2-50% Fibs. A bullish break above those levels would change the wave perspective…
USDCAD broke below 1.2803 support, suggesting that the downside movement from 1.3124 has resumed. Further decline could be expected in a couple of days and next target would be at 1.2650 area. Resistance levels are at 1.2860 and 1.2948, only break above these levels could signal completion of the downtrend.
The US Dollar put in a rather mixed performance on Tuesday, though it did rise towards the end of the day alongside local front-end government bond yields. There, sentiment improved on reports that the White House is not pursuing Trump’s attacks on Amazon. Perhaps a lack of critical event risk alongside a better mood paved the way for…
