#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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Another report showed that retail sales fell by 0.1%. This is a strong result, as a correction in spending was expected after a 0.9% rise the month before. Sales were virtually flat from September last year to March this year, but there was a strong rebound in sales last summer.
Interestingly, this coincided with a pause in policy tightening by the Fed. This acceleration in spending is probably a concern for the regulator, so it is in no hurry to take the option of further policy tightening off the table.
The Empire Manufacturing Index jumped from -4.6 to +9.1 - much better than the expected -3.3 - and the highest since April.
Theoretically, this should allow retailers to join the battle for profit (not market share) by passing costs through to prices. In practice, however, producer prices fell sharply, giving retailers more room to manoeuvre.
Interestingly, this coincided with a pause in policy tightening by the Fed. This acceleration in spending is probably a concern for the regulator, so it is in no hurry to take the option of further policy tightening off the table.
The Empire Manufacturing Index jumped from -4.6 to +9.1 - much better than the expected -3.3 - and the highest since April.
Theoretically, this should allow retailers to join the battle for profit (not market share) by passing costs through to prices. In practice, however, producer prices fell sharply, giving retailers more room to manoeuvre.
On Wednesday, the #crypto market experienced a new growth spurt, rising 4.6% in 24 hours to $1.44 trillion, updating highs since May 2022. Bitcoin and several altcoins returned to the highs they tested a week earlier. #Cardano (+11.11%) and #Solana (+10.5%) led the growth among the leading coins.
Once again, the dynamics of crypto and equity markets have diverged. However, it should be noted that this seemingly negative correlation only works in the short term, as both asset classes have been rising steadily since October.
#Bitcoin tested the $38K area again on Thursday morning. For now, it is not giving up. A move higher would renew the highs from May 2022, and it makes sense that the bulls would need a reason to break it up. However, the chances of further gains are higher than a reversal to the downside. If we accept that Tuesday's decline was a correction, it has opened the way to $45-46K.
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Once again, the dynamics of crypto and equity markets have diverged. However, it should be noted that this seemingly negative correlation only works in the short term, as both asset classes have been rising steadily since October.
#Bitcoin tested the $38K area again on Thursday morning. For now, it is not giving up. A move higher would renew the highs from May 2022, and it makes sense that the bulls would need a reason to break it up. However, the chances of further gains are higher than a reversal to the downside. If we accept that Tuesday's decline was a correction, it has opened the way to $45-46K.
📣Trade responsibly with fxpro.com
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WTI crude oil is under pressure for a third day despite rising global market risk appetite and solid US economic activity data.
The night before, the EIA released two weekly reports on commercial inventories and oil production after a pause. Average production has remained at 13.2 million bpd for the past month and a half. The Strategic Petroleum Reserve has remained at the same level of 351.27 million barrels for the same period.
However, the situation with commercial reserves has changed significantly. They rose by 17.5 million in two weeks, four times more than expected. This jump in stocks confirmed the upward trend. Reserves remained within the range with a lower boundary of 400 million established over the past eight years and are up 0.9% on last year.
The night before, the EIA released two weekly reports on commercial inventories and oil production after a pause. Average production has remained at 13.2 million bpd for the past month and a half. The Strategic Petroleum Reserve has remained at the same level of 351.27 million barrels for the same period.
However, the situation with commercial reserves has changed significantly. They rose by 17.5 million in two weeks, four times more than expected. This jump in stocks confirmed the upward trend. Reserves remained within the range with a lower boundary of 400 million established over the past eight years and are up 0.9% on last year.
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It looks as if the current US production level is sufficient for a smooth build-up of stocks and exports. This is a negative signal for oil prices, which earlier in the week made an unsuccessful attempt to break back above the 200-day average - a crucial bearish signal. It could also signal that domestic consumption growth is not too robust, which is negative for prices.
A drop below $75 per barrel opens the door for a drop to the $67-70 area, where the price found support in May and June. In the event of a fall to this level, we could see a new series of verbal interventions from OPEC+, as happened earlier this year. Their absence on the other hand, as was the case in 2014, will increase the pressure on the price.
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A drop below $75 per barrel opens the door for a drop to the $67-70 area, where the price found support in May and June. In the event of a fall to this level, we could see a new series of verbal interventions from OPEC+, as happened earlier this year. Their absence on the other hand, as was the case in 2014, will increase the pressure on the price.
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The crypto market has lost 1.5% over the past 24 hours, to $1.39 trillion. The sustained pressure has been in place since the start of the day on Thursday and looks like profit-taking from the impressive rally since the middle of last month. The correction is not as deep as it could have been, as it is primarily offset by demand for risk assets.
Tactically, we focus on the increased volatility of #Bitcoin, which has fallen below 34500 since the beginning of the week, then rebounded sharply to 38000 and is trading near the midpoint of that range at 36500 at midday on Friday.
Despite the volatility, bitcoin has remained in an uptrend since late October, while the volatility is clearing overbought conditions and making room for further gains
Tactically, we focus on the increased volatility of #Bitcoin, which has fallen below 34500 since the beginning of the week, then rebounded sharply to 38000 and is trading near the midpoint of that range at 36500 at midday on Friday.
Despite the volatility, bitcoin has remained in an uptrend since late October, while the volatility is clearing overbought conditions and making room for further gains
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#WaveAnalysis
#NZDUSD reversed from resistance level 0.6020
Likely to fall to support level 0.5925
NZDUSD currency pair recently reversed down from key resistance level 0.6020 (which has been reversing the price from August) coinciding with the upper daily Bollinger Band.
The resistance level 0.6020 was also strengthened by the coinciding 38.2% Fibonacci correction of the downward impulse from July.
Given the clear daily uptrend, NZDUSD currency pair can be expected to fall further toward the next support level 0.5925.
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#NZDUSD reversed from resistance level 0.6020
Likely to fall to support level 0.5925
NZDUSD currency pair recently reversed down from key resistance level 0.6020 (which has been reversing the price from August) coinciding with the upper daily Bollinger Band.
The resistance level 0.6020 was also strengthened by the coinciding 38.2% Fibonacci correction of the downward impulse from July.
Given the clear daily uptrend, NZDUSD currency pair can be expected to fall further toward the next support level 0.5925.
📣Trade responsibly with fxpro.com
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#WaveAnalysis
#AUDUSD reversed from resistance level 0.6500
Likely to fall to support level 0,6400
AUDUSD currency pair recently reversed down from pivotal resistance level 0.6500 (former strong support from May, which has been reversing the price from August) intersecting with the upper daily Bollinger Band.
The downward reversal from the resistance level 0.6500 stopped the previous minor ABC correction 4.
Given the clear daily downtrend and the strong bullish USD sentiment, AUDUSD currency pair can be expected to fall further toward the next support level 0,6400.
📣Trade responsibly with fxpro.com
#AUDUSD reversed from resistance level 0.6500
Likely to fall to support level 0,6400
AUDUSD currency pair recently reversed down from pivotal resistance level 0.6500 (former strong support from May, which has been reversing the price from August) intersecting with the upper daily Bollinger Band.
The downward reversal from the resistance level 0.6500 stopped the previous minor ABC correction 4.
Given the clear daily downtrend and the strong bullish USD sentiment, AUDUSD currency pair can be expected to fall further toward the next support level 0,6400.
📣Trade responsibly with fxpro.com