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
Technical Analysis
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
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