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
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.
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).
There are various steps to a successful trading career whether in Forex or Contracts for Difference (CFD). First, is education! An education is key and an understanding of the fundamentals of markets and the technical analysis approach are key for any beginner trader and we have many education articles to help you here. Once you … Continued
A shift back towards a “risk on” theme this week, with stock indices rebounding after a lack of escalation after negative comments from the end of last week US government officials regarding China and potential tariffs. In the Forex space, this has seen the “risk” currencies rallying, with the Australian, New Zealand and Canadian Dollars … Continued
A we highlighted in our report last Friday Looking for a stock index rebound (S&P 500 forecast), a further move to a “risk off” phase to start this week, with stock indices gapping lower Monday, particularly in Europe with many markets closed for national holidays on Friday. This has been primarily driven by negative comments … Continued
GBPUSD, EURGBP, GBPCHF, GBPJPY, GBPCAD, GBPAUD and GBPNZD forecasts In this article we are going to have a special focus on the GB Pound in the wake of the significant price action seen across financial markets since the global spread of the COVID-19 coronavirus in March and April. Alongside the volatility exhibited throughout global stock … Continued
Macroeconomic/ geopolitical developments European nations and some US States are looking at or starting to relax lockdown measures and begin to partially reopen their economies. This is as data regarding the number of new cases and deaths from the COVID-19 coronavirus virus have plateaued and even declined in some instances. However, some European nations have … Continued
A move to a “risk off” phase on Thursday, possibly driven by month-end rebalancing, plus by negative comments from president Trump regarding China. Despite the selloff across global equity indices, we see rebound risks for today. Here we review prospects for the future on the US benchmark index, the S&P 500. S&P 500 E-Mini day … Continued
As we highlighted in yesterday’s report, rising expectations of the unlocking of the European and US economies has been boosted over the past 24 hours with growing hopes from further trials of the remdesivir drug for treatment of COVID-19. This has reinforced the global financial markets move to a “risk on” tone in latter April. … Continued
Growing anticipation of the re-opening of the economy in Europe, given the plateauing of coronavirus deaths and cases in Europe (and in some US States), has seen global financial markets move into a “risk on” theme this week. The major US stock and European averages have broken higher to new recovery highs, which has broadly … Continued
Hopes regarding the plateauing of coronavirus cases and deaths in Europe and in some US States, alongside the anticipation of the re-opening of the economy in some European nations has sent global financial markets back into “risk on” mode to start the week. This has sent major European and US stock averages to the upper … Continued
Macroeconomic/ geopolitical developments The data regarding the spread of the COVID-19 virus continues to see some encouraging improvement in some places, mostly in Europe, with a plateauing and even decline in the number of new cases and deaths. Furthermore, some European nations alongside some US States are starting to relax lockdown measures and open their … Continued
An intraday shift to a “risk off” theme Thursday as stock averages reversed early gains with the major global equity indices now eyeing important supports, For the Forex markets, this “risk off” theme has again seen some US Dollar strength return against major currencies, (but still sideways against Yen). We now look at the US … Continued
A small rebound for the major share averages over the past 24 hours, as the oil market has stabilised, and the oil futures price has rebounded. However, this has not necessarily switched the theme from “risk off” to “risk on”, with global stock indices still suffering from losses inflicted earlier this week. Here we spotlight … Continued
Education, education, education! There are two key aspects too improving yourself in any given venture, whether in sport, in business, in your personal life and certainly when it comes to trading and investing. And the first is educating yourself in whatever you are trying to achieve. The second is to then practice all that you … Continued
A more significant shift to a “risk off” theme over the past 24 hours with the major equity indices (stock averages) pushing through important supports, in reaction to ongoing concerns regarding the functioning of the Oil futures market. As we noted in yesterday’s article, the May Light Crude Oil future plunged down to negative $40 … Continued
A switch to a “risk off” theme to start the week with stock averages dipping lower, pulled down by the aggressive plunge in the Oil futures market. The front month Light Crude Oil future plunged below $0, down to -$40 (yes, negative), driven by technical market implications, with traders not wanting to take delivery of … Continued
Macroeconomic/ geopolitical developments In last week’s Macro Watch we highlighted the strong FOMO (Fear of Missing Out) rally across global stock averages, driven by encouraging data from Europe regarding the plateauing of the number of cases/ deaths from the coronavirus, from the relaxing of lockdown rules in some European nations and from the ongoing economic … Continued
As individuals, many of us are also investors and a growing number of us are traders. We might buy shares and Exchange Traded Funds (ETFs), purchase government and even corporate bonds, even investing into commodity markets. We might partake in Forex trading, Contracts for Difference (CFDs) trading and also trade the futures and options markets. … Continued
Investment, cyber and trading fraud are clearly paying off well as these types of crime show no signs of fading or going away. Moreover, the rise in these types of scams and frauds is doubtless far worse than we have data for, as it is likely under-reported. This is because the scammers and fraudsters are … Continued
A shift back to a “risk on” phase over the past 24 hours with major equity averages popping higher on positive news a study from Chicago on the potential positive treatment of the COVID-19 virus. This has seen a resumption of the up trends from March and the surge higher by most major global stock … Continued
Views about technical analysis vary widely across the investor and trader world, with some believing the analysis of charts and price patterns is a worthless endeavour, whilst others believe it critical to any investing or trading strategy. Many misconceptions and falsehoods have, therefore, been formed with respect to charting, as technical analysis is also known. … Continued
A shift to a “risk off” theme over the past 24 hours with stock markets dipping, likely reacting to correction activity rather than a more negative outlook. This has also seen a rebound and slight strengthening of the US Dollar against most currencies, Therefore, GBPUSD has dipped, but also tried to rebound, having has a … Continued
Once again, the major global stock averages went higher Tuesday, reinforcing the extremely strong gains in the week into the Easter holiday. In fact, some of the major averages are now eyeing key resistance levels from the March plunge. This equity markets advance continues to echo the “risk on” theme, driven by the plateauing, and … Continued
Forex trading and other similar forms of financial markets trading, such as spread betting and Contract for Difference (CFD) trading have seen a surge in popularity in the 21st Century. And alongside this popularity has come a huge number of new traders, with little or no experiences of financial markets. Although many of these newbie … Continued
Markets are still in “risk on” mode through the Easter weekend as we highlighted in early April reports, most recently here highlighting downside risks for USDCAD. The S&P 500 and European equity indices have reinforced this view already this week hitting new recovery highs. The “risk currencies”; the Australian, New Zealand and Canadian Dollars continue … Continued
Macroeconomic/ geopolitical developments The COVID-19 virus continues to spread globally, with the epicentre now in the US, where the number of cases and deaths continues to increase. However, there has been modestly encouraging data from Europe, with some nations such as Italy, Spain and Germany seeing a potential plateauing of the number of cases/ deaths … Continued
Markets remain in “risk on” mode as we have highlighted in early April reports, most recently here spotlighting upside risks for the FTSE 100. The S&P reinforced this view yesterday with a new recovery high. In this environment, broadly speaking, the “risk currencies”; the Australian, New Zealand and Canadian Dollars should perform well, particularly versus … Continued
Global stock averages pushed higher again on Tuesday, to reinforce strong gains from Monday, pushing to still higher new recovery peaks. (see our report here too from yesterday on the S&P 500). This has echoed hopes from a decline and plateauing of new cases/ deaths from COVID-19 in Europe and rumours of the removal of … Continued
Global financial markets have shifted to more of a “risk on” theme since the start of this week, rejecting the “risk off” phase seen at the beginning of April, last week. This has been in reaction to coronavirus new cases/ deaths showing some signs of slowing down in some parts of Europe (Italy and Germany) … Continued
Stock indices have posted strong gains to start this week, rallying to new recovery high as coronavirus new cases/ deaths have shown some signs of slowing down in some US States (NY State) and in some parts of Europe (Italy and Germany). This has rejected the “risk off” theme from the start of April last … Continued
Macroeconomic/ geopolitical developments Relatively speaking, compared to the chaotic developments throughout March, the end of the month and move into the second quarter and April, has seen a lack of significant developments on the geopolitical side. Yes, the COVID-19 coronavirus continues to spread globally, with the current epicentre shifting to the US, but still with … Continued
Development can be tracked by considering the history of a set of actions and outcomes. For a trader, if you want to learn how to successfully trade Forex and CFDs (or any of the financial markets), it is key to be able to monitor your progress, to improve and become more successful at trading. Keeping … Continued
Global financial markets have shifted back to more of a “risk off” phase since the start of Q2 into April, with stock averages lower (see our recent reports on the DAX and S&P500 Share indices did manage modest rebounds Thursday, after a more promising outlook was seen for the Oil price, with the Oil and … Continued
Global financial markets have shifted back to more of a “risk off” phase since the start of Q2 into April, with stock averages lower (see our recent reports on the DAX and S&P500 ). In turn, this “risk off” phase has seen broader US Dollar strength resuming, except against the Yen, with the safe haven … Continued
Day trade outlook: A significant selloff on Wednesday through key supports at 9422 and 9411.5, to confirm a Triple Top pattern, to reinforce Tuesday’s recovery failure from below the recent recovery peak at 10117 (down from 10073), to keep the bias lower for Thursday. We see a downside bias for 9300; a break below aims for 9188.5 and maybe 9068. … Continued
Day trade outlook: Resilient consolidation, risks stay higher Again, a resilient consolidation Wednesday (as also seen Tuesday) after the spike lower and rebound from 1.2242, retaining a positive tone from the latter March surge above key 1.2423 (to switch the intermediate-term bear trend to neutral), to keep the risk higher into Thursday. We see an upside bias for 1.2444 then 1.2485; … Continued
Global share indices tried to advance further on Tuesday into the end of quarter (end of the Japanese fiscal year) but have been unable to resume the bullish themes seen through latter March, last week. The subsequent hesitant setback over the past 24 hours may have reflected recovery fatigue, but also potentially a conclusion to … Continued
A Euro dip versus the US Dollar to start the week, after EURUSD surged back higher last week. EURUSD has recouped much of the loss sustained through mid-March, during the panic buying of US Dollars. Despite this week’s early dip, we see this as corrective for now and see an upside theme resuming today, aiming … Continued
Macroeconomic/ geopolitical developments The COVID-19 coronavirus continues to spread globally, with the current epicentre still in Europe, but quickly shifting to the US. The British Prime Minister, Boris Johnson and Heath Secretary Matt Hancock have both tested positive for coronavirus (though symptoms are understood to be mild). The surge in cases in New York and … Continued
Global share indices advanced further Thursday, as we had flagged in our report on Tuesday with the US Senate passing the $2 trillion economic relief bill, which moves to the House on Friday. Stock averages have pushed up through numerous resistance barriers, to build on bases and confirm short-term recovery themes. We still do NOT … Continued
The surging US Dollar strength through mid-March has continued to reverse this week and over the past 24 hours. This has reflected an easing of global funding and credit concerns, as global central banks, particularly the Federal Reserve in the US, have acted to provide global liquidity for US Dollars. The corrective weakening of the … Continued
Global share indices rebounded further Tuesday, with the US Congress apparently in agreement on the $2 trillion economic relief bill Global stock averages have overcome through resistance levels, to form bases and signal a more positive outlook in the very short-term. This does NOT end the bigger bear market theme, but the threat has switched … Continued
The aggressive US Dollar strength of the past 1-2 weeks has begun to recede this week. This has been as equity averages have stabilised globally and begun to rebound, alongside commodity prices, whilst credit concerns have been eased by global central bank actions. This has seen a more negative, correction, a weakening of the US … Continued
Global stocks averages have rebounded overnight into Tuesday, despite the US Senate stalling on the $2 trillion economic relief bill Asian and European stocks have advanced through resistance levels, BUT are far from bullish US equity futures, however, remain under negative pressures having gapped lower to new bear cycle lows on Here we focus on … Continued
Gold as a safe haven Gold is usually seen as the ultimate safe haven, an obvious beneficiary during a flight to quality, when the global economic or geopolitical outlook is seen as particularly negative. Examples of a gold price surge during a flight to quality would be during the Global Financial Crisis (GFC) 2008-2009 and … Continued
Initial US Dollar weakness into early March The US Dollar weakened in late February-early March at the early stages of the coronavirus COVID-19 spread through Asia and into Europe. This was due to the fact that the Federal Reserve was seen as one of the few major, Central Banks that had a significant number of … Continued
Success in trading is always a challenge and can be difficult even with vast experience and a solid, structured training plan, that has been built over time and tested. However, when markets shift to a more volatile phase, even the most experienced trader or investor can find successful trading and investing extremely difficult. Here we … Continued
The COVID-19 coronavirus continues to spread, with a global surge in cases and the inevitable fatalities. The still more aggressive spread of the virus in the UK, across European nations and also throughout the USA has seen multiple countries go into some form of lockdown, with restrictions on public movement and work from home rules … Continued
Global stock averages have stabilised over the past 1-2 days, and despite probes to new bear cycle lows, markets have NOT displayed the bearish, capitulation-type activity seen previously through March. This “not going down” could be viewed as “the new going up”, though we are far from indicating that any sustainable bottoms are in place. … Continued
A thirst for the US currency given a funding and liquidity panic, plus as a safe haven flight to quality has seen the US dollar surge across all major currencies, even seeing the USD rallying against the usual go to safe haven, the Japanese Yen. In addition, partially due to the acceleration of the COVID-19 … Continued