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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Below are the daily charts of the Dow Jones Industrials (US30 on the left) and the Nasdaq (NAS100 on the right). The US30 maintains its position in the bullish area, between the upper blue and red bands (zone 1). Its stochastic is above 80 (aqua rectangle), suggesting a relatively stable upwards momentum. Conversely, the NAS100 has declined over the last two trading days and now finds itself in the bearish…
Introduction The minutes from the Fed's December meeting indicate that members are concerned over surging inflation and that they also feel that the job market is near full employment. They also suggest that the central bank's balance sheet is due to be normalised, with the intentional reduction of Fed bond holdings. The runoff is likely after the Fed kicks off with its hiking cycle. Moreover, the Fed's acceleration of tapering…
Featured Image by 3D Animation Production Company from Pixabay
The USDJPY weekly chart has had five weeks of gains since its November low (aqua ellipse). One of the reasons for this is that the JPY is considered a haven. The fact that it has been depreciating against the USD indicates a risk-on sentiment. Given this, it is no surprise that equity markets had a strong December. However, we note that the currency pair's RSI has moved into an overbought…
Gold (chart A) has effectively moved sideways on an absolute basis since July 2020 (area between blue verticals). Of interest, this has tracked a similar trajectory for FXCM's USDOLLAR basket (Chart B). As such, and with no surprise, the relative strength ratio (Chart C) between the two reflects neutrality in performance (USDOLLAR has slightly outperformed XAUUSD, as per the positively sloped red dashed line in chart C). The green dashed…
The top chart shows the weekly US10 Yr. treasury. We have added moving averages as a measuring mechanism for yield appreciation. The green ellipse indicates that the quicker green moving average is near to crossing above the slower orange moving average. If this happens, and angle and separation develop, the odds favour further appreciation in the rate. The blue dashed vertical marks the time of the previous bullish cross (aqua…
Daily Charts As we head into the last week of the year, the US large-cap indexes have momentum as a tailwind. Below are the daily charts of the US30 (left), SPX500 (middle), and the NAS100 (right). All three are bullish and in their respective areas of strength, between the upper blue and red bands. Moreover, their stochastics are all above 80, denoting strong upwards momentum. The "Santa Rally" seems well…
Initial jobless claims came in at 205K, slighter higher than the 200K expected, and were constant week over week. At the same time, core durable goods and core PCE were released, with both numbers beating consensus. Core durable goods m/m printed at 0.8% (0.6% - forecast) and core PCE m/m was 0.5% (0.4% - forecast). The dollar has been under pressure this week, but these provided some support. FXCM's USDOLLAR…
The FTSE 100 (UK100) weekly chart is setting up potential bullish momentum. To measure this, we include a triple EMA system and the stochastic indicator. Moving averages are trend-following indicators and if the FTSE 100 is setting to trend, the EMAs will be good indicators to watch. The quick green EMA is looking to cross above the intermediate orange EMA (aqua ellipse). If it does, the EMAs will be in…
Oil prices are showing signs of life following a larger drawdown in US Inventories than forecast. Crude stocks were down by 4.7m barrels, larger than the 2.4m expected. Oil, in general, is also benefitting from the switch by European utilities to heating oil from natural gas to contain costs. The market is also been buoyed by a study out of South Africa that suggested a lower risk of serious illness…
Weekly After the panic-driven selldown for the week ending 19 November, the DAX (GER30) has used the support level around 15,000 (blue shaded horizontal) to regroup. The index has charted a reference trough (T) and a reference (P) and we are assessing if a higher trough (HT?) charts. This will depend largely on next week's price action i.e., a higher low and a close above this week's high will confirm…
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