WTI crude oil futures have recently bounced off the 200-day simple moving average (SMA) at 78.00, indicating a strong support level. This level has been crucial in providing both resistance and support from January to March, showcasing its importance in the current price action. Uptrend Since Mid-December The price of WTI crude oil has been
Technical Analysis
The GBP/USD pair has seen a decent increase above the 1.2800 resistance level, showing signs of a bullish trend. On the 4-hour chart, there is a major bullish trend line forming with support at 1.2790, indicating a positive outlook for the pair. Following a correction from a high of 1.2893, the pair is now attempting
The recent report from the US Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) in the US rose to 3.2% year-over-year in February, slightly higher than the previous month’s 3.1%. The Core CPI, which excludes volatile food and energy prices, also increased to 3.8% year-over-year. The main contributors to this increase were
As market participants eagerly await the Bank of Japan’s upcoming policy rate decision, there is much speculation regarding the possibility of an interest rate hike for the first time since 2007. The recent appreciation of the Yen against the Euro has added to the anticipation, with the EURJPY pair experiencing a significant drop as rate
Upon closely examining the Elliott Wave charts of ETHUSD, we can see that Ethereum has experienced significant fluctuations in recent times. The analysis indicates that there have been multiple waves of pullback, with buyers consistently entering the market at a specific point referred to as the “Blue Box” or Buying Area. This pattern suggests a
The USD Index (DXY) recently broke below the 103.00 support level, leading to a significant decline in the US dollar. This event, combined with the European Central Bank’s decision to maintain monetary conditions unchanged, has pushed the EURUSD pair to new multi-week highs near 1.0950. The charts suggest a bearish sentiment, with resistance trendlines and
The US SPX 500 has been on a steady rise, hitting a fresh all-time high of 5,150 recently. However, beneath the surface, there are indications of weakness when viewed from a sector rotation perspective. The 11 key sectors that make up the SPX 500 offer insights into the market trends, with certain sectors performing better
Gold’s impressive run saw its price stabilize near the record high of 2,144. The recent surge, fueled by bullish momentum, drove the price as high as 2,141 on Tuesday. However, with the current consolidation phase ahead of Powell’s testimony and the US jobs data, the bulls might take a temporary break but remain in play
The Euro saw a significant rally against the US Dollar after breaking above the 1.0828 resistance level. This bullish momentum led to the formation of a connecting bullish trend line with support around 1.0845 on the hourly chart. The pair managed to clear key resistance levels and tested the 1.0875 zone. However, there was a
Today, China and Hong Kong benchmark stock indices experienced lacklustre movement following the release of Premier Li Qiang’s economic work report during the “Two Sessions.” Premier Li Qiang announced a GDP growth target of around 5% for China in 2024, which was in line with consensus. Despite the targeted stimulus measures to achieve this economic
Gold (XAU/USD) has recently seen a significant surge in its weekly gain, marking a 2.33% increase on 1 March 2024. This spike represents the highest weekly gain year-to-date and the best return seen in the past three months. Positive technical indicators and a softer real US 10-year Treasury yield below 2.15% are reinforcing the potential
The GBP/USD pair is currently in the midst of a recovery wave from the 1.2600 level after facing resistance at 1.2700. There is a noticeable bearish trend line forming with resistance around 1.2665 on the hourly chart of GBP/USD at FXOpen. The recent decline led the British Pound to break below the 1.2650 support level,