OANDA Kelvin Wong
Based in Singapore, Kelvin Wong is a well-established senior global macro strategist with over 15 years of experience trading and providing market research on foreign exchange, stock markets, and commodities. Passionate about connecting the dots in the fi
AUD/USD Technical: Bulls have failed to break above the 0.6570 resistance
Recent China’s stimulus policies have failed to provide a positive feedback loop for AUD/USD bulls. The recent movement of the AUD/USD seems to be more driven by the fixed income yield spread between the 2-year US Treasury note and the Australian governm...
7 months ago
Market Insights Podcast – FOMC minutes, flash PMI from Japan, Eurozone & UK are the key focus
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events, notably on the release of the FOMC minutes of the recent January Fed’s monetary policy meeting where market participants will be scrutinizing the...
7 months ago
Nikkei 225 Technical: Eyeing a potential new all-time high
Nikkei 225 has continued its bullish momentum despite a technical recession in the Japanese economy. Current price action is just 0.9% away from its 38,957 all-time high printed in December 1989. Medium-term momentum is overbought but no clear signs of b...
7 months ago
US stock market bulls are facing a reality check (3 ominous signs to watch)
Goods-based inflationary pressures in the US may resurface in H2 2024 due to leading bullish momentum built-up in commodities. Persistent low correlation readings among S&P 500 constituents may trigger a spike in the VIX. The leading Nasdaq 100 has d...
7 months ago
Market Insights Podcast – Currency war risk, US PCE, AU monthly CPI on the watch
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. A relatively quieter week versus last week’s major central banks’ galore as we head into the Easter holiday with several key events and economic...
6 months ago
Nasdaq 100: Deteriorating market breadth does not bode well for the bulls
The price actions of Nasdaq 100 have reached the lower limit of a major resistance zone at 18,435/620. Heightened over-concentration risk from Nvidia as its current year-to-date returns of 87% contributed to 55% of Nasdaq 100’s year-to-date return of 10....
6 months ago
Hang Seng Index: Potential currency war may kick start another bearish leg
A less dovish Fed with a surprise cut by SNB has triggered a bout of US dollar strength since last Thursday, 21 March. China’s central bank, PBoC responded with a lower-than-expected daily fixing on the onshore yuan (CNY) last Friday, 22 March which led...
6 months ago
Gold Technical: A potential minor corrective pull-back in play as FOMC looms
Gold (XAU/USD) has traded in a tight range of 2% in the past two weeks after it printed a fresh all-time high of US$2,195 on 8 March. The biggest risk event for today will be the latest Fed FOMC’s dot plot projection on the trajectory of its Fed funds ra...
6 months ago
Market Insights Podcast – A busy week with Tokyo CPI, China 2 Sessions, Fed Chair Powell testimony and US NFP
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and event. A busy week ahead across the globe, over in Asia, the key focus will be on Tokyo’s core-core inflation rate (excluding food & energy) where th...
6 months ago
SPX 500: Fed dovish pivot narrative is at risk
Higher oil prices have led to higher inflationary expectations in the US via the breakeven rates. Recent rise in inflationary expectations coupled with recent “less dovish” Fed Speak from Fed officials Kashkari, and Bostic has revived the “higher for lon...
6 months ago
Market Insights Podcast – Higher for longer interest rates back in vogue, US CPI, ECB and Q1 US banks earnings on the radar
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. Firstly, a quick recap on what happened last week week where the initial Fed dovish pivot narrative has been watered down due to a hawkish Fed Sp...
6 months ago
USD/JPY Technical: Rising US Treasury-JGB yield spreads outweigh BoJ’s intervention risk
A firmer March’s US CPI has altered the relative fundamentals narrative between the US & Japan. Reduces the risk of FX intervention from Japanese authorities to prop up a weaker JPY due to the lack of supporting fundamentals. The bullish reversal see...
6 months ago
US DJIA Technical: Major US banks’ Q1 earnings in the focus over adverse macro factors
Three major US banks; JPMorgan Chase, Citigroup, and Wells Fargo will report their Q1 2024 earnings results today. JPMorgan Chase is ranked 13th in terms of component weightage in the DJIA. Analysts’ Q1 earnings estimates for these three US banks have be...
6 months ago
Gold Technical: At risk of mean reversion corrective decline after 19% gain
Commitments of Traders aggregate net bullish open positions of large speculators in the Gold futures market have flashed a bearish contrarian condition. The recent rally in Gold (XAU/USD) has been primarily driven by an increase in geopolitical risk pre...
6 months ago