The Bank of England is set to have its third meeting for the year 2024 on Thursday. This meeting includes the release of the press statement, meeting minutes, and the Monetary Policy Report at 11:00 GMT. Following these releases, there will be a press conference which is scheduled to take place 30 minutes later. It
Technical Analysis
The recent analysis on EURJPY using Short Term Elliott Wave suggests that the rally from the low on 12.7.2023 is continuing in a 5-wave pattern. This indicates a bullish momentum in the market as the pair extends higher. Breaking down the wave pattern, we can see that wave 1 ended at 163.71, followed by a
The recent drop in Brent crude oil prices to $83.95 per barrel reflects a downward trend over the past seven weeks. This decline can be attributed to the increase in crude oil inventories and production in the United States. Contrary to forecasts, the Department of Energy reported a rise of 7.30 million barrels in inventories
As we examine the Elliott Wave charts of Oil recently published, it is evident that the commodity is displaying bullish sequences in the cycle from its recent low of 67.75. This indicates a favorable outlook for traders who are considering the long side of the market. It has been recommended for members to take advantage
The recent movement in the gold market has shown a bearish trend, with prices falling below key support levels and approaching oversold territory. The Relative Strength Index (RSI) and stochastic oscillator both indicate a stabilization in their downtrend, suggesting the possibility of a reversal in the near future. However, the negative trend is still prevalent,
Upon analyzing the 1-hour Elliott Wave Charts of Nikkei, it is evident that there was a bullish sequence in the rally from the 08 March 2022 low. This structure unfolded as an impulse, indicating a potential for more upside extension to complete the sequence. Members were advised against selling the index and instead encouraged to
The recent decrease in the price of silver by 2.6% to $26.4 per ounce since Tuesday highlights a significant shift in momentum. Following a failed attempt to surpass the $30 per ounce mark on 7 April, silver has been experiencing sideways consolidation without any substantial rebounds. This decline is not simply a minor setback, but
The Eurozone preliminary core CPI rate for April continued to inch lower at 2.7% y/y, marking its slowest pace of inflationary pressure since February 2022. This downward trend is significant as it reflects a weakening economic situation within the Eurozone. Additionally, the widening spread between 2-year and 10-year Eurozone sovereign bonds and US Treasuries suggests
The USD/JPY has recently hit a key long-term resistance level of 159.60, signaling a potential shift in market dynamics. The swift upmove in the Asian session has led to increased volatility, which in turn raises the risk of FX intervention. Abrupt intraday movements, such as the one that wiped out earlier gains, are often seen
The EUR/USD pair has recently seen a recovery wave from the 1.0600 zone, signaling a possible bullish trend. A key bullish trend line has formed with support at 1.0680, indicating potential for further upward movement. While the pair faced resistance at 1.0740, there is optimism for a clear break above the 1.0775 zone which could
The GBP/USD pair is currently in the midst of a recovery wave from the 1.2300 level. It started an upward movement above the 1.2400 resistance, indicating a positive trend for the British Pound. However, there is a key bearish trend line forming with resistance near 1.2520 on the daily chart of GBP/USD at FXOpen. This
The US 100 cash index is currently in the red, trading slightly below the 100-day simple moving average. Despite recent positive earnings, market sentiment remains bearish as investors await key US data releases. Momentum indicators are mostly bearish, with the Average Directional Movement Index (ADX) pointing towards a bearish trend and the Relative Strength Index