The AUDUSD pair has recently broken above a long-standing sideways pattern, marking a significant bullish development in the market. This breakout has propelled the price to its highest level since January 2024, indicating a strong bullish momentum behind the pair. Resistance Levels and Potential Targets With the pair trading at a six-month high, the next
VanEck Gold Miners ETF ($GDX) has shown an interesting past performance based on the 4H Hour Elliott Wave chart. The rally from the 2.28.2024 low at $25.64 unfolded as a 5 waves impulse. This indicated that a pullback would occur in 3 swings before finding buyers again. Elliott Wave Count Analysis Looking at the 4H
In the week ending July 5th, foreign investors showed a significant interest in Japanese stocks. They made substantial investments, with a net purchase of 916.05 billion yen, marking the highest weekly net purchase since January 12th. This surge in investment was attributed to the market rally and optimism regarding solid corporate earnings in the second
China’s push towards developing robotaxis has gained momentum in recent years, with local governments allowing domestic players to operate driverless taxi services. This has led to increasing competition in the transportation industry, particularly concerning traditional taxi drivers who fear losing their jobs. The rise of robotaxis in China has garnered significant attention on social media
The surge in silver prices can be attributed to a significant gap between supply and demand, with demand surpassing supply for the fifth consecutive year. The industrial demand for silver has played a crucial role in driving this trend, now accounting for 64% of the global silver demand. This shift in demand dynamics is primarily
The recently elected Indonesian President, Prabowo Subianto, has announced a bold economic strategy that involves allowing the nation’s debt-to-GDP ratio to rise to 50%. This decision is contingent upon the administration’s ability to significantly increase tax revenues. According to Prabowo’s brother and adviser, Hashim Djojohadikusumo, Indonesia could maintain its investment-grade rating even with a higher
Wall Street is abuzz with excitement as a new wave of cryptocurrency exchange-traded funds (ETFs) is set to hit the market. Among these new offerings are spot ether ETFs, which could potentially receive approval from the U.S. Securities and Exchange Commission as early as this week. The upcoming launch has caught the attention of industry
The dollar weakened on Wednesday as Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts in the near future. Powell expressed a desire to see further declines in inflation before making any decisions. This comes ahead of the release of the consumer price index (CPI) data which is expected to show easing prices
After Federal Reserve Chair Jerome Powell’s testimony before the House Financial Services Committee, market observers noted his cautious stance on immediate rate cuts and his persistence in data-driven decision making. Despite signs of disinflation in the US economic outlook, the markets remain confident in a potential rate cut in September. Powell’s reluctance to commit to
In a recent speech to the Asia House think tank in London, Bank of England Chief Economist Huw Pill expressed caution regarding the possibility of an interest rate cut in August. Pill highlighted the strong price pressures in Britain’s economy, stating that services inflation and wage growth displayed “uncomfortable strength.” Despite headline inflation meeting the
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The recent performance of the Australian dollar versus the New Zealand dollar has raised concerns among investors and traders following the release of the latest Reserve Bank of New Zealand (RBNZ) monetary policy statement. The AUD/NZD cross pair has experienced significant fluctuations, with the Kiwi being labeled as the worst intraday performer among major currencies.