GBP/USD remains above the 100-day SMA at 1.2967, with a break above 1.3000 potentially targeting 1.3015 and weekly high of 1.3057. RSI signals mild bullish momentum, but bias remains bearish below the neutral line, adding to resistance at the 1.3000 mark. Sellers need to break below 1.2967, with further support at the bottom trendline near 1.2925/35 for a bearish…
2024.10.25 2024.10.25 EURUSD: Elliott wave analysis and forecast for 25.10.24 – 01.11.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: consider long positions from corrections above the level of 1.0763 with a target of 1.0990 – 1.1043. A buy signal: if the price holds above level 1.0763. Stop Loss: below 1.0730, Take Profit:…
Rising U.S. yields and geopolitical tensions dominated this week, driving safe-haven flows and broad dollar strength. We’re detailing how the major currencies moved around!
SPX weekly chart A strong gap higher at the open quickly turned into a day of disappointment for bulls. After surging nearly 50 points in early trading to hit 5860, sellers stepped in and methodically unwound those gains throughout the session. The late morning and early afternoon saw particularly steady selling pressure, though buyers did attempt to defend the…
EUR/CAD trades plum in the middle of a multi-week range as both constituent currencies face similar negative fundamentals. The central banks of Canada and the Eurozone are expected to slash rates at the end of 2024 – a negative for both EUR and CAD. CAD also faces downside pressure from US election risk and the lower Crude Oil prices….
2024.10.25 2024.10.25 GBPUSD: Elliott wave analysis and forecast for 25.10.24 – 01.11.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: consider long positions from corrections above the level of 1.2907 with a target of 1.3600 – 1.3800. A buy signal: if the price holds above level 1.2907. Stop Loss: below 1.2870, Take Profit:…
This week’s market action highlighted a tug-of-war between rising U.S. Treasury yields and safe-haven flows, as investors digested mixed economic data, inflation and geopolitical concerns, and U.S. and Japanese election-related uncertainties. While gold and the dollar moved in sync with geopolitical tensions and Fed outlook shifts, equities and oil prices felt pressure from global growth worries and cautious…
US UMich October final consumer sentiment 70.5 vs 69.0 expected US September durable goods orders -0.8% versus -1.0% expected Canada August retail sales +0.4% vs +0.5% expected Canada Sept new housing price index 0.0% vs 0.0% prior Baker Hughes US oil rig count -2 BOC Macklem: If population grows slows more than assumed, headline GDP will be lower CNN:…
UK Chancellor Reeves is walking a thin line as she seeks to find a balance between finding the funds to invest for growth while also maintaining the air of budgetary prudence, Rabobank’s FX analyst Jane Foley notes. GBP is holding up well so far “To avoid shocking gilt investors too much by the October 30 budget announcements, Reeves has…
2024.10.25 2024.10.25 USDJPY: Elliott wave analysis and forecast for 25.10.24 – 01.11.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: consider short positions from corrections below the level of 153.83 with a target of 138.08 – 131.25. A sell signal: if the price holds below 153.83. Stop Loss: above 154.20, Take Profit: 138.08…