📈 Pro News Update!
💵USD faces pressure following the consumer inflation report;
🪙 Gold rallies, finding support around the 200-day moving average;
📈 Nasdaq100 demonstrates an unexpected November swing, while
🛢 Oil markets tumble 9% prompting fears prices could slide to $70 per barrel.
🪙 Crypto markets have had a rollercoaster week leaving many pondering Bitcoin's dramatic comeback.
Stay tuned! 📰🔥
https://youtu.be/ZxNkAypgw1U
💵USD faces pressure following the consumer inflation report;
🪙 Gold rallies, finding support around the 200-day moving average;
📈 Nasdaq100 demonstrates an unexpected November swing, while
🛢 Oil markets tumble 9% prompting fears prices could slide to $70 per barrel.
🪙 Crypto markets have had a rollercoaster week leaving many pondering Bitcoin's dramatic comeback.
Stay tuned! 📰🔥
https://youtu.be/ZxNkAypgw1U
YouTube
Weekly Pro Analysis | USD, Gold, Nasdaq, WTI Oil, Bitcoin, and More
Join us on Pro News as we dissect the latest financial market trends and offer insights into what's on the horizon. In this week's episode, we delve into the weakening USD, the resilience of gold, Nasdaq's surprising surge, WTI oil's rollercoaster ride, the…
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#WaveAnalysis
#WTI reversed from pivotal support level 74.00
Likely to rise to resistance level 80.00
WTI crude oil recently reversed up from pivotal support level 74.00 (former resistance from May and June) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 74.00 created the daily Japanese candlesticks reversal pattern Piercing Line, which stopped the previous medium-term ABC correction (2).
Given the strength of the support level 74.00, WTI crude oil can be expected to rise toward the next resistance level 80.00 , the target for the completion of the active impulse wave i, top of the previous correction iv.
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#WTI reversed from pivotal support level 74.00
Likely to rise to resistance level 80.00
WTI crude oil recently reversed up from pivotal support level 74.00 (former resistance from May and June) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 74.00 created the daily Japanese candlesticks reversal pattern Piercing Line, which stopped the previous medium-term ABC correction (2).
Given the strength of the support level 74.00, WTI crude oil can be expected to rise toward the next resistance level 80.00 , the target for the completion of the active impulse wave i, top of the previous correction iv.
📣Trade responsibly with fxpro.com
#WaveAnalysis
#CADJPY reversed from the long-term resistance level 110.30
Likely to fall to support level 107.50
CADJPY currency pair recently reversed down from the long-term resistance level 110.30 (former yearly high, Double Top from last year) strengthened by the upper weekly Bollinger Band.
The downward reversal from the resistance level 110.30 stopped the previous medium-term impulse wave (3).
Given the strength of the resistance level 110.30 and the strongly bearish CAD sentiment seen across the FX markets today, CADJPY currency pair can be expected to fall toward the next support level 107.50 (low of the previous correction (2)).
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#CADJPY reversed from the long-term resistance level 110.30
Likely to fall to support level 107.50
CADJPY currency pair recently reversed down from the long-term resistance level 110.30 (former yearly high, Double Top from last year) strengthened by the upper weekly Bollinger Band.
The downward reversal from the resistance level 110.30 stopped the previous medium-term impulse wave (3).
Given the strength of the resistance level 110.30 and the strongly bearish CAD sentiment seen across the FX markets today, CADJPY currency pair can be expected to fall toward the next support level 107.50 (low of the previous correction (2)).
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Crypto market cap retreated some 0.2% in 24 hours to $1.41 trillion. Bitcoin is up 0.7%, and BNB is up 5.3%, but most altcoins are down.
According to CoinShares, investment in crypto funds rose by $176 million last week; inflows are on track for an eighth consecutive week, having accelerated over the past four weeks. Bitcoin investment increased by $155 million, Ethereum by $3 million and Solana by $14 million.
Bitcoin continues to dominate, with inflows accounting for 3.4% of total assets under management over the past eight weeks. Total inflows into the digital asset since the beginning of the year are $1.32 billion, with inflows still well behind the 2021 and 2020 figures ($10.7 billion and $6.6 billion respectively), CoinShares noted.
70% of the available Bitcoin supply did not move from one wallet to another last year. That's an all-time high.
According to CoinShares, investment in crypto funds rose by $176 million last week; inflows are on track for an eighth consecutive week, having accelerated over the past four weeks. Bitcoin investment increased by $155 million, Ethereum by $3 million and Solana by $14 million.
Bitcoin continues to dominate, with inflows accounting for 3.4% of total assets under management over the past eight weeks. Total inflows into the digital asset since the beginning of the year are $1.32 billion, with inflows still well behind the 2021 and 2020 figures ($10.7 billion and $6.6 billion respectively), CoinShares noted.
70% of the available Bitcoin supply did not move from one wallet to another last year. That's an all-time high.
#Palladium is showing signs of recovery after a recent sell-off, which could be a reversal of the metal's long-term trend.
Palladium has lost almost half its value since the start of the year to lows of $936 on the 10th of November. This decline has made it the worst-performing metal so far this year. The metal lost around 15% in the last week to that date alone, although it had held above $1090 for several weeks before.
The low in early November wiped out almost all of the metal's gains since 2018, leaving it more than 70% below the peak of $3000 in March 2022.
The last time palladium experienced a more sustained, albeit less prolonged, decline was in 2008, under pressure from the challenges of the global financial crisis.
However, since the beginning of last week, palladium has been rising daily, suggesting a return to sustainable demand. This reversal took place just above the critical pivot area above $900. Palladium was kept from going above it in 2011 and 2014, and below it in 2018.
Palladium has lost almost half its value since the start of the year to lows of $936 on the 10th of November. This decline has made it the worst-performing metal so far this year. The metal lost around 15% in the last week to that date alone, although it had held above $1090 for several weeks before.
The low in early November wiped out almost all of the metal's gains since 2018, leaving it more than 70% below the peak of $3000 in March 2022.
The last time palladium experienced a more sustained, albeit less prolonged, decline was in 2008, under pressure from the challenges of the global financial crisis.
However, since the beginning of last week, palladium has been rising daily, suggesting a return to sustainable demand. This reversal took place just above the critical pivot area above $900. Palladium was kept from going above it in 2011 and 2014, and below it in 2018.
On the other hand, the current rally could prove to be as much of a bull trap as it was in March when a subsequent, more furious sell-off wiped out a 15% rise in six weeks.
Fundamentally, palladium is tied to the consumer cycle, and its performance this year looks like a disappointment in China's growth, but with the surprise of strong US consumption and a better-than-expected European performance in brackets. Theoretically, this sets the stage for a slowdown next year, when high interest rates weigh more heavily on consumer demand.
But palladium is so historically oversold that it can rally despite the negative macro picture.
The $1200 area is worth watching on the road to recovery. A decisive break above the previous lows would confirm the reversal and quickly send the price to test the $1400 level. A break above this level would signal that a new bullish trend has begun in palladium, not just a corrective bounce.
Fundamentally, palladium is tied to the consumer cycle, and its performance this year looks like a disappointment in China's growth, but with the surprise of strong US consumption and a better-than-expected European performance in brackets. Theoretically, this sets the stage for a slowdown next year, when high interest rates weigh more heavily on consumer demand.
But palladium is so historically oversold that it can rally despite the negative macro picture.
The $1200 area is worth watching on the road to recovery. A decisive break above the previous lows would confirm the reversal and quickly send the price to test the $1400 level. A break above this level would signal that a new bullish trend has begun in palladium, not just a corrective bounce.
It was a mixed inflation report in Canada. Overall inflation slowed from 3.8% to 3.1% y/y in October versus an expected 3.2%. On the other hand, core inflation came in above expectations, ticking up 0.3% y/y in October, albeit lowering the annual rate of increase from 2.8% to 2.7%.
Inflation risks stalling near 3% in the coming months as Canadian data undergoes a high base effect, with a 0.7% jump in prices last October, followed by a 0.1% rise in November and a 0.6% decline in December. Prices need a repeat of the dip late last year to push annual inflation below 3%.
Today's statistics support those waiting for an extended pause on Canada's key rate, providing no food in favour of a hike or an earlier reversal.
Inflation risks stalling near 3% in the coming months as Canadian data undergoes a high base effect, with a 0.7% jump in prices last October, followed by a 0.1% rise in November and a 0.6% decline in December. Prices need a repeat of the dip late last year to push annual inflation below 3%.
Today's statistics support those waiting for an extended pause on Canada's key rate, providing no food in favour of a hike or an earlier reversal.
#WaveAnalysis
#CADJPY reversed from support level 107.50
Likely to rise to resistance level 109.00
CADJPY currency pair recently reversed up from the key support level 107.50 (which has been repeatedly reversing the pair from the start of September) strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from July.
The upward reversal from the support level 107.50 stopped the previous short-term correction 2 and is likely to form the daily Hammer today.
Given the strength of the support level 107.50, CADJPY currency pair can be expected to rise to the next resistance level 109.00.
📣Trade responsibly with fxpro.com
#CADJPY reversed from support level 107.50
Likely to rise to resistance level 109.00
CADJPY currency pair recently reversed up from the key support level 107.50 (which has been repeatedly reversing the pair from the start of September) strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from July.
The upward reversal from the support level 107.50 stopped the previous short-term correction 2 and is likely to form the daily Hammer today.
Given the strength of the support level 107.50, CADJPY currency pair can be expected to rise to the next resistance level 109.00.
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#WaveAnalysis
#GBPJPY reversed from support level 184.75
Likely to rise to resistance level 186.65
GBPJPY currency pair recently reversed up from the key support level 184.75 (which has been repeatedly reversing the pair from the start of this month, forming multiple reversal patterns on the 4-hour charts near this level).
This support level was strengthened by the 20-day moving average and by the 50% Fibonacci correction of the upward impulse from October.
Given the strength of the support level 184.75, GBPJPY currency pair can be expected to rise to the next resistance level 186.65.
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#GBPJPY reversed from support level 184.75
Likely to rise to resistance level 186.65
GBPJPY currency pair recently reversed up from the key support level 184.75 (which has been repeatedly reversing the pair from the start of this month, forming multiple reversal patterns on the 4-hour charts near this level).
This support level was strengthened by the 20-day moving average and by the 50% Fibonacci correction of the upward impulse from October.
Given the strength of the support level 184.75, GBPJPY currency pair can be expected to rise to the next resistance level 186.65.
📣Trade responsibly with fxpro.com
Binance, the world's largest exchange, has settled the case with US authorities, agreeing to pay more than $4.3 billion in compensation for violating some laws.
The exchange's CEO, Changpeng Zhao, resigned after pleading guilty and agreeing to pay $50 million personally.
Crypto market cap fell 2.5% in 24 hours to $1.39 trillion, partially recovering from $1.35 trillion. The market move has yet to suggest a change in the long-term view of the industry.
#Bitcoin briefly touched $35.6K but found buyers again in more liquid trading at the start of the European session. So far, the top cryptocurrency has managed to stay within the uptrend of the last four weeks.
#Solana and #Ethereum have retreated to support 61.8% of the rally from last month's lows. Continued buying in the sector today could signal the correction's end and buyers' return. An intensification of the sell-off from current levels would signal a move to a deeper drawdown, breaking the uptrend of the past few months.
The exchange's CEO, Changpeng Zhao, resigned after pleading guilty and agreeing to pay $50 million personally.
Crypto market cap fell 2.5% in 24 hours to $1.39 trillion, partially recovering from $1.35 trillion. The market move has yet to suggest a change in the long-term view of the industry.
#Bitcoin briefly touched $35.6K but found buyers again in more liquid trading at the start of the European session. So far, the top cryptocurrency has managed to stay within the uptrend of the last four weeks.
#Solana and #Ethereum have retreated to support 61.8% of the rally from last month's lows. Continued buying in the sector today could signal the correction's end and buyers' return. An intensification of the sell-off from current levels would signal a move to a deeper drawdown, breaking the uptrend of the past few months.
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US Existing Home Sales have continued to fall under the pressure of high interest rates despite prices retreating from their highs.
It is well known that the housing market is a leading indicator of the economic cycle. This was the case during the global financial crisis. However, this approach may need to be revised this time around.
In October, secondary market sales fell by 4.1% to 3.79 million at an annualised rate. Sales have fallen in seven of the last eight months. That's only 9% below the market's low in July 2010. But in that period, the unemployment rate was near 9.5% (near the cyclical peak), as opposed to the current 3.9% (near the cyclical trough).
Inventories of unsold homes are at 3.6 months at the current pace. While this is the highest level since June 2020, it is more attributable to lower sales, as nominal inventories are at a one-year high of 1.15 million homes, which is not a meaningful increase.
It is well known that the housing market is a leading indicator of the economic cycle. This was the case during the global financial crisis. However, this approach may need to be revised this time around.
In October, secondary market sales fell by 4.1% to 3.79 million at an annualised rate. Sales have fallen in seven of the last eight months. That's only 9% below the market's low in July 2010. But in that period, the unemployment rate was near 9.5% (near the cyclical peak), as opposed to the current 3.9% (near the cyclical trough).
Inventories of unsold homes are at 3.6 months at the current pace. While this is the highest level since June 2020, it is more attributable to lower sales, as nominal inventories are at a one-year high of 1.15 million homes, which is not a meaningful increase.
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The median home sale price fell 4.4 per cent to $391.8k, down from a peak of $410k in July.
It's a very different picture in the new home market, where median prices are falling faster, down 15.7% from their peak. At the same time, the number of homes sold has been rising for more than a year. This means that people are moving into newer, arguably simpler housing.
For the financial market, the dip in secondary market sales isn't as bad a sign as the headlines might suggest but instead reflects a temporary change in buyer preferences. A further fall in secondary market prices could be a wake-up call, where a further 10% fall from current levels could trigger a wave of mortgage defaults and cause problems for the banks, as was the case in 2007-2008.
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It's a very different picture in the new home market, where median prices are falling faster, down 15.7% from their peak. At the same time, the number of homes sold has been rising for more than a year. This means that people are moving into newer, arguably simpler housing.
For the financial market, the dip in secondary market sales isn't as bad a sign as the headlines might suggest but instead reflects a temporary change in buyer preferences. A further fall in secondary market prices could be a wake-up call, where a further 10% fall from current levels could trigger a wave of mortgage defaults and cause problems for the banks, as was the case in 2007-2008.
📣Trade responsibly with fxpro.com
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#WaveAnalysis
#USDJPY reversed from key support level 147.55
Likely to rise to resistance level 152.00,
USDJPY currency pair recently reversed up from the key support level 147.55 (which has been supporting the price from September) intersecting with the 61.8% Fibonacci correction of the upward impulse from August.
The upward reversal from the support level 147.55 is currently forming the daily Morning Star candlesticks reversal pattern, which stopped the earlier minor correction ii.
Given the predominant daily uptrend, USDJPY currency pair can be expected to rise further to the next resistance level 152.00, which stopped the previous waves iii and i.
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#USDJPY reversed from key support level 147.55
Likely to rise to resistance level 152.00,
USDJPY currency pair recently reversed up from the key support level 147.55 (which has been supporting the price from September) intersecting with the 61.8% Fibonacci correction of the upward impulse from August.
The upward reversal from the support level 147.55 is currently forming the daily Morning Star candlesticks reversal pattern, which stopped the earlier minor correction ii.
Given the predominant daily uptrend, USDJPY currency pair can be expected to rise further to the next resistance level 152.00, which stopped the previous waves iii and i.
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#WaveAnalysis
#EURCHF reversed from resistance level 0.9670
Likely to fall to support level 0.9600
EURCHF currency pair recently reversed down from the strong resistance level 0.9670 (former strong support from May, which has been repeatedly reversing the pair from July) intersecting with the 61.8% Fibonacci correction of the downward impulse from June
The downward reversal from the resistance level 0.9670 created the daily Evening Star, which stopped the earlier correction 2.
Given the clear daily downtrend, EURCHF currency pair can be expected to fall further to the next support level 0.9600, low of the previous correction b.
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#EURCHF reversed from resistance level 0.9670
Likely to fall to support level 0.9600
EURCHF currency pair recently reversed down from the strong resistance level 0.9670 (former strong support from May, which has been repeatedly reversing the pair from July) intersecting with the 61.8% Fibonacci correction of the downward impulse from June
The downward reversal from the resistance level 0.9670 created the daily Evening Star, which stopped the earlier correction 2.
Given the clear daily downtrend, EURCHF currency pair can be expected to fall further to the next support level 0.9600, low of the previous correction b.
📣Trade responsibly with fxpro.com
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#Bitcoin bounces around in an ascending channel, hitting its three-week upper resistance of $37.8K on Wednesday evening. An intensifying sell-off thwarts attempts to heat the price, but the pullbacks have become less deep over the past three weeks, suggesting the building up of bullish sentiment. At the same time, this relative stabilisation in the range removes local overbought conditions, allowing to stick to gains of the previous advance. A break of resistance could see a quick rise above $40K.
#XRP received buyers' support on Wednesday after touching the 50-day moving average, giving it a chance to stabilise after a pullback of more than 20% from its early November peak.
However, the buying of #Ethereum on its dip below $2,000 on Wednesday was more notable. Active buying in the world's second most-capitalised coin took the price back to $2060, near the top of the range since the 10th of November.
#XRP received buyers' support on Wednesday after touching the 50-day moving average, giving it a chance to stabilise after a pullback of more than 20% from its early November peak.
However, the buying of #Ethereum on its dip below $2,000 on Wednesday was more notable. Active buying in the world's second most-capitalised coin took the price back to $2060, near the top of the range since the 10th of November.
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The last two weeks have been hectic for oil traders, who have had a rich extract of news and data from many directions, fuelling volatility but leaving the price at the same level as a fortnight ago.
The fresh weekly EIA report marked another week of impressive growth in commercial inventories. They rose by 8.7m barrels for the week and 28.3m in five weeks of steady growth, and the current level is 3.8% higher than the same week a year ago. Meanwhile, the production rate of 13.2m bpd has been maintained for seven weeks. This appears sufficient for a small surplus, allowing to gradually rebuild inventories that have fallen over the past two years.
The fresh weekly EIA report marked another week of impressive growth in commercial inventories. They rose by 8.7m barrels for the week and 28.3m in five weeks of steady growth, and the current level is 3.8% higher than the same week a year ago. Meanwhile, the production rate of 13.2m bpd has been maintained for seven weeks. This appears sufficient for a small surplus, allowing to gradually rebuild inventories that have fallen over the past two years.