The US dollar’s gains stalled last week, and on Tuesday, it lost a third of a cent against a basket of major currencies to 105.4 from a peak of 106.3 the week before.  Yesterday’s pullback more closely resembles the start of broader profit-taking than a reversal of the dollar’s upward trend since early March.  The dollar was somewhat overheated after the 10-12 April spike. In addition, earlier this month, the DXY entered the turning area of last October. As it often happens, the ascent to the previous extremums is fast, but their overcoming indicates a change of the market regime, w ..read more

– WTI crude oil reversed from support zone – Likely to rise to resistance level 86.00 WTI crude oil recently reversed up from the support zone lying between the round support level 80.00 (low of wave (iv) from March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from February. The upward reversal from the support level 80.00 stopped the previous ABC correction (4) – forming the daily Hammer. Give the strength of the support level 80.00, WTI crude oil can be expected to rise further to the next resistance level 86.00 (which stopped waves (3) and B ..read more

– USDCAD reversed from long-term resistance level 1.3840 – Likely to fall to support level 1.3600 USDCAD currency pair continues to fall after the pair reversed down with the weekly Shooting Star from the major long-term resistance level 1.3840, which has been reversing the pair from 2022. The resistance level 1.3840 was strengthened by the upper weekly Bollinger Band. Give the overbought weekly Stochastic, USDCAD currency pair can be expected to fall further to the next support level 1.3600 ..read more

Gold is under pressure this week, having pulled back to the $2300 per troy ounce level. The decline since Friday’s close is over 3.7%. The formal trigger is a more moderate escalation in the Palestinian-Israeli conflict than expected at the beginning of the month. However, we view the current pullback as a welcome technical correction that could develop into a bear market. Last Friday, the price of a troy ounce of gold on the spot market broke the $2400 mark for the second time in history. And once again, there was strong resistance at this round level. Since the beginning of the week, we hav ..read more

Market picture  The capitalisation of the crypto market over the past 24 hours has added only 0.15% to $2.44 trillion. Crypto sentiment indices remain in the ‘greed’ territory, scoring 71 points, compared to 73 points the day before.  Bitcoin added about a quarter of a percent during the day, reaching $66.5K. Early on Tuesday morning, the price briefly exceeded $67.1K, touching the 50-day MA, but then retreated. It seems that this time, the crypto market is waiting for a signal from stock indices rather than giving such a signal about risk appetite. The ..read more

Oil prices have retreated to their lowest levels since late March, approaching a critical support level.  WTI barrels dipped to $80.60 early on Monday. The price found support at the $80.0-$80.50 zone a month ago before accelerating higher and breaking through the resistance of the ascending channel. Last week’s sell-off pushed the price back into this channel.  The macroeconomic backdrop is stacked against bulls: US oil inventories are rising, the number of oil rigs is higher than at any time since September, and the IMF is forecasting an increase in OPEC+ quotas from mid-year. The ..read more

Market picture  The crypto market is moving upwards, encouraged by Bitcoin’s positive momentum. Total cryptocurrency capitalisation reached $2.44 trillion, up 1.6% in 24 hours and 0.8% in seven days.  Bitcoin added 1.9% in 24 hours to $66.4K, gradually adding since last Thursday. The price hasn’t moved much in recent days, balancing the positivity from the halving and the negativity from the Nasdaq index’s decline.  Bitcoin is sticking to a classic upside pattern with a 61.8% Fibonacci retracement from the last rally. However, it’s worth remaining cautious until the price break ..read more

– Intel broke support zone – Likely to fall to support level 32.50 Intel continues to fall inside the sharp minor impulse wave 1, which previously broke the support zone lying at the intersection of the two daily channels from December and February of 2023. The active impulse wave 1 belongs to the higher order impulse wave (3) from the start of March . Give the earlier breakout of the strong support at 34.95 (top of the upward gap from October), Intel can be expected to fall further to the next support level 32.50, which has been reversing the price from August ..read more

– GBPUSD broke key support level 1.2535 – Likely to fall to support level 1.2335 GBPUSD currency pair continues to fall strongly after breaking the key support level 1.2535, which has been steadily reversing the price from December. The breakout of the support level 1.2535 coincided with true breakout of the 38.2% Fibonacci correction of the previous upward ABC correction (B) from last October . Given the strong bearish sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to fall further to the next support level 1.2335, target for the completion of the ac ..read more

– EURJPY reversed from resistance level 164.00 – Likely to fall to support level 163.85 EURJPY currency pair recently reversed down from the pivotal resistance level 164.00, which has been reversing the price from last month. The resistance level 164.00 was strengthened by the nearby upper daily Bollinger Band, as you can see below. Given the strength of the aforementioned resistance level 164.00 and the bearish euro sentiment seen today, EURJPY can be expected to fall further to the next round support level 163.85 ..read more