A plunge lower overnight by the FTSE 100 future has highlighted more than an upside rejection, with an intermediate-term bearish technical shift. The UK benchmark average pushed higher to start the week after the US-Sino trade war truce had appeared to signal a skewed upside risk for global equity indices into December. However, the subsequent … 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).
Brexit rumours and developments are intensifying as we approach to the key December 11th vote in Parliament. This is encouraging Sterling to undergo even more erratic and volatile intraday price action than we have become accustomed to. Tuesday saw an initial spike higher for GBPUSD in reaction to the report that the UK could unilaterally … Continued
The G20 Summit at the start of December produced an agreement for a 90-day truce between President Xi of China and President Trump of the US in relation to the Sino-US Trade War that has intensified through 2018. This is viewed in global financial markets as a “risk on” event, thereby encouraging higher prices for … Continued
This weekend saw President’s Xi and Trump of China and the US respectively meet an agree to a year-end truce in the Trade war between their nations, that has escalated throughout 2018. This is viewed in global markets as a “risk on” event and should benefit riskier assets into year-end. In the equity markets, this … Continued
The Cable spot FX rate (GBPUSD) has retained a more negative outlook, despite recent losses and weakness for the US currency. A more dovish tone was indicated in Wednesday’s speech by Jerome Powell, with the Fed Chairman signalling that rates were close to the Fed’s “neutral rate”. This saw the Eurodollar, interest rate market price … Continued
An apparent shift to a more dovish tone by Fed Chairman Jerome Powell in a speech on Wednesday. Powell said that rates were near to the Fed’s neutral rate, which saw the market start to price in closer to only one rate hike in 2019. Equities markets reacted positively to this development, with the US … Continued
EURUSD continues to track lower over the past week, rejecting the recovery effort seen earlier in November. This has reflected various elements, not least concerns regarding the Italian budget situation and the friction with the EC. Furthermore, ongoing Brexit concerns have pulled Sterling lower, with the Euro being dragged lower too. Finally, the US Dollar … Continued
Global equity averages ended the Thanksgiving week on a slightly positive note with rebound efforts, then staged resilient recovery rallies on Monday. Share markets have been buoyed by positive Holiday weekend spending data, alongside a relief rally after the EU and UK agreed Brexit terms (though the hard work is to be done in the … Continued
An indecisive tone has emerged for USDJPY in November, with competing forces of a weakening outlook from the equity markets, but a still relatively hawkish Fed (though recent FOMC Member comments have highlighted dovish tones). The mid-November USDJPY selloff rejected a more bullish intermediate-term tone, which still requires a break above 114.55. But the latter … Continued
European equity averages dipped modestly lower during a relatively quiet Thanksgiving Holiday session on Thursday. However, this is after markets staged solid rebounds Wednesday, but only after more significant losses earlier this week. This erratic price action leaves markets poised into Friday, which is a shortened session in the US, and from a seasonal perspective … Continued
The GB Pound has been in more of a consolidation mode over the past week, since the mid-November plunge after political concerns arose regarding the Brexit deal proposed by Prime Minister Theresa May. The anticipated Conservative Party leadership challenge has not materialised, as yet, which has limited the extent of any further losses. But GBPUSD … Continued
In Tuesday’s reports here, we highlighted downside vulnerability for global equity markets, with major indices suffering significant losses on Monday, with the US benchmark index, the S&P 500 spotlighted in our prior update. Further losses on Tuesday for the major US and European equity averages through important support factors have reinforced short-term vulnerability, with risks … Continued
Renewed equity market weakness globally over the past 24 hours has been driven by tech sector weakness in the US, with some blue-chip stocks including Apple and Facebook performing poorly on Tuesday (19th November). This has damaged broader recovery efforts from late last week and renewed bearish risks from losses seen earlier in November. Here … Continued
Earlier November losses for EURUSD through 1.1300 produced an intermediate-term bearish shift. However, a very slight easing of Brexit tensions at the end of last week, alongside no new negative developments with respect to the Italian budget have allowed for a corrective EURUSD rebound. The intermediate-term outlook remains negative for EURUSD, but the immediate risks … Continued
Despite a Brexit agreement Tuesday between the UK and EU, plus Prime Minister Theresa May pushing the deal through the Cabinet on Wednesday, resignations from the Cabinet on Thursday and broad political criticism have left little prospect for the proposed deal. Theresa May has seen aggressive opposition from within her own Conservative party, with a … Continued
After the UK and EU teams came to a Brexit deal agreement on Tuesday, Prime Minister Theresa May has, for now at least, sold this deal to the Cabinet. However, a far bigger hurdle remains, with the deal needing to be debated and passed through Parliament. Moreover, Theresa May is potentially fighting for her political … Continued
UK and EU Brexit negotiation teams are reportedly at an agreement, but the next key stage will be for PM Theresa May to sell the plan to the Cabinet, with a Cabinet meeting scheduled for 14:00 GMT today. Even if the Cabinet agrees to the terms, which is still far from a done deal, the … Continued
A “risk off” tone on Monday across global asset classes was driven by lower equity markets, in particular US equity averages and notably the tech sector. This has seen further US Dollar strength, with a particular casualty being EURUSD. Concerns regarding a deadline today (Tuesday 13th November) between the Italian government and the European Commission … Continued
A dip lower for global equity markets in the second half of last week, but the boarder recovery efforts from late October for “risk assets” remain intact. Furthermore, the antipodean “risk currencies”, the Australian and New Zealand Dollars produced solid gains in early November against the US Dollar, that have set up positive outlooks for … Continued
A firm US Dollar rebound has been seen over the past 24 hours since the FOMC rate decision and statement, with markets reacting to an expectation of another rate hike in December and likely three more in 2019. This was highlighted in the Fed statement by the view of a “strong rate” of overall economic … Continued
US equity averages have been in recovery mode from late October, even ahead of the uncertainty from the US midterm elections. With the midterm election uncertainty now lifted, global risk assets have responded positively to the election outcome, with US equity averages posting healthy gains on Wednesday. Moreover, European equity indices, which have been somewhat … Continued
The UK Pound has extended its strong advance against nearly all major currencies into early November, with the currency benefiting from ongoing positive rhetoric regarding a potential announcement of a successful Brexit deal in November. The Sterling versus US Dollar, GBPUSD advance has been in the spotlight, with the US Dollar weakening still further overnight … Continued
Today, Tuesday 6th November see the US electorate go to the polls, in the most watched midterm elections in many years. The outcome is far from certain, with the Republicans looking to hold onto both Houses of Congress, but with strong risk of losing the House and even possibly the Senate to the Democrats. The … Continued
The GB Pound FX rate has seen a strong rebound against major currencies from late October, after positive soundings from the top of the UK Government regarding a Brexit deal, of particular note has been the GBPUSD rally. The GBPUSD advance has been reinforced by a weakened US Dollar (after recent October strength), driven by … Continued
Today, Friday 2nd November sees the release of the US Employment report for October. The headline Non-Farm Payroll number is expected to come in around 190,000, but probably of greater importance will be the Average Hourly Earnings data, with 3.1% expected. USDJPY is often a significant market mover through the Employment report, here we look … Continued
A firm rebound by the UK benchmark equity index, the FTSE 100, this week. This has been driven by an easing of global tensions and some positive technical developments, of note the push above the 7088 level by the futures contract. This has produced a small bottoming pattern, shifting the bias higher into November. Even … Continued
The US Dollar still stays very strong against most major currencies into month-end, particularly versus the GB Pound, Euro and Japanese Yen. This has reflected both a safe haven quality within the wider “risk off” phase, plus from the anticipation of a more hawkish Fed. Furthermore, the wider European Community and European currencies continue to … Continued
The US Dollar remains strong against most major currencies into late October, primarily driven by a flight to quality status, given the broader “risk off” scenario we are seeing across global asset classes. Global Bond markets are rallying as equities continue to selloff, with stock markets particularly damaged in the US and Asia, and this … Continued
For a second successive session on Friday, European and US equity markets attempted rebound and recovery rallies. However, once again, markets have been unable to send any notably positive technical signals, with bounces seen as corrective at best, advances remaining lacklustre in nature and leaving global equities vulnerable to renewed bearish forces through month-end and … Continued
Global equity markets attempted a correction rally on Thursday, driven by a strong rebound in tech stocks, BUT the S&P 500 reversed the session’s solid recovery gains in after-hours trading, driven by a negative response to Amazon and Google earnings. Further Asian market weakness overnight leaves global equities very vulnerable to further losses Friday, to … Continued
In yesterday’s report we highlighted intermediate-term bear trends for the major, global equity averages from renewed bearish pressures into latter October, but also the potential for rebounds, hinted at on Tuesday. The plunges lower that we saw late in the European and US sessions on Wednesday have further reinforced the intermediate-term bear trends, rejecting short-term … Continued
Global equity averages sold off heavily on Tuesday, with many of the major averages in Asia, Europe and the US pushing below the bear selloff lows posted in early October. Although this activity has reinforced the intermediate-term bear trends on one hand, the intraday rebounds actually set markets up for further recoveries into Thursday and … Continued
A lack of progress on Brexit negations from last week’s EU Summit was far from a surprise for FX markets, but the GB Pound still reacted negatively with the absence of any development. Furthermore, despite some positive sounding from both sides of the negotiating table already this week (from Barnier and PM May), the backdrop … Continued
The US Dollar has shown strength from mid-October against the Euro, partially due to a more hawkish tone from the FOMC, but also given Italian budget concerns. Despite a rebound on Friday by EURUSD, the risk remains skewed to the downside, within the broader, range environment, we define as 1.1815 to 1.1300. The threat into … Continued
Major European and US equity averages suffered notable losses on Thursday, but have managed to hold above the bear move lows posted earlier in October, after the aggressive liquidation activity. The FTSE 100 also lost ground, but the damage was less impactful than elsewhere, given the weakness in the GB Pound, cushioning downside activity. This … Continued
Again, and as expected, the EU Summit on Brexit stalled again on Wednesday, with no real progress made. Soundings from within the EU, appear to point to preparations for a “No deal” Brexit This is still seen as a negative outcome for Sterling and GBPUSD risks are currently skewed towards the downside. GBPUSD Risks … Continued
Today, Wednesday 17th October, sees the release of the Minutes from the September FOMC Meeting, at which interest rates were again raised. Since this meeting, global equity markets, driven by US equity averages, have experienced significant, negative price action, with liquidation pressures coming from a more hawkish tone from Jerome Powell. Financial markets traders, investors … Continued
As global equity markets have stabilised from the end of last week after their recent aggressive selloffs, the focus returns to the data, with the spotlight today on the UK Employment report. Key to watch for Tuesday will be the Average Earnings data, for signs of a labour market that is continuing to tighten and … Continued
A slight stabilising of global equity markets on Friday, led by Asia and reinforced through the European and US sessions has indicated a potential for very near-term bases and a very short-term conclusion to the recent bear moves. This has eased the aggressive risk off scenario that has plagued markets over the past week. The … Continued
Early session consolidation for the global equity markets on Thursday gave way late in the US session with a plunge lower. Again, this produced sizeable losses for the major European and US equity averages. For the S&P 500, the close below the 200-day Moving Average was a significant negative technical development. Risks for global equity … Continued
An extremely aggressive selloff across global equity markets on Wednesday was driven by severe weakness in US equities. Significant losses for the major US equity benchmark averages has seen critical intermediate-term term support levels from this year violated. For the S&P 500, the breakdown below 2853.5 was enough to trigger an intermediate-term bear trend into … Continued
The key macroeconomic focus in Europe today is the UK GDP and Manufacturing data, with potential for impact of Brexit concerns. Consensus sees GDP falling to 0.1% from 0.3% last month, with the expectation for manufacturing data modestly positive. This data is likely to impact on both the UK benchmark equity average, the FTSE 100 … Continued
An acceleration to higher yields across the US Treasury was seen last week, which has been sustained into this week, evident since the more hawkish tone indicated by Fed Chairmen Powell. This has rattled global equity market and seen significant selloffs across major global indices. Of note, the US benchmark average, the S&P 500 has … Continued
The release of the September Employment report from the US on Friday (5th October) produced a continuation of a general “risk off” scenario across global asset classes as seen in the early part of October. This has been partially triggered by a higher yield move across the US Treasury curve, in tune from a perception … Continued
Today, Friday 5th October sees the release of the September Employment report from the US. Given the recent, early October surge to higher yield across the US Treasury after a slightly more hawkish tone from Fed Chairman Jerome Powell, the Employment report will be much watch as usual, with particular focus on the inflationary pressures … Continued
A plunge in prices across US Treasuries over the past 24 hours to reinforce higher yield moves across the UST yield curve seen since September, in reaction to a more hawkish tone from Jerome Powell. This points to still higher yields in the short-term. Furthermore, this price action has put some negative pressure on US … Continued
Today, Wednesday 3rd October sees UK Prime Minister Theresa May deliver her keynote speech to the Conservative Party Conference. This is of particulate note this year given the fragile position of Brexit negotiations and also Mrs May’s unsteady position as Tory Party leader and therefore Prime Minister. Over the past 1-2 weeks, Sterling has been … Continued
NAFTA talks ended with a positive outcome, highlighting a less negative tone to the global trade war backdrop. We see this having a positive impact on riskier assets and a negative impact on safe havens, with a further shift towards a “risk on” environment. USDJPY has continued to march higher, with the safe haven Japanese … Continued
NAFTA talks have finally resolved positively over the weekend. This has reinforced the global shift already being seen across asset classes towards a “risk on” environment, easing global trade war fears. This has been particularly positive for the Canadian Dollar, with the USDCD FX rate plunging lower, to re-energise both the short- and intermediate-term bearish … Continued
An erratic tone has been seen for GBPUSD since last week’s plunge in light of negative developments with regard to Brexit negotiations. More recently, however, in the wake of the US FOMC Meeting on Wednesday, the US Dollar has found some strength across major G10 currencies, which has pushed GBPUSD back lower. Going into today’s … Continued