Microsoft Spikes HigherShares in tech giant Microsoft are trading higher today ahead of the US open after the group posted another stellar set of results last night for Q1. This marks the seventh straight quarter of earnings growth for Microsoft. On the headline numbers, Microsoft posted Q1 EPS of $2.94 vs $2.84 expected on revenues of $61.86 billion vs $60.86 billion expected. Year-on-year, the company saw its revenues jumping by 17%. The standout gains for Microsoft came from its cloud services which recorded a 31% surge in revenues, well above Wall Street forecasts.AI GainsThe company has b ..read more

Greenback flexes its muscles, propelling EUR/USD to cling to the lower 1.070s range in the wake of robust US inflation figures unveiled by the Personal Consumption Expenditures (PCE) report. The data, showcasing a steeper-than-anticipated climb in the Fed's preferred inflation metric, rings alarm bells as it breaches market forecasts.March's annual PCE inflation notches a resilient 2.7%, surpassing February's 2.5%, and notably eclipsing market expectations by 0.1%. This uptick signals an escalating inflationary environment in the US since the year's inception, aligning closely with revised mar ..read more

TitleRising into ResistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 2,343.74 which is an overlap resistance that aligns close to the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 2,315.66 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 2,361.50 which is a pullback resistance that sits above the 50.0% Fibonacci retracement levelTo discuss this trading idea, head over to Tickmill Traders Club wh ..read more

US GDP Misses MarkThe US Dollar continues to soften on Friday as traders digest a weaker-than-forecast advanced GDP print yesterday. The first look at Q1 GDP came in at 1.6%, down from the prior quarter’s 3.4% and well below the 2.5% the market was looking for. At this level GDP growth in the US has fallen back to its lowest levels since early 2022.  Looking at the breakdown of the data, consumer spending weakened sharply via a drop in goods consumption. Government spending was much weaker with exports down also. Non-residential investment was also seen falling.Data Weakness ShowingWhile ..read more

TitlePullback Resistance at 61.8% Fibonacci RetracementTypeBearish ReversalPreference:Price is rising towards the pivot point of 89.72 which is a pullback resistance that aligns close to the 61.8% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 87.56 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 91.19 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement level.To discuss this trading idea, head over to Tic ..read more

Daily Market Outlook, April 26, 2024Munnelly’s Macro Minute…“US Tech Earnings Boost Sentiment In A Whipsaw Week, PCE Next”Asian equities saw gains today following strong US tech earnings, rebounding from yesterday's sell-off in both US equities and bonds triggered by Q1 GDP data showing slower growth and stronger inflation than anticipated. Overnight, the Bank of Japan kept short-term interest rates unchanged, as expected, maintaining them in the 0%-0.1% range after shifting them out of negative territory last month.UK GfK consumer confidence for April was released earlier, with the headline i ..read more

JPY VolatilityTraders are questioning whether we’re seeing the first signs of intervention today by Japanese authorities after USDJPY suddenly plunged around 1.2% before reversing the losses immediately. Overnight, the BOJ held policy unchanged, defying those expecting a policy response on the back of recent JPY deterioration. The bank reaffirmed its message that it does not target FX rates directly with monetary policy but will continue to monitor markets. Governor Ueda warned that rapid JPY depreciation is not desirable and the bank will intervene if necessary but so far, sees no need to.Fla ..read more

TitlePullback Resistance at 50% Fibonacci RetracementTypeBearish ReversalPreference:Price is rising towards the pivot point of 0.5972 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.5925 which is an overlap support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.6013 which is a pullback resistance that sits above the 61.8% Fibonacci retracement level.To discuss this trading idea, head over to Tickmil ..read more

TitleApproaching Overlap SupportTypeBullish BouncePreference:Price is falling towards the pivot point of 0.9119 which is an overlap support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.9151 which is a pullback resistance level.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 0.9105 which is a pullback support level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts ..read more

TitleApproaching Pullback SupportTypeBullish BouncePreference:Price is falling towards the pivot point of 1.3656 which is a pullback support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.3728 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 1.3627 which is a pullback support that aligns close to the 78.6% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where ..read more