The current cycle in Oil (CL) from the 4.12.2024 high is displaying a 5 waves impulse Elliott Wave structure. This structure consists of multiple waves, with wave (1) ending at 72.48, followed by a rally in wave (2) that culminated at 84.55. The market then reversed lower in wave (3), which has internal subdivisions comprising
Technical Analysis
Gold prices have been on the rise, surpassing the $2,440 resistance level. The price found support near the $2,320 zone and has been steadily increasing. A key bullish trend line has formed with support near $2,440, indicating a positive trend for gold. The price has moved above the $2,435 and $2,440 resistance levels, testing the
The cryptocurrency market experienced a 0.75% loss in the past 24 hours, bringing the total market capitalization to $2.29 trillion. This decline comes after a period of optimism in equities, with synchronized selling dominating the market sentiment. The current sentiment index rests at 57, indicating greed among investors. This shift from fear to greed could
In recent days, the price of gold (XAUUSD) has been on a steady rise, reaching a new peak at 2460 USD per troy ounce. This upward trajectory can be attributed to a variety of factors, with one of the main drivers being the growing anticipation of a potential interest rate cut by the US Federal
The British pound sterling has been steadily declining against the US dollar, with the GBP/USD pair trending towards 1.2848. This downward trend is influenced by various factors, including the pressure from the USD rate and speculations surrounding the Bank of England meeting. Investors are eagerly awaiting the outcome of the meeting and the decision on
Gold has recently shown signs of recovery after finding support near the $2,352 level against the US Dollar. The price has managed to break above the $2,380 level and the 200 Simple Moving Average on the 4-hour chart. Additionally, a connecting bearish trend line with resistance at $2,388 was cleared, indicating a possible uptrend. As
When examining the short term Elliott Wave view in E-Mini Dow Jones Futures (YM), it is clear that the trend is poised to continue higher within the sequence that originated from the April-2024 low. The current analysis favors an upside movement in wave 5 of (5) since April 18, 2024 low, as long as any
As USDJPY enters the new week, the battle between bulls and bears continues to unfold. The 20-period SMA is proving to be a tough barrier to overcome, despite some signs of positive momentum in the near term. Both the stochastics and RSI are showing signs of a reversal higher, but the strength of this momentum
As the Bank of Japan gears up for its upcoming meeting, the anticipation surrounding a possible rate hike is causing ripples in the financial markets. The BoJ is expected to unveil a strategy that could see a significant reduction in bond purchases, a move that has the potential to shake up the status quo. The
The Australian dollar has started to climb towards 0.6552 on Monday after hitting a 12-week low. Investors are eagerly anticipating the release of Australian inflation data, which is expected to have a significant impact on the Reserve Bank of Australia’s future decisions. Over the past two weeks, the AUD/USD pair has experienced a decline of
The GBPJPY pair has recently pulled back from its 16-year peak of 208.10, marking a significant shift in momentum. This retracement comes after months of sustained uptrend dating back to early 2024. The price has now fallen to its lowest level since May 16, signaling a potential change in trend direction. Key Support and Resistance
The USD/JPY pair has experienced a significant decline, falling below key support levels on the 4-hour chart. The 100 simple moving average and the 200 simple moving average were both breached as the pair dropped below 155.50. Although a recovery wave was initiated, the pair faces strong resistance at the 154.20 level. Further hurdles lie
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