#Shorts

#USDCHF: 100-150 points growth potential

Oil & gas: still mostly bearish prospects

The price of a barrel of crude oil has fallen 1.6% since the start of Monday, bringing the decline over the last two trading sessions to 4%. Pressures on the oil price include signals from the ceasefire talks between Israel and Lebanon (reducing supply risks) and disappointment over the size of China's stimulus package (revising expected demand).

Among the longer-term factors, the upward trend in US oil inventories has continued. The strategic reserve has increased by 1.4 million barrels, maintaining the pace in recent weeks and accelerating from the average rate of 750k barrels per week since the beginning of the year. The acceleration appears to be driven by lower prices, which also help to provide soft support.

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The dollar unstoppable for now

The dollar continues to rise on speculation of policy changes following the US election. The Dollar Index rose above 105.5 on Monday - its highest level since early July - before easing slightly in trading.

The main contributors to the index's strength are weakness in the single currency and the Japanese yen. In both cases, there is a cocktail of political uncertainty and fears that Trump's protectionist policies will hurt EU and Japanese exporters.

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EURUSD Wave Analysis 11 November 2024

- EURUSD under bearish pressure

- Likely to fall to support level 1.0600

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Dow Jones Wave Analysis 11 November 2024

- Dow Jones rising inside impulse wave 5

- Likely to reach resistance level 45000.00

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🗓 Economic Calendar at 2024/11/13 (GMT)

00:30 🇦🇺 Wage Price Index — Exp: 0.9% | 3.6%

09:45 🇬🇧 MPC Member Catherine L Mann Speaks

13:30 🇺🇸 ⚡️ Consumer Price Index — Exp: 0.2% | 2.4%

13:30 🇺🇸 ⚡️ Core CPI — Exp: 0.3% | 3.3%

23:00 🇦🇺 ⚡️ RBA Governor Michele Bullock Speaks

Crypto punishes sceptics

The total capitalisation of the cryptocurrency market approached $3 trillion, rewriting the record set almost exactly three years ago. During the day, the indicator grew by more than 8%. The nature of the movement indicates the liquidation of short positions in the largest coins, primarily bitcoin. At the same time, individual altcoins are increasingly shooting up.

The first cryptocurrency soared almost 10% in 24 hours, coming close to $90K, although only a little over a day ago, it tried to consolidate at $80K. Reaching the $100-110K target area now looks like a matter of a couple of weeks or even days.

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📈 Since the election, markets are buzzing with movement, bringing exciting trading opportunities! Here’s a quick look at the latest highlights:

🚀 Crypto Surge: Bitcoin is up +30% this week, Ethereum +40%, and Dogecoin is leading with an incredible +154%!

🥇 Gold Near 2-Month Lows: Gold has dropped below $2600, marking a 2-month low.

📊 US Indices Hit All-Time Highs: The S&P500 surged past 6000, while Nasdaq reached 21250 with strong post-election gains.

🔋 Stocks Soar: Tesla crossed the $1 trillion valuation mark, jumping +45% in just 5 sessions!

💵 USD Rally: The dollar has gained strength, with EURUSD dropping -2.8% this week to the year’s low near 1.0600.

💼 Plus, we offer CFDs on two major ETFs—QQQ and SPY—giving you even more ways to trade these market trends.

📲 Log in to your FxPro account and seize these prime opportunities to Buy or Sell! #TradingOpportunities #FxPro #TradeLikeaPro

#Video #ProNewsFlash

In today's episode, we'll be checking out crypto's incredible rise! This huge shift comes as the total cryptocurrency market capitalization approaches an unprecedented $3 trillion, surpassing records set three years ago. Could we see even more ATHs? Or maybe we're on the bring of an altcoin Super cycle?

https://www.youtube.com/watch?v=EPjD4f2gll8

Pound looking into the abyss

Sterling continues to lose ground against the Dollar for the third session in a row, down a cumulative 2% and nearly 5% from its peak in late September as markets turned to the Trump rally.

Weak macroeconomic data have driven the recent bearish momentum. The unemployment rate rose to 4.3% in the three months to September, reversing a recent decline. Claimant count number have been on an upward trend since last June, with only a few months of weak declines. In October, claims rose by a further 26.6k, higher only during the lockdowns, highlighting the need for monetary easing to support the economy.

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USDCHF Wave Analysis 12 November 2024

- USDCHF rising inside impulse wave (C)

- Likely to reach resistance level 0.8900

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EURGBP Wave Analysis 12 November 2024

- EURGBP reversed from long-term support level 0.8265

- Likely to rise to resistance level 0.8365

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🗓 Economic Calendar at 2024/11/14 (GMT)

00:00 🇦🇺 MI Inflation Expectations — Exp: 3.8%

00:30 🇦🇺 ⚡️ Unemployment Rate — Exp: 4.1%

00:30 🇦🇺 ⚡️ Employment Change — Exp: 25.2K

00:30 🇦🇺 Part-Time Employment Change — Exp: 15.0K | 5.0K

12:00 🇺🇸 FOMC Member Adriana D. Kugler Speaks

12:30 🇪🇺 ECB Monetary Policy Meeting Accounts

13:00 🇬🇧 MPC Member Catherine L Mann Speaks

13:30 🇺🇸 ⚡️ Unemployment Claims — Exp: 225K

13:30 🇺🇸 Continuing Claims — Exp: 1895K

13:30 🇺🇸 Producer Price Index — Exp: 0.2% | 2.2%

13:30 🇺🇸 Core PPI — Exp: 0.2% | 2.8%

14:00 🇺🇸 FOMC Member Thomas I. Barkin Speaks

16:00 🇺🇸 Crude Oil Inventories — Exp: 400K

19:00 🇪🇺 ECB President Christine Lagarde Speaks

20:00 🇺🇸 ⚡️ Federal Reserve Chairman Jerome Powell Speaks

21:00 🇬🇧 ⚡️ BOE Governor Andrew Bailey Speaks

21:15 🇺🇸 FOMC Member John C. Williams Speaks

21:30 🇳🇿 Business NZ Manufacturing Index — Exp: 47.5

23:50 🇯🇵 ⚡️ Gross Domestic Product — Exp: 0.2% | 0.7%

23:50 🇯🇵 GDP Price Index — Exp: 2.9%

Crypto market locks in weekly rally

The crypto market cap fell to $2.88 trillion, down 5% over the day. It appears that the market has started to take profits after a week of rallying. The first target for such a pullback appears to be the March-June resistance area around $2.70 trillion. However, we are optimistic that the market may well pick up cryptocurrencies at higher levels and trigger FOMO.

Bitcoin kept things interesting on Tuesday, starting the day by testing the $90K level, then dropping to $85K before testing $90K again. On Wednesday morning, the price pulled back to $87K, the first significant daily decline in eight days. Technically, a pullback to $84K or even $81K would fit within the correction pattern of the last impulse. In that case, a broader correction could begin. For now, however, we believe the market has stumbled and could quickly return to growth.

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#Shorts

#USDJPY: Imminent Start of a Major Downward Correction

Higher US inflation will not stop the Fed from cutting rates

US consumer inflation was in line with analysts' average forecasts, but it still triggered a weakening of the dollar and increased interest in buying stocks. This reaction suggests that traders were expecting a higher number and that there is now a slight shift towards a more dovish Fed for the coming months.

Headline CPI rose 0.2% for the fourth month in a row, and the annual rate climbed from 2.4% to 2.6%. While this is above the 2% target, it shouldn't prevent the central bank from cutting rates in December and continuing to do so.

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Japanese inflation continues to rise

Japanese inflation continues to gain momentum ahead of expectations, as evidenced by the latest release of the Domestic Corporate Goods Price Index. This indicator accelerated from 3.1% to 3.4% y/y in October, against an expected slowdown to 2.9%.

The index hit a local low of 0.2% y/y in January and has since gained momentum as the previous yen weakness and exchange rate volatility premium have been passed through to prices. The price index tracked by the Bank of Japan has risen in 11 of the last 12 months. This brings the central bank back to the question of whether further monetary tightening is needed.

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WTI crude Wave Analysis 13 November 2024

- WTI crude oil reversed from the multi-year support level 66.70

- Likely to rise to resistance level 70.00

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