Crude oil prices have shown a strong recovery above the $75.00 resistance zone, marking a positive turn from the $72.65 lows. The price has managed to climb above key levels like $73.50 and $74.50, indicating a shift towards a positive trend. According to the 4-hour chart of XTI/USD, the price has surpassed both the 200
Technical Analysis
The financial markets are currently fixated on the Federal Open Market Committee (FOMC) interest rate decision, as well as crucial economic indicators such as the Consumer Price Index (CPI) and the Producer Price Index (PPI). In the wake of rate cuts by the European Central Bank (ECB) and the Bank of Canada (BOC), there are
As the GBPUSD reached its highest level since March 13, excitement grew among traders. However, this rally was short-lived as it quickly reversed lower. This sudden shift can be attributed to the fact that the market believed the rally had gotten overstretched. Momentum indicators eased, but still remained in positive zones, signaling a complex situation
As investors kick off the week, they are met with a cloud of uncertainty looming over Europe’s political landscape. The recent results of the four-day European Parliament elections have shown a significant rise in eurosceptic-nationalists, displacing liberals and greens. This shift in power has led to President Emmanuel Macron dissolving the French Parliament and calling
The USD/JPY pair is currently eyeing an upside break above the 156.40 resistance level. It has formed a base and initiated a fresh increase, surpassing key resistance levels at 155.80 and 156.00. However, bears are currently active near the 100 simple moving average on the 4-hour chart, leading to consolidation near the 200 simple moving
The US dollar index has hit a crucial level near the support trendline at 104.00. While this could potentially mark the beginning of a new bullish phase, the technical signals are mixed and uncertain. The stochastic oscillator is hovering near oversold territory, but the RSI remains below the neutral mark of 50. Additionally, the MACD
Gold prices have recently surged to 2368 USD per troy ounce, marking the second consecutive session of upward momentum. This increase can be attributed to market expectations adjusting to the likelihood of future interest rate cuts by the Federal Reserve. Recent employment data, particularly from ADP, indicated a slower-than-expected growth in private-sector jobs in the
The technical blog provides an analysis of the past performance of the 1-hour Elliott Wave Charts of GBPAUD. It highlights a trading opportunity that arose from a corrective sequence in the rally from the 09 May 2024 low. The blog emphasizes the importance of identifying key areas for potential buying opportunities rather than selling. The
The recent publication of PMI Manufacturing indices for various countries has had a significant impact on the forex market. Particularly, the news was disappointing for the US, as the actual PMI values fell short of expectations. This led to a weakening of the US dollar, as the lackluster manufacturing activity data fueled speculations about potential
The recent OPEC+ meeting held over the weekend had minimal impact on the price of crude oil, with WTI oil opening at $76.72 per barrel on Monday, only slightly higher than the closing price of $76.57 on Friday. This indicates a lack of clear direction resulting from the decisions made by oil producers. On one
The EURCHF market has seen significant movement recently, hitting a 14-month high before experiencing a sharp decline towards the 50-day SMA. This market volatility has presented challenges for traders looking to capitalize on the fluctuations in the exchange rate. The momentum indicators for EURCHF have turned bearish, signaling a shift in market sentiment. This change
As the US Dollar saw a significant increase above the 154.50 resistance against the Japanese Yen, the pair traded towards 158.00 before facing a correction. Currently, the USD/JPY pair is holding above the 156.00 zone, supported by a major bullish trend line on the 4-hour chart. This trend line, in conjunction with the 100 simple