#MarketReview

▫️ Influential financial media and experts put the idea of a 50 point Fed rate cut back on the agenda to combat slowing inflation and recession signals.

▫️ Publications and statements from influential speakers drove the dollar lower and the stock market higher, and boosted gold prices.

▫️ Expectations for a 25 basis point rate cut are high, but uncertainty remains as to how the Fed will react to current economic data and market sentiment.

#WaveAnalysis

▫️#GBPCAD reversed from strong resistance level 1.7850;

▫️ Likely to fall to support level 1.7700.

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#WaveAnalysis

▫️#Ebay broke resistance level 62.00;

▫️ Likely to rise to the resistance level 66.00.

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#Crypto

▫️ Total crypto market cap has fallen to $2.04 trillion with the potential to fall below $2 trillion. #Bitcoin and #Litecoin face resistance in the form of the 50-day MA.

▫️ #Ethereum needs a little boost for significant growth, while altcoins remain relatively strong on the back of Bitcoin's decline.

▫️ MicroStrategy added to its bitcoin holdings, while Consumers' Research accused Tether of lacking reserve transparency.

#EconomicReview

▫️ Data released from China showed a deterioration in key economic indicators, increasing fears of an economic slowdown and forcing the central bank to promise additional measures to lower borrowing costs.

▫️ The slowing economy and stimulus measures may lead to a weaker CNY, although the effect may not be immediately apparent.

▫️ A technically oversold yuan points to a possible rebound, but in the longer term a weaker yuan could revive inflationary momentum and demand for Chinese goods.

#WaveAnalysis

▫️#GBPUSD reversed from support zone;

▫️ Likely to rise to the resistance level 1.3255.

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#WaveAnalysis

▫️#EURJPY reversed from support zone;

▫️ Likely to rise to the resistance level 157.40.

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#Crypto

▫️ Crypto market cap holds at $2.04 trillion, and the sentiment index is back in the fear zone.

▫️ #Bitcoin trades at $58.6K, #Ethereum near $2300, testing support at the 200-week moving average.

▫️ Crypto fund investments are up $436m despite Ethereum's struggles after the Decun update. Expect a possible bitcoin rally in the next 22 days, according to historical cycles.

#EconomicReview

▫️ ZEW German economic sentiment index fell to 3.6, current conditions fell to -84.5.

▫️ The marked divergence from expectations reinforced the short-term negative impact on the euro. ECB expected to accelerate monetary easing

▫️ The trade surplus remains large, but exports have fallen by 24% over the past two years. An appreciating euro reduces the eurozone's competitiveness, which could lead to even looser monetary policy from the ECB.

#WaveAnalysis

▫️#CHFJPY reversed from support zone;

▫️ Likely to rise to the resistance level 168.45.

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#WaveAnalysis #MA

▫️MasterCard broke round resistance level 500;

▫️ Likely to rise to the resistance level 510.

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#Crypto

▫️ Crypto market is up 2.1% to $2.08 trillion, and the sentiment index is at 45 (fear) but close to neutral territory.

▫️ #Bitcoin surpassed $60K and broke the 50-day MA, suggesting further upside.

▫️ JPMorgan predicts bitcoin hash rate growth will slow, MicroStrategy issues a $700M bond to buy bitcoin, and the Bhutanese government owns 13,036 BTC.

Strong data didn’t derail markets from expectations of a 50bp Fed cut

On Tuesday afternoon, markets received the final piece of the economic puzzle before the Fed's rate decision on Wednesday evening, with data confirming the strength of the economy and beat expectations, but by the end of the day, the markets had regained confidence in a 50bp cut.

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WTI Wave Analysis 18 September 2024

- WTI reversed from round resistance level 70.00

- Likely to fall to support level 68.00

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AUDCAD Wave Analysis 18 September 2024

- AUDCAD broke pivotal resistance level 0.9170

- Likely to rise to resistance level 0.9260

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Crypto market climbs out of the pit

The crypto market rallied solidly by 3% to $2.15 trillion, gaining further momentum after the Fed's decisive rate cut.

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The Fed’s big rate and projections cut

The Fed cut the Fed Funds rate by 50bps, which was in line with prevailing market expectations (the probability of such an outcome was over 67% at the beginning of the week) and surprised 104 out of 113 respondents in leading financial media polls.

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S&P 500 Wave Analysis 19 September 2024

- S&P 500 broke key resistance level 5670.00

- Likely to rise to resistance level 5800.00

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