Russell Shor

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

  • FXCM’s US Banks Basket Gaps Down to Pivot Support On Earnings Releases

    FXCM's US Banks basket includes equal weighting of JPM, BAC, WFC, C, and COF. Given that JPM, WFC, and C released their Q4 earnings before the market opened today, the US Banks basket makes for an interesting analysis. JPM's EPS beat estimates coming in at $3.33 ($3.01 - estimate). However, this includes a release of $1.8bn in loan reserves, without which it would have missed the estimate. WFC's EPS came…

  • First Crack Appears on Bitcoin Weekly Chart

    Weekly Below is the weekly bitcoin chart. We have added a triple moving average to gauge the longer-term trend. In this regard, the first crack has appeared. The fast green moving average has crossed below the slow red moving average (aqua ellipse). If the medium-paced orange moving average follows suit and crosses below the red moving average, the weekly chart's moving averages would be lined up in a bearish formation.…

  • The Fed is Noticeably Behind the Curve

    Introduction The USD has been pulling back since its peaked in December. Moreover, the greenback has declined markedly since the CPI release yesterday, which showed inflation increasing at its fastest pace in 40-years. The pullback in the greenback may be a function of the "buy the rumour, sell the fact" phenomenon. I.e., markets are forward-looking, and FXCM's USDOLLAR basket accelerated its momentum upwards as far back as September last year.…

  • EURUSD Charting Potential Continuation Pattern

    Since the end of August last year, the EURUSD has been under pressure. In this regard, it has charted a lower peak followed by a lower trough. November marks the last significant low (aqua ellipse). Since then, the EURUSD has been resilient and has ground its way higher. However, it now approaches the 50% retracement of its last leg down. Moreover, price action resembles a classical charting pattern of a…

  • 10-2 Treasury Yield Curve Almost Compels Fed Balance Sheet Runoff

    10-2 Treasury Yield Spread The 10-2 yield curve will be a concern for the Fed. Since April 2021 it has been flattening considerably (blue square area). The Fed has indicated three rate hikes for 2022, and the market sees a distinct possibility for a fourth. However, the Fed (and central banks in general) tend to operate on the short-term side of the yield curve. This means that, in isolation, these…

  • The Flat Yield Curve Almost Compels a Balance Sheet Runoff

    10-2 Treasury Yield Spread The 10-2 yield curve will be a concern for the Fed. Since April 2021 it has been flattening considerably (blue square area). The Fed has indicated three rate hikes for 2022, and the market sees a distinct possibility for a fourth. However, the Fed (and central banks in general) tend to operate on the short-term side of the yield curve. This means that, in isolation, these…

  • USDOLLAR Neutral Ahead of Renomination Testimony; Volatility Expected

    Fed Chair Jerome Powell is due to testify in front of the Senate Banking Committee today at 3:00 pm GMT. Mr. Powell is seeking confirmation of his reappointment as Chair of the Federal Reserve. Given that inflation is running at its fastest pace in almost 40 years, it is expected that a large part of the proceedings will be dedicated to reaffirming that the Fed will use its available resources…

  • Large Cap Momentum Declines With NAS100 Showing Relative Weakness

    Daily The daily charts below show the DJI (US30) on the left, the SPX (SPX500) in the middle, and the Nasdaq (NAS100) on the right. All three indexes dropped following the release of the Fed's December minutes last week. Of the three, the NAS100 shows relative weakness and is between the lower blue and red bands. The US30 and SPX500 are in the neutral areas between the blue bands, with…

  • USOil Bid Up On Supply Disruptions

    Weekly Chart Oil prices rose off of the supply disruptions in Kazakhstan and Libya, effectively ignoring any demand scares from rising Omicron infections. The interruptions are due to protests in Kazakhstan affecting transport channels and pipeline maintenance in Libya. The weekly chart below shows that USOil has charted a higher trough, and, if it can push above 85 (aqua horizontal), will chart a higher peak. If this happens, USOil will…

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