All eyes will be on the European Central Bank (ECB) Meeting today, which much anticipation around a more dovish shift. US Dollar weakness has seen EURUSD rebound in September with a resumption of a global “risk on” theme, but the EURUSD Forex rate losses over the past 24 hours highlight caution into the meeting. EURUSD: … Continued
Steve Miley 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.
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).
The “risk on” phase has contoured into the second week of September as global geopolitical tensions ease. Positive news in early September regarding Brexit, the US/China trade war and from Hong Kong have seen stock markets advance higher. This positive news for the global economy has encouraged a push higher for the Australian Dollar, which … Continued
EURUSD gains over the past week have primary echoed US Dollar losses, as global financial markets have shifted to a “risk on” mode, with global geopolitical tensions easing. Positive news last week around the US-Sino trade war, Brexit and from Hing Kong have seen stock averages rally, whilst the US Dollar has weakened, having been … Continued
Recap: Brexit grabs the headless (again) The US and China trade war took a positive turn with a Chinese announcement that trade talks would restart in October. The UK Government had in late August effectively announced the closure of Parliament early (proroguing Parliament), which had allowed limited time for Members of Parliament (MPs) to block … Continued
European equity averages have surged higher this week having already secured from basing patterns into the end of August. The announcement of the restart of US-Sino trade negotiations in October has added to a positive tone from the easing of a no deal Brexit threat and also from a reduction of tensions in Hong Kong. … Continued
The European equity averages started to secure better bottoming patterns into the end of August, notably the DAX and EUROSTOXX 50. The FTSE 100 has played catch up this week already, assisted by a weakening of the Pound GBPUSD is notably lower in the wake of risks of a snap UK General Election. The easing … Continued
The US Dollar alongside the Japanese yen have remained broadly the strong currencies over the past week. The Forex Zone give day trade views for the major FX rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Negative theme intact A probe lower Wednesday below 1.1078 support to reinforce Monday’s intraday failure and setback from … Continued
The intensified friction between the US and China since the end of last week with respect to the trade war saw safe haven assets rally, then selloff at the star of this week. For the Japanese Yen, the technical impact from the flight to quality rally at the end of last week and early Monday … Continued
A setback for the Pound so far this week as fears of a no deal Brexit have resumed. Furthermore, a rebounding US Dollar on Monday-Tuesday as trade war fears have ebbed has reinforced the negative GBPUSD tone. Below we look at the technical for GBPUSD. The surge last week above 1.2250 was initially reinforced by … Continued
Recap Aggressive price action was seen on Friday 23rd August with China and principally the USA amplifying trade war pressures. China retaliated Friday with tariffs on $75 billion of US goods and President Trump reacted by “ordering” US companies to NOT do business with China. Then, just after US markets closed Friday, President Trump announced … Continued
The Forex Zone is a review of day trade views for major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. In another erratic week for FX markets the US Dollar has broadly remained the strong currency (alongside the Japanese Yen). EURUSD: Bear forces intact Another failure back from below the 1.1133 resistance level on … Continued
A firm recovery tone has been seen across global stock markets since the end of last week, that continued into Wednesday’s release of the FOMC Meeting Minutes, from when the Fed cut rates in late July. This positive price action has been a reflection of a lack of escalation on the trade war and if … Continued
Global financial markets remain nervous and volatile due to trade war tensions and concerns regarding the global economic slowdown and recessionary fears for the US economy. Today’s FOMC Minutes from the last meeting could provide directional tone across asset classes in the short-term. Here we focus on the risk barometer from the Forex markets, the … Continued
The trade war is still dominating the global financial market landscape, with various statements and rumours from both the USA and China throughout August, leading to erratic and volatile price action for global asset classes, with equity indices signalling intermediate-term vulnerability earlier this month. BUT there have been positives, with the US and China indicating … Continued
Recap The trade war continues to dominate global financial market price action, with various leaks, rumours and statements from both the US and China over the past week creating very volatile market conditions across Stock, Bond, Forex and Commodity markets. Moreover, the plunge in US Treasury Bond yields to multi-year and in some place historic … Continued
Here in The Forex Zone we review the day trade views for most the major Forex currencies in a volatile week for FX markets amid ongoing trade concerns and inverting yield curves. Again, we spotlight the significant levels to watch and the directional biases for the key Forex pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and … Continued
An inversion of the US Treasury 2-10yr yield curve on Wednesday was the first such occurrence since 2007. This sent negative shock waves through global financial markets, as an inversion of this segment of the yield curve is often a signal of a future resurrection in the US. Furthermore, the US 30yr Bond moved to … Continued
Trade tensions have eased over the past 24 hours, with the US stating they would delay the imposition of new tariffs until 15th December and also that trade negotiations would resume shortly. This sent riskier assets higher, with equites rallying and saw a selloff in safe havens, notably the Japanese Yen (USDJPY surging higher) and … Continued
In this Master Academy educational video and article, we are looking at Charts Patterns, focusing on Reversal Patterns. Charts Patterns A chart pattern is a distinct formation on a chart that signals potential for future price movements Technical Analysts use these patterns to identify current trends, trend reversals and for buy and sell signals There … Continued
In last week’s spotlight on the German benchmark share index, the DAX we highlighted a more resilient tone for global equity indices (after the aggressive selloffs at the start of August). However, an inability to build on basing efforts, a lack of any positive news on the trade war, the protests in Hong Kong and … Continued
Recap A reaction last Sunday/ Monday from China with a currency depreciation versus the US Dollar; USDCNY pushed through the 7.00 barrier. This stimulated another aggressive global stock market selloff Monday, with major global equity averages echoing selloffs seen at the end of July and to start August. The lack of further trade war tensions … Continued
Here in The Forex Zone we look at day trade outlooks for most watched and traded Forex currency pairs at the end to a week in which we saw volatility across FX markets and a rate cut from the RBNZ. Here we highlight the important levels to monitor and the directional risks for the key … Continued
Global equity indices are continuing to prove resilient this week after the aggressive selloff seen at the start of August last week and again on Monday this week. The moves lower have been driven by global growth concerns in the wake of an escalation in trade war tensions between the US and China. The solid … Continued
Equity market turmoil due to global trade war tensions in early August have had muted impact on the GBPUSD Forex rate. The US Dollar has been slightly weaker across major currencies during the recent market turbulence, but Sterling has been unable to show a decent recovery against the US currency. This reflects ongoing convers regarding … Continued
In this Master Academy educational video and article, we are introducing the concept of Trend, Trendlines and Channels. What is Trend? Markets tend to move in a general direction or trend An Up Trend An up trend is a sequence of higher highs and higher lows In an up trend, price will rally to … Continued
An extremely aggressive selloff across the global stock markets on Monday in reaction to an escalating trade war between the US and China. The major US equity averages suffered their worst day of 2019, reinforcing intermediate-term bear trends established after the selloff last week that began August. HOWEVER, further losses and then rebound overnight into … Continued
The Federal Open Market Committee (FOMC) meeting concluded Wednesday with an expected 25bp rate cut, which saw equity markets push lower, frustrated with a less dovish tone than expected, BUT then a more plunge lower for stocks and a US$ strengthening in the wake of Chairman Powell’s comments, stating the rate cut was a “mid-cycle … Continued
In this Master Academy educational video and article, we are introducing at the basic concepts of Support and Resistance. Support and resistance represent key junctures where the forces of supply and demand meet. Support Support is the price level at which demand is thought to be strong enough to prevent the price from declining further … Continued
In this Master Academy educational video and article, we are looking at the basics of Fundamental Analysis. Fundamental Analysis There are FOUR subcategories that come under the banner of Fundamental Analysis: Macroeconomic Data Analysis Central Bank Analysis Geopolitical Events and Geopolitical Risk Analysis Microeconomic Analysis and Corporate Data Below we look at these in more … Continued
Since the development of financial markets there have been many impressive winners and catastrophic losers, with some spectacular tales of significant market losses by individuals and corporations. However, it is towards the winners that we are all attracted. The ability to produce significant market outperformance, both in the short-term and over longer time periods have … Continued
In this Master Academy educational video and article, we are looking at Stock Market Indices. We will look here at: What is a Stock Market Index? What are the types of Indices? How are they calculated? Stock Market Index Examples What is a Stock Market Index? A Stock Market Index is a weighted average of … Continued
Recap On Wednesday the Fed Chairman Jerome Powell testified before Congress, continuing the dovish tone seen from June, as markets were looking for and had mostly discounted, though three was also apprehension that the tone could be less dovish in the wake of the robust June US Employment report, published in early July. The Chairman … Continued
In today’s Forex Zone we take a look at the day trade prospects for the Major Forex currency pairs in a week in which Federal Reserve Chairman Jerome Powell reinforced the market view that the Fed were on a more dovish path. Checkout the key levels to watch and the directional biases here for the … Continued
A Wednesday selloff for the US$ after the Chairman of the Federal Reserve (Fed), Jerome Powell’s Congressional testimony, AND the FOMC Minutes release. The perception of a still very dovish tone from the Fed has seen a weakening US currency. For the USDCAD Forex rate, the US Dollar selloff resumes bearish forces to set n … Continued
Global equity markets remain nervous after the very strong US Employment reports on Friday. The worry is that the Federal Reserve (Fed) will shift away from a perceived more dovish tone, given the strong data and the resumption of the US-Sino trade talks Furthermore, Fed Chairman Jerome Powell is testifying in front of Congress today … Continued
In this Master Academy educational video and article, we are looking at an Introduction to Technical Analysis, elaborating on the brief introduction we had in our article Fundamental vs. Technical Analysis We will look here at: What Technical Analysis is, the Principles of Technical Analysis Chart types Time Frames Principles of Technical Analysis Technical Analysis … Continued
The US Dollar stays strong from last week, after the stronger than projected US Employment report from Friday (July 5th), with fading optimism for an aggressively dovish Federal Reserve. This leaves EURUSD vulnerable to further losses, as we highlighted in our EURUSD Forex article here last week. Key today are be the numerous Speakers from … Continued
Recap Markets reaction to the G20 Meeting in Japan and agreement for the reopening of trade talks between the China and US. Global asset classes went into a “risk on” phase, with equity markets higher, global indices hitting at least multi-month peaks with the major US stock averages achieving new record highs. “Risk/ Commodity currencies” … Continued
In today’s Forex Zone we take a look at the day trade prospects for the Major Forex currency pairs going into the key US Employment report and the always watched, NFP number (but don’t forest the Average Hourly Earnings). Checkout the levels to watch and the views here for EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and … Continued
The three major US equity averages hit all time highs on Wednesday into the US Independence Day holiday today, 4th July. This reinforces the short- and intermediate-term “risk on” phases being seen across global financial markets as highlighted in our article earlier this week. US Treasury Bonds continue to probe to multi-year highs (so multi-year … Continued
In this Master Academy educational video and article, we are looking at the basics of the different approaches to analysing financial markets that come under the titles Fundamental Analysis and Technical Analysis. Fundamental Analysis There are FOUR subcategories that come under the banner of Fundamental Analysis: Macroeconomic Data Analysis Microeconomic Analysis and Corporate Data Central … Continued
A rebound failure Tuesday from just below our 1.1325 resistance (back from 1.1322) after Monday’s very aggressive selloff through various supports as low as 1.1315 (to 1.1273), to keep risks lower for Wednesday. We see an intermediate-term bull trend since the push above 1.1348 For Today: We see a downside bias for 1.1273/69; break here … Continued
A strong advance for global stock markets Monday after positive geopolitical events at the weekend. The EURO STOXX 50 pushed through a key peak at 3487 to re-energize an intermediate-term bull theme. Furthermore, despite significant geopolitical developments over the past weekend impacting markets Monday, this week still has much to offer as can be seen … Continued
Recap A pulling back on the prior dovish shift from the mid-June Federal Open Market Committee Meeting (FOMC) Meeting, with US Federal Reserve (Fed) speakers last week attempt to subdue market expectations for more aggressive rate cuts (anticipation was rising for a 50bp cut on July). This saw equity markets correct modestly lower, alongside Bonds, … Continued
Here in The Forex Zone we take a look at the day trade prospects for the Major Forex currency pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD upside threats A resilient consolidation tone Thursday after Wednesday’s rebound rejected Tuesday’s spike lower with a recovery from new support at 1.1343, sustaining upside forces from Monday’s … Continued
In this Master Academy educational article and video, we are concentrating on different types of orders that can be placed with brokers. We are going to look at FOUR differing types of Order. Limit Order Market Order Stop Order Stop Exit Stop Entry OCO Order 1. Limit Order An order to BUY below the current … Continued
The Australian Dollar is often viewed in the Forex world as a barometer of risk appetite. The rebound from mid-June has partially reflected the US Dollar weakness from a more dovish Fed, but also a firmer Australian Dollar, driven partially by higher Base Metals prices. Also, reports of a possible trade war truce at the … Continued
The US Dollar has tried to rebound over the past 24 hours, as Fed Speakers have tried to curb market enthusiasm for more aggressive rate cuts. However, the US$ weakness from last week which push the EURUSD Forex Rate through important resistances leaves the bias for EURUSD to the upside. Clearly, this weekend’s G20 summit … Continued
European and UK equity markets are seeing very short-term downside correction themes emerging over the past 2-3 sessions. This has been a reaction to a combination of; bullish fatigue from June rallies the proximity of notable resistance factors the strengthening of the Euro, particularly EURUSD Although the intermediate-term outlook for the major averages, including the … Continued
Recap A more dovish shift by both the ECB (European Central Bank) and the US Federal Reserve (Fed) last week. On Tuesday ECB President Mario Draghi signalled possible rate cuts this year and other monetary policy accommodation (quantitative easing, QE). Expectation was for a dovish statement from the FOMC at Wednesday’s Meeting, but the market … Continued