The recent rise in the price of WTI crude oil by approximately 1% on Monday can be attributed to several factors. One of the key drivers of this bullish sentiment is the upcoming OPEC+ meeting scheduled for 2 June. Additionally, there are expectations of high fuel demand with the start of the summer driving season
Technical Analysis
The recent analysis of the Nasdaq Futures (NQ) market suggests that the rally from the low on 4.19.2024 is currently in progress, following an impulse pattern. This impulse pattern includes various waves within it, with wave ((i)) ending at 17949 and wave ((ii)) ending at 17386. The market then extended higher in wave ((iii)), with
As the European Central Bank (ECB) prepares for a potential interest cut on 6 June, it appears that the markets have already priced in this development. The forward guidance provided by ECB officials regarding subsequent rate cuts remains unclear, leaving investors uncertain about future monetary policy decisions. Additionally, the consensus forecasts for the Eurozone’s core
The GBP/USD pair is showing bullish momentum above the 1.2700 zone, indicating a positive trend in the market. The British Pound has formed a base above the 1.2640 zone against the US Dollar and has shown a major increase above the 1.2680 and 1.2700 resistance levels. This suggests a strong push towards higher levels in
The EUR/USD pair is currently exhibiting positive signs, trading above the 1.0800 support level. The pair is now eyeing a potential breakout above the 1.0880 resistance, as indicated on the 4-hour chart. In recent trading sessions, the Euro has shown resilience against the US Dollar, forming a solid base above 1.0800 and initiating a new
In recent weeks, the 10-year JGB yield has shown an upward trend, reaching 1%, while the 3-month and 6-month overnight indexed swap (OIS) rates in Japan stand at 0.12% to 0.17%. Despite these bullish movements in JGB yields and OIS rates, the Japanese Yen (JPY) has failed to strengthen. The main drivers of short-term JPY
After the release of the minutes from the latest US Federal Reserve meeting, the price of gold fell to $2370.00 per troy ounce. The Fed’s policymakers displayed a notably cautious sentiment, indicating the need for more time to be confident that US inflation is declining towards the 2% target. This cautious stance has tempered market
The NZD/USD pair has shown signs of preparing for a mid-week rally, nearing the 0.6116 level. This recent surge marks the highest point for the Kiwi in two months, following the Reserve Bank of New Zealand’s decision to maintain its monetary policy structure unchanged during the May meeting. With the interest rate remaining steady at
The recent helicopter crash that claimed the life of Iranian President Ebrahim Raisi has had a significant impact on the gold market. The crash, which also took the lives of several other high-ranking officials, including Foreign Minister Hossein Amir-Abdollahian, occurred in a mountainous area near the border with Azerbaijan. As news of the tragic incident
Oil prices have experienced a downward trend due to the cautious stance of Federal Reserve officials despite recent softening of inflation. This cautious approach has sparked concerns regarding the potential prolongation of elevated US interest rates. The prices of Brent crude and WTI futures have both seen a decline, with Brent crude trading at $83.11
AUDCAD is continuing to climb higher above the 0.9100 mark, showcasing positive momentum in both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). This upward trend has been in place since February 8, culminating in a 14-month high of 0.9125. Despite facing some resistance in the 0.9100 area over the past few
Gold prices have surged to new heights, reaching a peak of 2,450 and holding above the previous high of 2,431.48. This upward movement is accompanied by positive signals from technical indicators, indicating the possibility of further gains in the market. The MACD is showing strong positive momentum above its trigger and zero lines, while the