Gold is currently on a path towards recovery as it attempts to surpass the $2,400 resistance zone. After finding support near $2,352 against the US Dollar, the price has started a positive wave above $2,365. The recent movement on the 4-hour chart of XAU/USD shows that the price has crossed the $2,380 level along with
Technical Analysis
The Short Term Elliott Wave View in E-Mini Dow Jones Futures (YM) suggests that the trend is positioned to continue its upward trajectory within the sequence initiated from the April 2024 low. Specifically, the current scenario favors an upward movement in wave 5 of (5) since April 18, 2024 low, while emphasizing the importance of
The Bank of Japan (BoJ) is preparing to make a pivotal decision on interest rates at its upcoming meeting. With the global economy facing challenges such as inflation and economic uncertainties, the BoJ’s choice will hold significant weight in financial markets worldwide. Speculation has been mounting about a possible rate hike by the BoJ, as
The USDJPY pair has begun the week with some positivity, but the bulls are facing a challenging battle to gain control. Despite the reversal higher in both the stochastics and RSI indicators, the momentum appears to be lacking strength. The 20-period SMA is acting as a major resistance level, limiting the price’s upward movement. Additionally,
The AUD/USD pair is currently on an upward trend, approaching the 0.6552 mark on Monday. This comes after the Australian dollar experienced a 3% fall in the past two weeks, triggered by a global sell-off in risky assets and weak reports from China. Investors are eagerly awaiting the release of Australian inflation data this week,
The EUR/USD pair recently found support near the 1.0825 zone after a slight correction from the 1.0950 level. The price has managed to clear a bearish trend line resistance at 1.0860, indicating a potential upside movement. The pair tested the 1.0825 support level and remained above the 200 simple moving average on the 4-hour chart.
GBPJPY recently pulled back from its 16-year peak of 208.10, marking its lowest level since May 16. The pair has been on an uptrend since early 2024, but has been undergoing a correction since reaching its recent high. The price has broken below the supportive trendline from January and the 50-day simple moving average, indicating
The USD/JPY pair has experienced a substantial decline recently, reaching a low of 151.93 before beginning a recovery phase. However, the pair is facing significant resistance levels, with the main hurdle at 155.50. A clear break above this resistance could push the pair towards the 156.20 level. On the other hand, immediate support is seen
The GBP/USD pair is currently experiencing a decline in value, with market participants speculating about a potential rate cut by the Bank of England (BoE) and expressing concerns about global economic growth. There is a notable shift in market sentiment, with a 53% chance of rate cuts in August being priced in by investors. Economists
The recent decrease in US oil inventories by 3.9 million barrels has played a significant role in the downward trajectory of Brent crude oil prices. This unexpected reduction, surpassing the forecasted 2.5 million barrel decrease, has led to market uncertainty and contributed to the ongoing decline in oil prices. Optimism surrounding ceasefire negotiations between Israel
As we delve into the technical analysis of EUR/USD, it is evident that the pair struggled to surpass the 1.0950 resistance level, leading to a decline against the US Dollar. The failure to clear this crucial level resulted in a fresh drop below the 1.0900 support, ultimately breaking through the 1.0875 support and the 50-hour
In the past week, we have seen some recovery in the dollar index after a period of losses. However, this uptick seems to be a temporary pause for profit-taking by sellers before the next downward shift. The US dollar has been facing significant pressures since late June, particularly after signals from the Federal Reserve indicating