#WaveAnalysis
#AUDNZD broke support area
• Likely to fall to 1.0550
https://fxpro.news/market-snapshots/audnzd-wave-analysis-27-october-2020-20201027/
#AUDNZD broke support area
• Likely to fall to 1.0550
https://fxpro.news/market-snapshots/audnzd-wave-analysis-27-october-2020-20201027/
Markets are more anxious, and it’s not just the US elections
Key US indices are developing a decline and Futures for S&P500 are losing 0.5% today after the main index fell by 0.3% on Tuesday. The latest round of pressure brought the index back to a three-week low and below the 50-day average, which is a short-term bearish signal.
On European markets, the DAX30 lost 10% from its October peaks, and 6% lost so far this week. The RSI index on the daily charts of the DAX30 fell into an oversold zone.
Additionally, market anxiety is heightened by the appreciation of the yen against the dollar. Exactly one week ago we noticed a sharp drop in the USDJPY, which often signals an increase in seller’s traction.
https://fxpro.news/daily-forex-outlook/markets-are-more-anxious-and-its-not-just-the-us-elections-20201028/
Key US indices are developing a decline and Futures for S&P500 are losing 0.5% today after the main index fell by 0.3% on Tuesday. The latest round of pressure brought the index back to a three-week low and below the 50-day average, which is a short-term bearish signal.
On European markets, the DAX30 lost 10% from its October peaks, and 6% lost so far this week. The RSI index on the daily charts of the DAX30 fell into an oversold zone.
Additionally, market anxiety is heightened by the appreciation of the yen against the dollar. Exactly one week ago we noticed a sharp drop in the USDJPY, which often signals an increase in seller’s traction.
https://fxpro.news/daily-forex-outlook/markets-are-more-anxious-and-its-not-just-the-us-elections-20201028/
#WaveAnalysis
#Silver reversed from resistance area
• Likely to fall to 21.60
https://fxpro.news/market-snapshots/silver-wave-analysis-28-october-2020-20201028/
#Silver reversed from resistance area
• Likely to fall to 21.60
https://fxpro.news/market-snapshots/silver-wave-analysis-28-october-2020-20201028/
#WaveAnalysis
#USDCHF reversed from support level 0.9050
• Likely to rise to 0.9150
https://fxpro.news/market-snapshots/usdchf-wave-analysis-28-october-2020-20201028/
#USDCHF reversed from support level 0.9050
• Likely to rise to 0.9150
https://fxpro.news/market-snapshots/usdchf-wave-analysis-28-october-2020-20201028/
Fragile calm after the storm, but ECB is yet to come
The markets on Thursday appear much calmer than on Wednesday, whilst the news background has not changed at all: COVID-19 statistics continue to break records, with more than 500K new cases reported over the past 24 hours. Germany and France have announced their ‘lockdown light’ in an attempt to battle the acceleration of coronavirus spreading. Across the pond, US legislators are still far from adopting the aid package.
The increasing covid cases and the delay in adopting new support packages are depriving markets of fundamental confidence that the situation is about to start improving. All of this makes the current trend somewhat shaky.
The USDJPY exchange rate remains above 104.30. Although we see a rebound in the pair, the rate has not yet crossed the line on the sand at 104.0, remaining at the bottom of the trading range for the last three months.
https://fxpro.news/daily-forex-outlook/fragile-calm-after-the-storm-but-ecb-is-yet-to-come-20201029/
The markets on Thursday appear much calmer than on Wednesday, whilst the news background has not changed at all: COVID-19 statistics continue to break records, with more than 500K new cases reported over the past 24 hours. Germany and France have announced their ‘lockdown light’ in an attempt to battle the acceleration of coronavirus spreading. Across the pond, US legislators are still far from adopting the aid package.
The increasing covid cases and the delay in adopting new support packages are depriving markets of fundamental confidence that the situation is about to start improving. All of this makes the current trend somewhat shaky.
The USDJPY exchange rate remains above 104.30. Although we see a rebound in the pair, the rate has not yet crossed the line on the sand at 104.0, remaining at the bottom of the trading range for the last three months.
https://fxpro.news/daily-forex-outlook/fragile-calm-after-the-storm-but-ecb-is-yet-to-come-20201029/
#WaveAnalysis
#USDJPY reversed from support area
• Likely to rise to 105.00
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-29-october-2020-20201029/
#USDJPY reversed from support area
• Likely to rise to 105.00
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-29-october-2020-20201029/
#WaveAnalysis
#EURJPY broke support area
• Likely to fall to 121.00
https://fxpro.news/market-snapshots/eurjpy-wave-analysis-29-october-2020-20201029/
#EURJPY broke support area
• Likely to fall to 121.00
https://fxpro.news/market-snapshots/eurjpy-wave-analysis-29-october-2020-20201029/
Following the ECB meeting, the single currency loses 0.8% against the dollar to 1.1660, the lowest over the month. The European Central Bank kept its monetary policy unchanged but signals for more easing in December. Lagarde noted a "clear" downward shift in risks and that new policy measures would be calibrated after quarterly economic assessments.
Earlier today, Italy placed 10-year government bonds at a record low yield of 0.79%, reflecting investor sentiment for long-term depressed interest rates. The policy of "low rates for longer" can push the euro lower in times with near-average market fluctuations. On the other hand, this policy slowly but surely turns the euro into a yen that tends to grow in tough economic times, that makes recovery is more uneven and slow.
Earlier today, Italy placed 10-year government bonds at a record low yield of 0.79%, reflecting investor sentiment for long-term depressed interest rates. The policy of "low rates for longer" can push the euro lower in times with near-average market fluctuations. On the other hand, this policy slowly but surely turns the euro into a yen that tends to grow in tough economic times, that makes recovery is more uneven and slow.
Another analogy to the Great Depression in recent Dow Jones decline
World markets did not manage to find enough buyers on Thursday to return to growth.
Pressure on the markets was caused by record numbers of new infections and worsening corporate reports. However, equally important in our view, is the lack of consensus on a support package from legislators who continue to build debt.
Similarily, America was loaded with high debt at 1930s, however, markets were growing at the expense of private investor activity and the previous economic boom. As it is now.
This year it managed to recover almost completely thanks to unprecedented monetary policy measures, as well as government checks for households.
However, there is a risk that, as in the 1930s, this was nothing more than an impulse spike (lower high on chart in 1930-s) followed by many years of a market downturn.
https://fxpro.news/daily-forex-outlook/another-analogy-to-the-great-depression-in-recent-dow-jones-decline-20201030/
World markets did not manage to find enough buyers on Thursday to return to growth.
Pressure on the markets was caused by record numbers of new infections and worsening corporate reports. However, equally important in our view, is the lack of consensus on a support package from legislators who continue to build debt.
Similarily, America was loaded with high debt at 1930s, however, markets were growing at the expense of private investor activity and the previous economic boom. As it is now.
This year it managed to recover almost completely thanks to unprecedented monetary policy measures, as well as government checks for households.
However, there is a risk that, as in the 1930s, this was nothing more than an impulse spike (lower high on chart in 1930-s) followed by many years of a market downturn.
https://fxpro.news/daily-forex-outlook/another-analogy-to-the-great-depression-in-recent-dow-jones-decline-20201030/
#WaveAnalysis
#Gold reversed from support area
• Likely to rise to 1930.00
https://fxpro.news/market-snapshots/gold-wave-analysis-30-october-2020-20201030/
#Gold reversed from support area
• Likely to rise to 1930.00
https://fxpro.news/market-snapshots/gold-wave-analysis-30-october-2020-20201030/
#WaveAnalysis
#Wheat falling sharply
• Likely to reach 580.00
https://fxpro.news/market-snapshots/wheat-wave-analysis-30-october-2020-20201030/
#Wheat falling sharply
• Likely to reach 580.00
https://fxpro.news/market-snapshots/wheat-wave-analysis-30-october-2020-20201030/
#WaveAnalysis
#CADJPY reversed from support area
• Likely to rise to 79.40
https://fxpro.news/market-snapshots/cadjpy-wave-analysis-30-october-2020-20201030/
#CADJPY reversed from support area
• Likely to rise to 79.40
https://fxpro.news/market-snapshots/cadjpy-wave-analysis-30-october-2020-20201030/
Slippery slope for Crude Oil
Once again, the oil situation is extremely unfavourable.
A combination of adverse factors brings back on the agenda the possibility of a fast (but short-lasting) sinking of prices to $25 per barrel of WTI and $30 per barrel of Brent.
Last week’s weekly data showed the biggest inventory increase in 14 weeks, by 4.3 million barrels with rise in production to 11.1 million BPD.
On Friday, Baker Hughes reported new growth in operating oil drilling rigs to 221 (+10 per week). These are the highest figures since May.
However, there is a much larger problem that OPEC needs to address. Record highs of new coronavirus cases in Europe and new lockdowns in the region threaten not only the original plan to raise production quotas at the end of the year, but also to back new cuts on the table if the situation continues to deteriorate.
https://fxpro.news/daily-forex-outlook/slippery-slope-for-crude-oil-20201102/
Once again, the oil situation is extremely unfavourable.
A combination of adverse factors brings back on the agenda the possibility of a fast (but short-lasting) sinking of prices to $25 per barrel of WTI and $30 per barrel of Brent.
Last week’s weekly data showed the biggest inventory increase in 14 weeks, by 4.3 million barrels with rise in production to 11.1 million BPD.
On Friday, Baker Hughes reported new growth in operating oil drilling rigs to 221 (+10 per week). These are the highest figures since May.
However, there is a much larger problem that OPEC needs to address. Record highs of new coronavirus cases in Europe and new lockdowns in the region threaten not only the original plan to raise production quotas at the end of the year, but also to back new cuts on the table if the situation continues to deteriorate.
https://fxpro.news/daily-forex-outlook/slippery-slope-for-crude-oil-20201102/
#WaveAnalysis
#USDCAD reversed from resistance zone
• Likely to fall to 1.3200
https://fxpro.news/market-snapshots/usdcad-wave-analysis-02-november-2020-20201102/
#USDCAD reversed from resistance zone
• Likely to fall to 1.3200
https://fxpro.news/market-snapshots/usdcad-wave-analysis-02-november-2020-20201102/
#WaveAnalysis
Dow Jones reversed from support zone
• Likely to rise to 28000
https://fxpro.news/market-snapshots/dow-jones-wave-analysis-02-november-2020-20201102/
Dow Jones reversed from support zone
• Likely to rise to 28000
https://fxpro.news/market-snapshots/dow-jones-wave-analysis-02-november-2020-20201102/
Aussie suffers as Australia can’t rely on China
Worth considering how much China's role in the region and the world has grown in recent years.
China is using the weakness of other economies due to coronavirus to reinforce its superiority further.
Recently, we hear more and more Chinese restrictions or tariffs on goods from Australia, from iron ore and coal to wheat and barley. Such restrictions promise to drastically constrain recovery in Australia. It even risks turning a brief coronavirus recession into a prolonged economic stagnation, as it will cause structural changes in the economy.
In 2008/09, Australia managed to avoid a recession due to abnormally strong export growth to China, which supported its inland economy. This time, a lot is wrong, and it is already having a significant impact on Australian policy.
https://fxpro.news/daily-forex-outlook/aussie-suffers-as-australia-cant-rely-on-china-20201103/
Worth considering how much China's role in the region and the world has grown in recent years.
China is using the weakness of other economies due to coronavirus to reinforce its superiority further.
Recently, we hear more and more Chinese restrictions or tariffs on goods from Australia, from iron ore and coal to wheat and barley. Such restrictions promise to drastically constrain recovery in Australia. It even risks turning a brief coronavirus recession into a prolonged economic stagnation, as it will cause structural changes in the economy.
In 2008/09, Australia managed to avoid a recession due to abnormally strong export growth to China, which supported its inland economy. This time, a lot is wrong, and it is already having a significant impact on Australian policy.
https://fxpro.news/daily-forex-outlook/aussie-suffers-as-australia-cant-rely-on-china-20201103/
#WaveAnalysis
Nasdaq 100 reversed from support zone
• Likely to rise to 11500.00
https://fxpro.news/market-snapshots/nasdaq-100-analysis-03-november-2020-20201103/
Nasdaq 100 reversed from support zone
• Likely to rise to 11500.00
https://fxpro.news/market-snapshots/nasdaq-100-analysis-03-november-2020-20201103/