In recent articles this week here we have highlighted the ongoing resilience of European equity markets, with both the DAX and DJ Euro STOXX 50 benchmark averages hitting new highs for 2019 over the past 24 hours (see below for the DJ Euro STOXX 50 European benchmark). The major US equity averages, however, have remained … 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).
In our report earlier this week on the Pound we highlighted a fundamental strengthening of the UK currency amid rumours that UK Prime Minister Theresa May was going to discuss with the Cabinet a possible delay to the UK’s date for leaving the EU (currently 29th March 2019). Further developments have seen the likelihood of … Continued
An erratic session on Tuesday, with global equity markets rallying, dipping and rebounding already this week, but the underlying “risk on” theme remains intact. Equity markets have been bolstered by positive news from the weekend regarding developments in the US-Sino trade negotiations and more recently by the willingness for the UK Government to look to … Continued
A firm push higher for Sterling over the past 24 hours as rumours abound that UK Prime Minister Theresa May is opening up discussions within the Cabinet, on Tuesday 26th February, for a delay to the UK’s date for leaving the EU, currently set at 29th March 2019. This is seen as a positive for … Continued
Improving trade negotiations over the week with positive soundings from US-Sino trade talks have sustained an intermediate-term bullish theme for global equity averages into this week after a solid consolidation tone throughout last week. Furthermore, reports over the weekend that the UK is considering extend Article 50 by 3 months have been taken as a … Continued
A better than anticipated Employment report for the Australia on Thursday initially saw a more positive tone for AUDUSD, but then a note from the Australian Investment Bank, Westpac that forecast two rate cuts for 2019 saw a selloff for AUDUSD. This price action, alongside ongoing concerns regarding global growth (despite positive soundings from US-Sino … Continued
Strong upside advances on Wednesday for the US and global stock indices into and after the FOMC Meeting Minutes from their January Meeting, as the Fed view of patience on interest rates was reinforced. Furthermore, positive overnight developments regarding US-Sino trade negotiations have seen global share averages push still higher. This has seen global equity … Continued
A solid recovery by Sterling over the past 24 hours, as the GB Pound has reacted to positive soundbites and rumours regarding developments in the Brexit negotiations. Furthermore, global asset classes have seen a shift to more of a “risk on” environment since last Friday, fuelled by an easing of global economic growth worries amid … Continued
The Euro remains vulnerable, particularly versus the US Dollar, with recent rebound effort fading. Ongoing concerns regarding a global economic slowdown are intensifying, with signals from the European Central Bank that a still more dovish approach to monetary policy could be seen in 2019. Although the Federal Reserve in the US have also shifted to … Continued
A surge higher in global equity averages on Friday 15th February, dismissing the significant corrective setback seen on Thursday (after poor US Retails Sales data and concerns regarding the progress of US-Sino trade talks). The recovery Friday was driven by a more upbeat assessment of the trade negations from both sides and a short-covering squeeze … Continued
In our report here yesterday (Wednesday 14th February), we highlighted downside risks for the Pound into another Brexit vote, with a technical trigger for GBPUSD below the key 1.2831/29 support The GBPUSD plunge through here alongside broader Pound weakness is often a positive for the UK benchmark index, the FTSE 100, as it is heavy … Continued
The Pound remains under negative pressures in February, with threats of a potential No Deal Brexit growing, since the firm rally in January which was partially driven by a perception of a move away from this scenario. The Government faces another series of votes today, which leaves Sterling vulnerable again to further downside pressures. Here … Continued
The past week has seen correction activity across the major global stock markets as ongoing global economic slowdown concerns have impacted on riskier asset classes. However, a strong recovery effort over the past 24-36 hours has been a reaction to hopes on avoiding another global shutdown and also from positive soundings regarding US-Sino trade negotiations. … Continued
Significant downgrades in European growth forecast from the European Commission last week have subsequently weighed on the Euro. However, the EURUSD spot Forex rate had already been declining, through more seen as a consequence of US Dollar strength, with the US currency seen as a safe haven, given worries of a global economic slowdown. This … Continued
Global share markets suffered significant corrective losses from the middle of the last week, although these setbacks are currently viewed as corrective within the context of strong 2019 recovery rallies. Nevertheless, the depth of the price erosion for major US, European and Asian equity averages highlights risks for further losses at least in the short-term … Continued
A notable corrective selloff for global equity markets over the past 24 hours as various “risk off” events have impacted asset classes. These included a more dovish, cautionary tone from Reserve Bank of Australia Governor Lowe on Wednesday as we featured here, a negative New Zealand Employment report and stark forecasts for Europe from the … Continued
The Australian Dollar saw a significant selloff on Wednesday after Reserve Bank governor Philip Lowe signalled that interest rates could move either higher or even lower, given growing economic risks. This more dovish tone than has previously been indicated saw an already slightly unenthusiastic tone for the Australian Dollar shift to a far more negative theme, … Continued
Growing concerns that the Brexit negotiations could result in a No Deal outcome have weighed on Sterling over the past 1-2 weeks. Furthermore, a less than positive service sector Purchasing Managers Index report for the UK on Tuesday encouraged further negative price action for the UK currency. The GBPUSD break below some notable supports (2019 … Continued
Major European, US and Asian equity averages have extended their strong starts to 2019 in January into February with many averages hitting new recovery rally highs on both Friday and Monday. This bullish tone has at least partially been encouraged by the continuing move towards a more dovish stance by the Federal Reserve, reinforced last … Continued
The ongoing shift to a more dovish viewpoint from the Federal Reserve last Wednesday 30th January has reinforced early 2019 weakness for the US Dollar. This has reinforced an already positive tone for EURUSD evident since the latter January rebound from ahead of key supports in the 1.1268/62 area, leaving the bias for further EURUSD … Continued
A positive, “risk on” tone across global equity markets this week has been reinforced by US equity averages again moving to new 2019 highs at yesterday’s moth-end. This has been assisted by the further shift to a more dovish stance by the FOMC of the Federal Reserve on Wednesday. Of particular note has been the … Continued
Both the AUDUSD and NZDUSD have indicated a more positive tone in short-term consolidation phases since mid-January, but US Dollar weakness after the dovish Fed tone on Wednesday has seen a more positive tone appear for both these currency pairs. Furthermore, these gains have been reinforced by a more positive, “risk on” tone across global … Continued
European equity markets and the major European and UK averages have started this last week of January on a positive note, probing either to the top end of recent consolidation ranges, or extending early 2019 recovery efforts. This positive activity has echoed optimism around the US-China trade negotiations that are beginning again this week, the … Continued
Another week and another key vote in the ongoing Brexit saga. Scenario analysis is still very difficult at the moment, but from a geopolitical, fundamental perspective the further the likely outcome continues to move away from a possible “no deal” Brexit and also away from a General Election, the more Sterling can continue to appreciate. … Continued
A solid advance into the end of last week across the major global equity markets, with the major European averages (not including the FTSE 100) pushing to new recovery highs for 2019. This positive price action has reflected ongoing optimism around the US-Sino trade negotiations, the fact that the US government shutdown has at least … Continued
In our article here on Monday 21st January we highlighted downside risks for the Euro into Thursday’s ECB Meeting. The Euro stayed negative ahead of the Meeting, and has seen further weakness since, with EURUSD surrendering notable support (see below). This leaves the Euro vulnerable against major currencies, and in particular versus the US Dollar … Continued
2019 has seen a strong start for most global equity markets with major averages progressing higher by 5-10%, after weakness seen in December 2018. However, the recoveries have slowed and slightly corrected this week. This has partially been a result of no further positive developments in the major geopolitical risks that are still hanging over … Continued
The GB Pound has retained a positive tone into this week with a strong rebound against most major currencies on Tuesday. This is in the face of ongoing Brexit uncertainty, though the perception is that a “no deal” Brexit is becoming less of a likely outcome, which is seen as a positive for the Pound. … Continued
Both AUDUSD and NZDUSD have been unable to sustain strong rallies through mid-January, that were evident since the “flash crash” selloffs at the very start of 2019. This has been particularly disappointing, given global equity markets have continued to push higher, with the Australian and New Zealand Dollars usually benefiting as perceived “risk” currencies during … Continued
The Euro has come under broad negative pressures through mid-January, driven by continuing political turmoil in France and Italy, plus in Greece, Tsipras called and closely survived a vote of no confidence. Furthermore, the European Central Bank had been expected to begin to tighten up their very accommodative monetary policy and maybe start hiking rates … Continued
In a prior report earlier this week we highlighted growing risks of a more bullish technical shift for the GB Pound, in particular noting bullish threats versus the generally weak US Dollar. Although the US Dollar has actually managed to post some notable corrective gains against other major currencies this week (Yen, Euro, the risk currencies … Continued
Global equity markets have enjoyed a positive start to 2019 and have been rallying in most instances since straight after the Christmas holiday. This solid tone has been a reaction to; a more dovish Federal reserve tone since the end of 2018, an improvement in the US-Sino trade negations and the ability of markets to … Continued
The key Brexit vote came and went on Tuesday evening with a far larger defat for the government than anticipated, but with the net impact on UK financial markets muted. The GB Pound saw a significant selloff with GBPUSD lower before and after the vote, but then a strong intraday rebound leaves GBPUSD in a … Continued
Global equity indices have posted solid, sideways consolidation activity over the past week, defending support levels from the recent early 2019 recovery rallies. The strong advances so far this year have been driven by both a more dovish tone from the Federal Reserve in the US and a perception of positive progress on trade talks … Continued
Last week we highlighted upside risks for GBPUSD as we entered the key Brexit debate here, and with the vote now looming this week, GBPUSD has already made a technically positive statement. The push above the key 1.2840/64 area has signalled an intermediate-term shift from a bearish trend to a range environment, with risks skewed … Continued
In articles already this week here and here we have highlighted basing effort by global equity averages (the S&P 500 and DAX). These technical bottoming attempts have been reinforced through this week from the fundamental side by apparent progress in the US-Sino trade talks and further dovish comments from Fed speakers, with the FOMC Minutes on … Continued
EURUSD saw a surge higher on Wednesday, primarily a reaction to an ongoing weakening US Dollar, as opposed to a particularly strong Euro. US Dollar weakness has been a theme for early 2019, given the more dovish tone from the Fed from late 2018 and in particular from FOMC Chairman Jerome Powell. The FOMC Minutes … Continued
A shift to a more “risk on” environment has continued to develop through early 2019, building on latter 2018 recovery efforts across major European, US and Asian equity markets. This positive price action has been reflected by the major global averages overcoming notable technical resistance levels and was further enhanced by particularly strong price action … Continued
This week saw the return to business for the UK Parliament and from Wednesday 9ht January the debate restarts on Prime Minister Theresa May’s Brexit deal. At the moment, the high expectation is that this deal will struggle to get voted through, and the coming days will be of interest, possibly giving clues as to … Continued
A very erratic tone for global equity markets into late 2018 and to start early 2019, but the first week of the new year ended on a positive with risks skewed towards the upside. A global equity market selloff into the Christmas holiday was then followed by a robust rebound before the end of the … Continued
Although maybe driven by illiquidity at the start of a new year, the surge and the very beginning of 2019 trading above 1.1500 has produced an intermediate-term bullish shift. Furthermore, and despite the subsequent setback, this positive price action sets risks to the upside for Wednesday. For Today: We see an upside bias for 1.500/05 … Continued
The “risk off” activity seen from early December has intensified over the past week, with global slowdown concerns impacting negatively on the major commodity currencies, including the Australian, New Zealand and Canadian Dollars. Furthermore, alongside and partially driven by this “risk off” theme, the Oil price continues its path to lower prices as evident throughout … Continued
A rate hike by the Fed as expected on Wednesday 19th December, but the market had also anticipated a more dovish shift in overall tone. The more cautious tone going into 2019 was expected by global markets, given growing signs of a global slowdown, a softening of the US data and also the selloffs already … Continued
A further “risk off” move across global equity markets on Tuesday (as seen from mid-December), and as we highlighted in yesterday’s report here, driven by US equity averages breaking through Q4 lows and now in the case of the S&P 500 to prod the 2018 low. Additionally, European equity averages have pushed down close to … Continued
The mid-December “risk off” moves across global financial markets (reacting to fears of a global slowdown), were reinforced on Monday by US equity averages plunging through recent Q4 lows. Moreover, this has placed the Dow Jones Industrial Average, the Nasdaq 100 and the S&P 500 all close to he 2018 lows, set in Q1. Furthermore, … Continued
USDJPY remains very much defined by an intermediate-term, broader range (we see as 114.21 and 112.20). But the recent “risk off” move across global capital markets, in reaction to fears of a global slowdown, have seen the US Dollar preferred as a safe haven currency, rallying against most major currencies and even versus the Japanese … Continued
Global equity averages have tried rebound effort over the past week into mid-December, after the rather aggressive selloff seen early in the month to new multi-month lows. The recovery efforts into mid-month have reflected some relief that the trade war truce between the US and China is holding and optimism that behind the scenes progress … Continued
Theresa May won the Conservative Party vote of no confidence in her leadership on Wednesday, with the GB Pound rallying ahead of the vote on anticipation of a positive outcome for the Prime Minister, with another unknown removed from the complex Brexit equation. However, Sterling then weakened after the vote, on a “buy the rumour … Continued
A rebound failure and then a plunge back lower Tuesday from below 1.1409 resistance to push below 1.1348 and 1.1320 supports, rejecting the erratic December recovery effort and flipping risks lower for Wednesday. The plunge through 1.1300 in the first half of November set an intermediate-term bear trend. For Today: We see a downside bias … Continued
The GB Pound FX rate was already looking vulnerable in the run in to the previously scheduled vote in Parliament today on the Prime Minister May’s Brexit deal. However, the cancellation/ postponement of this vote saw the Pound sell off aggressive early across major G10 currencies, with GBPUSD sending a particularly negative technical signal. The … Continued