The current price of Brent crude oil, hovering around 82.55 USD per barrel, is experiencing a decline due to the uncertainty surrounding demand levels. The market is under significant pressure as recent statements from the US Federal Reserve have hinted at the possibility of sustained high-interest rates. This expectation is likely to hinder economic growth,
Technical Analysis
Gold price has seen a notable increase from the $2,300 level against the US Dollar. The price action broke a key descending channel with resistance at $2,315, highlighting a bullish momentum. The price surged above the $2,345 level and the 50-hour moving average, reaching as high as $2,358. Currently, XAU/USD is consolidating near the $2,355
Recently, crude oil prices have taken a significant hit, dropping below the crucial $80.00 support level. The 4-hour chart of XTI/USD shows a bearish trend line forming with resistance at $79.60. The price has fallen below both the 200 simple moving average and the 100 simple moving average, settling around the $77.00 zone. While the
The EURUSD has been struggling to consolidate above the $1.08 mark in recent trading sessions. Despite the bullish momentum spurred by negative US labor market data, the currency pair has failed to maintain its position above this key level. The sellers of the single currency have been taking advantage of the shifting balance of risks
The analysis of the EURGBP 4-Hour Elliott wave charts provides an overview of the past performance and potential future movements of the currency pair. The importance of understanding the Elliott wave structure and identifying selling opportunities is crucial for traders in the forex market. Upon reviewing the past performance of the EURGBP 4-Hour Elliott wave
The crypto market capitalization has seen a 2% increase over the past week, with a significant 13% upsurge from the lows of early May. The market witnessed a slight bottom formation followed by a modest rebound, and eventually, more robust buying after the release of the monthly US jobs report. However, this growth faced resistance
The USDJPY currency pair has been experiencing a downward trend recently, slipping below 153 on Friday morning. This three-week low marks a loss of over 4.5% from its peak of 160.2 at the beginning of the trading week. One of the fundamental factors driving this movement is the significant and widening interest rate differential between
The EUR/USD pair has shown signs of recovery above the 1.0650 resistance level, indicating a positive trend in the market. The break of a major bearish trend line at 1.0720 on the 4-hour chart suggests a shift in momentum towards a bullish trajectory. However, the pair is currently facing resistance at the 76.4% Fib retracement
The upcoming Bank of England meeting is set to take place on Thursday, with no expected change in the current interest rate of 5.25%. The focus will be on the release of the Monetary Policy Report, inflation projections, voting patterns, and the overall rhetoric at the subsequent press conference. It is essential to consider the
The analysis of the EURJPY pair using the short term Elliott Wave view suggests that the rally from the low on 12.7.2023 is currently in progress as a 5 wave pattern. This indicates a significant uptrend in the market movement, with wave 1 ending at 163.71 and a subsequent pullback in wave 2 closing at
The recent drop in Brent crude oil prices to $83.95 per barrel has been attributed to the increase in crude oil inventories and production in the United States. The Department of Energy reported a rise of 7.30 million barrels in inventories, contrary to the predicted decrease of 2.3 million barrels. This unexpected surge in supply
As we delve into the Elliott Wave charts of Oil, we can observe bullish sequences in the cycle from the 67.75 low. This indicates a favorable outlook towards the long side, encouraging members to seek buying opportunities in 3, 7, and 11 swings. However, a cautionary note emerges from the short-term cycle following the April