Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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The Primary Trend The EURUSD monthly below (chart 1) has charted a lower peak followed by a lower trough - the classical definition of a downtrend. Due to the longer time scale, the primary trend for EURUSD is down. Until there is a change in the pair's primary trend, impulse moves down will be stronger than corrective moves up on the lower time frames. The stochastic is heading towards the…
US10Y At Neckline Source: www.tradingview.com Past Performance: Past Performance is not an indicator of future results. The US10-Yr Treasury yield is up sharply for the week, currently trading at 1.68%. The nominal rate is now trading at the neckline of the inverse head and shoulders pattern. A break above the neckline will effectively complete the reversal pattern and signal that the market is pricing in higher real yields, inflation, or…
Daily Chart Past Performance: Past Performance is not an indicator of future results. The NAS100's momentum has declined, as per the slow stochastic slipping below 80 (blue rectangle). This, as the index closed lower over the last two consecutive days. However, we do note that yesterday's candle closed well off of its low. I.e., the bears lost control at the low point as bulls took over. Today's price action will…
Weekly Chart Past Performance: Past Performance is not an indicator of future results. The chart above is FXCM's proxy for Brent, UKOil, on a weekly scale. From the mid-August low to the mid-October high, UKOil appreciated around 32%. We have used this impulse move for our reference trough (T) and reference peak (P). Since reaching P, UKOil has retraced to the 38.2% Fibonacci level (black horizontal). This level is currently…
The Turkish lira has capitulated over the last two months. In this article, we will consider a basic monetary economic model to explain the USDTRY's movements over this time frame. The Quantity Theory of Money One of the earliest models of monetary economics is the quantity theory of money (QTM). It can be traced back to Copernicus in the 16th century but was popularised by Friedman and Schwartz in the…
Facebook announced on 28 October that it had changed its name to Meta Platforms. Please note that the stock ticker will change from FB to MVRS, effective 1 December. The company is currently trading at a PE of 24.4. This is lower than the Nasdaq multiple of 36.08. Past Performance: Past Performance is not an indicator of future results. The histogram denotes the company's ROIC (calculated using NOPAT, net PP&E…
Past Performance: Past Performance is not an indicator of future results. The blue vertical is the beginning of November. The precious metal started the month poorly. By the 3rd of November, gold was down about 1.3% (month open to low). However, it charted a reference trough, and almost 48 hours later, it charted the required reference peak. With these two points as an anchor, the precious metal charted a series…
Introduction Since the pandemic high of 2020, the USDOLLAR has followed a structured cycle. There are four distinct phases. 1. Distribution phase. 2. Mark-down phase. 3. Accumulation phase. 4. Mark-up phase. Past Performance: Past Performance is not an indicator of future results. Distribution Phase This phase was uncharacteristically quick. As the pandemic unfolded, margin calls and the demand for dollars by debt-laden emerging economies drove the USD price up. However,…
EURUSD Price Action For November Past Performance: Past Performance is not an indicator of future results. The chart above considers the EURUSD H4 scale. The vertical line marks 1 November. Area 1 shows that the month had a bullish start to it, climbing near 65 pips. However, this was short-lived, as the EURD plunged for 10 candlesticks before finding support and rebounding (area 2). However, it stopped short of area…
Introduction The GER30, FXCM's proxy for the DAX, is running rampant. It has charted an all-time high this week. Moreover, this is its sixth week of price appreciation. Of note, the index is up 9.9% since its 6 October low. This is is an astounding rate of change. It raises the question of just how long should we expect this to continue? In the near term, it would make sense…
UK core inflation printed at 3.4% y/y, higher than the 3.1% forecast. For the Euro, core came in at 2% y/y, less than the consensus of 2.1%. There is also very different communication from each's central bank. At the monetary policy report hearing on Monday, BoE governor, Andrew Bailey, admitted to being "very uneasy' about inflation. Although the BoE did not raise rates at the last meeting, there were two…
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