Daily Forecast - 30 July 2014
Nat Gas August contract
Natural Gas in a holding pattern above strong 200 week moving average support at 3715/05 & staging a recovery as hoped. Our 3820/25 target was hit again yesterday but a sustained break higher must be seen today to signal more positive action & a move towards strong trend line resistance at 3885/90. Above is much more positive with a gap then to fill at 3930/40 which could well hold the correction at this stage but a break higher should then target 4005/15 for a selling opportunity.
All important 200 week moving average support at 3715/05 is key this week of course. We already know this is our best chance of a low for the 6 week bear trend. Bulls must work hard to defend this level this week if we are to mount a correction in this severely oversold market. Exit shorts & try longs but be aware that we also have longer term Fibonacci support at 9660/50. These are important major longer term levels & a good chance of an end to the steep 6 week sell off.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD remains under pressure above 0.6400
AUD/USD managed to regain some composure and rebounded markedly from Tuesday’s YTD lows in the sub-0.6400 region ahead of the release of the Australian labour market report on Thursday.
EUR/USD faces decent contention around 1.0600
The knee-jerk in the Greenback reignited some buying interest in the risk complex and pushed EUR/USD to three-day highs near 1.0680, rapidly leaving behind the recent yearly low around 1.0600.
Gold eases despite risk-off mood
Gold trades in a relatively tight range near $2,390 in the second half of the day on Wednesday. In the absence of high-tier data releases, investors keep a close eye on headlines surrounding the Iran-Israel conflict.
Ethereum trades around the $3,000 support following a surge in validator queue
Ethereum (ETH) continued a sideways movement on Wednesday as investors seemed to be waiting for an upward or downward price catalyst. Despite the price stagnancy, the ETH validator queue - possibly fueled by the DeFi restaking boom - rose sharply.
Markets stabilize after Powell rules out rate hike, but the signs don’t look good
Markets are volatile right now; however, a relative calm has descended on the market and US. US stocks are down a touch, but the Vix is lower, US Treasury yields are lower, and the dollar is mostly lower vs. its G10 FX counterparts.