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
Technical Analysis
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
Gold has been experiencing a downward trend in the short-term, hovering near oversold territory. Tuesday saw gold bears taking control, pushing the price below the resistance-turned-support trendline. This decline brought the price closer to the 200-period exponential moving average (EMA) in the four-hour chart, currently standing at 2,280. Technical indicators such as the Relative Strength
The past performance of the 1-hour Elliott Wave Charts of Nikkei has been analyzed by experts at elliottwave-forecast. The rally from the 08 March 2022 low unfolded as an impulse structure, indicating a bullish sequence. Members were advised not to sell the index, but rather to buy the dips in 3, 7, or 11 swings
Since the beginning of the trading day on Tuesday, the price of silver has experienced a significant decline of 2.6% to reach $26.4 per ounce. This drop comes after a failed attempt to break above the $30 per ounce mark on 7th April. Following this unsuccessful rally, silver seems to have entered a phase of
The Eurozone preliminary core CPI rate for April has shown a gradual decline, reaching 2.7% year-over-year, which marks the slowest pace of inflationary pressure since February 2022. This downward trend in inflation is accompanied by a widening spread between the 2-year and 10-year Eurozone sovereign bonds and US Treasuries. The widening of these yield spreads
The USD/JPY pair has continued its rally, reaching a key long-term resistance level of 159.60, marking a significant milestone in its upward trajectory. The swift upmove in the Asian session has led to increased volatility, raising concerns about the potential for FX intervention to stabilize the market. Abrupt intraday movements in the pair have added
The EUR/USD pair has been on a rollercoaster ride, starting a recovery wave from the 1.0600 zone. Despite testing the 1.0598 low, the bulls managed to make an appearance and push the pair above the 1.0650 and 1.0680 resistance levels. However, the bears are showing some activity near the 1.0740 level, causing the pair to
After facing a decline from the 1.2900 zone, the British Pound is now attempting a recovery wave from the 1.2300 level. The pair fell below the 1.2600 support and even dropped below 1.2400 and the 50-day simple moving average. However, a low was established near 1.2299, leading to the current recovery wave. The upside movement
The US 100 cash index is currently in the red, trading slightly below the 100-day simple moving average (SMA) and showing a decline from its recent all-time high. Despite some positive earnings reports, market sentiment remains bearish as investors await key US data releases that could significantly impact the upcoming Federal Reserve meeting scheduled for
The WTI futures have been developing within a bullish channel since December, showcasing a steady uptrend that has seen the price reach a six-month high on April 12. Despite a brief retreat from its peak, the price found support at the 50-day SMA, indicating a potential continuation of the positive momentum. Technical Analysis The WTI