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
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).
The second edition of a regular feature, FX Explained in The Forex Zone. We will take a video run through of the Major Forex pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD upside risks A Thursday extension above the 1.1289/1.1304 resistance area to build on Wednesday’s surge above 1.1250/53 resistances, to reinforce the erratic, … Continued
A rebound for the GBPUSD Forex rate this week, but the midweek surge has primarily been driven by broad US Dollar weakness. US$ losses have been a reaction to the Fed Meeting on Wednesday (19th June 2019), where the Federal Open Market Committee (FOMC) opened the door to a rate cut, expected in July, with … Continued
Positive comments from US President Trump regarding a likely meeting with the Chinese President Xi Jinping at the G20 Meeting in Osaka, Japan. This sparked hopes of a resumption of trade negotiations, increasing investor risk appetite and sent riskier assets higher, with global stock indices posting firm gains on Tuesday. Furthermore, the “risk currencies”, the … Continued
Global equity averages have retained their short-term positive outlooks from the strong rallies at the start of June, consolidating these recovery efforts over the past week. The UK benchmark stock average, the FTSE 100 is in similarly positive mode, but also bolstered by Sterling weakness against the US Dollar and Euro (GBOUSD low and EURGBP … Continued
In this video and article, we are looking at the concepts of Gearing, Leverage and Margin. Gearing, Leverage and Margin are interconnected concepts in trading. LEVERAGE (also known as Gearing) works by using an effective deposit, known as the MARGIN, to provide you with increased exposure to an asset. A fraction of the full value … Continued
A Friday dip below 12061.5 support and then a firm rebound from 12047.5 to sustain upside forces from the entire June recovery rally and keep risks higher Monday. The June push above 12123.5 set an intermediate-term range seen as 11595 to 12318.5, BUT with risks now for a bullish shift. For Today: We see an … Continued
The upgraded acronym FAANG is a development of the original acronym, FANG, which was proposed by Jim Cramer on CNBC back in 2013. FAANG stands for: Facebook (FB) Amazon (AMZN) Apple (AAPL) Netflix (NFLX) and Alphabet (GOOG) (parent company of Google) These are five of the most popular and strongly performing technology shares in the … Continued
Today is the first edition of a regular feature, FX Explained in The Forex Zone, where we will take a video run through of the Major FX currency pairs; EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD and USDCAD. EURUSD holding onto a positive tone A further setback Thursday for a more convincing push below 1.1289/88 supports and … Continued
In today’s report we are going to take a technical analysis look at the FAANG shares, Facebook (FB), Apple (AAPL), Amazon (AMZN), Netflix (NFLX) and Google (GOOG, Alphabet). Facebook (FB) A firm June rebound from above a key March support at 159.28 (from 160.24) has neutralised the intermediate-term bear trend that was set up with … Continued
In this video and complementary article, we are looking at some basic trading term used in financial markets trading. Buy and Sell Long and Short Bull and Bear/ Bullish and Bearish Risk On and Risk Off Buy and Sell/ Long and Short As a trader, if we think a market or asset is going to … Continued
A plunge lower for Platinum, following the “risk off” moves seen across global asset classes in May, then a rebound effort in June, again alongside “risk on” moves seen elsewhere. However, the technical damage inflicted by the May bear move leaves an intermediate-term bear theme intact, whilst below the 833.3/838.8, chart/ Fibonacci retracement resistances. Intermediate-term … Continued
A strong June rally for Nike driven by two bull gaps interspersed by a surging rally, to reverse above the down trendline from the April, rejecting an intermediate-term bear theme, now for an intermediate-term range. Despite an intermediate-term range, the threat is skewed higher, with risks for a challenge to the May swing peak at … Continued
Global equity averages have continued their upside path through June, despite the fact that the US-Sino Trade War remains in place, BUT a more dovish tone from even hawkish Federal Reserve Speakers has allowed for strong recoveries in June. This recovery theme has been assisted by recent progress in US-Mexico trade talks, avoiding tariffs by … Continued
Coca Cola (KO) has surged through May and into early June. This has seen a push this week through the Q4 2018 high at 50.84 to a new all-time high. This has seen Coca Cola significantly outperformed the S&P 500 and also the Consumer Staples sector. From a technical analysis standpoint this sees both short- … Continued
The Euro has seen a strong rebound in early June versus the US Dollar (EURUSD through notable resistances at the 1.1264/65 peaks, as the US$ has weakened due to concerns about a deteriorating outlook for the US economy and a more dovish FOMC. HOWEVER, the Euro remains vulnerable to further losses versus the Eurozone periphery … Continued
In this video and accompanying commentary, we are looking at the EIGHT factors that any prospective trader should consider when choosing a Forex Broker or for trading any financial markets. The EIGHT factors we would suggest considering when choosing a FX Broker are: Trust Investment Offerings Commissions and Fees Trading Platform Research Education Customer Service … Continued
In this article we are going to take a look at the intermediate-term outlooks for two “risk” currencies, the Australian and Canadian Dollars versus the safe haven currency, the Swiss Franc. Bear trends in CADCHF and AUDCHF are a result of the current, broad “risk off” environment across global financial markets, in the wake of … Continued
Given ongoing concerns regarding a “no deal” Brexit or a snap UK General Election, the Pound (GBP) continues to slide lower against many major currencies, not just against the US Dollar (the much-watched Cable Forex Rate, GBPUSD). These concerns have been heightened by the resignation of Prime Minister Theresa May and a leadership contest for … Continued
A probe higher Thursday close to the cycle peak at 6.7235, reinforcing bull forces from both the recent rebound from 6.6593 and the positive consolidation theme throughout May, which includes the spike up to this peak, to keep risks higher for Friday The intermediate-term outlook is bullish, from the entire erratic up trend of 2019 … Continued
Global financial markets are still within a “risk off” environment, with ongoing fears from trade war concerns, despite no significant negative developments recently. Stock markets in Asian, Europe and the US have sold off again this week, with the European averages making (or poised to make) more bearish statements, as highlighted here in our report … Continued
Ongoing threats of a prolonged “risk off” phase with developing trade war concerns have kept global equity markets contained during recent rebounds. Moreover, renewed weakness this week has seen the US equity averages post bearish signals, with the S&P 500 pushing below the prior May low. Today we spotlight the major European and UK benchmark … Continued
In this article and accompanying video we are looking at the different asset classes that investors and traders can invest in and trade. The four main asset classes we are going to look at are: Equities, stocks, shares (including indices, or averages) Bonds (Government and Corporate) Commodities Foreign Exchange (Forex, FX and currencies) Equities, stocks, … Continued
An erratic, but overall negative consolidation theme has dominated May, with a very cautious tone going towards month-end, but the bias remains for a challenge lower and we see downside risks into Tuesday. On an intermediate-term basis, we see a broader range as 19.318 to 18.747, BUT with the skewed risks for an intermediate-term bearish … Continued
The price recovery in cryptocurrencies in 2019 alongside the less aggressive volatility that was previously seen in 2018 has seen a resurgence of interest from traders in the cryptocurrency asset class. To this end, brokers have been bolstering their cryptocurrency offerings and here we take a look at April 2019 updates from CMC Markets. CMC … Continued
A spotlight in this report on the NZD cross currency rates, focusing on the New Zealand Dollar against the Japanese Yen, Swiss Franc and Canadian Dollar. NZDJPY, NZDCHF and NZDCAD all stay bearish on an intermediate-term basis. NZDJPY sitting at cycle low Despite a small rebound on Friday after another new cycle low on Thursday, … Continued
Global financial markets continue to react negatively to global trade war concerns. Asian, European and US equity averages have all rolled back lower this week into late May, damaging rebound effort made from mid-May. This sets the immediate risks lower and starts to resume the negative tone set during the significant selloff in the first … Continued
In this article and accompanying video we look to explain the differences between Investing and Trading. The four main ways we can categorise the differences between Investing and Trading are by looking at: Time Frame Flexibility Leverage Returns Time frame Investing Investing is generally seen as a longer-term activity and by longer-term we tend to … Continued
USDNOK retains a positive short-term tone within a broader, intermediate-term range. EURNOK has a negative short-term bias, also in a neutral, intermediate-term environment. This tells us more about EURUSD than anything else, that the risks for EURUSD are to the downside. USDNOK upside threat A resilient consolidation for much of May, digesting the later April-early … Continued
A consolidation theme has emerged for the major US (and in fact European) equity averages over the past 1-2 weeks, with no significantly new bad news emerging from the ailing US-Sino trade negotiations. This has allowed equity markets to rebound and ease bear forces from the aggressive selloffs seen in the first half of May. … Continued
Another push higher Tuesday and again into Wednesday, reinforcing the previous tentative breakout from the Ascending Triangle pattern above 3.8594 and 3.8644 resistances, leaving both short- and intermediate-term bull themes intact and aiming higher for Wednesday. The intermediate-term outlook is bullish, sustained by 2019 solid consolidation above the 38.2% Fibonacci retracement of the 2018 rally. … Continued
In our Monday report we highlighted ongoing Sterling weakness as Brexit talks between the Conservative and Labour parties have floundered amid the increasingly unstable position of Prime Minister (PM) Theresa May. The GB Pound did try a recovery on Tuesday (21st May) as PM May tried to bring a new version of her Brexit deal, … Continued
Another new cycle high on Tuesday through the earlier May peak at 9.6641, reinforcing the resilient consolidation theme from mid-May above the 9.5301 support level, sustaining both short- and intermediate-term bullish trends and aiming higher again for Tuesday. The April surge through 9.3488 resumed the intermediate-term bull trend, intact above 9.5301. For Today: We see … Continued
A resilient consolidation since mid-May, holding above the trend line support from earlier in May off of 1.3615, to approach last week’s cycle high at 1.3785, sustaining the short- and intermediate-term bull trends and aiming higher again for Tuesday. The intermediate-term bull trend was triggered above 1.3580 back in April and is fully intact whilst … Continued
Since mid-May a positive consolidation tone above the 38.2% Fibonacci retracement at 14.326, off of 14.334, sustaining upside forces within the erratic, Triangle consolidation seen since March, but aiming higher for Tuesday. We see an intermediate-term range theme defined as 14.585 to 14.125, but with the bias skewed to the upside. For Today: We see … Continued
A rebound for the Australian Dollar on Sunday/Monday after the very unforeseen election result, with a win for the conservative coalition, with Labour previously expected to win. However, from a technical perspective resistance levels remained intact, whilst from a macroeconomic viewpoint, the absence of change was far from a bullish signal for the Australian Dollar. … Continued
With the shift in global financial markets to a “risk off” phase through the first half of May, currency markets have been dominated by a stronger Yen and US Dollar as safe havens, whilst “risk currencies’, such as the Australian and New Zealand Dollars have weakened. In this climate, the Euro has been relatively neutral … Continued
May has been dominated by a broad shift across global financial assets to a “risk off” phase, with the major global stock markets and equity averages lower, Bond markets rallying to lower yields, Gold higher. This environment has also seen safe haven currencies strengthening (the Japanese Yen), whilst “risk currencies’, like the Australian and New … Continued
Over the past two weeks and again earlier this week here we have been spotlighting the negative technical analysis picture for global stock markets, focusing on the major European and US equity averages. This negative outlook has been driven by the escalation of Trade War tensions between the US and China, with new tariffs being … Continued
For the Pound, the lack of progress on any Brexit agreement between the governing Conservative party and the opposition Labour party since the Brexit leave date was extended until 31st October 2019, has been disappointing for Forex participants. This has seen Sterling weaken over the past week, erasing prior May gains, which were driven by … Continued
From the start of May and the Trump threat for higher tariffs on Chinese goods we have been highlighting intermediate-term topping threat for the major European and US equity averages, as highlighted here. As we highlighted in yesterday’s report, further tweets over the weekend from Trump “have again fuelled the fire of market unease”, whilst … Continued
Over the past week in numerous articles we have highlighted the impact of growing trade negotiation tensions on equity markets here and Forex markets here, but today we will take a look at the negative impact on Base Metals. Friday saw some respite from the negativity with some positive soundings after the most recent talks, … Continued
This week we have highlighted the overall “risk off” setting for global stock markets here and here and the imposition of a tariff hike on $200 billion of Chinese goods on Friday leaves this negative outlook very much intact. Again, here we spotlight the US benchmark average, the S&P 500. S&P 500 E-Mini downside threat … Continued
In our reports here and here this week we have highlighted a shift to a “risk off” environment across global financial markets, starting on Monday after President Trump’s tweets regarding US tariffs on Chinese goods to be imposed this Friday. Fears continue to grow that this will have a significantly negative impact on the current … Continued
In a report on Monday we highlighted a more negative tone and threat for the US yardstick index, the S&P 500, but also for global equity markets and averages. This was in the wake of President Trump’s comments on Sunday 5th May, concerning further tariffs on Chinese goods, but also negative moves after the Wednesday … Continued
An extremely erratic tone for global equities and to a lesser extent for the US Dollar since early May, shifting back and forth from “risk off” to “risk on” phases through the Fed, US Employment report and developments since the weekend on US-Sino trade negotiations and tariffs. This has left the US$ indecisive in the … Continued
Despite solid rebounds for US and global equity averages on Friday 3rd May after the US Employment report, comments on Sunday 5th May from President Trump, regarding further tariffs on Chinese goods, have sent equity markets south today. This negative price action has reinforced negative price signals after the FOMC statement on Wednesday 1st May … Continued
The US Dollar has been the strong global currency against most major currencies since March of this year, despite a corrective setback at the end of April US Dollar strength has broadly resumed this week in the wake of a less dovish tone, so de facto more hawkish tone, from Fed Chairman Jerome Powell after … Continued
A rally and then a plunge back lower on Wednesday for the major US equity averages, after the FOMC rate decision, statement and conference. The tone from Fed Chairman Powell was that a rate cut in the near term is unlikely, which impacted negatively on US stock indices This has eased very short-term upside risks … Continued
Mixed Canadian economic data on Wednesday alongside an upbeat outlook for H2 2019 from Bank of Canada Governor Poloz were taken as positives for the Canadian Dollar. Furthermore, this week has seen a broad, corrective weakening for the US Dollar against most major currencies, possibly driven by month-end moves but also easing concerns of a … Continued