#WaveAnalysis
#Gold reversed from support level 1980.00
Likely to rise to resistance level 2050.00
Gold recently reversed up from the support level 1980.00 (which formed the daily Morning Star in December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from November.
The upward reversal from the support level 1980.00 created the daily Japanese candlestick reversal pattern Doji, which marked the end of the previous minor correction 2.
Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2050.00 (which reversed the price twice from January).
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#Gold reversed from support level 1980.00
Likely to rise to resistance level 2050.00
Gold recently reversed up from the support level 1980.00 (which formed the daily Morning Star in December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from November.
The upward reversal from the support level 1980.00 created the daily Japanese candlestick reversal pattern Doji, which marked the end of the previous minor correction 2.
Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2050.00 (which reversed the price twice from January).
📣Trade responsibly with fxpro.com
#WaveAnalysis
#EURUSD reversed from support level 1.0730
Likely to rise to resistance level 1.0850
EURUSD currency pair recently reversed up from the support level 1.0730 (previous monthly low from December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from October.
The upward reversal from the support level 1.0730 created the strong daily Japanese candlestick reversal pattern Morning Star.
Given the continuation of the USD outflows, EURUSD currency pair can be expected to rise further to the next resistance level 1.0850.
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#EURUSD reversed from support level 1.0730
Likely to rise to resistance level 1.0850
EURUSD currency pair recently reversed up from the support level 1.0730 (previous monthly low from December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from October.
The upward reversal from the support level 1.0730 created the strong daily Japanese candlestick reversal pattern Morning Star.
Given the continuation of the USD outflows, EURUSD currency pair can be expected to rise further to the next resistance level 1.0850.
📣Trade responsibly with fxpro.com
The crypto market cap reached $1.99 trillion, according to CoinMarketCap, an increase of over 10% in one week. Forbes estimates that the $2 trillion mark was reached last week. Over the last 24 hours, Bitcoin gained 1.4%, overtaken by Ethereum (+4.4%) and #Solana (+3.5%). #BNB (-0.6%) and #XRP (+0.9%) could not keep up with the current market.
#Bitcoin is approaching $52.5K, having quickly found buyers after Saturday's drawdown, bringing the price back to the range highs of the last five days. Technically, bitcoin has no meaningful resistance levels until the area approaches $64K.
#Ethereum is also trading in weak resistance territory after breaching the $2900 level. In April 2022, it plunged from levels near $3500 to $2000, with a complete capitulation at levels below $900. A recovery from $2000 to $3500 could be just as quick. This level is also close to 161.8% of the October to early December rally, which is a Fibonacci pattern.
#Bitcoin is approaching $52.5K, having quickly found buyers after Saturday's drawdown, bringing the price back to the range highs of the last five days. Technically, bitcoin has no meaningful resistance levels until the area approaches $64K.
#Ethereum is also trading in weak resistance territory after breaching the $2900 level. In April 2022, it plunged from levels near $3500 to $2000, with a complete capitulation at levels below $900. A recovery from $2000 to $3500 could be just as quick. This level is also close to 161.8% of the October to early December rally, which is a Fibonacci pattern.
The Japanese yen is hovering near 150 per dollar, retreating from last week's four-month highs of 151. The 150-152 area is hazardous for short-term traders, as this is the level from which the Japanese Ministry of Finance intervened in October 2022 and November 2023 to stop the currency from depreciating.
However, it would be too naive to expect a reversal from 151.8, as it has happened several times before. A weaker yen makes Japanese exports more competitive and thus stimulates the economy. In addition, the currency's weakness fuels imported inflation and puts downward pressure on prices.
By using this tool moderately, the country's finance ministry and central bank can address their long-term problem of a stagnant economy and deflation. The momentum of the yen's depreciation in 2022 was excessive, exceeding 30 per cent in seven months. Interventions and the unwinding of long positions in the market have given the yen back about half of this decline.
However, it would be too naive to expect a reversal from 151.8, as it has happened several times before. A weaker yen makes Japanese exports more competitive and thus stimulates the economy. In addition, the currency's weakness fuels imported inflation and puts downward pressure on prices.
By using this tool moderately, the country's finance ministry and central bank can address their long-term problem of a stagnant economy and deflation. The momentum of the yen's depreciation in 2022 was excessive, exceeding 30 per cent in seven months. Interventions and the unwinding of long positions in the market have given the yen back about half of this decline.
The second wave of pressure started in March 2023 and lasted about seven months, taking USDJPY back to the peak of the previous cycle. This time, it is harder to say whether we saw intervention or whether the market switched to buying the yen as the outlook for the dollar changed sharply. As with the first wave, the pullback has lost strength, giving back about half of the initial move, or about 7.5%.
The current phase of USDJPY gains began in early January and is taking the yen to extremes before the beginning of March. At the same time, bets on further Yen weakness have risen to their highest levels in over two years. This extreme positioning creates a breeding ground for a downside move, as is the case with such counter-trend strategies.
The yen's growth impulses have allowed the economy to adjust, so there is no need to defend precisely the 152 level. USDJPY is now 14% higher than a year ago. This is not a critical drop.
The current phase of USDJPY gains began in early January and is taking the yen to extremes before the beginning of March. At the same time, bets on further Yen weakness have risen to their highest levels in over two years. This extreme positioning creates a breeding ground for a downside move, as is the case with such counter-trend strategies.
The yen's growth impulses have allowed the economy to adjust, so there is no need to defend precisely the 152 level. USDJPY is now 14% higher than a year ago. This is not a critical drop.
In our experience, officials start to get worried about exchange rate movements when they approach 20% year-on-year.
In the case of the yen, one should be prepared for neither the Bank of Japan nor the Ministry of Finance to refrain from active action and perhaps even verbal intervention until the 160 yen/$ level, which is the next round level coinciding with the 1990 peak.
Officials may allow the yen to weaken thanks to slower inflation and lower commodity. Japan's economy has contracted for the past two quarters, suggesting a need for support.
Meanwhile, the outperformance of the stock market suggests confidence that the economy is not overly burdened by exchange rate volatility and will soon benefit from more competitive prices for its goods.
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In the case of the yen, one should be prepared for neither the Bank of Japan nor the Ministry of Finance to refrain from active action and perhaps even verbal intervention until the 160 yen/$ level, which is the next round level coinciding with the 1990 peak.
Officials may allow the yen to weaken thanks to slower inflation and lower commodity. Japan's economy has contracted for the past two quarters, suggesting a need for support.
Meanwhile, the outperformance of the stock market suggests confidence that the economy is not overly burdened by exchange rate volatility and will soon benefit from more competitive prices for its goods.
📣Trade responsibly with fxpro.com
Canada PPI unlikely to wake hawks
Producer prices in Canada fell by 0.1% in January after a cumulative drop of 2.9% in the previous three months. Prices are now 2.9% lower than a year ago, picking up the pace of decline.
Looking through all these large swings since the start of the pandemic, the PPI has shown a typical annual growth rate of 4% over these four years, above the average of 2.3% since 2000 but close to the average rate for the whole observation period since 1956.
The raw commodity price index was up 1.2% for the month, but that shouldn't worry the Bank of Canada’s hawks, as the index had lost 12.5% in the previous three months. In January last year, prices were down 6.4%. The average annual increase since the start of 2020 is a more impressive 8%, compared with an average of 5.3% since 2000 and 3.7% since 1981.
Canada's equally important CPI data will be released on Tuesday. The annual rate is expected to slow from 3.4% to 3.2% for the headline index and from 2.6% to 2.5% for the core index.
Producer prices in Canada fell by 0.1% in January after a cumulative drop of 2.9% in the previous three months. Prices are now 2.9% lower than a year ago, picking up the pace of decline.
Looking through all these large swings since the start of the pandemic, the PPI has shown a typical annual growth rate of 4% over these four years, above the average of 2.3% since 2000 but close to the average rate for the whole observation period since 1956.
The raw commodity price index was up 1.2% for the month, but that shouldn't worry the Bank of Canada’s hawks, as the index had lost 12.5% in the previous three months. In January last year, prices were down 6.4%. The average annual increase since the start of 2020 is a more impressive 8%, compared with an average of 5.3% since 2000 and 3.7% since 1981.
Canada's equally important CPI data will be released on Tuesday. The annual rate is expected to slow from 3.4% to 3.2% for the headline index and from 2.6% to 2.5% for the core index.
#WaveAnalysis
#NZDJPY reversed from support level 91.00
Likely to rise to resistance level 93.00
The NZDJPY currency pair recently reversed up from the support level of 91.00 (former resistance, which has been reversing the price from November).
The upward reversal from the support level 91.00 started the active short-term impulse wave iii of the higher impulse waves 3 and (3).
Given the clear daily uptrend, NZDJPY currency pair can be expected to rise further to the next resistance level 93.00 target price from the completion of the active impulse wave iii.
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#NZDJPY reversed from support level 91.00
Likely to rise to resistance level 93.00
The NZDJPY currency pair recently reversed up from the support level of 91.00 (former resistance, which has been reversing the price from November).
The upward reversal from the support level 91.00 started the active short-term impulse wave iii of the higher impulse waves 3 and (3).
Given the clear daily uptrend, NZDJPY currency pair can be expected to rise further to the next resistance level 93.00 target price from the completion of the active impulse wave iii.
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#WaveAnalysis
#GBPAUD reversed from resistance level 1.9400
Likely to fall to support level 1.9200
GBPAUD currency pair recently reversed down from the resistance level 1.9400 (which has been repeatedly reversing the pair from the middle of January).
The downward reversal from the resistance level 1.9400 created the 3rd consecutive candlesticks reversal pattern Bearish Engulfing.
Given the continuation of the bearish sterling sentiment seen across the FX markets today, GBPAUD currency pair can be expected to fall further to the next support level 1.9200 (low of the previous correction 2).
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#GBPAUD reversed from resistance level 1.9400
Likely to fall to support level 1.9200
GBPAUD currency pair recently reversed down from the resistance level 1.9400 (which has been repeatedly reversing the pair from the middle of January).
The downward reversal from the resistance level 1.9400 created the 3rd consecutive candlesticks reversal pattern Bearish Engulfing.
Given the continuation of the bearish sterling sentiment seen across the FX markets today, GBPAUD currency pair can be expected to fall further to the next support level 1.9200 (low of the previous correction 2).
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The #crypto market has corrected 0.46% in the last 24 hours, fluctuating within a narrow range without a clear direction. Bitcoin is down 1% but up 3.7% over seven days, Ethereum is flat for the day but up 10.6% over the week. The top coins are mixed with #BNB +2% and #Solana -2.5%.
#Bitcoin is currently drawing its fourth daily candle with opening and closing levels close to each other. Such sideways consolidations are characteristic of strong bull markets, as opposed to corrective pullbacks on smoother rallies.
#Ethereum hit local highs on rumours of a positive regulatory decision before the end of March. Bloomberg analyst James Seyffarth bet 4 ETH that the SEC will not approve a spot Ethereum ETF next month.
According to data from CoinShares, investment in crypto funds rose by a record $2.452 billion last week, following inflows of $1.116 billion the previous week. Bitcoin investments increased by $2.424 billion, Ethereum by $21 million, #Cardano lost $6 million, and Solana lost $1.6 million.
Since the beginning of the year, crypto funds have seen inflows of an impressive $5.2 billion, with total AUM rising to $67 billion, the highest since December 2021.
#Bitcoin is currently drawing its fourth daily candle with opening and closing levels close to each other. Such sideways consolidations are characteristic of strong bull markets, as opposed to corrective pullbacks on smoother rallies.
#Ethereum hit local highs on rumours of a positive regulatory decision before the end of March. Bloomberg analyst James Seyffarth bet 4 ETH that the SEC will not approve a spot Ethereum ETF next month.
According to data from CoinShares, investment in crypto funds rose by a record $2.452 billion last week, following inflows of $1.116 billion the previous week. Bitcoin investments increased by $2.424 billion, Ethereum by $21 million, #Cardano lost $6 million, and Solana lost $1.6 million.
Since the beginning of the year, crypto funds have seen inflows of an impressive $5.2 billion, with total AUM rising to $67 billion, the highest since December 2021.
#Gold rallied for the fourth consecutive session to reach $2023, recovering almost all the losses suffered the week before on the back of the inflation report. Gold's ability to rally suggests continued domestic demand, as some investors are clearly rushing to buy back any losses.
At the same time, however, we note that since the beginning of the year, gold has been characterised by solid selloffs on the news, forming a smooth downtrend. In the context of this downtrend, a rise to $2040-2045, which is the upper boundary of the bearish range, looks quite acceptable.
The area around $2035 - the highs of two weeks ago - also appears to be a crucial intermediate level. Confident buying from this level would be the first important signal that the recent correction is over and that gold is ready to make a fresh assault on the highs.
Much more important, however, will be the behaviour of gold as it approaches the $2050 level, where the reversal of the decline in late January took place.
At the same time, however, we note that since the beginning of the year, gold has been characterised by solid selloffs on the news, forming a smooth downtrend. In the context of this downtrend, a rise to $2040-2045, which is the upper boundary of the bearish range, looks quite acceptable.
The area around $2035 - the highs of two weeks ago - also appears to be a crucial intermediate level. Confident buying from this level would be the first important signal that the recent correction is over and that gold is ready to make a fresh assault on the highs.
Much more important, however, will be the behaviour of gold as it approaches the $2050 level, where the reversal of the decline in late January took place.
Consolidation at this level would confirm the breakdown of the downtrend and set the stage for a move towards $2100 and the subsequent renewal of historic highs.
However, as long as gold is trading within the downtrend, there is a greater chance of a breakdown or even an acceleration of the downtrend.
Among the fundamental factors, the potential for growth could be provided by the fall in the dollar if Fed officials show a softening of their position, bringing the start of interest rate cuts closer.
On the bearish side, equities could come under pressure following the optimistic rally in the tech giants and the news of a sharp slowdown in economic activity. We also do not rule out the possibility that the recent support measures for the Chinese stock market and property sector will cool demand for gold as a safe-haven for investors from that part of the world.
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However, as long as gold is trading within the downtrend, there is a greater chance of a breakdown or even an acceleration of the downtrend.
Among the fundamental factors, the potential for growth could be provided by the fall in the dollar if Fed officials show a softening of their position, bringing the start of interest rate cuts closer.
On the bearish side, equities could come under pressure following the optimistic rally in the tech giants and the news of a sharp slowdown in economic activity. We also do not rule out the possibility that the recent support measures for the Chinese stock market and property sector will cool demand for gold as a safe-haven for investors from that part of the world.
📣Trade responsibly with fxpro.com
#WaveAnalysis
#WTI crude oil reversed from resistance level 78.20
Likely to fall to support level 76.00
WTI crude oil recently reversed down from the key resistance level 78.20 (former support from August, which has been reversing the price from the start of November).
The resistance level 78.20 was strengthened by the 38.2% Fibonacci correction of the previous downward impulse from September.
Given the strength of the resistance level 78.20, WTI crude oil can be expected to fall further to the next support level 76.00, which stopped the earlier downward correction.
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#WTI crude oil reversed from resistance level 78.20
Likely to fall to support level 76.00
WTI crude oil recently reversed down from the key resistance level 78.20 (former support from August, which has been reversing the price from the start of November).
The resistance level 78.20 was strengthened by the 38.2% Fibonacci correction of the previous downward impulse from September.
Given the strength of the resistance level 78.20, WTI crude oil can be expected to fall further to the next support level 76.00, which stopped the earlier downward correction.
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#WaveAnalysis
#EURJPY broke resistance level 161.80
Likely to rise to resistance level 164.00
EURJPY currency pair continues to rise steadily after the price broke the resistance level 161.80 (which stopped the previous minor impulse wave 1 in the middle of January).
The breakout of the resistance level 161.80 accelerated the active short-term impulse wave iii of the higher order intermediate impulse wave (5).
Given the predominant daily uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 164.00, which stopped sharp wave (3) in November.
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#EURJPY broke resistance level 161.80
Likely to rise to resistance level 164.00
EURJPY currency pair continues to rise steadily after the price broke the resistance level 161.80 (which stopped the previous minor impulse wave 1 in the middle of January).
The breakout of the resistance level 161.80 accelerated the active short-term impulse wave iii of the higher order intermediate impulse wave (5).
Given the predominant daily uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 164.00, which stopped sharp wave (3) in November.
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The eurozone's current account surplus climbed to a six-month high of 31.9bn in December. Analysts, on average, had expected a decline to 20.3 bn from 22.5 bn the previous month. The current level was seen in the eurozone during the relatively benign pre-Covid period and sometime before Natural Gas prices spiked in the second half of 2021.
The normalisation of the surplus is good news for the single currency, as it means more net capital inflows into the region. But this growth has been fuelled by falling imports, which can be the result of lower commodity and energy prices (which is a very good thing), but also partly indicative of a slowdown in domestic demand. This threatens to translate into economic contraction in the coming months.
The euro area experienced periods of severe import contraction in late 2008 and early 2010, and in both cases, the economy experienced a severe downturn. Back in 2008, all this was accompanied by the collapse of the euro.
The normalisation of the surplus is good news for the single currency, as it means more net capital inflows into the region. But this growth has been fuelled by falling imports, which can be the result of lower commodity and energy prices (which is a very good thing), but also partly indicative of a slowdown in domestic demand. This threatens to translate into economic contraction in the coming months.
The euro area experienced periods of severe import contraction in late 2008 and early 2010, and in both cases, the economy experienced a severe downturn. Back in 2008, all this was accompanied by the collapse of the euro.
The #crypto market hit multi-month highs on Tuesday but started Wednesday with a frightening decline. Ethereum lost around 2%, pulling back to $2929, which is the scale of the fall in Solana. Cardano is down 5%, and XRP is down 3%. Bitcoin has managed to avoid a sell-off without replicating the upward momentum observed in recent days.
Technically, #Ethereum's pullback to $2700 is a correction of this month's rally and should not cause much alarm. However, a break below this level could be a cause for concern.
According to AllianceBernstein, Ethereum is virtually the only alternative to Bitcoin that can get ETF approval from the SEC. The likelihood of ETH ETF approval is almost 50% for launch by May and almost 100% in the next 12 months.
Technically, #Ethereum's pullback to $2700 is a correction of this month's rally and should not cause much alarm. However, a break below this level could be a cause for concern.
According to AllianceBernstein, Ethereum is virtually the only alternative to Bitcoin that can get ETF approval from the SEC. The likelihood of ETH ETF approval is almost 50% for launch by May and almost 100% in the next 12 months.
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🍫 Cocoa Goes Nuts! Why Are Prices Skyrocketing? 🚀
We're spilling the cocoa beans on the recent craze that's been the the flavour of the month! Cocoa prices just hit an all-time high, lets dive in to see why…
📈 Sweet Surge
Cocoa soared to mouth-watering heights, with poor harvests in West Africa leaving a bitter taste for chocolate lovers everywhere, but its good news for…
🦸 Hedge funds!
These financial superheroes (or villains, depending on your viewpoint) are betting BIG on cocoa prices going even higher. They've thrown $8.7 BILLION at this.
🏆 Record Prices
March futures closed at a decadent $6064 per ton, surging 48% in 6 weeks!
🌧 Weather Woes & Hedge Fund Hype
A mix of bad weather, disease, and a hedge fund stampede has whipped up this cocoa frenzy.
🏃♂️💼 Supply Scramble
Big cocoa processors are in a dash to secure enough supply for chocolate makers, adding a crunchy challenge to the market.
🌱💵 Bitter Reality for Growers
Despite the high market prices, cocoa growers in Ghana and Ivory Coast are still receiving a fraction of those figures, highlighting the need for a sweeter deal closer to the farmgate.
📲 Enter the delicious world of trading Cocoa Futures with FxPro, and let's make your CFD portfolio as rich and diverse as a box of chocolates! 🍫✨
⚠️Remember, Buying or Selling commodities like cocoa can add flavour to your portfolio, but always taste-test your strategy with the latest market insights. This is marketing communication, not advice.
We're spilling the cocoa beans on the recent craze that's been the the flavour of the month! Cocoa prices just hit an all-time high, lets dive in to see why…
📈 Sweet Surge
Cocoa soared to mouth-watering heights, with poor harvests in West Africa leaving a bitter taste for chocolate lovers everywhere, but its good news for…
🦸 Hedge funds!
These financial superheroes (or villains, depending on your viewpoint) are betting BIG on cocoa prices going even higher. They've thrown $8.7 BILLION at this.
🏆 Record Prices
March futures closed at a decadent $6064 per ton, surging 48% in 6 weeks!
🌧 Weather Woes & Hedge Fund Hype
A mix of bad weather, disease, and a hedge fund stampede has whipped up this cocoa frenzy.
🏃♂️💼 Supply Scramble
Big cocoa processors are in a dash to secure enough supply for chocolate makers, adding a crunchy challenge to the market.
🌱💵 Bitter Reality for Growers
Despite the high market prices, cocoa growers in Ghana and Ivory Coast are still receiving a fraction of those figures, highlighting the need for a sweeter deal closer to the farmgate.
📲 Enter the delicious world of trading Cocoa Futures with FxPro, and let's make your CFD portfolio as rich and diverse as a box of chocolates! 🍫✨
⚠️Remember, Buying or Selling commodities like cocoa can add flavour to your portfolio, but always taste-test your strategy with the latest market insights. This is marketing communication, not advice.
FxPro
May 2025 Cocoa Future futures price chart, trading May 2025 Cocoa Future with FxPro
💵 Trade #Cocoa_K25 with FxPro and benefit from ultra-fast order execution and NDD intervention. 💰 Futures enable investors to speculate on the price movements of a range of commodities, indices and energy instruments.👈
Weaker Yen helped Japan return to a trade surplus
On a seasonally adjusted basis, January recorded the highest surplus in three years. The 235B yen ($1.57B) surplus of exports over imports represents 1.3% of total turnover - a fraction of the 11% the country enjoyed 20 years ago.
Yen's demise started in March 2022, and in the following year, there was a twist in trends when a decline in imports accompanied growth in exports. The first half of this dynamic is less dependent on Japan, as imports are largely commodities and energy, which are driven by global trends.
Exports, on the other hand, have been rising steadily since last January. The latest data show an 11.9% y/y increase in exports, while imports fell by 9.6% y/y.
The trade surplus is a supportive factor for the Yen. However, traders must also factor in the Bank of Japan's ultra-loose monetary policy, which makes the Yen attractive to the carry trade that weighs on the exchange rate during periods of economic growth.
On a seasonally adjusted basis, January recorded the highest surplus in three years. The 235B yen ($1.57B) surplus of exports over imports represents 1.3% of total turnover - a fraction of the 11% the country enjoyed 20 years ago.
Yen's demise started in March 2022, and in the following year, there was a twist in trends when a decline in imports accompanied growth in exports. The first half of this dynamic is less dependent on Japan, as imports are largely commodities and energy, which are driven by global trends.
Exports, on the other hand, have been rising steadily since last January. The latest data show an 11.9% y/y increase in exports, while imports fell by 9.6% y/y.
The trade surplus is a supportive factor for the Yen. However, traders must also factor in the Bank of Japan's ultra-loose monetary policy, which makes the Yen attractive to the carry trade that weighs on the exchange rate during periods of economic growth.
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💻Buckle Up, Tech Investors! Upcoming Nvidia Earnings Report 🤖
Nvidia's quarterly report is almost here, and analysts are predicting BIG things:
📈Revenue could TRIPLE to $110 billion by 2026
💪Nvidia has CRUSHED earnings expectations for 10 straight quarters
🚀The stock has SOARED 7 times after past earnings
Will this report be another record-breaker, or will the rally cool down? ❄️
🤔Think you know the answer? Trade Nvidia with FxPro and BUY or SELL based on your prediction!
🔔The earnings drop after the US closing bell on February 21st.
Don't miss the action!
Nvidia's quarterly report is almost here, and analysts are predicting BIG things:
📈Revenue could TRIPLE to $110 billion by 2026
💪Nvidia has CRUSHED earnings expectations for 10 straight quarters
🚀The stock has SOARED 7 times after past earnings
Will this report be another record-breaker, or will the rally cool down? ❄️
🤔Think you know the answer? Trade Nvidia with FxPro and BUY or SELL based on your prediction!
🔔The earnings drop after the US closing bell on February 21st.
Don't miss the action!
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