As GBP/USD attempts to recover from the 1.2300 level, it is facing key resistance near 1.2520. The pair has been struggling to break above this resistance, with a major bearish trend line forming at this level. The recent decline from the 1.2900 zone has put the British Pound in a bearish zone against the US
Technical Analysis
The US 100 cash index is currently experiencing a downward trend, trading slightly below the 100-day SMA. Market sentiment remains bearish as investors await key US data releases. This negative sentiment is reflected in various momentum indicators, suggesting a bearish trend in the market. The Average Directional Movement Index (ADX) indicates a decent bearish trend
WTI futures have been exhibiting a bullish trend since December, with prices reaching a six-month high recently. Despite a slight retreat from the peak, the price found support at the 50-day SMA, indicating a potential for further upward movement. The price movement of WTI futures suggests a possibility of a rebound, with immediate resistance seen
GBP/USD has shown signs of a recovery as it bounced back from the support level of 1.2300. The pair managed to break a bearish trend line with resistance at 1.2420 on the 4-hour chart, indicating a potential shift in momentum. Despite testing the 1.2300 zone, the pair has started a wave of recovery and is
The AUD/USD pair has been on an upward trend for the second consecutive day, reaching a one-week high near 0.6453. This positive movement follows a period of rapid decline and is supported by encouraging economic data from Australia. The latest manufacturing PMI report for April showed a significant increase to 49.9 points, up from 47.3
The price of gold has experienced a significant pullback to the $2300 level this week, marking a decline of over 3.7% since the previous week. The main trigger for this downward movement in the gold market seems to be a less severe escalation in the Palestinian-Israeli conflict than initially expected. This unexpected turn of events
Gold prices recently experienced a downside correction after reaching a high of $2,430. The pullback was initiated after trading below a key bullish trend line with support at $2,375 on the 4-hour chart. This correction also saw the price drop below the 23.6% Fib retracement level of the upward move from the $2,147 swing low
EURJPY has been showing signs of bullish momentum, with the bulls gearing up to challenge the recent high of 165.34. However, the looming intervention threat is acting as a roadblock to a more aggressive bullish trend. The verbal commentary from Japanese officials, the upcoming BoJ meeting, and dovish statements from ECB members are all contributing
The gold market has been on a wild ride lately, with prices surging past $2400.00 USD to hit a new all-time high. This unprecedented climb has been driven by a growing appetite for “safe-haven” assets, as investors seek refuge from escalating geopolitical tensions and economic uncertainty around the globe. The recent spike in geopolitical tensions,
The recent rally in EURJPY has come to a halt at 165.35, indicating the end of wave 3. Following this, wave 4 initiated as a double three Elliott Wave structure. The downward movement from wave 3 saw wave ((w)) concluding at 162.59 and wave ((x)) finishing at 165.17. Subsequently, wave (w) terminated at 163.85, and
The analysis of the short-term Elliott Wave view in Nikkei Futures (NKD) suggests that a rally to 40960 marked the end of wave 3. Currently, the market is experiencing a pullback in wave 4, which is unfolding as a double three Elliott Wave structure. The internal subdivision of wave 4 indicates that we have seen
The XAU/USD gold chart today indicates that the historical record price of the metal is above USD 2,400 per ounce. Geopolitical tensions, such as active military conflicts and the threat of new ones, have contributed to the surge in gold prices. Fears of inflation and economic instability due to rising commodity prices have also played