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Markets mostly turned lower on Tuesday
Information is not investment advice
Ichimoku Kinko Hyo
AUD/JPY: The AUD/JPY pair is now testing the upper level of the Kumo. An upward wave would lead the exchange rate to retest the previous peak. On the other hand, a break back below the upper level of the Kumo will push the market within the cloud, with further bearish implications.
Yesterday we saw one of the first indicators in regards to the impact on the Russian economy as the service PMI for March falls to 38.1 from 52.1 in February. The decline in business activity and new orders (both domestic and foreign) explains the setback as firms also cut back on staffing amid weak demand. Looking ahead, further decline in the indices can be anticipated as western supplies are further curtailed over time plus new sanctions being considered, suggesting that the worst has not been seen yet.
Yesterday EU announced that they are set to stop buying Russian coal in the next leg of sanctions, and only ending oil and gas at a later stage, however a date was not specified.
In the equity space, markets mostly turned lower on Tuesday. Value outperformed growth by more than 100bp and defensive stocks beat cyclicals. Dow Jones closed lower by -0.8%, S&P500 -1.3% and NASDAQ -2.3%.
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Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus