A more positive tone for the Pound to start this week, for now rejecting the more negative tone we highlighted in our report here last week. The broader “risk off” theme has eased as global stock indices have rebounded since Friday which has seen a slight weakening of the US Dollar. The Pound also benefited … Continued
Steve Miley is the Market Chartist and has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in-Chief for FXExplained.co.uk, the Academic Dean for The London School of Wealth Management, plus Senior Investment Advisor at Kylin Prime Capital.
At FXExplained.co.uk Steve is the Editor-in-Chief, alongside producing numerous articles for the site. The ability to be able to reach out to a wide, global audience with his own analysis and also assist and nurture other authors in their creative process makes this a role that Steve values deeply.
Here are Steve’s tips on what pages to follow closely on FxExplained: Current market analysis and Best trading app in UK.
The Market Chartist
The Market Chartist was founded in 2012 and provides daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, UK Natural Gas, TTF Gas, German Power, EUA Emissions and LME Base Metals.
As The Market Chartist, Steve has won many awards from the Technical Analyst Magazine. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analyst of the Year category each year for 2012-2017.
Other Current Positions
Steve is also the Academic Dean for The London School of Wealth Management, a role he really enjoys. He appreciates the opportunity to be able to educate a diverse array of students in all aspects of the financial market’s world. Steve says “to be able to be a part of transforming an individual’s life through education is truly a privilege and very exciting”.
In his role as Senior Investment Advisor at Kylin Prime Capital, Steve supports and advises the investment management team by employing his extensive fundamental market experience, alongside his wealth of technical analysis knowledge. This allows him to add significant value to investment decisions.
Steve also writes extensively for numerous financial markets sites including: FxStreet.com, TechnicalAnalyst.co.uk, InsideFutures.com, BarChart.com, StockTwits.com, StockBrokers.com, AskTraders.com and Investing.com.
Previous to this, Steve was also a Senior Lecturer at The London Academy of Trading where he fully began his journey into the world of education. It was here that he honed his skills as a lecture and mentor in the world of financial markets education.
Vast Technical Analysis Experience
Steve has also helped technical analysis push into a new era in his previous role as Director at Vega Insight. Vega Insight is a relatively new company with a specific focus on Artificial Intelligence and Machine Learning in global commodity and broader financial markets, with special focus on Energy. In his role Steve was responsible for the technical analysis inputs to the Artificial Intelligence and Machine Learning.
Steve spent 2009-2012 as a Director in the Technical Analysis Research Strategy team at Credit Suisse. Steve managed the FX division, responsible for the reports, forecasts and bank wide research for G10 & Emerging Markets currencies. In this role he also covered all major asset classes including Equity Indices, Rates & Credit, plus Commodities.
Steve spent most of his career at Merrill Lynch for 15 years from 1994-2009. The last ten years was as a Vice President in the research department as a technical analyst, responsible for daily reports, client presentations, plus in-house and client education programs. Prior to this, Steve was in the Fixed Income derivatives sales team where he managed the Italian Futures desk (BTP and EuroLira) on LIFFE (the London International Financial Futures Exchange). He was responsible for a four-man sales team, who consistently produced high volume of sales from both in-house and external clients.
He is a Member of the Society of Technical Analysts (MSTA) and holds a Master’s degree in politics, Philosophy & Economics from Oxford University (Lincoln College).
Macroeconomic/ geopolitical developments Another week of hesitant equity markets, with early weakness, then indecision and finally an end of week rebound, but which failed to have any real positive impact. This comes in the wake of growing COVID-19 cases across Europe and the U.K., with many countries experiencing record daily and weekly numbers of new … Continued
A still negative EURUSD tone into latter September having confirmed a Head & Shoulders top pattern (see more details and chart below). US Dollar strength has been a key theme from mid-September and has accelerated this week as a global “risk off” theme takes hold, with global equity indices lower and looking weak. This global … Continued
A further plunge in global equity markets this week as we highlighted on Tuesday with our article on the DAX here. After Monday’s plunge and then a bounce Tuesday, the “risk off” theme has fully resumed through midweek. This is being driven by a combination of: Surging European and UK COVID-19 cases New lockdown/ restriction … Continued
The negative theme for the Pound Sterling that we highlighted here last week has fully resumed this week. With regards to the GBPUSD forex rate, the weakness has more notably been driven by a stronger US Dollar, with a “risk off” theme developing again. This “risk off” theme has resumed as global stock indices have … Continued
A plunge in global equity markets to start this week after a weakened close last week has seen stock indices wipe out important support levels already. European equity averages are starting to play catch up with their US counterparts, having held in previously with Euro (EURUSD) weakness. Here we look at the German benchmark average, … Continued
Macroeconomic/ geopolitical developments A week of wavering equity markets, with rebounds falling short of making more positive signals, whilst Friday’s losses highlighted ongoing vulnerability, as has been seen through September. On Wednesday we got the Federal Open Market Committee (FOMC) interest rate decision and statement, which highlighted the “lower for longer” theme as the market … Continued
A more positive EURUSD tone again through mid-September (as we highlighted in our report last week), having probed down and rebounded from just below important 1.1754/53 support (to reject a possible Head & Shoulders top pattern). The subsequent bounce has reflected resurfacing US Dollar vulnerability since Wednesday’s Fed meeting (with a dovish tone from the … Continued
The GBPUSD negative theme we highlighted here last week has been questioned by the rebound efforts this week. However, with regards to both the Internal Markets Bill and the trade negations with the EU we still see game theory, brinkmanship resuming. This could still leave the Pound vulnerable going forward. Here we look at GBPUSD … Continued
In a report last week we stated “S&P 500 rebound, looking to resume the party!” The party has not yet fully started again, but guests are turning up and the threat of the party ending have receded. The rebound efforts in the past week have eased the bearishness from the early September, tech driven rout. … Continued
The US Dollar has renewed its slightly more negative theme, which has seen most major currencies advance already this week against the greenback. This has been in reaction to global equity markets trying to rebound, as the September tech rout has eased and stock indices have held support. In addition, the Canadian Dollar has tried … Continued
Macroeconomic/ geopolitical developments A solid start to last week for risk assets as European and Asian stocks staged rebounds with US markets closed for the Labour Day Holiday However, riskier assets turned south again Tuesday and traded heavy for much of last week (see the “Global financial market developments” section below for details. At the … Continued
A more positive EURUSD tone into mid-September having held above notable above 1.1754/53 supports and then rebounded on Thursday through the ECB decision, statement and press conference. ECB President Lagarde said that the ECB does “not target the exchange rate”, which encouraged the Euro higher, after recent jawboning sae it drop from 1.2000. Although EURUSD dipped late Thursday … Continued
VIP Guest Interview with Michael Pento (of Pento Portfolio Strategies) In this in depth interview, Steve Miley and Michael Pento talk all things markets, looking at the potential bubbles in US (and global) stock markets and also in Bond markets They look at inflation risks, the threat for US and global asset prices and interest rates Could the US election be pin that pops … Continued
On Monday in our weekly Macro Watch publication we posed the question “Stocks dip – a deeper correction or a buying opportunity?” having last week highlighting that “S&P 500 keeps the party going!” Well both were in fact somewhat correct, with a deeper correction lower on Tuesday (after the US Labour Day holiday Monday), then … Continued
The GBPUSD positive theme we highlighted here a week ago has been rejected by the negative price action this week. Far more negative developments from EU/UK trade negotiation with more aggressive brinkmanship have weighed on the Pound against both the US Dollar and Euro. In addition, US Dollar strength in the wake of the US … Continued
European equity indices posted solid rebounds on Monday on the US Labour Day holiday with US markets closed. The FTSE 100 produced a particularly strong advance, assisted by Pound (GBP) weakened against both the US Dollar and Euro (GBPUSD lower and EURGBP higher). The Pound Sterling weakness was driven by concerns regarding the EUR-UK trade … Continued
Macroeconomic/ geopolitical developments A strong start to last week for risk assets as Warren Buffet announced the purchase of Japanese trading companies, starting Asian stock higher for the week and the US stock market took the Apple and Tesla stock splits in its stride. Strong Manufacturing PMI data on Tuesday kept risky assets higher and … Continued
A more negative EURUSD tone for early September after a strong tone in late August and early September (primarily driven by a still broadly weak US Dollar). With EURUSD touching 1.20 earlier this week, ECB members have been trying to “jawbone” the Euro back lower. This has worked to an extent with a dip back … Continued
Last week we looked at the S&P 500 cash and futures push above the February 202- peaks to a new record (plus through the psychological/ option target at 3400.0). Since then, the US equity indices have seen a relentless push higher with the S&P 500 keeping the party going marching through 3500 and now approaching … Continued
A positive theme has continued since we highlighted GBPUSD bullish threats here last week . This despite the still negative soundings from EU/UK trade negotiations. The US Dollar has renewed its more bearish theme, which has seen most major currencies benefit against the greenback. A dip over the past 24 hours, but we see this … Continued
Last week we highlighted upside risks for the DAX and despite subsequent erratic activity and setbacks, we maintain this view. The US equity averages remain very strong with global financial markets remaining in “risk on” mode. Although European equity averages are continuing to underperform their US counterparts, we look for them to try to play … Continued
Macroeconomic/ geopolitical developments Last week began with a perceived “risk on” development with President Trump announcing the fast tracking of COVID-19 plasma treatment and also fast tracking the Astra Zeneca/ Oxford University vaccine trials. Also, early in the week it was announced that a call had taken place between U.S. Treasury Secretary Steven Mnuchin/ US … Continued
An erratic consolidation theme over the past 1-2 weeks for EURUSD since we published a bull view here in mid-August. US Dollar losses over the past 24 hours since Fed Chairman Powell spoke at the Jackson Hole Economic Symposium have indicated potential for the US Dollar bear theme to resume. Powell’s comments have been seen … Continued
Last week we highlighted a GBPUSD buying opportunity and a positive theme has prevailed since then. This is despite the more negative tone coming from the EU/UK trade negotiations. The US Dollar has fallen into range environments against most major currencies over the past 1-2 weeks, but the speech from Jerome Powell at the Jackson … Continued
Yesterday we highlighted the S&P 500 future hitting a new record high and through the psychological/option level at 3400. Despite European equity averages underperforming their US counterparts in August, they have tried to play catchup in the past week. The more positive tone for the European indices has been assisted by the fact that the … Continued
Last week we highlighted that the S&P 500 cash index had hit a new record high on Tuesday 18th August and that he S&P 500 future was poised to test its all-time high at 3397.5 (from February 2020). The past 24-36 hours has seen a surge in the S&P 500 future through this high to … Continued
Macroeconomic/ geopolitical developments The US stock market “risk on” theme has extended into latter August, with the US benchmark average, the S&P 500 prodding to a new all-time high. Wednesday’s meeting minutes from the FOMC saw another downbeat assessment of the US economic recovery and notes of caution. Plus, the Fed also backed away from … Continued
In our article here last week we tried to spotlight European stock averages trying to play catch up won the upside with their US counterpart. The S&P 500 cash index made a new record high this week (with the future poised for a similar signal going into today), whilst the Nasdaq 100 continues its march … Continued
Still a positive tone for GBPUSD despite a recent dip, as we had highlighted previously. The selloff in the past 24 hours has been driven by a “flight to quality” to the safe haven US Dollar, with the Fed Meeting Minutes highlighting FOMC concerns about the UIS economic recovery. Although this US Dollar rebound has … Continued
The S&P 500 cash index hit a new record high on Tuesday 18th August and the S&P 500 future is now poised to test its all-time high at 3397.5 (from February 2020). The broad “risk on” environment points the way still higher into today latter August. Here we spotlight the future on the US benchmark, … Continued
After a move to higher yields earlier in August, US yields are now moving back towards the record lows, resuming broader US Dollar weakness. Global stock indices remain in “risk on” mode, which also keeps USD weak, as throughout the pandemic the US Dollar has traded very much as a safe haven currency. Plus, the … Continued
Macroeconomic/ geopolitical developments The “risk on” theme continues in August, albeit rather unenthusiastic. This “risk on” leg has been reinforced this week with wider, global financial markets indicating a more positive economic outlook, as we review in the ‘global financial market developments’ section below. The macroeconomic was broadly positive again, though US Retails Sales slightly … Continued
We last looked at the Pound versus the US Dollar Forex rate, GBPUSD, over a week ago here and then saw a positive tone. The positive GBPUSD forecast remains very much intact after the market has dipped and rebounded from above support factors (see below). This bull theme is still primarily been driven by a … Continued
In our article here on Tuesday we highlighted that European equity indices are now helping US share averages in their push higher, with European stock markets aggressively resuming upside pressures. The bull theme for US stock indices continues, with the S&P 500 future now poised to test its all-time high from February 2020. at 3397.5. … Continued
USDCAD day trade outlook: Still bearish Day trade update and view A Tuesday sell-off to probe below 1.3270 support to 1.3266, then despite a bounce from here to still reinforce Monday’s stall back lower after the Thursday-Friday rebound remained capped by 1.3420 resistance, to renew bear forces from the early August sell-off through the key swing low … Continued
In our article on Friday we underlined the bull theme for US stock indices, which continue their push higher. The S&P 500 is now poised to test its all-time high at 3397.5 from February 2020 European equity indices are now helping the US share averages in their push higher, starting to resume upside pressures. Here … Continued
Macroeconomic/ geopolitical developments Global financial markets have retained a cautious “risk on” theme in early August. The tentative “risk on” theme, however, has been accompanied by mixed signals across global financial markets, as discussed in the ‘global financial market developments’ section below. Positive, macroeconomic and earnings data in July and early August, combined with the … Continued
In our article here on Monday we highlighted the bullish tone for US stock indices, focusing on the S&P 500, which continues its push higher. This market is now within striking distance of its all-time high at 3397.5 from Q1 this year, going into the release of the much-watched US Employment report today. The positive … Continued
With US yields moving to record lows recently, the US Dollar remains weak. The US continues to struggle with significantly rising COVID-19 cases, with the pockets of rising cases in Europe not seen as negative. In addition, the EU recovery fund has been agreed, whilst US lawmakers are still debating the next course of fiscal … Continued
The Pound versus the US Dollar Forex rate, GBPUSD has rebounded twice already this week, thereby sustaining a positive tone. This has been mostly driven by the still very weak US Dollar, with US equity indices extending the July “risk on” theme into August. However, with US yields moving to record lows, the US Dollar … Continued
Solid gains by global stock averages on Monday, with US averages leading the way to new cycle highs. Although European indices were technically damaged last week, the US stock averages have stayed resilient, likely assisted by US Dollar weakness. Here we look at the US benchmark share index, the S&P 500 forecasts for today and … Continued
FTSE 100 day trade outlook: Holding onto a positive bias Day trade update and view A firm rebound just above 6241.5 resistance to 6244 and then another setback Thursday down through 6155.5 and 6126.5 supports holding above 6097, and whilst above here we cling onto an upside rebound bias from the latter July advance to the upper end of the … Continued
The Pound against the US Dollar Forex rate, GBPUSD has sustained a positive tone. This has been assisted by the weaker US Dollar, with global asset classes extending the July “risk on” theme. The “risk on” phase has been buoyed this week by the EU Recovery Fund agreement this week, as well as by ongoing … Continued
The Euro against US Dollar Forex rate, EURUSD has signalled a far more bullish tone, as we highlighted in mid-July. The “risk on” theme has been lifted by the deal on the EU Recovery Fund this week. Alongside hopes from positive trials for both treatments and a vaccine for COVID-19. Risk assets are breaking out … Continued
Strong gains from global stock averages on Monday, as we highlighted last week. The “risk on” theme has been buoyed by the agreement on the EU Recovery Fund over the past 24 hours. Plus, from hopes from positive trials for both treatments and a vaccine for COVID-19. Here we look at the German and US … Continued
Macroeconomic/ geopolitical developments Global financial markets have still indicated a move to more of a “risk on” theme in July, after the hesitant tone June. The “risk on” tone across global financial markets is however, somewhat cautious, as asset classes are digesting positive macroeconomic and earnings data combined with hopes of a COVID-19 vaccine, but … Continued
The Pound versus US Dollar forex rate, GBPUSD retains a positive tone. This has been assisted by the somewhat successful (for now) unlocking of the UK economy and a weakening US Dollar, as markets have shifted to more of a “risk on” theme. The “risk on” theme has been driven this week by positive trial … Continued
A firm rally by global stock indices on Wednesday, to build on this week’s advance and the late June-early July surge higher. This has sustained the more bullish threat we highlighted last week as stock indices have resolved the June consolidation theme in to a more bullish view. The “risk on” bias has been assisted … Continued
The Euro versus US Dollar forex rate, EURUSD has signalled a more positive tone. This has been driven by hopes regarding the EU recovery fund as a Euro positive and a fading US Dollar, as markets shift to a “risk on” theme. The “risk on” theme has been helped over the past 24 hours by … Continued