GBP/USD Outlook: Cable Stands At The Back Foot Following No Breakthrough In Trade Talks
Early Thursday’s action is keeping negative tone but long shadows on daily candles in past few sessions signal lack of clear direction. Pullback from new 2020 high at 1.3538 cracked initial supports at 1.3335/30 (Fibo 23.6% of 1.2675/1.3538/rising 20DMA) but...
WTI OIL: Oil Prices Drop on Unexpectedly Strong Build in Weekly Crude Inventories
WTI oil fell over $1 after EIA report showed US weekly crude inventories rose by 15.2 million barrels in the week to Dec 9, marking the biggest weekly build in nearly eight months. Downbeat data increased pressure on oil prices,...
EURGBP’s Clear Direction Curbed as Recent Gains Fade
EURGBP is receding beneath the 50-day simple moving average (SMA) at 0.9012, residing between the converging 100- and 200-day SMAs. The conflicting SMAs seem to be developing a somewhat sideways bearing, promoting the near-term directionless market. The opposing short-term oscillators...
Elliott Wave View: S&P 500 Pullback Should Be Supported
S&P 500 (SPX) Elliott Wave View suggests the rally from October 31 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from October 31 low, wave (1) ended at 3646 and pullback in wave (2) ended at...
USDCAD Pauses Descent but Maintains Bearish Tone
USDCAD is trading around the 1.2782 trough, aggressively formed in October of 2018, which is freezing its negative price action, as it hits a 30½-month low of 1.2767. Nonetheless, the dictating simple moving averages (SMAs) are endorsing the predominant bearish...
US Dollar Index Holds Near 32-month Trough; Strongly Negative
The US dollar index has been in a significant bearish tendency since March 3 and last week the price posted a fresh 32-month low of 90.42. Looking at momentum oscillators on the daily chart though, they suggest an upside pullback...
Elliott Wave View: GDX Ended Correction And Ready To Resume Higher
Elliott Wave view in $GDX suggests that the Gold Miner Index ended cycle from March low in wave ((2)) at 33.16. The Index has turned higher again in wave ((3)) with the internal unfolding as an impulse Elliott Wave structure....
Euro Still Ready to Risk
On Monday, December 7th, the main currency pair is growing, trading at 1.2132, and confirms the strength of the ascending channel. Last week, the instrument renewed the highs of the last 36 months near 1.2178, but investors must have considered...
Gold Price Broke The $1,820 Level To Move Into A Positive Zone
Gold price started a steady increase above the $1,800 resistance against the US Dollar. The price even traded above the $1,820 level to move into a positive zone. There was also a close above the $1,825 level and the 50...
Market Morning Briefing: Aussie Is Attempting To Remain Above 0.74
STOCKS Equities continue to move higher but will have limited room on the upside from here. As such we retain our cautious stance on the equities and will approach them from the sell side as they continue to move up...
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