The recent European Parliament elections have left investors in a state of uncertainty regarding the political landscape in Europe. The rise of eurosceptic-nationalists has caused a significant shift in power, displacing liberals and greens. President Emmanuel Macron’s decision to dissolve the French Parliament and call for early legislative elections following a defeat to Marine Le
Technical Analysis
The USD/JPY pair is currently aiming for an upside break above the 156.40 resistance level. The US Dollar has maintained a strong position above the 154.50 level against the Japanese Yen, forming a solid base for a potential increase. The pair managed to surpass key resistance levels at 155.80 and 156.00, signaling a bullish momentum.
The US dollar index is currently hovering near an important support trendline, making traders wary of the next move. While there is a possibility of a new bullish phase, the technical signals are uncertain at the moment. The stochastic oscillator is flirting with the oversold territory, the RSI is struggling to break above the neutral
The price of gold has risen to 2368 USD per troy ounce, marking a second consecutive session of upward movement. This surge is driven by the market adjusting its expectations to the potential for future interest rate cuts by the Federal Reserve. Recent employment data, particularly from ADP, has shown that the increase in private-sector
The GBPAUD 1-hour Elliott Wave Charts have shown interesting patterns in the past, providing traders with trading opportunities. An analysis of the charts reveals a corrective sequence in the rally from the 09 May 2024 low, which presented a chance for traders to enter the market. The pullback reached the equal legs area, indicating a
The recent release of the PMI Manufacturing indices for various countries has shown disappointing results for the United States. The actual Final Manufacturing PMI came in at 51.3, exceeding the expected value of 50.9. Similarly, the ISM Manufacturing PMI was reported at 48.7, lower than the anticipated 49.8. This data has had a negative impact
The recent OPEC+ meeting over the weekend had a mixed impact on the price of crude oil. Despite the decision made by oil producers to extend production cuts of 3.66 million barrels per day until the end of 2025, the price of WTI oil opened today at $76.72 per barrel, only slightly higher than Friday’s
EURCHF has been on a rollercoaster ride recently, hitting a 14-month high of 0.9928 before plummeting towards the 50-day SMA. Momentum indicators have turned bearish, signifying a possible shift in market sentiment. The pair has been attempting to recover from its massive downtrend that spanned from 2021 to 2023. Support and Resistance Levels After the
The Euro experienced a significant drop on Wednesday, marking the largest daily loss since April 30th. This decline was primarily driven by fresh risk aversion in the market. However, bears were able to find support around the 1.0790/80 zone, which includes the top of the thick daily cloud, 200DMA, and the Fibo 38.2% of the
The commodity market is notorious for its constant fluctuations and struggles to maintain a steady upward momentum. Recently, on Thursday, the price of Brent crude oil experienced a significant drop to 83.60 USD per barrel. This downturn was preceded by a loss of nearly 1% in value on Wednesday evening, driven by concerns over lending
The Australian dollar surged to 0.6650 after the release of the latest economic data in Australia. The consumer price index (CPI) rose to 3.6% year-on-year in April, indicating a slight uptick from the previous month. This increase in inflation has raised questions about the Reserve Bank of Australia’s (RBA) future interest rate decisions. Despite the
As gold prices soar towards 2351.00 USD per troy ounce, investors are closely monitoring the market dynamics. The recent surge in gold prices can be attributed to the weakening US dollar, creating a favorable environment for the precious metal. The anticipation of critical US inflation data, especially the Core PCE indicator set to release on