WTI Oil Outlook: Expected Supply Increase Keeps Oil Price Under Pressure
WTI oil remains in red on Thursday and extends south, following Wednesday’s 3% drop, as markets anticipate increased supplies after a compromise deal between leading OPEC producers. Saudi Arabia and the United Arab Emirates reached a compromise that should result...
NZD/USD Rallies To Major Resistance
The New Zealand dollar soared after the RBNZ cut its QE program in anticipation of policy tightening. The initial surge above 0.7010 reveals renewed buying interest after the kiwi spent weeks above the important daily support at 0.6920. The psychological...
Gold advances under strain as 200-MA applies the brakes
Gold’s recent surge in positive impetus has been capped by the 200-period simple moving average (SMA) at 1,829. Sellers seem to have gained the upper hand, steering the price back underneath the 1,825 level (previous resistance-now-support). In spite of the...
AUD/USD Has Strong Support at 0.7360
AUDUSD is not really clear at the moment; bulls are still struggling after reaching a low last week at 0.7400. We see slow price action now so I am considering another wave count; an ending diagonal where the final leg...
Elliott Wave View: DAX Pullback Should Be Well Supported
Rally in DAX from November 2, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. In the 60 minutes chart below, wave (3) of this rally can be seen to have ended at 15802.67 and pullback in...
GBP/AUD 4H Chart: Bulls Could Prevail
The British Pound has edged higher by 1.67% against the Australian Dollar since last week’s trading sessions. The currency pair tested the 1.8600 mark on Monday, July 12. Technical indicators suggest buying signals on the 4H, daily and weekly time-frame...
GBP/CAD 4H Chart: Breakout Occurs
The Pound Sterling has surged by 1.70% against the Canadian Dollar since July 5. A breakout occurred through the upper boundary of a descending channel pattern during last week’s trading sessions. Given that a breakout has occurred, buyers are likely...
Elliott Wave View: Dow Futures (YM) Ready For New All-Time High
Short term Elliott Wave view in Dow Futures (YM) shows the rally from June 21, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from June 21 low, wave 1 ended at 34755 and pullback in...
Currency Pair of the Week: CAD/JPY
There are many events this week which could cause volatility in CAD/JPY including the BOC, BOJ, and US inflation data The Bank of Canada meets this week and there is one question on traders’ minds: Will the BOC continue tapering...
EUR/CAD 4H Chart: Bulls Likely To Prevail
The EUR/CAD currency pair bounced off a support level at 1.4615 on July 2. As a result, the European single currency surged by 2.11% against the Canadian Dollar during this period. Everything being equal, the exchange rate could continue to...
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