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SNDK shares rose 25% to $640.68. Sandisk delivered a strong earnings beat, reporting adjusted earnings per share of $6.20, well above Wall Street’s consensus estimate of $3.62. Revenue also exceeded expectations coming in at $3.03 billion compared with analysts’ forecasts of $2.69 billion. Looking ahead, the company issued an optimistic outlook for the current quarter, guiding revenue to a range with a midpoint of $4.6 billion, significantly higher than the average analyst estimate of $2.93 billion.
AUDUSD (4H) traded around 0.701 hovering near the three-year high and is looking like heading for its second consecutive weekly gain. The move has been supported by a broadly weaker US dollar and growing expectations that the Reserve Bank of Australia will raise interest rates at its meeting next week. The Reserve Bank of Australia is set to meet on tuesday and all four of Australia’s major banks are forecasting a rate hike to 3.85%. However, it is still unclear whether the decision will be unanimous.
AUDUSD declined yesterday and currently showing signs of consolidation after reaching overbought levels with negative signals beginning to appear on momentum indicators. However the move reflects a temporary slowdown rather than a shift in trend as the price remains supported above the EMA50, which continues to reinforce the broader bullish structure in the short term.
TSX Futures Slide as Gold Tumbles on Hawkish Fed Chair
Futures tracking the S&P/TSX Composite Index fell on Friday, pressured by a sharp drop in gold prices and weaker oil quotes.
Gold plunged nearly 5% as the dollar rebounded, pressuring Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada, which had already declined in the previous session.
Metals came under pressure as traders cut speculative trades, also catalyzed after US President Trump nominated Kevin Warsh as the new Fed Chairman, who earlier took stances as an inflation hawk.
Oil prices also retreated as concerns over supply disruptions in Iran eased, putting additional pressure on energy stocks.
Gold Chart
European markets wrap: Precious metals dive, Trump picks Warsh as Fed chair
· Silver sinks below $100, gold tumbles below $5,000
· Precious metals continue to tumble as the heavy selling continues
· Silver dropped by more than 20% in just two days amid massive profit-taking. What’s next?
· Have we reached a short-term top in gold after the sharp swing lower?
· US futures push lower as the risk mood holds more mixed today
· Trump nominates Kevin Warsh to be the next chairman of the Federal Reserve
EURUSD 4h
Pattern trading using MA’s
I will talk about it at length in coming articles, but here let’s just go over it shortly.
Last night it started to look Bullish ( you have to be ready in advance to pull the trigger as past performance won’t make you a penny…) but just by following the rule of “2 consecutives” I had to abort. As you can see from this chart , next bar went straight down and close below my MA’s.
We got a marginally lower low and now next opportunity for trade might occur if this bar closes below 1.19250 – Sell.
As long as EUR stays below 1.19600 pressure will be Down.
Looks pretty simple ( and it is once you get hold of the whole system) but it is tricky on occasions – all will be covered in my articles…
Metals meltdown is a classic liquidating market (XAUUSD break of 5000 and XAGUSD plunge through 100) makes this article a must read
How to Identify and Trade a Liquidating Market: A Guide for Active Traders
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