#WaveAnalysis
#GBPUSD reversed from key resistance level 1.2335
Likely to fall to support level 1.2200
GBPUSD currency pair recently reversed down with the daily Shooting Star from the key resistance level 1.2335 (former strong support from May).
The resistance level 1.2335 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from august.
Given the strength of the resistance level 1.2335, GBPUSD can be expected to fall further toward the next support level 1.2200.
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#GBPUSD reversed from key resistance level 1.2335
Likely to fall to support level 1.2200
GBPUSD currency pair recently reversed down with the daily Shooting Star from the key resistance level 1.2335 (former strong support from May).
The resistance level 1.2335 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from august.
Given the strength of the resistance level 1.2335, GBPUSD can be expected to fall further toward the next support level 1.2200.
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Beautiful technical reversal of the pound
The British pound is losing for the third day in a row, having retreated to 1.2260. A technical look at the chart sets up for further declines with a renewal of the October lows with a dip under 1.20.
#GBPUSD was in demand on dips under 1.2100 during October, which formed a bottom in the pair. At the beginning of the month, we saw a pick-up in buying following the global increase in risk appetite. But this week, the bulls have retreated.
GBPUSD climbed to 1.2440 on Monday, but that touch of the 200-day moving average kicked off a sell-off that has continued for the third day. Keeping the pound below this technically important line makes it uninteresting for many big players, leaving it within a 'sell the growth' pattern.
The British pound is losing for the third day in a row, having retreated to 1.2260. A technical look at the chart sets up for further declines with a renewal of the October lows with a dip under 1.20.
#GBPUSD was in demand on dips under 1.2100 during October, which formed a bottom in the pair. At the beginning of the month, we saw a pick-up in buying following the global increase in risk appetite. But this week, the bulls have retreated.
GBPUSD climbed to 1.2440 on Monday, but that touch of the 200-day moving average kicked off a sell-off that has continued for the third day. Keeping the pound below this technically important line makes it uninteresting for many big players, leaving it within a 'sell the growth' pattern.
In addition, the recent surge also fits within a Fibonacci retracement pattern. GBPUSD declined from 1.3140 in mid-July to 1.2030 in early October, and the latest corrective surge brought the pair very close to the 61.8% retracement levels. This may have helped the bears to recharge by removing the short-term oversold condition.
After a downward reversal at the start of the week, GBPUSD could reach 1.21, which is near local support, without many obstacles on the way.
The pair's dynamics in the 1.2060-1.2100 range could be an essential indicator of the bears' seriousness. A quick drop below will open the way further to 1.1840 - near the lows of January and March. The long-term downside target for this cycle could be 1.1400.
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After a downward reversal at the start of the week, GBPUSD could reach 1.21, which is near local support, without many obstacles on the way.
The pair's dynamics in the 1.2060-1.2100 range could be an essential indicator of the bears' seriousness. A quick drop below will open the way further to 1.1840 - near the lows of January and March. The long-term downside target for this cycle could be 1.1400.
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#WaveAnalysis
#EURJPY broke key resistance level 160.00
Likely to rise to resistance level 164.00
EURJPY currency pair earlier broke above the key resistance level 160.00 (which has been reversing the pair from the middle of August).
The breakout of the resistance level 160.00 accelerated the active intermediate impulse wave (3).
Given the strength of the active daily uptrend and the impulse wave (3), EURJPY can be expected to rise further toward the next resistance level 164.00 (top of the active daily up channel).
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#EURJPY broke key resistance level 160.00
Likely to rise to resistance level 164.00
EURJPY currency pair earlier broke above the key resistance level 160.00 (which has been reversing the pair from the middle of August).
The breakout of the resistance level 160.00 accelerated the active intermediate impulse wave (3).
Given the strength of the active daily uptrend and the impulse wave (3), EURJPY can be expected to rise further toward the next resistance level 164.00 (top of the active daily up channel).
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#WaveAnalysis
#GBPAUD reversed from support level 1.8945
Likely to rise to resistance level 1.9325
GBPAUD currency pair recently reversed up from the pivotal support level 1.8945 (which has been reversing the pair from the start of July) coinciding with the lower daily Bollinger Band.
The upward reversal from the support level 1.8945 started the active intermediate impulse wave (3).
Given the strength of the active daily uptrend, GBPAUD can be expected to rise further toward the next resistance level 1.9325 (top of the previous impulse wave (1)).
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#GBPAUD reversed from support level 1.8945
Likely to rise to resistance level 1.9325
GBPAUD currency pair recently reversed up from the pivotal support level 1.8945 (which has been reversing the pair from the start of July) coinciding with the lower daily Bollinger Band.
The upward reversal from the support level 1.8945 started the active intermediate impulse wave (3).
Given the strength of the active daily uptrend, GBPAUD can be expected to rise further toward the next resistance level 1.9325 (top of the previous impulse wave (1)).
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The crypto market continues to climb, rising 3.4% in the last 24 hours to $1.38 trillion. Bitcoin was again the driver, adding 3.8%. Altcoins are moving slower but up, adding between 1.7% (#BNB) and 7.7% (#Polygon).
#Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37K. The technical implementation of this pattern suggests a rise to $41-45K, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began.
Despite Bitcoin's strong recovery since the beginning of the year, the supply of coins is extremely limited due to the actions of hoarders. Many metrics that characterise "bitcoin inactivity" have reached historic highs, Glassnode noted.
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#Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37K. The technical implementation of this pattern suggests a rise to $41-45K, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began.
Despite Bitcoin's strong recovery since the beginning of the year, the supply of coins is extremely limited due to the actions of hoarders. Many metrics that characterise "bitcoin inactivity" have reached historic highs, Glassnode noted.
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#Nasdaq100 set for further gains, confounding early sceptics
US indices turned sharply higher at the start of last week and are still on the offensive, with the Nasdaq100 leading the rally. The pace of growth has slowed considerably, but it would be foolhardy to bet on a corrective pullback now.
The Nasdaq100 is up more than 9% from its 26 October low. The leaders in the early stages of a market rally often continue to lead the market for an extended period, albeit at a slower pace.
At the end of last month, buyers stepped in just in time to prevent the index from falling below its 200-day moving average.
Reaching this curve coincided with the touching and attempted breaking of the downtrend support line within which the Nasdaq100 had been trading since the second half of July.
US indices turned sharply higher at the start of last week and are still on the offensive, with the Nasdaq100 leading the rally. The pace of growth has slowed considerably, but it would be foolhardy to bet on a corrective pullback now.
The Nasdaq100 is up more than 9% from its 26 October low. The leaders in the early stages of a market rally often continue to lead the market for an extended period, albeit at a slower pace.
At the end of last month, buyers stepped in just in time to prevent the index from falling below its 200-day moving average.
Reaching this curve coincided with the touching and attempted breaking of the downtrend support line within which the Nasdaq100 had been trading since the second half of July.
The rally was strong enough to break through the upper boundary of this corridor. The index rewrote the local highs, confirming the break of the downtrend.
The third factor was the accumulated bullish divergence between the RSI on the daily timeframe and the price when the sequence of new local lows did not find confirmation in the form of new index lows.
The fourth factor is the accumulated substantial short position in equities, justified by expectations of weakness in economic indicators and corporate financial performance. The bears failed to wait for a meaningful deterioration in economic indicators and moved to close shorts, which poured more fuel for growth.
The Nasdaq100 quickly returned to its previous local highs, and the subsequent local target for its growth looks to be the 15500 area, followed by 16000.
With interest rates kept high and the central banks committed to the mantra of "higher for longer" (than the market expects), one should be cautious about the prospects of making new highs and breaking through 16500. Nevertheless, it may be too dangerous for short-term traders to build up short positions or close out long positions too early.
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The third factor was the accumulated bullish divergence between the RSI on the daily timeframe and the price when the sequence of new local lows did not find confirmation in the form of new index lows.
The fourth factor is the accumulated substantial short position in equities, justified by expectations of weakness in economic indicators and corporate financial performance. The bears failed to wait for a meaningful deterioration in economic indicators and moved to close shorts, which poured more fuel for growth.
The Nasdaq100 quickly returned to its previous local highs, and the subsequent local target for its growth looks to be the 15500 area, followed by 16000.
With interest rates kept high and the central banks committed to the mantra of "higher for longer" (than the market expects), one should be cautious about the prospects of making new highs and breaking through 16500. Nevertheless, it may be too dangerous for short-term traders to build up short positions or close out long positions too early.
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#WaveAnalysis
#AUDNZD reversed from powerful resistance level 1.0915
Likely to fall to support level 1.0750
AUDNZD continues to fall after the earlier downward reversal from the powerful resistance level 1.0915 (which has been reversing the pair from the end of June).
The downward reversal from the resistance level 1.0915 stopped the earlier short-term impulse wave (3).
Given the clear bearish AUD sentiment seen today, AUDNZD can be expected to fall further toward the next support level 1.0750.
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#AUDNZD reversed from powerful resistance level 1.0915
Likely to fall to support level 1.0750
AUDNZD continues to fall after the earlier downward reversal from the powerful resistance level 1.0915 (which has been reversing the pair from the end of June).
The downward reversal from the resistance level 1.0915 stopped the earlier short-term impulse wave (3).
Given the clear bearish AUD sentiment seen today, AUDNZD can be expected to fall further toward the next support level 1.0750.
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#WaveAnalysis
#EURCAD reversed from pivotal resistance level 1.4775
Likely to fall to support level 1.4650
EURCAD recently reversed down from the pivotal resistance level 1.4775 (which has been reversing the pair from the start of July).
The downward reversal from the resistance level 1.4775 stopped the earlier medium-term ABC correction (2).
Given the strength of the resistance level 1.4775 and the bearish euro sentiment seen across the FX markets, EURCAD can be expected to fall further toward the next support level 1.4650.
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#EURCAD reversed from pivotal resistance level 1.4775
Likely to fall to support level 1.4650
EURCAD recently reversed down from the pivotal resistance level 1.4775 (which has been reversing the pair from the start of July).
The downward reversal from the resistance level 1.4775 stopped the earlier medium-term ABC correction (2).
Given the strength of the resistance level 1.4775 and the bearish euro sentiment seen across the FX markets, EURCAD can be expected to fall further toward the next support level 1.4650.
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#WaveAnalysis
#Gold reversed from resistance level 1985.00
Likely to fall to support level 1900.00
Gold recently reversed down from the key resistance level 1985.00 (which has been reversing the price from the middle of May) intersecting with the 61.8% Fibonacci correction of the downward impulse from May.
The downward reversal from the resistance level 1985.00 started the earlier short-term ABC correction 2.
Given the strength of the resistance level 1985.00, Gold can be expected to fall further toward the next round support level 1900.00.
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#Gold reversed from resistance level 1985.00
Likely to fall to support level 1900.00
Gold recently reversed down from the key resistance level 1985.00 (which has been reversing the price from the middle of May) intersecting with the 61.8% Fibonacci correction of the downward impulse from May.
The downward reversal from the resistance level 1985.00 started the earlier short-term ABC correction 2.
Given the strength of the resistance level 1985.00, Gold can be expected to fall further toward the next round support level 1900.00.
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#WaveAnalysis #SPX
S&P 500 broke key resistance level 4385.00
Likely to rise to resistance level 4450.00.
S&P 500 index recently broke the key resistance level 4385.00 (previous double top from October) standing near the 50% Fibonacci correction of the downward ABC correction 2 from July.
The breakout of the resistance level 4385.00 accelerated the active medium-term impulse wave (3).
Given the prevalence of the risk-on sentiment seen today, S&P 500 index can be expected to rise further toward the next resistance level 4450.00.
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S&P 500 broke key resistance level 4385.00
Likely to rise to resistance level 4450.00.
S&P 500 index recently broke the key resistance level 4385.00 (previous double top from October) standing near the 50% Fibonacci correction of the downward ABC correction 2 from July.
The breakout of the resistance level 4385.00 accelerated the active medium-term impulse wave (3).
Given the prevalence of the risk-on sentiment seen today, S&P 500 index can be expected to rise further toward the next resistance level 4450.00.
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📊🌐 Pro News Weekly Update 🌐📊
💵 The Dollar Index (#DXY) rose 1% and has been performing well against other currencies, but can it make up for the drop earlier this month?
🪙 #Gold retreated from $2000, in a corrective phase; but will it be able to stay above the 200-day moving average?
📉The Nasdaq rebounded and
🛢 #Oil had a pretty tough week, dipping below $80.
🪙 In crypto, #Bitcoin, #Ethereum, and #Solana surged.📈
🌐💼 Stay tuned for the latest market moves!
https://www.youtube.com/watch?v=iqFOop6o4bQ
💵 The Dollar Index (#DXY) rose 1% and has been performing well against other currencies, but can it make up for the drop earlier this month?
🪙 #Gold retreated from $2000, in a corrective phase; but will it be able to stay above the 200-day moving average?
📉The Nasdaq rebounded and
🛢 #Oil had a pretty tough week, dipping below $80.
🪙 In crypto, #Bitcoin, #Ethereum, and #Solana surged.📈
🌐💼 Stay tuned for the latest market moves!
https://www.youtube.com/watch?v=iqFOop6o4bQ
YouTube
Weekly Pro Analysis | Nasdaq Surges, Oil's Slide, and Crypto Rollercoaster
Welcome back to Pro News, where we break down the latest twists and turns in the financial markets. This week, we're tackling the highs and lows across the Nasdaq, diving into oil's slippery slope, and much more.
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⏰ The US Consumer Price Index will be released at 13:30 GMT today. It is expected to slow from 3.7% to 3.3% y/y with 0.1% month-on-month growth after +0.4% one month earlier 📉
💭Also, keep an eye on Core CPI, which strips food and energy from its calculations. Here analysts, on average, expect to see it unchanged at 4.1%
💲 Numbers above forecasts can positively impact USD, sparking expectations for further rate hikes from the Fed🏦
💭Also, keep an eye on Core CPI, which strips food and energy from its calculations. Here analysts, on average, expect to see it unchanged at 4.1%
💲 Numbers above forecasts can positively impact USD, sparking expectations for further rate hikes from the Fed🏦
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The burst of optimism in traditional markets bypassed cryptocurrencies on Tuesday, with total cap decreased by 1.7% over the last 24 hours.
#Bitcoin continued its correction on Tuesday, which at one point seemed to get out of control as the price fell below $34.5K due to stop orders triggered. However, prices quickly moved away from the local extreme lows, and by Wednesday morning, there was moderate buying that took BTC back up to $35.6K.
Perhaps the most acute question is whether the cryptocurrency market's counter-trend dynamic indicates risk demand exhaustion or an attempt at a quick correction to continue following equities. We are leaning towards the latter and expect a fresh test of last week's highs soon.
#Ethereum pulled back below $2000 on Tuesday but is attempting to move higher again early Wednesday. In addition, there will be two "golden crosses" on the charts in the coming weeks - on the daily and weekly timeframes. The formation of this pattern usually attracts further buying demand.
#Bitcoin continued its correction on Tuesday, which at one point seemed to get out of control as the price fell below $34.5K due to stop orders triggered. However, prices quickly moved away from the local extreme lows, and by Wednesday morning, there was moderate buying that took BTC back up to $35.6K.
Perhaps the most acute question is whether the cryptocurrency market's counter-trend dynamic indicates risk demand exhaustion or an attempt at a quick correction to continue following equities. We are leaning towards the latter and expect a fresh test of last week's highs soon.
#Ethereum pulled back below $2000 on Tuesday but is attempting to move higher again early Wednesday. In addition, there will be two "golden crosses" on the charts in the coming weeks - on the daily and weekly timeframes. The formation of this pattern usually attracts further buying demand.
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Gold has made a decisive reversal to the upside this week. We are likely to see the start of a new bullish momentum with the potential to renew all-time highs above $2100.
Gold rallied by $200 in October and peaked at $2010, driven by three main factors. Early in the month, gold was an attractive buy on oversold conditions and a touch of the critical 200-week moving average provided a technical reason for a rebound.
But fundamental news continued to drive the buying. The first was the US labour market data, strong employment growth with a moderate slowdown in wage growth. Then, over the weekend, the conflict between Israel and Hamas added fuel to the fire.
Gold rallied by $200 in October and peaked at $2010, driven by three main factors. Early in the month, gold was an attractive buy on oversold conditions and a touch of the critical 200-week moving average provided a technical reason for a rebound.
But fundamental news continued to drive the buying. The first was the US labour market data, strong employment growth with a moderate slowdown in wage growth. Then, over the weekend, the conflict between Israel and Hamas added fuel to the fire.
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By the end of October, gold was overheated and went into a correction, despite the return of risk appetite in US markets after the Fed meeting. As a result, the value of the troy ounce retreated to the 200-day moving average and the 61.8% Fibonacci level of the initial spike.
Gold's rally from these levels since the start of the week should be seen as a confident return of buyers from technically significant levels and the end of the corrective pullback. According to the Fibonacci pattern, gold's next upside target is $2130, or 161.8% of last month's upside amplitude.
However, this pattern will only be fully realised on a confident break of the previous local highs at $2010. A strong break above will confirm that gold is ready to settle above the crucial milestone this time. Over the past three years, gold has rallied strongly on several occasions, but these have always been upside impulses, and we soon see a reversal to the downside. The coming days will tell us if this is the case this time.
Gold's rally from these levels since the start of the week should be seen as a confident return of buyers from technically significant levels and the end of the corrective pullback. According to the Fibonacci pattern, gold's next upside target is $2130, or 161.8% of last month's upside amplitude.
However, this pattern will only be fully realised on a confident break of the previous local highs at $2010. A strong break above will confirm that gold is ready to settle above the crucial milestone this time. Over the past three years, gold has rallied strongly on several occasions, but these have always been upside impulses, and we soon see a reversal to the downside. The coming days will tell us if this is the case this time.
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A new batch of statistics from the US once again reminds us of the Goldilocks story, when one can have fun and not paying price for it.
Producer prices fell 0.5%, against expectations for a 0.1% rise. And that's a weaker report than expected after the release of consumer prices the day before. The annual inflation rate fell from 2.2% to 1.3%, against expectations of 1.9%. The core index, which excludes food and energy, was virtually unchanged for the month, and the annual growth rate fell to 2.4% from 2.7% expected. Had the market not overreacted the day before, such a report could have encouraged fresh dollar sellers and buyers of risk assets.
Producer prices fell 0.5%, against expectations for a 0.1% rise. And that's a weaker report than expected after the release of consumer prices the day before. The annual inflation rate fell from 2.2% to 1.3%, against expectations of 1.9%. The core index, which excludes food and energy, was virtually unchanged for the month, and the annual growth rate fell to 2.4% from 2.7% expected. Had the market not overreacted the day before, such a report could have encouraged fresh dollar sellers and buyers of risk assets.
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