Macroeconomic/ geopolitical developments Global financial markets started to signal a move to more of a “risk on” theme to start July, after the indecisive phase evident from June. However, an absence of any significant economic data through the past week has seen some markets revert to the ranges seen in June. Markets remain captured by … 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.
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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).
A fading rebound for many global stock averages over the past 24 hours, after the late June-early July strong moves higher, for a deeper corrective setback threat into today. The more negative tone has been driven by an absence of economic data, switching the focus back to threats from the global increase in new COVID-19 … Continued
A firm rebound for global stock averages Wednesday, after the late June-early July surge higher, to try to reject the corrective setback tone so far this week. This has resumed the more bullish threat we highlighted last week as stock indices have begun to resolve the consolidation theme from earlier in June to a more … Continued
GBPUSD day trade outlook: Intermediate-term shift to bullish and upside risks A strong advance Tuesday through key 1.2542 resistance for an intermediate-term shift from neutral to bullish, to build on the strong, very early July rally above 1.2510 resistance and to now also overcome the 1.2580 level to 1.2592, to keep the risk to the upside into Wednesday. Day trade setup We see an … Continued
In Friday’s publication we highlighted the more bullish threat for the German benchmark stock index future, the DAX forecast. The gains so far this week by share indices globally have reinforced the surge higher last Thursday, after the far better than expected US Employment report for June, which produced bullish breakout attempts from multi-week range … Continued
Macroeconomic/ geopolitical developments Global financial markets have started to resolve the indecisive theme that has been evident from the middle of June into more of a “risk on” bias to start July. Markets have been caught between two competing forces; increasingly positive economic data compared to consensus and the rise in COVID-19 cases (particularly in … Continued
A surge higher for global stock averages on Thursday to start to resolve the indecisive tone across indices from the past 2-3 weeks to a more bullish outcome. This was driven by a far better than expected US Employment report for June, with the belief in a strong re-opening of the global economy outweighing the … Continued
The Euro versus US Dollar forex rate, EURUSD has been in an erratic, but we would argue still negative consolidation range since our last report. This leaves the threat for further EURUSD losses into today, this week and early July. EURUSD day trade outlook: Further consolidation, bias stays lower to key 1.1166 Day trade update and … Continued
An indecisive tone across global stock averages over the past 2-3 weeks. This has been as two competing influences have impacted markets; the belief in a strong re-opening of the global economy and ensuing demand for riskier assets versus the rise in new COVID-19 cases (particularly in the southern US states). Here we look at … Continued
Ongoing Brexit trade deal concerns have kept negative pressures on the Pound (GBP). The US Dollar retains a safe haven bid, in the light of worries regarding the rise in COVID-19 cases in many southern US states, and also of new pockets of breakout globally This reinforces the negative GBPUSD forecast we published last Wednesday … Continued
Macroeconomic/ geopolitical developments Global financial markets continued the indecisive tone seen through mid-June into the end of the month, which has been in relation to competing forces; positive economic data/ strong retail demand/ support from the authorities on the one hand and the rise in COVID-19 cases on the other. The strong rally from mid-May … Continued
EURUSD day trade outlook: A roll back lower, still negative Day trade update and view A Thursday probe lower below 1.1231 to reinforce Wednesday’s roll back lower, to reject the Tuesday’s rebound that was capped by the solid 1.1353/79 resistance barriers. Whilst below 1.1281/85 we see negative pressures from the mid-June push below the 1.1211 swing low and 1.1193/82 … Continued
A meaningful selloff for global share averages over the past 24 hours as global stock averages have reacted to the rise in significant coronavirus cases in some US states, alongside a new outbreak in Australia alongside ongoing outbreaks in Japan, China and Germany. This has weighed on risk assets, already damaged by the mid-June selloffs … Continued
GBPUSD day trade outlook: A negative bias, despite a rebound A Tuesday rally to build on Monday’s rebound but still just capped by 1.2549 resistance at 1.2542 and whilst these barriers we hang onto negative pressures from last week’s plunge below 1.2454 and the up trend line from mid-May, plus from the mid-June spike through … Continued
A rebound from early weakness by global stock averages to start this week. However, global stock averages remain damaged by the mid-June selloffs after the subdued outlook for the US economy from the Fed. Plus, the rise in coronavirus cases in some US states, alongside new outbreaks in China and Germany have weighed on risk … Continued
Macroeconomic/ geopolitical developments The strong “risk on” phase from mid-May into early June has stalled, and although last week saw a bounce it also produced another stall, to leave a hesitant more cautious tone across global financial markets into latter June. The Federal Reserve in the US has given further support to credit markets over … Continued
The Pound saw a notable selloff against most currencies even before the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) announcement on Thursday. Despite the BoE being very slightly on the hawkish end of the spectrum compared to market expectations, the subsequent Pound bounce against the US Dollar (GBPUSD) was minor and short-lived. Furthermore, ongoing … Continued
A consolidation for global stock averages since the rebound to begin this week. Markets are caught between the positive tone from the May-June upside extensions and the negative tone from the selloffs from last week, driven by downbeat outlook for the US economy from the Fed PLUS by the rise in coronavirus cases in some … Continued
Concerns regarding fresh outbreaks and a possible second wave of the COVID-19 coronavirus globally have seen Forex markets stay in more of a “risk off” phase since the middle of last week. This is alongside a more negative risk outlook since last Wednesday’s Fed meeting, in which their assessment for the US economy was more … Continued
A rebound effort for global stock averages to start this week after early weakness, driven back higher by the Fed announcement of the start of their corporate bond buying programme. However, global share indices have been damaged by the selloff from last week after the downbeat outlook for the US economy from the Fed and … Continued
Macroeconomic/ geopolitical developments The strong “risk on” phase from mid-May into early June, stalled last week after Wednesday’s Federal Open Market Committee (FOMC) meeting and press conference, in which they highlighted commitment to at or near zero interest rates into 2022, BUT also highlighted concerns about the deeper impacts of the economic lockdowns in the … Continued
A more aggressively negative theme for risk assets over the past 24-36 hours as markets have reacted to a downbeat outlook for the US economy from the Fed on Wednesday. This, alongside increases in the numbers of deaths and cases for the COVID-19 coronavirus is some US States has seen the major global chare indices … Continued
A more negative tone for riskier assets over the past 24 hours as markets have reacted to a more sombre tone on the future for the US economy from the Fed (despite committing to likely keeping rates near zero into 2022). The major global stock averages had already dipped lower on Tuesday and the subsequent … Continued
A resilient and sideways theme this week so far for the major global stock averages, with markets dipping and bouncing Tuesday. This sustains the underlying “risk on” phase from May, that has extended into early June. Here we look at the futures contract for the US benchmark share index, the S&P 500 forecast for today … Continued
The US Dollar remains broadly weak, as the “risk on” phase that extended into early June has continued this week, with the US currency still seen as a safe haven. Despite concerns regarding a lack of progress in EU/ UK trade talks, the Pound has managed to advance against the greenback. Here we look at … Continued
Macroeconomic/ geopolitical developments The strong “risk on” phase that resurfaced from mid-May into the end of last month has been further reinforced in early June, driven by further positive macroeconomic data and fiscal and monetary policy stimulus announcements from Europe, alongside geopolitical developments. Better than expected economic data in early June is now pointing to … Continued
The “risk on” theme that has extended into early June has kept the safe haven US Dollar in a weakened position, sending EURUSD higher since latter May. The acceleration higher over the past 24 hours was driven by the European Central Bank (ECB) confirming larger than expected increase of EUR600bln for its Pandemic Emergency Purchasing … Continued
A growingly aggressive “risk on” phase and bull run for global stock averages and markets further extended Wednesday and into early June, to new cycle highs. The positive global view continues to be driven by the successful easing of lockdowns, the reopening of the European and US economies, and as of yet no signs of … Continued
The “risk on” phase has further extended from late May into early June, with global share indices again surging to new cycle highs Tuesday and already into Wednesday. The positive global view continues to be driven by the successful easing of lockdowns, the reopening of the European and US economies, and as of yet no … Continued
The “risk on” phase has extended through late May into this week, with global stock averages surging to new cycle highs. In the Forex world, the US Dollar continues to weaken (alongside the Japanese Yen), seen very much as a safe haven currency in the COVID-19 world. The positive global view continues to be driven … Continued
Macroeconomic/ geopolitical developments The positive “risk on” theme was again reinforced by additional positive steps regarding the launch of an €750bn EU recovery fund. The “risk on” theme was evident despite tensions between the US and China increasing in late May, intensified by developments surrounding Hong Kong. However, President Trump did not indicate economic sections … Continued
This week’s “risk on” theme extended on Thursday, and despite an overnight dip in Asian stock indices into Friday, we still see an overall positive tone to global financial markets into the end of the week and month. In the Forex space, the US Dollar stays weak, still a safe haven during the current global … Continued
The “risk on” theme continues with global stock averages again pushing to new cycle highs, and the US Dollar stays relatively weakened as a safe haven currency. Here we review the positive outlook for the EURUSD forecast. EURUSD day trade outlook: Upside risks through key 1.1039, maybe for critical 1.1147 A Wednesday rally to overcome … Continued
Last week’s “risk on” theme has extended into this week, with many global stock averages surging to new cycle highs, whilst in the Forex space, the US Dollar has weakened, still seen as a safe haven during the current global health crisis. This global positive outlook continues to be driven by hopes of a COVID-19 … Continued
Last week’s “risk on” theme has been reinforced already this week, despite the UK and US markets being closed Monday, with Asian and European stock averages surging to new cycle highs in many instances, reinforcing the positive theme we highlighted in last week’s report. This positive outlook continues to be driven by hopes of a … Continued
Macroeconomic/ geopolitical developments A potential COVID-19 vaccine from Moderna that had seen positive results in human trails sent global stock markets notably higher to start the week. Despite the positivity regarding the vaccine being dented by a report from the STAT medical media company, risk assets and currencies maintained their firm footing at the start … Continued
A shift to “risk off” into Friday morning as global stock averages have setback and the US Dollar has broadly gained, with the Yen also a strong performer. This is due to rising tensions regarding Hong Kong, with China stating that they strongly oppose any interference by foreign countries in Hong Kong affairs and will … Continued
This week’s “risk on” theme remains intact with global stock averages building on the strong gains from earlier this week, probing up to recent peaks over the past 24 hours. The negative topping patterns from mid-May have been further rejected, with the April cycle peaks in the crosshairs. This positive theme was driven by hopes … Continued
Hopes of a COVID-19 vaccine, alongside positive progress by France and Germany with respect to a European recovery fund have seen global financial markets shift back towards a “risk on” theme this week. Global stock averages have surged back higher to reject prior negative signals from mid-May, see our report here from Tuesday. In the … Continued
The “risk off” theme that we discussed last week in an article on the FTSE 100 was rejected with a surging rally on Thursdays, shifting the short-term threats to the upside . Negative topping patterns (head & Shoulders and Double Tops) have been rejected, whilst stock indices are now pointing at the April cycle peaks. … Continued
Macroeconomic/ geopolitical developments US-China tensions have increased this past week, with President Trump blaming China regarding the spread of the COVID-19 coronavirus and also with raised concerns regarding a possible resumption of trade conflicts. The past week has seen European nations and some US States continue to ease lockdown restrictions and to restart their economies. … Continued
The “risk off” theme was reinforced on Thursday as global stock averages plunged through key support levels, confirming short- and intermediate-term topping patterns. Despite intraday rebounds, the damage has been inflicted, which likely leaves risks lower for today and into the second half of May. Here we focus on the futures contract on the UK … Continued
A further shift towards a “risk off” theme Wednesday after a similar move Tuesday, with global stock averages selling off and the US Dollar rallying against most major currencies, as a “safe haven” currency. This has been driven by concerns of second wave of infections and deaths from the COVID-19 coronavirus, in the wake of … Continued
When trading Forex and Contracts for Difference (CFDs) most brokers offer leverage trading or trading on margin. You can learn more about gearing, leverage and margin in our article and video here. Margin trading is used to allow for greater opportunities for larger profitable outcomes, if an individual does not have the necessary capital. Forex … Continued
A shift towards a “risk off” theme Tuesday, with US stock averages staging a late selloff and “risk” currencies dipping lower. There was no real catalyst for this move, with shares indices trying to stage rebounds ahead of the European stock market openings on Wednesday. A key focus today will be a speech by Fed … Continued
A somewhat confused new lockdown directive from the UK government on Sunday alongside a rather cautious changes of advice and rules has seen the Pound stay under negative pressures versus the US Dollar. There is also a negativity from both the high number of cases and deaths in the UK relative to mainland Europe and … Continued
EURUSD, EURJPY, EURGBP, EURCHF, EURSEK and EURNOK forecasts In this analysis we are going to spotlight the Euro in the aftermath of the substantial price action seen throughout global financial markets in March, April and into May, since the spread of the coronavirus, COVID-19 into Europe and the US. Together with the impulsive moves across … Continued
Macroeconomic/ geopolitical developments European nations and some US States continue to relax lockdown measures and have started to reopen their economies in early May. The number of new cases and deaths from the coronavirus virus, COVID-19 continues to decline in many nations and have plateaued elsewhere. The macroeconomic data continues to deteriorate across the globe, … Continued
A shift back towards a “risk on” theme this week, with share indices rebounding further overnight after US and China government officials talk trade. A key focus today will be on the US Employment report. Here we look at the positive bias for the future on the US benchmark stock average, the S&P 500. S&P … Continued
EURUSD day trade outlook: Threat stays still lower A Wednesday selloff below 1.0828, then 1.0783 supports has reinforced Tuesday’s plunge through the up trend line from latter April (and 1.0894/91 and 1.0831 supports), to further reject upside forces from the turn of the month surge last week (above the important swing peak at 1.0991 to … Continued