市場新聞與洞察

Creating New Monthly Highs Yesterday gold reached a three-month high of $1,239.68 which, as we head into the final quarter of 2018, is once again stirring up price speculation and talk of a change in directional bias. While the fundamental aspects appear to be related to hiccups in global stock markets, we'll focus on the technicals for clues as to how these moves might pan out in the medium to long-term. Before we examine charts on the daily timeframes, I want to highlight something interesting on the hourly which is unfolding at the time of writing.

Looking at the chart below, notice that price action is finding short-term support around the current weekly pivot around the 1225.00 level. You can also see this predominantly sideways pattern which we will discuss further, prompting many analysts to suggest this price region as a sticking point for the metal. XAUUSD Hourly - Candlestick Chart On to the daily chart below, one thing that I am looking for here is some validation for a shift towards a more bullish sentiment, and even from a quick glance, evidence for this scenario is thin on the ground and limited at best.

First up, price action is still trading well below the 200-day moving average (gold line) which suggests the longer-term trend remains bearish. Next, we can see the formation of a bullish flag which initially sparked my interest yesterday, but now looking more like a false breakout with the price rejecting those levels above 1230.00. Of course, the potential is still there for this pattern to develop further.

It would be wise to remain cautious though. XAUUSD Daily - Candlestick Chart The last two aspects of this chart worth noting are that the current RSI (Relative Strength Index) is showing signs of heating up again, pushing up towards those overbought levels seen around the high. We also have a missed weekly pivot at the 1208.00 level which I think may present the next best support level in the short-term.

Both of these elements are arguably bearish for gold. I've included some Ichimoku analysis below, as I believe it showcases the bullish flag pattern a bit clearer than the previous chart. The other reason is to recognise that although price action has managed to punch above the cloud suggesting little resistance, the lagging span (purple line) paints a more subtle story, one of quiet indecision as it sits within the cloud.

This indicator spells a mixed bias from a directional perspective and leads me to believe we could be in for additional sideways moves longer-term. XAUUSD Daily - Ichimoku Chart Depending on which chart you analyse, the general sideways theme is persistent in all of them. In similar fashion to how the Ichimoku chart best illustrated the bullish flag pattern, the point and figure chart below captures this overall sideways movement in my opinion.

XAUUSD - Point & Figure Chart Delving further, we find another potential clue for the recent bullish momentum. Notice the recent sell-off, there was a considerable increase in supply following a rejection of the key resistance area (triple top) at 1350.00 so what we may be witnessing here is the price attempting to consolidate. So, do I believe stock market jitters are causing buyers to step back into gold as a potential flock to safety?

In short, no. While there is undoubtedly a case for this type of activity, I think it's too early to tell. I've also mentioned in previous articles that gold hasn't been behaving as a traditional safe-haven asset of late.

The technical picture is clear; the gold market is uncertain and somewhat confused as shown by the sideways tendencies. At this stage, only a convincing break above 1350.00 would give credit to a more substantial change in overall sentiment and another bullish run. For the time being at least, no doubt the meandering will continue, but overall I remain bearish on the precious metal in the medium to long-term.

By Adam Taylor This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.

Sources: TradingView.com

Friday 7 th July 2017 saw the official start of the two-day G20 summit in Hamburg, Germany, were delegates from 19 countries come together to discuss matters ranging from free trade to Global warming. We have compiled this quick guide to what you can expect from the markets after this year’s summit. What is G20?

The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis. In 2008, the first G20 Leaders’ Summit was held, the main issue discussed was in responding to the global financial crisis. The decisive and coordinated actions boosted consumer and business confidence and supported the first stages of economic recovery.

Who is a member of the G20? The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States and the European Union. The group represents around two thirds of the world's population, and 80% of the world's trade and economic activity.

The G20 is two days of formal meetings, preceded by informal meet-ups. Since last year’s meeting in China, over a quarter of the countries are under new leadership; Donald Trump (USA), Theresa May (UK), Michel Temer (Brazil), Paolo Gentiloni (Italy), Moon Jae-in (South Korea), and Emmanuel Macron (France). What should you expect from the markets?

According to research in 2014 by ECB (European Central Bank) concluded "The big picture arising from our analysis is that effects of G20 summits are small, short-lived, non-systematic and non-robust." Although, they did emphasize they weren’t able to measure the long term impact associated with policy makers becoming familiar with each other and long term trade deals negotiated once the summits had ended. I think it’s vital to add that this study was completed before the era of President Trump. No leader in recent years has so avidly professed his disdain for the current frame work of world trade, believing that the rest of the world is benefiting from America’s weakly negotiated trade deals.

His protectionist views, meaning protecting domestic industry from global competition, would benefit the US economy in the long term if enacted. How will “America First” resonate with the twenty other leaders? It’s impossible to predict, but any statement or plan advancing his wish-listed views would see a global market reaction.

By: Samuel Hertz GO Markets

Since September last year, the British Pound has enjoyed a relatively easy time against the Australian Dollar, often described as a solid bull run. However, many fundamental drivers have turned sour for the Sterling crosses, and with GBPAUD in particular, we may be in for a significant price reversal. What's Driving the Pound Aussie Pairing?

The obvious elephant in the room would be Brexit. For a while, it seemed there might have been light at the end of the tunnel for the UK and the EU, hence the bull run. However just recently, UK Trade Secretary Liam Fox has predicted that the odds of a ‘no deal’ are now as high as 60-40 due to difficulties, and subsequently, the general sense of doom and gloom weighing on the UK economy has reared its ugly head once more.

Australian Dollar Not Resistant To A Few Headaches On the flip side, conditions aren't necessarily much better south of the equator. As a commodity-centric currency, the Australian Dollar is struggling while trade-war-like tensions brew between the US and China. If we add jitters in Turkey creating a sell-off in higher risk currencies, as well as the RBA’s more cautious tone on inflation, the overall picture for AUD appears just as bleak as the Pound Sterling.

Since we've established both currencies have their potholes on the road ahead, let's push the fundamentals aside and discover a potential trading opportunity from a technical perspective which appears to be gaining traction. GBPAUD - Daily Starting with the daily chart above, notice the price action is trading considerably below the 200 day moving average line in gold. It indicates an overall bearish trend so long as the prices continue to close below 1.7657.

A Potential 1000 Pip Move? Well not quite. Based on the latest technical analysis, the formation of a head and shoulders reversal pattern is developing, and should it follow through, we would be looking at a downside target of approximately 965 pips.

How was this estimation reached? Let me explain. Below the chart highlights the developing Head and Shoulders reversal pattern.

Next we draw the neckline in blue. We then measure the distance between the neckline and the top of the head formation and record this figure. Once the price closes below the neckline closest to the right shoulder, we minus the length of this distance to the levels below creating a price target.

In this case, we see a target price of 1.6265 or (1.7230 - 965 = 1.6265). What I find most interesting with this potential price target (1.6265) is the fact that the 1.62 regions have been known to be a substantial area of support back in September last year when the latest bull run first began to emerge. It's almost as if the pair is attempting to return full circle should this move come to fruition.

With both domestic economies currently under fire, it will be tough to know which of these currencies will win the battle and come out on top. If Brexit negotiations are as much of a mess as we're lead to believe in the media, it's only logical that the Pound will haemorrhage across the board and we could see some severe moves such as this. However, given the level of risk out there in the markets at this stage, we could just as quickly see the Australian Dollar lose its footing and tumble down.

By Adam Taylor CFTe This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.

Sources: Tradingview, Bloomberg

The FOMC Meeting is set to be the highlight of the week as it might revive the rising trend of the US dollar. Watchful eyes are glued to the reactions of the financial markets as the new tariffs officially take effect today. The policy divergence between the Fed and other central banks have put the US dollar in the spotlight and traders are keen to see how the Fed will play a probable fourth rate hike in December.

EURUSD Fundamental Analysis The EURUSD pair mainly found support by a weak US dollar last week. As we progressed into a new week, the Germany IFO Business Climate and EX CPI figures will be the main events on the data front for the Euro. Core inflation is expected to remain the same while elevated energy prices should drive headline inflation slightly higher at 2.1%.

On the political front, attention will be on the Italian Budget. Technical Analysis The pair has formed an ascending triangle and the breakout through the resistance level might be the signal of a bullish formation. The uptrend line shows that sellers are losing control and bulls are pushing the pair higher.

It is currently trading around the 1.1740 level, and a firm confirmation above that level could provide bulls with trading opportunities. GBPUSD Fundamental Analysis After the renewed confidence over positive Brexit news, the Sterling is trading on the back foot again. A lack of economic releases on the UK-calendar will cause the pair to be mostly driven by Brexit related news.

Technical Analysis After falling out of the overbought RSI conditions, the Gravestone Doji candle which formed on the weekly chart in an uptrend pattern shows that the selling pressures were able to push prices back down to the opening price of the week. This can signal that the uptrend could be over and long positions should trade cautiously. However, Friday’s sell-off might also be panic-selling so bears should wait and see for a clear down direction to act.

AUDUSD Fundamental Analysis This pair remains vulnerable to the US-Sino trade war. A lack of macroeconomic data during the week with only some releases on Friday will likely stay driven by trade angst. Technical Analysis On the technical side, the pair remains trapped in a bearish channel.

The pair has stayed dampened in since the beginning of the February 2018.

First Quarter Overview - Massive Swings and Volatility in Stock Markets First quarter of the year ended with markets experiencing massive swings and volatility. Higher bond yields, revised inflation expectations and a potential trade war brought fears to the markets, making investors very sensitive to any economic data releases or changes in the markets. Markets were comfortable to the “artificial” low interest rates for a decade.

Higher bond yields rattled the markets as investors realized that the “ era of low interest rates which was created artificially by quantitative easing” is coming to an end. After the financial crisis in 2008, major central banks across the world cut their base lending rates. The below graph depicts the dramatic change in interest rates after the crisis.

With a stronger global economy, central banks have started unwinding the post-GFC monetary stimulus and policymakers are ready to change their stance on interest rates which are putting pressure on the bond markets Traders are in a fragile state of mind as higher interest rates mean that safer bonds are offering greater returns, making risky stocks less attractive. After February’s tumble, stock markets’ volatility soared on the aggressive tariffs stance taken by President Trump. A potential trade war between China and U.S, the world’s two largest economies, are threatening the spectrum of global trade.

Even though President Trump is confident that “trade wars are good and easy to win”, it seems that he is forgetting that history is telling a different story. Markets are swinging between risk off and risk on mode following any tit-for-tat response from the US and China. At the Boao Forum, President Xi’s speech managed to ease some concerns, but investors stay worried as the unpredictability and uncertainty around global trade could put considerable pressure on the markets.

Federal Budget 2018: A Mixed Reaction By Deepta Bolaky Treasurer Scott Morrison handed down his third incorporating tax cuts, superannuation benefits, aged care spending and significant infrastructure spending. The highlight is its plan to hand out $140 billion in tax cuts over the next 7 years possibly making the budget a strong “pre-election” one. It also focused on providing immediate tax relief to the low and middle-income earners by proposing an “offset at the end of the year” effective from 01 July 2018.

The government plans to partly compensate for the loss in revenue from the income tax cuts by taxing illicit tobacco and putting a $10,000 cap on cash payments in an attempt to crackdown on the black economy. The Australian economy entered its 27 th consecutive year of growth and bringing back a budget surplus within the next 2 years appears to be a realistic expectation according to the government. It is also expected that by 2028-29 net debt will decline to 3.8 per cent of GDP.

Source: Business Insider Reactions from the markets so far... Whilst most sectors saw positives out of the proposed measure and policies, it was hard to see the same reaction from the financial sector which makes up almost 30 per cent of the S&P/ASX200 (by market capitalization) after the announcement of a new (proposed) tax on bank liabilities. Consumer discretionary and Consumer staples were mostly positive as tax cuts are expected to boost consumer confidence and spending, seen as favorable for underlying stocks.

Infrastructure and Healthcare also got a lift following the proposed spending plans and policies. No exit fees, a cap on annual fees for superannuation and an overhaul for R&D refunds were understandably drivers of a sell-off in Biotech and Superannuation stocks. Source: Bloomberg The positive sustained reaction from Bond markets is expected to last as the early balance surplus is a quite a crucial factor to consider since it will give support to the country’s AAA credit rating.

The initial impact on the Australian Dollar remains mixed so far. However, it is worth keeping an eye to see how the Budget will unfold over the coming weeks and months.