#MarketReview #WTI

▫️ Oil retreated, failing to return to the area above the 200- and 50-week averages;

▫️ The price decline is happening against a favourable background: prices for risky assets are growing, the dollar is falling;

▫️ Purchases for the strategic reserve continue, drilling activity remains low;

▫️ Movement within the trend suggests a decline to $70 by the end of the month.

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#EconomicReview

▫️ Building Activity has fallen to levels where the Fed would start cutting rates in 2007 and 2019;

▫️ Despite expectations of looser policy, this sounds like bad news for equities and bullish for the dollar.

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#Crypto

▫️ Cryptocurrency cap rises to $2.15 (+4% in 24 hours), the August resistance level;

▫️ #Bitcoin at $61.0K makes another attempt to break above 50-day MA and targets 200-day;

▫️ #Solana under pressure on SEC news and remains near lower end of trading range;

▫️ US Fed and FinCEN equate cryptocurrencies and digital assets to money.

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#MarketReview

▫️ The dollar has lost around 4% since the beginning of July and more than 2.3% since its peak in August;

▫️ Pressure comes from expectations of more aggressive Fed rate cuts;

▫️ #DXY has pulled back to key trading range support of the past 20 months;

▫️ Powell's speech has the potential to both turn #USD higher and confirm a path to the downside.

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#EconomicReview

▫️ Canadian inflation slowed to its lowest since 2021, generally below expectations;

▫️ New home prices returned to year-over-year growth;

▫️ #USDCAD fell despite weak oil and came close to testing 200-day MA.

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#WaveAnalysis


▫️#EURUSD broke resistance area;

▫️ Likely to rise to resistance level 1.1135.

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#WaveAnalysis


▫️#USDCHF reversed from resistance area;

▫️ Likely to fall to support level 0.8500.

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#Crypto

▫️ The Crypto market once again failed to break through the $2.15 trillion mark, falling 2.3% to $2.1 trillion;

▫️ #Bitcoin pulled back after another test of the 50-day average;

▫️ #Tron is rallying, up about 40% from 5 Aug lows, but has already made it to $1.6, a turbulent zone;

▫️ In bitcoin options for dates after the US election, the most popular position is a $80K strike call.

#MarketReview

▫️ #EURUSD above 1.11 is testing the top of a range from early 2023;

▫️ The pair has broken above the 200-week MA and formed a golden cross, a bullish signal;

▫️ Locally, EURUSD looks overheated and vulnerable to Fed comments and revised employment data.

#MarketReview

▫️ #EURJPY, #USDJPY back in the red, failing to build on a rebound from equity indices;

▫️ The yen is supported by expectations that a quiet market will put a rate hike by the Bank of Japan back on the agenda.

#WaveAnalysis


▫️#Ebay broke daily up channel;

▫️ Likely to rise to resistance level 62.00.

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#Crypto

▫️ Cryptocurrency cap +1.7% overnight, continuing to test August resistance at $2.15 trillion;

▫️ #Tron (-5.5%) lost its place in the top 10 by capitalisation to Cardano (+2.5%);

▫️ #Bitcoin's tug-of-war around 50-day MA continues;

▫️ #Solana ETF has no chance of approval in 2024 and 2025 under current SEC leadership and platform pump.fun disappoints investors.

#MarketReview

▫️ The US labour market is in worse shape than previously thought, but the stock market is waiting for the Fed's reaction to see if this is good or bad;

▫️ Weak macro data is bad news for the dollar until a black swan event triggers a flight to safety.

#MarketReview

▫️ Gold is under pressure after updating highs at $2531;

▫️ Divergence between price and RSI on the daily makes us cautious;

▫️ We can only talk about a break of the uptrend with a break below $2380.

#WaveAnalysis

▫️#AUDUSD approached key resistance level 0.6795;

▫️ Likely to rise to resistance level 0.6865.

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#WaveAnalysis

▫️#Gold reversed from key support level 2475;

▫️ Likely to rise to resistance level 2535.

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#Crypto

▫️ Crypto cap has reached $2.25 trillion. - highest since early August. Sentiment index at 56 (greed);

▫️ #Bitcoin broke above its 50- and 200-day averages on Friday, and now the important task is to stay above;

#Toncoin consolidates near 200-day MA ($5.66) after a 15% drop on Durov arrest. The next major support levels are $4.3 and $2.5.

▫️ #Ethereum ETFs continue to see outflows approaching 0.5 billion since launch.

#Market Review

▫️ German Ifo Business Climate Index declines for 4th month, but slightly better than expected;

▫️ EURUSD paused near a 13-month high, retreating above the 200-week average.

▫️ The pair may move towards the 1.20 area in the coming months due to a weak dollar rather than a strong euro.

#MarketReview

▫️ The Dollar Index closed last week at its lowest level since July 2023, entered oversold territory on the RSI and touched the 200-week average;

▫️ The combination of short-term profit-taking by sellers and the normalisation of Fed expectations sets the stage for a rebound to the 101.7-102.5 area.

#WaveAnalysis

▫️#WTI crude oil reversed from a strong support level 72.40;

▫️ Likely to rise to resistance level 78.00.

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#WaveAnalysis

▫️#EURCAD reversed from the long-term resistance level 1.5115;

▫️ Likely to test support level 1.5000.

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