The Euro has shown signs of improvement against the US Dollar as it started a decent increase from the 1.0620 support level. Breaking through key resistance levels at 1.0750 and 1.0800, the pair has entered a positive zone. On the 4-hour chart, EUR/USD has managed to settle above both the 200 simple moving average and
Technical Analysis
Upon careful analysis, it is evident that Silver (XAGUSD) has been demonstrating an impulsive rally from the 10.3.2023 low. Considering the recent movement, wave (1) concluded at 25.91 followed by a correction in wave (2) ending at 21.94. The subsequent upward movement in wave (3) reached 29.79. A retracement in wave (4) found support at
Silver recently surged above $29.8, marking a high not seen since January 2021. Despite this positive movement, the price faced resistance at this level, leading to a pullback to $29.40. It is crucial to note that silver does not appear to be overheated, as it has just entered overbought territory on the RSI for daily
The recent release of CPI figures has indicated a slowdown in inflation, prompting speculation about a potential rate cut in the near future. This development has had a notable impact on the value of the dollar, which has weakened as a result. Consequently, the value of assets priced in dollars, including BTC/USD, has seen a
In this analysis, we will take a closer look at how GBPCAD has been advancing in a bullish sequence since late 2023. This currency pair has been following a diagonal pattern, with wave (4) of ((1)) completing on April 22, 2024. Following wave (4), wave (5) of ((1)) quickly rallied and completed its first leg,
The volatility in the crude oil market has been quite evident over the past few weeks, with prices moving in a range between $77 per barrel for WTI and $82 per barrel for Brent. Despite some support at these levels, there are concerns regarding a potential further decline in prices. The bears have shown their
The Elliott Wave charts of Ethereum (ETHUSD) have been a focal point for many traders and investors. It is important to carefully scrutinize these charts in order to make informed decisions when it comes to trading Ethereum. As per the analysis of the ETHUSD Elliott Wave charts, it has been observed that Ethereum is showing
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
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