WTI Oil Outlook: Stronger Than Expected Drop In Crude Inventories Inflated Oil Prices
The WTI regained traction and edged higher on Thursday after three-day drop was contained by converged 10/20DMA’s which formed bull-cross. Oil prices dropped on Wednesday after the OPEC+ group agreed to keep its policy of gradually phasing out record output...
USD/CAD Remains Near 1.2640 Level
On Wednesday, the US Dollar surged by 53 pips or 0.43% against the Canadian Dollar. The surge was stopped by the 200– hour simple moving average at 1.2635 during Wednesday’s trading session. If the resistance level formed by the 200–...
EUR/USD Outlook: Euro Rallies after Downbeat US ADP Jobs Report
The Euro accelerate higher on Wednesday after soft US data deflated dollar. The ADP report showed that US private sector added 374K new jobs in August, compared to expectations for 613K and July’s figure, downwardly revised from 330K to 326K....
EUR/USD Elliott Wave Analysis: Be Aware Of More Weakness
The USD is coming up vs EUR despite hawkish ECB and dovish FED on Friday, so this can be a temporary contra-trend reaction. Looking at DXY, we are observing two wave counts where both suggests more weakness but after higher...
Elliott Wave View: Further Upside In Silver In Near Term
Short-term Elliott wave view in Silver (XAGUSD) suggests the rally from August 9, 2021 low is unfolding as a double three Elliott Wave structure. Up from August 9 low, wave W ended at 24.04 and dips in wave X ended...
EU CPI Surprises. Hawks Come Out!
Earlier today, the EU released its Flash CPI data for August. The YoY print was 3% vs 2.7% expected and 2.2% in July. This is the highest reading in nearly 10 years! Just as with much of the rest of...
AUDUSD Aims To Hold Above 20-SMA, Short-Term Bias Bullish
AUDUSD looks determined to stay above its 20-day simple moving average (SMA) and the 23.6% Fibonacci level of the 0.7890 – 0.7105 downleg at 0.7290 after barely closing above that line in the past two sessions, with the price gearing...
Currency Pair Of The Week: AUD/USD Testing Resistance Ahead Of Key Data Releases
As my colleague Tony Sycamore noted earlier today, Australian traders will be closely monitoring the release of the country’s Q2 GDP report. Although the data precedes the ongoing lockdowns in Sydney and Victoria, it “…is expected to garner serious media...
GBP/USD Outlook: Bulls Lose Traction on Approach to the Base of Thick Daily Cloud
Bulls started to lose steam on Monday after last week’s nearly 1% advance, facing strong headwinds from the base of thick daily cloud (1.3760). Although the price action is holding near the top of multi-day congestion, cable is lacking strength...
Gold Outlook: Price Even broke $1,810 Level to Move into a Positive Zone
Gold price started a fresh increase above the $1,800 resistance zone against the US Dollar. The price even broke the $1,810 level to move into a positive zone. There was a spike above the $1,820 level and the price settled...