Copper Futures HG_F has been displaying impulsive bullish sequences in the cycle from the 3.6592 low. This indicates a favorable environment for long positions at this point in time. The recent 3-wave pattern observed in the commodity, where buyers appeared at the equal legs zone, further strengthens the bullish outlook for Copper. The current analysis
Technical Analysis
The price of Brent crude oil is currently facing a downturn, trading around 82.55 USD per barrel this Monday. The primary concern influencing the market is the uncertainty surrounding demand levels, putting significant pressure on the commodity. Recent statements from US Federal Reserve representatives have raised expectations that interest rates may stay high for an
Today, we witnessed a notable increase in the gold price, starting from the $2,300 zone against the US Dollar. This movement broke a key descending channel with resistance at $2,315. The price then surged above $2,345, indicating bullish momentum in the market. Currently, gold is consolidating near the $2,355 zone, with the RSI above 70.
The recent decline in crude oil prices below the $80.00 support level indicates a bearish trend. The 4-hour chart of XTI/USD illustrates a significant drop from above $81.80, leading to a breach of the $80.50 and $80.00 support levels. Furthermore, the price has fallen below both the 200 simple moving average and the 100 simple
The EURUSD pair is currently trading near $1.076, struggling to break above the critical resistance level of 1.08. Despite a temporary surge in growth on Friday due to negative US labor market data affecting the dollar, the bulls were unable to maintain momentum above the 1.08 mark. The balance of risks appears to favor a
The EURGBP 4-Hour Elliott wave Charts presented an impulsive structure with a lower sequence indicating a bearish trend. This decline led to a key low on 2/14/2024, setting the tone for further downside movement. The right side tag emphasized the selling opportunity, guiding members to capitalize on selling bounces in the direction of the bearish
The crypto market capitalisation has experienced a 2% increase over the past week, with a notable 13% rise from the lows of May 1st. A slight bottom formation was observed on Wednesday, followed by a modest rebound on Thursday and more aggressive buying on Friday following the US jobs report. However, the market growth was
Over the past week, the USDJPY has been slipping below 153, reaching a three-week low after losing more than 4.5% from its peak of 160.2 at the beginning of the trading week. The main driving force behind this decline is a significant and widening interest rate differential, coupled with a shrinking trade surplus in Japan.
The EUR/USD pair has recently experienced a recovery wave, starting above the 1.0650 resistance level. This movement was significant as it broke a major bearish trend line with resistance at 1.0720 on the 4-hour chart. The Euro found support near 1.0600 against the US Dollar, leading to a positive upward trend. In addition to the
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
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