CAC40 could lose another 9%, breaking the upward trend
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
11h ago
French stocks were under intense pressure last week due to political fears. Although paused on Monday, that sell-off has probably already undermined index gains. France’s CAC40 lost 6.2% last week, the sharpest decline in two years, and the sell-off only gained momentum on Friday. The new Monday started with a rise after reassuring words from Marine Le Pen about respect for European institutions. Recovering from last week’s sell-off, the CAC40 is adding 0.6 per cent to Friday’s closing level – half of what it was shortly after the start of trading. However, technical analysis is setting up fu ..read more
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USDCNH hits the ceiling
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
17h ago
China’s housing price decline is gaining momentum. New home prices for May fell 0.71% vs. 0.58% and 0.34% in the previous two months. The year-over-year decline increased to 3.9%, with back-to-back slides over the 12 months. China has repeatedly announced measures to support the property market, but they have been limited, failing to reverse the trend. The problems in the housing market are very toxic for stocks as housing prices and sales volumes drag down property developers and banks, sucking liquidity out of the financial system. The other bad news was the slowdown in industrial productio ..read more
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EURCHF Wave Analysis 14 June 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
3d ago
– EURCHF broke key support level 0.9565 – Likely to fall to support level 0.9450 EURCHF recently broke below the key support level 0.9565, which stopped wave B in April, as can be seen from the daily EURCHF chart below. The breakout of the support level 0.9565 coincided with the breakout of the 50% Fibonacci correction of the previous upward impulse from December. Given the strongly bullish Swiss franc sentiment seen across the FX markets today, EURCHF can be expected to fall further to the next support level 0.9450, target for the completion of the active correction (B ..read more
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Apple Wave Analysis 14 June 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
3d ago
– Apple reversed from resistance zone – Likely to fall to support level 205.00 Apple recently reversed down from the resistance zone located between the resistance level 215.00 and the resistance trendline of the wide weekly up channel from last year. The downward reversal from the resistance level 215.00 created the daily Japanese candlesticks reversal pattern Long-legged Doji. Given the strength of the resistance level 215.00, Apple can be expected to fall further to the next support level 205.00, target for the completion of the active wave iv ..read more
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Gold’s rise might be a trap
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
3d ago
Gold is adding on Friday, and it appears that a flight to defensive assets, rather than the risk appetite that drove the price earlier this year, is behind it. Since the start of the week, gold has twice pushed off support at $2300, where the round price level and the 76.4% retracement level from the rise from the bottom in October to the peak in May combine. The Bulls are getting additional temporary reinforcement because this same level was already successfully defended early last month. But this support looks extremely fragile and unreliable. Firstly, last Friday, Gold went over 4% from pe ..read more
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Crypto Bears in charge
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
4d ago
Market picture Crypto market capitalisation fell 0.5% to $2.44 trillion as Thursday’s growth attempt failed to gain traction due to a new wave of dollar strength. Risk demand is gradually diminishing, forming a sequence of declining intraday highs. However, horizontal support remains in the 2.42 trillion area, where the market also stabilised from May 17th to 20th. Bitcoin has pulled back below $67K, losing 0.7% in 24 hours. It continues to test the strength of the 50-day moving average, but it doesn’t find enough reason to dive lower. Such persistent testing of the lows sets the bears up for ..read more
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NZDUSD Wave Analysis 13 June 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
4d ago
– NZDUSD reversed from key resistance level 0.6200 – Likely to fall to support level 0.6100 NZDUSD currency pair recently reversed down from the key resistance level 0.6200 (which has been reversing the price from February). The resistance level 0.6200 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous downward impulse 1 from December. Given the strength of the resistance level 0.6200, NZDUSD currency pair can be expected to fall further to the next support level 0.6100, low of the previous minor correction iv ..read more
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Black streak in US data continues
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
4d ago
The black streak in US data continues. A sharp jump in weekly jobless claims was paired with a weak PPI, complementing the soft consumer inflation report the day before. Manufacturers cut prices by an average of 0.2% in May, and the annual rate of PPI growth fell from 2.3% to 2.2%, contrary to the expected acceleration of 2.5%. Core PPI slowed from 2.5% to 2.3%. The unexpected slowdown in PPI growth calls into question the upward trend we have seen since the beginning of the year. It also increases the chances of a further slowdown in consumer prices in the coming months. The other dose of ba ..read more
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Fed’s hawkish inaction favours the dollar
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
5d ago
The Fed acted as a market balancer on Wednesday, smoothing out buyers’ bullishness following the earlier inflation report. There was little doubt that the FOMC would leave the key rate unchanged in the 5.25-5.50% range, so all eyes were on the Fed’s outlook and comments. They turned out to be more cautious about inflation than market participants expected. FOMC members’ median forecast for the key rate for 2024 rose to 5.1% from 4.6% in March, suggesting one cut versus two or three earlier. In fact, the Fed got tougher on inflation, raising the Personal Consumption Price Index forecasts by on ..read more
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Crypto growth derailed
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
5d ago
Market Picture The cryptocurrency market failed to get on the growth rails, losing 0.7% in 24 hours to $2.44 trillion, near end-of-day levels on Wednesday. The positive effect of the soft inflation report was erased by the Fed’s comparatively tightening stance, which suppressed appetite for risk assets. This is clearly visible in the demand for cryptocurrencies despite the rally in the S&P500 and Nasdaq100 indices. Cryptocurrency traders should prepare for the scenario: what doesn’t rise, falls. The signal for the start of an active sell-off could be the decline of BTCUSD under $65.8K, wh ..read more
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