2024.08.30 2024.08.30 USDCHF: Elliott wave analysis and for 30.08.24 – 06.09.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: once a correction forms, consider short positions below the level of 0.8750 with a bearish target of 0.8200 – 0.8000. A sell signal: after the price returns below 0.8750. Stop Loss: above 0.8780, Take…
WTI weekly WTI crude posted an ugly finish to the week, falling $2.33 to $73.57 on Friday. Oil rallied strongly to start the week and was still holding in positive territory early today but slumped when Reuters, citing sources, reported that OPEC still plans to start gradually bringing on production in October. That led to a heavy round of…
The Mexican Peso is rising against the US Dollar after the release of US Core PCE inflaiton data falls below estimates. The data indicates inflation continues falling in the US, cementing expectations the Federal Reserve will begin an easing cycle. The Peso is further supported by a generally upbeat market mood which helps riskier assets as the week comes to a close. The…
2024.08.30 2024.08.30 Will the Pound Lose Ground? Forecast as of 30.08.2024 Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/ The British pound sterling has grown against the US dollar to its highest in 2.5 years, strengthening its leadership in the G10 currency race. Still, are the GBPUSD bulls feeling that good? Let’s discuss it and make a trading plan. The article covers the following subjects:…
Goldman Sachs plans to layoff 3-4% of its workforce or between 1300 and 1800 people, according to the WSJ. This shouldn’t come as a surprise as the company trims 2-7% of its workforce annually on performance factors. The layoffs have started and will continue through the autumn. The cutthroat culture finally appears to be making shareholders money after trading…
EUR/GBP remains on the backfoot amid sheer weakness in the Euro. Sof Eurozone inflation prompts ECB rate cut bets. The BoE is expected to deliver one more interest rate cut this year. The EUR/GBP pair is all set to conclude the week in red for the third straight week. The asset remains on the backfoot as the Euro (EUR)…
2024.08.30 2024.08.30 EURUSD: Elliott wave analysis and forecast for 30.08.24 – 06.09.24 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 1.0950 with a growth target of 1.1300 – 1.1500. A buy signal: after the price consolidates above 1.0950. Stop Loss: below 1.0920, Take Profit:…
The major assets were all over the place this week as traders tried to balance a hefty load of news and data, and based on the outcomes, apparently putting slightly more weight into individual asset catalysts over broad market sentiment drivers. Middle East tensions and Libyan supply concerns moved crude oil prices around, while the U.S. dollar and…
SPX daily chart There was no lack of drama in the final day of equity trading in what was a wild ride in August. The S&P 500 opened strongly and then gave it all back to trade in negative territory at midday. However some steady bids emerged in the afternoon before a massive wave of buying late. Much of…
EUR/USD falls to near 1.1050 as the Eurozone inflation declines in line with estimates. Soft German inflation already boosted hopes of another ECB interest-rate cut in September. US PCE inflation for July rose steadily and remains softer than estimates. EUR/USD edges lower and remains below 1.1100 in Friday’s North American session. The major currency rises as the US Dollar (USD) adds little gains despite the…