Forex News 24

Is Canopy Growth Stock Set to Break Out and Rally 90%?
Dow Jones, Nasdaq 100 Await Key Earnings to Drive Price Action
TD Ameritrade Earnings: AMTD Stock Dips on in-Line Q2 EPS TD Ameritrade Earnings: AMTD Stock Dips on in-Line Q2 EPS
4 Stocks Surging on Earnings Surprises
AUD and CAD Eyed Ahead of Aussie CPI, BOC Rate Review
April 23, 2019 : GBP/USD Intraday technical analysis and trade recommendations.
3 Healthcare ETFs to Sell Amid Political Headwinds
US Dollar Price Action Setups in EUR/USD, GBP/USD and AUD/USD
XAU Offers a Glimmer of Hope at Fresh 2019 Lows
7 Renewable Energy Stocks to Buy for Sunny Long-Term Returns

Is Canopy Growth Stock Set to Break Out and Rally 90%?

Posted: 23 Apr 2019 02:14 PM PDT

After looking like they were set to break down, shares of Canopy Growth (NYSE:CGC) have been surging over the past few trading sessions. As such, CGC stock is up almost 20% over the past five days and on the cusp of breakout territory, with higher prices on many bulls' radar.

Source: Shutterstock

What so suddenly has CGC stock back in investors' good graces? To be fair, the company didn't really do anything to fall out of their good graces. Rather, it was simply the fading momentum of marijuana stocks at the time.

However, momentum was restored in Canopy Growth stock once reports began circulating about its intention to purchase Acreage Holdings (OTCMKTS:ACRGF). The deal is for $300 million in cash and swelled to $3.4 billion once Canopy included 0.58 shares for each subordinate voting share of ACRGF.

Investors are viewing the deal favorably as Acreage Holdings has exposure in 20 different U.S. states. In other words, it's Canopy's way of pushing into the U.S. This comes as it focuses on its future and growing its market share. At the end of the day, market share is a very important component to the cannabis industry. That's one reason why Canopy is considered the leader of this group.

Trading CGC Stock

The charts for CGC stock look a little busy here, but each level is relevant. The recent action has shown a return of momentum to Canopy Growth stock, but also names like Aurora Cannabis (NYSE:ACB) and Cronos Group (NASDAQ:CRON), among others. It's even given a boost to names like Constellation Brands (NYSE:STZ), which has a near-40% stakes in CGC.

That momentum has carried CGC stock into a potentially large breakout area over $48. Where can it go? One analyst says Canopy could run to $72, implying about 90% upside from current levels. Can it actually get there?

$48 is the first key test. In the last three trading sessions, CGC stock reclaimed its 20-day and 50-day moving averages as well as prior uptrend support (blue line No. 1). It also cleared prior downtrend resistance (blue line No. 2) and key resistance at $48. Now hovering near $48.25, it's important that CGC stock doesn't give up these recent gains.

Whether it can burst through its prior highs near $59 and run to $72 is currently unknown. But if it wants any shot at doing even that, it needs to hold over some of these key levels that it just cleared.

Here's what to watch: $48 and prior downtrend resistance (blue line No. 2). According to the RSI, CGC stock is not overbought even after its strong rally over the past few days. According to its MACD reading, momentum is returning to the bulls' favor and could have a lot of upside going forward. Ideally we would see a continuation higher or consolidation near current levels, before a pullback to $48 that holds as support.

If $48 soon acts as resistance, bulls need to see the backside of prior downtrend resistance act as support.

Bottom Line on Canopy Growth Stock

If investors feel that there is momentum in cannabis stocks, then CGC stock is certainly one of the top considerations to ride that wave. In the end though, this is a speculative group and investors have to remember that going forward. This isn't some blue chip stock with a reasonable valuation and strong cash flows.

Last quarter (Q3, fiscal 2019), the company had $60.8 million in revenue. That's roughly the same total as it did for all of fiscal 2018. Clearly the growth is very impressive, but we're talking about a company that has consensus expectations for $176 million in sales this year vs. a market cap of more than $16 billion.

Granted, estimates call for more than $600 million in sales in fiscal 2020 (which starts in one quarter), but this is still a lofty valuation. That's why M&A deals (such as with Constellation) are so important. It puts billions of dollars into Canopy's coffers, allowing it run its operations and make deals like it did for ARCGF.

It's a speculative group, but Canopy is among the best in the business.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.

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Dow Jones, Nasdaq 100 Await Key Earnings to Drive Price Action

Posted: 23 Apr 2019 02:08 PM PDT

Dow Jones, Nasdaq 100 Talking Points:

The Dow Jones will likely see its price action driven by Boeing and Caterpillar Wednesday
For the Nasdaq, Facebook and Microsoft will look to sway tech sentiment and bolster the S&P 500
Interested in stock market sentiment? See how IG Clients are positioned on the S&P 500 with Retail Sentiment Data and sign up for one of our Sentiment Walkthrough Webinars to learn more about the tool

Dow Jones, Nasdaq 100 Await Key Earnings to Drive Price Action

With the S&P 500 and Nasdaq closing at all-time highs, the Dow Jones has some catching up to do. In need of a catalyst, first quarter earnings from companies that are responsible for considerable weight in the Industrial Average may provide the required spark.

Dow Jones Earnings: Wednesday, April 24

Boeing, which is responsible for nearly 10% of the Dow Jones’ weighting, is slated to report earnings on Wednesday before market open. The company has found itself under fire in a fledgling US-EU trade war as it simultaneously grapples with a catastrophic technical malfunction in select models of its aircraft. It should come as no surprise that Boeing shares have dragged on the Dow. In turn, the company has seen its influence and correlation with the broader index slip.

Dow Jones Price Chart: Daily Time Frame (January 2018 – April 2019) (Chart 1)

Dow Jones price chart overlaid with Boeing stock and the correlation coefficient between the two

Also listed on the Dow Jones, Caterpillar (CAT) will report before the opening bell. The company is often viewed as a barometer for global growth and any insight into the state of the global economy will be heavily sought ahead of the first print of US GDP on Friday. Together, the two components are responsible for 13.25% of the Average.

Nasdaq 100 Earnings: Wednesday, April 24

The tech-heavy Nasdaq will in turn evaluate earnings from its own heavyweight components, and the world's second-largest public company by market capitalization will lead the charge. Given its size, Microsoft has the lowest implied volatility – of the companies highlighted in this article – heading into tomorrow's release. Further, implied volatility in the coming weeks suggests price action will remain relatively tame. That said, Microsoft will have considerable influence over broader earnings season sentiment – with particular sway in the tech sector.

Alongside Microsoft, FAANG member Facebook will also report first quarter earnings tomorrow after market close. The two companies are the second and fifth highest weighted members on the Nasdaq and account for over 15% of the index. In contrast with Microsoft, Mark Zuckerberg's Facebook boasts the highest implied volatility ahead of earnings with an expected price range of $171 to $196 following the report.

Potential Impact on the S&P 500

After solid earnings drove the S&P 500 to all-time highs in Tuesday trading, fuel for continuation will be needed. Tomorrow's post-earnings price action could make or break the case for higher-highs with Boeing, Caterpillar, Microsoft and Facebook responsible for roughly 6.85% of the broader index's price.

Apart from the four corporations highlighted in this report, nearly 200 other companies will release their earnings on Wednesday. Outside of the names with a heightened impact on sentiment, Tesla, Visa and AT&T are some other high profile stocks due fiscal updates. For insight on these reports, follow @PeterHanksFX on Twitter.

–Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you're looking to improve your trading approach, check out Traits of Successful Traders. And if you're looking for an introductory primer to the Forex market, check out our New to FX Guide.

2019-04-23 20:30:00

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TD Ameritrade Earnings: AMTD Stock Dips on in-Line Q2 EPS TD Ameritrade Earnings: AMTD Stock Dips on in-Line Q2 EPS

Posted: 23 Apr 2019 01:37 PM PDT

TD Ameritrade (NASDAQ:AMTD) reported its latest quarterly earnings results late in the day Tuesday, yielding mostly positive results as the company's earnings were in line with what Wall Street called for in its consensus estimate, while revenue also met analysts' guidance, yet AMTD stock declined slightly after hours.

The Omaha, Nebraska-based business said that for its second quarter of its fiscal 2019, it brought in a profit of $499 million, which was roughly 89 cents on a per-share basis. When adjusted for amortization costs, the company said it brought in earnings of 93 cents per share.

The figure was in line when compared with what Wall Street called for from TD Ameritrade in its consensus estimate. The average estimate of seven analysts who were surveyed by Zacks Investment Research was also for earnings of roughly 93 cents per share.

The online brokerage business added that its revenue for its first quarter of 2019 was $1.45 billion. Meanwhile, its revenue net of interest expense came in at $1.45 billion, which also missed analysts' projections. Four analysts who were polled by Zacks predicted TD Ameritrade would bring in sales of $1.46 billion.

AMTD stock is down roughly 0.3% after the bell Tuesday following the company's quarterly earnings report, which included revenue that was in line with what Wall Street called for, while earnings were also right on the mark. Shares had been gaining about 1.1% during regular trading hours as the company was preparing itself to report for its latest period.

4 Stocks Surging on Earnings Surprises

Posted: 23 Apr 2019 01:01 PM PDT

The first quarter earnings season is well and truly upon us, as Wall Street turns its attention away from catalysts such as the Federal Reserve and U.S.-China trade talks and focuses instead on fundamentals like revenues and profit margins.

So far, results are beating expectations but still showing a slide on the bottom line. Through April 18, 15% of the companies in the S&P 500 reported results. Of those, according to FactSet, 78% beat estimates with results that were 5.7% ahead of analyst expectations. But earnings on a year-over-year basis are down 4.3%.

If the earnings decline holds, it will mark the first pullback in profits since the middle of 2016.

However, investors seem to be focusing on the positive … so far. They're rewarding stocks that are beating estimates instead of focusing on the overall decline in earnings. Here are four stocks that are rallying today following earnings results:

Twitter (TWTR)

Click to Enlarge

Twitter (NYSE:TWTR) shares are soaring, up more than 16% as I write this, after reporting better-than-expected results. The move pushes the stock up and out of a sideways consolidation range going back to last summer. And it even caught the eye of President Trump, who took to the Twitter platform to claim credit for its success and warn against alleged anti-conservative bias.

The company reported earnings of 37 cents per share, 22 cents above estimates, on an 18.3% rise in revenues. Daily average users came in at 134 million vs. estimates for around 128 million.

United Technologies (UTX)

Click to Enlarge

Shares of United Technologies (NYSE:UTX) are testing, within pennies, the prior high set last September marking a 40%+ rally off of the late December low. The company reported results before the open, with earnings of $1.91 per share beating estimates by 19 cents on a 20.5% rise in revenues.

This marked the ninth consecutive quarter of beating earnings estimates as the company enjoyed its best organic growth rate in over a decade. The seemingly insatiable demand for airliners is fueling solid results at its Pratt & Whitney engine subsidiary.

Kimberly Clark (KMB)

Click to Enlarge

Toilet paper maker Kimberly Clark (NYSE:KMB) is enjoying an upside breakout after reporting results on Monday. The move pushes shares up and over multi-year resistance near the $125-a-share level that was first established in early 2016. The company reported earnings of $1.66 per share, 11 cents ahead of estimates on a 2.1% drop in revenues.

A series of analyst upgrades have followed, including Argus and Macquarie. The highlight was on a 3% jump in organic revenues and a reaffirming of 2019 guidance. Management continues to focus on alleviating the impact of rising input prices and was able to trim $115 million from its expense line, partially as a result of closing two personal face facilities.

Whirlpool (WHR)

Click to Enlarge

Shares of appliance maker Whirlpool (NYSE:WHR) are rallying to test prior highs set in late February, partially reversing the slide from the 2017 highs near $190. The company has enjoyed a lift following President Trump's trade action against imported washing machines and dishwashers. The result was the largest-ever three-month increase in the cost of washing machines, helping bolster Whirlpool's bottom line.

The company reported earnings of $3.11 per share, 26 cents ahead of estimates, despite a 3.1% drop in revenues. Management reaffirmed full-year guidance, including expectations of upwards of $900 million in free cash flow.

As of this writing, William Roth did not hold a position in any of the aforementioned securities.

AUD and CAD Eyed Ahead of Aussie CPI, BOC Rate Review

Posted: 23 Apr 2019 12:56 PM PDT

CURRENCY MARKET VOLATILITY – TALKING POINTS:

AUDUSD overnight implied volatility jumps to recent extremes in anticipation of the Australian Consumer Price Index release with the data likely swaying the RBA's next monetary policy move
USDCAD overnight implied volatility also ticks higher ahead of the April BOC meeting with recent crude oil price gains likely weighing on the currency pair as well
Check out this article for information on the Top 10 Most Volatile Currency Pairs and How to Trade Them

The Australian Dollar and Canadian Dollar might pique the interest of forex traders tomorrow considering major event risk on deck which could send the currencies swinging despite collapsing forex market volatility. While implied price action for Aussie and Loonie currency crosses appears relatively muted, expected volatility over the next 24 hours remains elevated ahead of high-impact event risk posed by upcoming Australian inflation data and the Bank of Canada's interest rate decision.

FOREX IMPLIED VOLATILITY AND TRADING RANGES

Currency Market Implied Volatility Trading Ranges for USD, AUD, CAD, EUR, GBP, NZD, CHF, JPY Forex implied volatility AUDUSD, USDCAD, EURUSD, GBPUSD, USDJPY, USDCHF, NZDUSD

AUDUSD looks to be the most active major currency pair tomorrow with overnight implied volatility sitting at 11.35 percent. As such, forex traders might expect a move of 42 pips, which suggests AUDUSD will trade between 0.7140 and 0.7056 with a 68 percent statistical probability.

Check out this AUDUSD forecast for the latest Aussie outlook.

AUD could experience a sharp move if the latest Australia inflation report comes in materially above or below consensus, however. Market participants will closely watch for signs of stagnant price pressure across the Australian economy seeing that the most recent RBA minutes stated the central bank could cut rates if inflation and employment trend lower.

Although, the last AUDJPY implied volatility report indicated that evaporatingmarket volatility hashelped bolster 'risky' currencies like the Australian Dollar relative to 'safe-haven' crosses like the Japanese Yen. This theme could be reiterated if the Australia CPI data is reported in line with expectations and fails to spark a move in the Aussie.

FOREX ECONOMIC CALENDAR – AUD & CAD

Australian Dollar and Canadian Dollar Economic Calendar

Visit the DailyFX Economic Calendar for a comprehensive list of upcoming economic events and data releases affecting the global markets.

The loonie could also garner attention tomorrow despite USDCAD forex options traders only pricing overnight implied volatility of 5.26 percent. The lack of expected USDCAD price action might be explained by the market's consensus that the Bank of Canada rate decision will leave its baseline borrowing cost unchanged at 1.75 percent according to overnight index swaps.

Check out this USDCAD forecastfor the latest loonie outlook.

In light of this, recent oil price behavior could be highlighted by BOC Governor Poloz as a positive tailwind for the Canadian economy. This could reduce the probability of future rate cuts and boost the country's currency in turn. On the contrary, further dovishness has potential quickly thwart bullish CAD prospects and send the loonie lower.

TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

– Written by Rich Dvorak, Junior Analyst for DailyFX

– Follow @RichDvorakFX on Twitter

2019-04-23 19:13:00

April 23, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Posted: 23 Apr 2019 12:43 PM PDT

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 – 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Since then, Short-term outlook has turned into bearish towards 1.2900, 1.2850 then 1.2800 where the lower limit of the depicted channel comes to meet the GBPUSD pair.

The material has been provided by InstaForex Company – www.instaforex.com
2019-04-23 15:16:29

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3 Healthcare ETFs to Sell Amid Political Headwinds

Posted: 23 Apr 2019 12:24 PM PDT

The healthcare sector, the second-largest sector by exposure in the S&P 500, is in the midst of a dismal run. After ranking as the best-performing sector in the U.S. last year, healthcare is the worst-performing group in the S&P 500 in 2019.

Just look at the Health Care Select Sector SPDR (NYSEARCA:XLV), the largest of healthcare ETFs by assets. XLV is down 0.84% year-to-date while the S&P 500 is higher by nearly 16%. XLV's year-to-date loss does not paint a complete picture of healthcare stocks' weakness. Investors' distaste for the sector has recently been increasing as highlighted by an April loss of more than 7% for XLV.

While the long-term outlook for the healthcare sector remains solid, healthcare ETFs and stocks face myriad headwinds, including some that are politically-charged. As has been widely noted, the idea of Medicare For All has significant traction among several Democrats running for that party's 2020 presidential nomination and that is plaguing insurance providers and some more focused healthcare ETFs.

More recently, politicians from both parties continued assailing high pharmaceuticals prices, sending the S&P Pharmaceuticals Select Industry Index lower by more than 6% for the week ending April 18.

In other words, healthcare ETFs face a lot of near-term headwinds, meaning it could be time to consider dumping these funds.

SPDR S&P Pharmaceuticals ETF (XPH)

3 of the Top Big Pharma Stocks to Buy Now

Source: Shutterstock

Expense ratio: 0.35% per year, or $35 on a $10,000 investment.

The SPDR S&P Pharmaceuticals ETF (NYSEARCA:XPH) tracks the aforementioned S&P Pharmaceuticals Select Industry Index and even with the recent consternation over high drug prices, this healthcare ETF is maintaining a year-to-date gain of over 6%. That makes XPH one of the better-performing healthcare ETFs this year.

The White House claims that it has affected favorable changes when it comes to drug prices, but with a presidential election year looming, the rhetoric on this issue is likely to increase, not abate, and that presents a potential headwind for a slew of healthcare ETFs, including XPH.

"Even if politicians truly wanted to lower drug prices, one complexity is that Medicare, which many candidates want to expand broadly, has no authority to negotiate thanks to a possibly ill-advised policy proposed by the Bush administration that has been in effect since 2006," according to CNBC.

XPH and several other healthcare ETFs are front-and-center in the drug price debate. XPH's deteriorating technical health is another cause for concern with this healthcare ETF as the fund currently resides more than 10% below its 200-day moving average, a percentage that has recently been growing.

Invesco S&P SmallCap Health Care ETF (PSCH)

Source: Shutterstock

Expense ratio: 0.29%

The combination of small-cap stocks and the healthcare sector can be rewarding for investors when both of those elements are moving higher in unison. Small caps are doing their jobs this year, but healthcare is not, and that drag has recently been weighing on the Invesco S&P SmallCap Health Care ETF(NASDAQ:PSCH).

PSCH, the small-cap counterpart to the aforementioned XLV, is a diversified healthcare ETF and its 69 holdings "are healthcare companies principally engaged in the business of providing healthcare-related products, facilities and services, including biotechnology, pharmaceuticals, medical technology and supplies," according to Invesco.

In more sanguine environments for the healthcare sector, PSCH's diverse roster would be an advantage. For the time being, the opposite is true. PSCH's nearly 13% weight to pharmaceuticals stocks is a problem in its own right thanks to the drug price debate, but the real drag on this healthcare ETF is the 22.69% weight to the healthcare providers industry, meaning this healthcare ETF features significant exposure to the Medicare For All debate.

First Trust Health Care AlphaDEX Fund (FXH)

Source: Shutterstock

Expense ratio: 0.63%

Alternatively-weighted, or smart beta, funds have caught on with advisors and investors in recent years, but when it comes to the sector funds in this group, there are often two-fold reminders. When things are going well for that sector, smart beta sector funds can outperform their cap-weighted rivals. When that sector falls out of favor, there is little or no downside protection in alternatively-weighted sector funds.

Meet the First Trust Health Care AlphaDEX Fund (NYSEARCA:FXH), a healthcare ETF that has recently been taken to task in significant fashion. This healthcare ETF uses a mix of growth and value traits to build its portfolio, a methodology that can lead to upside when the sector is performing well, but in the current environment, FXH is being hit on multiple fronts.

A combined weight of 39.60% to biotechnology and pharmaceuticals stocks exposes FXH to the drug price debate. Second, this healthcare ETF has devotes 17.48% of its weight to healthcare providers, meaning Medicare For All is dinging this fund's performance as well. Put all that together and FXH is experiencing epic April showers with a month-to-date loss of 8.57%.

Todd Shriber does not own any of the aforementioned securities.

US Dollar Price Action Setups in EUR/USD, GBP/USD and AUD/USD

Posted: 23 Apr 2019 12:20 PM PDT

Forex Talking Points:

– If you're looking to improve your trading approach, our Traits of Successful Traders research could help. This is based on research derived from actual results from real traders, and this is available to any trader completely free-of-charge.

– If you're looking for a primer on the FX market, we can help. To get a ground-up explanation behind the Forex market, please click here to access our New to FX Trading Guide.

If you'd like to sign up for our webinars, we host an event on Tuesday and Thursday, each of which can be accessed from the below links:

Tuesday: Tuesday, 1PM ET

Thursday: Thursday 1PM ET

US Dollar Rallies to Fresh Yearly High

The US Dollar finally did it: The US currency has set a fresh yearly high, trading above the same 97.70 level that had thrice turned around bullish advances in the prior six months. This level was last in play in early-March, almost six weeks ago now after the ECB announced a fresh round of TLTRO's. That announcement pushed EUR/USD down to a fresh low of 1.1175, and USD rocketed-higher to re-test the prior double-top at 97.70. But – a day later, an abysmal NFP report was released out of the US, and the US Dollar promptly fell and continued to sell-off for the next week-and-a-half.

But now that the US Dollar has re-engaged with the 97.70 level, are bulls home free, and can prices continue to rally to fresh highs in the US currency? In this webinar, I looked at themes and scenarios on either side of the equation.

US Dollar Daily Price Chart

Chart prepared by James Stanley

EUR/USD: Bear Trap, or Bearish Breakdown?

I had looked at the short-side of EUR/USD coming into this week, waiting for prices to move down for a re-test of the big support zone that's held the range for the past six months. The wait wasn't long, however, as prices have already traversed ground between 1.1187-1.1212. Perhaps disconcertingly, sellers haven't been able to make much ground below support; and given a relative lack of drive on the economic calendar, this may be more of another bear trap scenario in EUR/USD.

This can open the door for possible multi-direction strategies around EUR/USD, with long positions possible with stops set below the March low and initial targets set to the 1.1250 level. And the stop at or around 1.1175 can be coupled with a short-side entry order, so if the breakout does take place, the long can be closed along with the initiation of a fresh short-side entry.

EUR/USD Four-Hour Price Chart

Chart prepared by James Stanley

GBP/USD Breaks Out to Fresh Two-Month Load: Re-Load Possibility

I've been looking at the short-side of GBP/USD over the past couple of weeks, and the descending triangle in the pair has finally started to fill-in as sellers have pushed down to fresh two-month-lows.

At this point, the concern would be chasing a train that's already left the station, and traders looking to establish bearish exposure can look to resistance potential at prior support, taken from the prior April lows up to the 1.3000 psychological level (shown in red below).

GBP/USD Four-Hour Price Chart

Chart prepared by James Stanley

USDCHF Goes Near-Parabolic

I was looking for resistance here last week. Since then, a parabolic move has pushed price action far beyond both of those points, and prices are now sitting at fresh two-year highs. At this point, I do not have aim to try to fade a near-parabolic-like move, nor do I want to chase an already mature breakout. Standing back for more clarity.

USDCHF Daily Price Chart

Chart prepared by James Stanley

USD/JPY Choppy, Continues to Shy Away from 112.00: Deeper Retracement May be Needed

While USD/CHF has gone near-parabolic to go along with this recent round of USD-strength, USD/JPY remains fairly muted. The bullish theme from two weeks ago was stopped dead in its tracks last week, and while prices remain very near that resistance, the fact that bulls haven't yet been able to make more ground amidst a strong showing from the US Dollar, and this would indicate that prices may need to pullback before bulls might be able to finally take-out that high.

This places emphasis on support potential in zones from 111.13-111.28 and, a bit deeper, from 110.75-110.86.

USD/JPY Four-Hour Price Chart

Chart prepared by James Stanley

AUD/USD: Range Support Soon to Come Back into Play?

Going along with this morning's rush of USD-strength has been a bearish move in AUD/USD, as prices pushed back-below the .7100 handle. Prices are now getting very close to the 's1' zone from the range formation, and that runs from .7050-.7075. This comes with the potential for stops below the .7000 big figure, which currently marks the three-month-low in the pair and looking for prices to revert back towards range resistance zones at .7125-.7150 and .7185-.7206.

AUD/USD Eight-Hour Price Chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts for Q4 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you're looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we're looking at what we're looking at.

If you're looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

— Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

2019-04-23 19:00:00

XAU Offers a Glimmer of Hope at Fresh 2019 Lows

Posted: 23 Apr 2019 12:17 PM PDT

Gold prices have plummeted nearly 6% from the yearly high with today's decline taking prices into multi-month trend support at fresh yearly lows. These are the updated targets and invalidation levels that matter on the XAU/USD charts this week. Review this week's Strategy Webinar for an in-depth breakdown of this setup and more.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Daily Price Chart (XAUUSD)

Technical Outlook: In my latest Gold Weekly Technical Outlook we noted that, "While a break of the monthly opening-range lows does keep the focus lower into the close of April," price was approaching major support into fresh yearly lows. A break below the 1275/76 support zone was halted today at the August trendline support and leaves the immediate short-bias vulnerable while above this slope.

So, did Gold just bottom? A breach / close back above the yearly opening-range low at 1276 would be needed to alleviate further downside pressure targeting the January trendline (currently ~1285) backed by broader bearish invalidation at the 100-day moving average / monthly open at 1290/92. A downside break would keep the short-bis viable targeting more significant support at 1253/58– a region defined by the 100% extension of the yearly decline and the 50% retracement of the late-2018 advance. Look for a bigger reaction there IF reached.

Why does the average trader lose? Avoid these Mistakes in your trading

Gold 120min Price Chart (XAUUSD)

Notes: A closer look at price action shows Gold trading within the confines of a descending pitchfork formation extending off the March / April highs with price responding to confluence support today at the lower parallel. It's a make-or-break here.

A breach above near-term resistance targets the yearly open at 1280 backed closely by the median-line / 38.2% retracement at 1283 – a rally surpassing this threshold would be needed to shift the near-term focus higher targeting the monthly open & the upper parallels.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: Gold has responded to near-term down-trend support and leave the immediate decline vulnerable while above today's low. From a trading standpoint, good spot to reduce short-exposure and lower protective stops – be on the lookout for possible exhaustion off this low with a close above 1283 needed to suggest a near-term recover is underway. Continued weakness would keep the focus on 1258. Review our latest Gold 2Q forecasts for a longer-term look at the technical picture for XAU/USD prices.

For a complete breakdown of Michael's trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment

A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.68 (72.8% of traders are long) – bearishreading
The percentage of traders net-long is now its lowest since April 9th
Long positions are6.5% lower than yesterday and 6.6% lower from last week
Short positions are 0.9% higher than yesterday and 13.2% higher from last week
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Gold (XAU/USD) price trend may soon reverse higher despite the fact traders remain net-long.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

—

Active Trade Setups

– Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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7 Renewable Energy Stocks to Buy for Sunny Long-Term Returns

Posted: 23 Apr 2019 11:48 AM PDT

[Editor's note: This story was previously published in March 2019. It has since been updated and republished.]

The 2020 Olympic Summer Games are to be held in Tokyo, Japan. The organizers of the games are planning to power the events with 100% renewable energy, which is great news for renewable energy stocks.

Not only will the facilities where the sporting events are to take place to be powered exclusively by solar and wind power, so, too,will the athletes' village, international broadcasting center and press facilities.

It's an unprecedented undertaking that will highlight the decarbonization of Japan, providing a view into a future fully powered without fossil fuels.

The city of Tokyo plans to generate 30% of its annual power consumption needs through renewable energy sources that include solar roads — already installed on highways in France — across the city by 2030.

The following seven renewable energy stocks to buy will benefit from the publicity generated at the 2020 Olympic Games.

However, that's nearly two years from now. Here's why each of them makes very compelling investments today:

NextEra Energy (NEE)

Not only is NextEra Energy (NYSE:NEE) the world's largest utility, it's also the largest producer of wind and solar energy anywhere on the planet, making it one of the best renewable energy stocks to buy for the long haul.

Many people probably know NextEra because of its Florida Power and Light subsidiary that serves more than 5 million Floridians and is one of the largest rate-regulated electric utilities in the U.S.

However, it is the subsidiary NextEra Energy Resources that is paving the way for future shareholders gains. It owns 120 wind facilities in North America that generate 13,000 megawatts of energy annually.

It also generates more than 2,000 megawatts of solar power from facilities in seven states and Canada, along with natural gas-fired and nuclear power plants that deliver additional power generation.

However, it is the company's views on diversity that makes it an excellent long-term investment. I'm not much of a fan of investing in utilities, but NextEra Energy's definitely got me very intrigued.

Brookfield Renewable Partners (BEP)

Brookfield Renewable Partners (NYSE:BEP) announced that it had increased its ownership (with partners) of TerraForm Power (NASDAQ:TERP) from 51% to 65% by purchasing an additional 61 million shares in a private placement. The investment will add $80 million annually to Brookfield Renewable's funds from operations.

TerraForm Power generates 3,634 megawatts of solar and wind power around the globe with 65% right here in the U.S., another 26% in Europe, and the remainder from facilities in Canada, Chile and Uruguay.

Brookfield Renewable worldwide has 843 renewable power facilities in North America, Latin America and Europe capable of producing 16,300 megawatts of power annually.

In North America alone, its renewable energy facilities generate enough electricity to power 2 million homes.

If you want to own more than renewable energy assets, you might consider Brookfield Asset Management (NYSE:BAM) which owns 61% of BEP and is one of the world's largest alternative asset managers.

If I could only own one company's stock, Brookfield Asset Management would be at the top of my list.

TransAlta (TAC)

Like Brookfield Renewable, it could be more attractive to U.S. investors to buy TransAlta Corporation (NYSE:TAC) rather than its 64%-owned renewable energy subsidiary TransAlta Renewables (TSE:RNW), which trades on the Toronto Stock Exchange.

TransAlta Renewables pays approximately CAD 150 million in dividends annually to its parent from the free cash flow generated from wind-power facilities in the U.S. and Canada that have the capacity to produce 1,248 megawatts of power and 49% of its annual cash flow along with natural gas-fired power generation that delivers 47% of its annual cash flow with hydroelectric facilities providing the rest.

TransAlta Renewables is in the process of strengthening its balance sheet. Over the past two years, it has cut CAD$900 million of its debt, which should result in the company's free cash flow doubling over the next three years.

The company currently pays a 1.95% monthly dividend, so by buying the parent, you're giving yourself a little more safety but a much lower dividend yield. Although there are risks to owning Canada's largest generator of wind power, if you're an aggressive investor, I'd go with RNW.

Enviva (EVA)

This is probably the least sexy stock you could buy in the renewable energy sector, but Enviva Partners (NYSE:EVA) is a good one nonetheless.

Eviva is the world's largest producer of wood pellets, producing over three million metric tons each year from seven plants in the Southeastern part of the U.S. The pellets themselves are sold to utilities in the U.K. and Europe that use them in place of coal to produce a cleaner electricity source.

Thanks to wood pellet businesses in the south like Enviva, greenhouse gas emissions have been reduced (PDF), forests are growing and jobs have been created, providing a trio of benefits that are hard to beat.

Enviva has long-term supply contracts that provide stable cash flows. If you're an income investor, Enviva is a very safe way to meet your annual income requirements.

Renewable Energy Group (REGI)

Renewable Energy Group (NASDAQ:REGI) is another simple yet attractive businesses turning vegetable oils and animal fats into diesel fuel.

Whenever you see one of those trucks sucking out the grease traps at a restaurant, it's going to one of Renewable Energy's 13 biomass refineries to be turned into diesel fuel. The company has the capacity to produce 575 million gallons of diesel fuel annually, 70% of which is sold to major travel centers and fuel marketers.

The demand for biodiesel is tremendous. California, Texas, New York and seven other states oiught 1.5 billion gallons of the stuff in 2018, up from 1.15 billion in 2016.

In Q4 2018, Renewable Energy sold 163.2 million gallons of biodiesel generating $519.8 million in revenue and $44.5 million in adjusted EBITDA. The company's adjusted EBITDA in the quarter was the highest in the past five years.

Although its stock had a strong 2018, up 124%, and has struggled so far this year, I believe it has got room to move into the $30s on rising demand.

TPI Composites (TPIC)

What is one of the main ingredients needed for wind power? Wind, of course, but you also need turbine blades to generate that power. TPI Composites (NASDAQ:TPIC) is the largest independent manufacturer of composite wind blades for turbine manufacturers. It has facilities in North America, Europe and Asia.

Although its major business is providing wind blades for turbines, the company is working to diversify its revenue streams. Last year, it announced a joint development agreement with Navistar International (NYSE:NAV) to develop a composite tractor and frame rails for a Class 8 truck.

The project brings the company's strategic development plans into a new area outside of its core market providing investors with promising future growth.

For all of 2019, analysts on average expect TPI Composites' revenue to reach $1.5 billion for the first time in the company's history. With margins moving higher, the profits will follow.

Siemens (SIEGY)

This last one gives you exposure to a global industrial player in Siemens (OTCMKTS:SIEGY) which, amongst its many ventures, owns 59% of Siemens Gamesa Renewable Energy (OTCMKTS:GCTAF), the world's largest producer of wind turbines.

Siemens Gamesa sells its turbines to both onshore and offshore wind farms around the world.

In June, Siemens Gamesa announced that it would supply 70 units of its Onshore OptimaFlex wind turbines to three onshore wind farms in Norway. The turbines will provide approximately 294 megawatts of power and have a 25-year lifetime.

In Norway alone, Siemens Gamesa's turbines provide more than 500 megawatts of power with another 390 megawatts under installation.

It has a total installed base of 85 gigawatts of power generated from its wind turbines.

For this year's first quarter, Siemens Gamesa reported wind turbine sales of $26 billion and $404 million in earnings before interest and taxes.

As of this writing, Will Ashworth did not hold a position in any of the aforementioned securities.

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CURRENCY MARKET VOLATILITY – TALKING POINTS:

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FOREX ECONOMIC CALENDAR – AUD & CAD

TRADING RESOURCES

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Forex Talking Points:

US Dollar Rallies to Fresh Yearly High

US Dollar Daily Price Chart

EUR/USD: Bear Trap, or Bearish Breakdown?

EUR/USD Four-Hour Price Chart

GBP/USD Breaks Out to Fresh Two-Month Load: Re-Load Possibility

GBP/USD Four-Hour Price Chart

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USD/JPY Four-Hour Price Chart

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AUD/USD Eight-Hour Price Chart

To read more:

Gold Daily Price Chart (XAUUSD)

Gold 120min Price Chart (XAUUSD)

Gold Trader Sentiment

Active Trade Setups

NextEra Energy (NEE)

Brookfield Renewable Partners (BEP)

TransAlta (TAC)

Enviva (EVA)

Renewable Energy Group (REGI)

TPI Composites (TPIC)

Siemens (SIEGY)

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