#WaveAnalysis
#Natural gas broke support zone
Likely to fall to 1.800
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-21-september-2020-20200921/
#Natural gas broke support zone
Likely to fall to 1.800
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-21-september-2020-20200921/
Markets dangerously flirt with correction
Yesterday, at the close of the day, the S&P 500 managed to hammer back some of the losses, which should be seen as a sign of optimism by professional market participants, who are most active at the close of trading. The index found some support after a 23.6% correction from the March-September rally. In the case of increased bear pressure, the next significant support for S&P500 is seen in the area of 3100, where the 200-day moving average resides.
The dynamics of the currency market may be an important indicator for stock indices. If the dollar bulls manage to get the upper hand from current levels today, we should be prepared for a new storm in the markets and a sharper recovery of USD.
https://fxpro.news/daily-forex-outlook/markets-dangerously-flirt-with-correction-20200922/
Yesterday, at the close of the day, the S&P 500 managed to hammer back some of the losses, which should be seen as a sign of optimism by professional market participants, who are most active at the close of trading. The index found some support after a 23.6% correction from the March-September rally. In the case of increased bear pressure, the next significant support for S&P500 is seen in the area of 3100, where the 200-day moving average resides.
The dynamics of the currency market may be an important indicator for stock indices. If the dollar bulls manage to get the upper hand from current levels today, we should be prepared for a new storm in the markets and a sharper recovery of USD.
https://fxpro.news/daily-forex-outlook/markets-dangerously-flirt-with-correction-20200922/
RBA considers further ways to support the economy, praising a weak AUD
The Australian dollar lost 1.6% yesterday during the European session, dropping from 0.7320 to 0.72. Today a new wave of decline was launched by RBA Deputy Governor Guy Debelle. In his speech, he considered possible options for the Central bank to further support the economy.
These included FX interventions, negative rates, and to buy bonds further along the curve. The latter option seems the most likely and least risky for the Aussie Dollar.
However, the very fact that RBA is considering new support methods and is talking about the benefits of a lower exchange rate has alerted buyers of the Australian currency.
AUDUSD on Tuesday updated it's one month low at 0.7180, following many other risk-sensitive instruments testing a 50-day average. The result of this bull and bear battle will define whether there will be an early development of the correction to 0.70, or a retest of highs above 0.74.
The Australian dollar lost 1.6% yesterday during the European session, dropping from 0.7320 to 0.72. Today a new wave of decline was launched by RBA Deputy Governor Guy Debelle. In his speech, he considered possible options for the Central bank to further support the economy.
These included FX interventions, negative rates, and to buy bonds further along the curve. The latter option seems the most likely and least risky for the Aussie Dollar.
However, the very fact that RBA is considering new support methods and is talking about the benefits of a lower exchange rate has alerted buyers of the Australian currency.
AUDUSD on Tuesday updated it's one month low at 0.7180, following many other risk-sensitive instruments testing a 50-day average. The result of this bull and bear battle will define whether there will be an early development of the correction to 0.70, or a retest of highs above 0.74.
#WaveAnalysis
#USDJPY reversed from support zone
Likely to rise to 105.20
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-22-september-2020-20200922/
#USDJPY reversed from support zone
Likely to rise to 105.20
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-22-september-2020-20200922/
The melting of the dollar reversed by top US economic officials
Mnuchin and Powell noted during the Congressional hearing that the US economy is recovering better than expected, but still needs support.
Separately, Evans, a voting member of the FOMC next year, made relatively hawkish comments. He noted that the Fed could start raising rates before the inflation averages 2%.
The Fed’s mix of hopes for new stimulus and a less relaxed approach than expected has returned investor interest in US assets. Moreover, it happened at a critical moment. The dollar index emerged from the depths, where it consolidated from the end of July.
https://fxpro.news/daily-forex-outlook/the-melting-of-the-dollar-reversed-by-top-us-economic-officials-20200923/
Mnuchin and Powell noted during the Congressional hearing that the US economy is recovering better than expected, but still needs support.
Separately, Evans, a voting member of the FOMC next year, made relatively hawkish comments. He noted that the Fed could start raising rates before the inflation averages 2%.
The Fed’s mix of hopes for new stimulus and a less relaxed approach than expected has returned investor interest in US assets. Moreover, it happened at a critical moment. The dollar index emerged from the depths, where it consolidated from the end of July.
https://fxpro.news/daily-forex-outlook/the-melting-of-the-dollar-reversed-by-top-us-economic-officials-20200923/
#WaveAnalysis
#PepsiCo reversed from support zone
Likely to rise to 135.00
https://fxpro.news/market-snapshots/pepsico-wave-analysis-22-september-2020-20200922/
#PepsiCo reversed from support zone
Likely to rise to 135.00
https://fxpro.news/market-snapshots/pepsico-wave-analysis-22-september-2020-20200922/
The increase in the number of new COVID-19 cases in Europe has hurt business activity indices. One after another, preliminary PMI estimates from European countries fell short of expectations. The service sector of the euro area has returned to decline. Although manufacturing has mostly exceeded expectations, the PMI Composite index has been dragged down by Services.
Strong Manufacturing performance is good news for Germany and provided short-term support for the euro, which now has a chance to counteract the dollar's growth impulse.
In general, investors and traders of the euro should note the speed in which the Composite index returned dangerously close to the level separating decline from growth.
This is yet another reminder of how fragile the recovery in the eurozone is. The same indices for the USA published a few minutes ago managed to exceed expectations by remaining firmly in the growth area. This data could extend the momentum of the euro's decline against the dollar in the coming days.
Strong Manufacturing performance is good news for Germany and provided short-term support for the euro, which now has a chance to counteract the dollar's growth impulse.
In general, investors and traders of the euro should note the speed in which the Composite index returned dangerously close to the level separating decline from growth.
This is yet another reminder of how fragile the recovery in the eurozone is. The same indices for the USA published a few minutes ago managed to exceed expectations by remaining firmly in the growth area. This data could extend the momentum of the euro's decline against the dollar in the coming days.
#WaveAnalysis
#AUDUSD broke support area
Likely to fall to 0.7000
https://fxpro.news/market-snapshots/audusd-wave-analysis-23-september-2020-20200923/
#AUDUSD broke support area
Likely to fall to 0.7000
https://fxpro.news/market-snapshots/audusd-wave-analysis-23-september-2020-20200923/
A harder dollar push
The US dollar returned to growth yesterday afternoon, but this time stock indices failed to accompany it.
Further strengthening of the dollar is a working scenario for nearest days and weeks, unlikely for months.
Further growth from current levels opens a direct path for USDX to 96.3, where it reversed upward in December 2019 and resisted pressure in June.
The performance of the euro pair shows a high potential for further decline, with the area of 1.1500 promising to be a next major target.
Complicated negotiations on Brexit and the increased correlation of the pound with risk demand are forcing us to seriously consider the return of GBPUSD to 1.2000.
https://fxpro.news/daily-forex-outlook/a-harder-dollar-push-20200924/
The US dollar returned to growth yesterday afternoon, but this time stock indices failed to accompany it.
Further strengthening of the dollar is a working scenario for nearest days and weeks, unlikely for months.
Further growth from current levels opens a direct path for USDX to 96.3, where it reversed upward in December 2019 and resisted pressure in June.
The performance of the euro pair shows a high potential for further decline, with the area of 1.1500 promising to be a next major target.
Complicated negotiations on Brexit and the increased correlation of the pound with risk demand are forcing us to seriously consider the return of GBPUSD to 1.2000.
https://fxpro.news/daily-forex-outlook/a-harder-dollar-push-20200924/
US weekly unemployment claims once again fell short of expectations. The number of initial claims rose from 866K to 870K with expectations of 845K. The number of continued claims fell from 12.75M to 12.58M, worse than the expected 12.3M.
Continued claims numbers are falling, albeit at a much slower pace than expected, while the stabilization of initial applications for benefits at 880K over the last four weeks is a worrying sign.
The current level is four times higher than before the pandemic hit and without further decline, it will signal a possible halt in the economic recovery.
Strictly speaking, this is more negative news for markets, but the big question now is, isn’t the market tired of the sell-off?
Continued claims numbers are falling, albeit at a much slower pace than expected, while the stabilization of initial applications for benefits at 880K over the last four weeks is a worrying sign.
The current level is four times higher than before the pandemic hit and without further decline, it will signal a possible halt in the economic recovery.
Strictly speaking, this is more negative news for markets, but the big question now is, isn’t the market tired of the sell-off?
#WaveAnalysis
#EURUSD broke support zone
Likely to fall to 1.1560
https://fxpro.news/market-snapshots/eurusd-wave-analysis-24-september-2020-20200924/
#EURUSD broke support zone
Likely to fall to 1.1560
https://fxpro.news/market-snapshots/eurusd-wave-analysis-24-september-2020-20200924/
New support hopes eased market fears and halted USD uptick
Discussions around a new $2.2 trillion relief package in the US kept markets afloat on Thursday and are helping to build positive momentum at Asian bourses on Friday morning.
The steady fall in key US indices, as well as the increase of the dollar earlier this month, reversed the trends that prevailed in markets from March to the end of August. On the tech analysis side, we recently received a signal that the dollar is likely to continue its growth and that the stock market is expected to decline.
However, a renewed hope for support packages from the US government could prevail over any technical picture or alter its interpretation.
https://fxpro.news/daily-forex-outlook/new-support-hopes-eased-market-fears-and-halted-usd-uptick-20200925/
Discussions around a new $2.2 trillion relief package in the US kept markets afloat on Thursday and are helping to build positive momentum at Asian bourses on Friday morning.
The steady fall in key US indices, as well as the increase of the dollar earlier this month, reversed the trends that prevailed in markets from March to the end of August. On the tech analysis side, we recently received a signal that the dollar is likely to continue its growth and that the stock market is expected to decline.
However, a renewed hope for support packages from the US government could prevail over any technical picture or alter its interpretation.
https://fxpro.news/daily-forex-outlook/new-support-hopes-eased-market-fears-and-halted-usd-uptick-20200925/
#WaveAnalysis
#USDCHF rising inside impulse wave
Likely to rise to 0.9350
https://fxpro.news/market-snapshots/usdchf-wave-analysis-25-september-2020-20200925/
#USDCHF rising inside impulse wave
Likely to rise to 0.9350
https://fxpro.news/market-snapshots/usdchf-wave-analysis-25-september-2020-20200925/
#WaveAnalysis
#AUDNZD broke support zone
Likely to fall to 1.0670
https://fxpro.news/market-snapshots/audnzd-wave-analysis-25-september-2020-20200925/
#AUDNZD broke support zone
Likely to fall to 1.0670
https://fxpro.news/market-snapshots/audnzd-wave-analysis-25-september-2020-20200925/
Shares bounce, but currencies are wary
The markets on Monday morning are supported by hopes for fiscal support in the US and progress in Brexit negotiations. Interestingly, the markets have managed to put aside the fear of the risks of an economic slowdown amid a near-record number of infections at the end of last week.
In the short term, this was a turning point for the US indices and spread positive waves to other indices. Futures on the S&P 500 are now trading 3.3% above Thursday’s low. The Dow Jones 30 retreated 3% from local dips, while the Nasdaq100 retreated 5%.
At the same time, the currency market has not yet seen an equally sharp reversal in demand for yielding currencies. The dollar index just suspended its upward correction at the end of the day on Friday, remaining close to its highs of 2 months, but shied away from resuming decline.
https://fxpro.news/daily-forex-outlook/shares-bounce-but-currencies-are-wary-20200928/
The markets on Monday morning are supported by hopes for fiscal support in the US and progress in Brexit negotiations. Interestingly, the markets have managed to put aside the fear of the risks of an economic slowdown amid a near-record number of infections at the end of last week.
In the short term, this was a turning point for the US indices and spread positive waves to other indices. Futures on the S&P 500 are now trading 3.3% above Thursday’s low. The Dow Jones 30 retreated 3% from local dips, while the Nasdaq100 retreated 5%.
At the same time, the currency market has not yet seen an equally sharp reversal in demand for yielding currencies. The dollar index just suspended its upward correction at the end of the day on Friday, remaining close to its highs of 2 months, but shied away from resuming decline.
https://fxpro.news/daily-forex-outlook/shares-bounce-but-currencies-are-wary-20200928/
#WaveAnalysis
#AUDCAD reversed from support zone
Likely to rise to 0.9500
https://fxpro.news/market-snapshots/audcad-wave-analysis-28-september-2020-20200928/
#AUDCAD reversed from support zone
Likely to rise to 0.9500
https://fxpro.news/market-snapshots/audcad-wave-analysis-28-september-2020-20200928/
#WaveAnalysis
#Gold approached support level 1865.00
Likely to re-test 1900.00
https://fxpro.news/market-snapshots/gold-wave-analysis-28-september-2020-20200928/
#Gold approached support level 1865.00
Likely to re-test 1900.00
https://fxpro.news/market-snapshots/gold-wave-analysis-28-september-2020-20200928/
Will the Trump-Biden debate stop the market rally?
Hopes for fiscal stimulus on day four are fueling the market growth. S&P500 has added 4.7% over this time, bringing back about 40% of its slump since early September. On the technical side, the situation seems like a return to growth after a 23.6% retreat from the March-September rally.
Futures on the S&P 500 are now testing a 50-day average. Successful consolidation above this can clear the path to historical highs. But possibly the bears have not yet played their final card.
There are several obstacles ahead on the way up. Today there will be the first US presidential debate between candidates.
https://fxpro.news/daily-forex-outlook/will-the-trump-biden-debate-stop-the-market-rally-20200929/
Hopes for fiscal stimulus on day four are fueling the market growth. S&P500 has added 4.7% over this time, bringing back about 40% of its slump since early September. On the technical side, the situation seems like a return to growth after a 23.6% retreat from the March-September rally.
Futures on the S&P 500 are now testing a 50-day average. Successful consolidation above this can clear the path to historical highs. But possibly the bears have not yet played their final card.
There are several obstacles ahead on the way up. Today there will be the first US presidential debate between candidates.
https://fxpro.news/daily-forex-outlook/will-the-trump-biden-debate-stop-the-market-rally-20200929/
Will the Trump-Biden debate stop the market rally?
Anonymous Poll
61%
Yes, indices will turn downward
39%
No, the 'relief growth' will go on
#WaveAnalysis
#Silver reversed from support area
Likely to test 25.00
https://fxpro.news/market-snapshots/silver-wave-analysis-29-september-2020-20200929/
#Silver reversed from support area
Likely to test 25.00
https://fxpro.news/market-snapshots/silver-wave-analysis-29-september-2020-20200929/