USDCAD Wave Analysis 22 May 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
11h ago
– USDCAD reversed from pivotal support level 1.3585 – Likely to rise to resistance level 1.3750 USDCAD currency pair recently reversed up from the pivotal support level 1.3585 (former strong resistance from December, February and March) intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from December. The upward reversal from the support level 1.3585 stopped the previous minor ABC correction 2. Given the strength of the support level 1.3585, USDCAD currency pair can be expected to rise further to the next resistance level 1.3750 ..read more
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AUDJPY Wave Analysis 22 May 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
11h ago
– AUDJPY reversed from resistance level 104.50 – Likely to fall to support level 103.00 AUDJPY currency pair recently reversed down from the key resistance level 104.50, which stopped the previous sharp upward impulse wave 3. The price formed two consecutive Japanese candlesticks reversal patterns Doji – signalling the strength of this resistance level. Given the strength of the resistance level 104.50 and the overbought daily Stochastic, AUDJPY currency pair can be expected to fall further to the next support level 103.00 ..read more
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UK Inflation distanced the expected rate cut
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
17h ago
Inflation in the UK exceeded forecasts, making traders and investors cautious about the prospects for policy easing in the coming months. Consumer prices rose by 0.3% m/m vs. 0.2% expected. Annual inflation slowed to 2.3% last month from 3.2% in March. This is the lowest level in two years, comfortably close to the Bank of England’s target but above the forecast of 2.3%. Core inflation has been gently slowing over the past 12 months but has only fallen to 3.9% y/y from a peak of 7.1% y/y. Meaningful progress, but quite far from the desired level. In our view, the high growth rate of the core ..read more
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Bitcoin waits for the Ethereum story to develop 
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
22h ago
Market picture  The crypto market cap has stabilised at $2.6 trillion after an impressive surge following the Ethereum rally. Among the top coins over 24 hours, Toncoin is leading the decline, falling 5%, while Dogecoin is leading the way with a 3.4% increase.  Bitcoin is losing 1.9% in 24 hours to just below $70K, having come under pressure after it rallied above $71.3K, as short-term speculators rush to take profits around the all-time highs reached in March. The local highs are just below the peaks in April and March, and now all eyes are on the market’s next move. A break of res ..read more
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EURJPY Wave Analysis 20 May 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
2d ago
– EURJPY broke resistance level 169.40 – Likely to rise to resistance level 171.00 EURJPY is currency under the bullish pressure after the recent breakout of the minor resistance level 169.40, which reversed the price last week. The breakout of the resistance level 169.40 accelerated the active impulse wave iii, which belongs to the higher order impulse waves 3 and (5). Given the clear daily uptrend and the continuation of the widespread yen sales, EURJPY can be expected to rise further to the next resistance level 171.00, intersecting with the daily up channel from January ..read more
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EURJPY Wave Analysis 20 May 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
2d ago
– EURJPY broke resistance level 169.40 – Likely to rise to resistance level 171.00 EURJPY is currency under the bullish pressure after the recent breakout of the minor resistance level 169.40, which reversed the price last week. The breakout of the resistance level 169.40 accelerated the active impulse wave iii, which belongs to the higher order impulse waves 3 and (5). Given the clear daily uptrend and the continuation of the widespread yen sales, EURJPY can be expected to rise further to the next resistance level 171.00, intersecting with the daily up channel from January ..read more
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Oil shows weakness 
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
3d ago
Oil is losing about 0.75% of its peak on Monday, having hit a strengthening sell-off as it attempts to climb above $80/bbl WTI and $84/bbl Brent. Interestingly, oil is declining despite the death of Iran’s president, which should reinforce the risk premium, and despite a strong rally in metals and other commodities in response to China’s stimulus measures. News on the US oil industry points to relative stagnation. According to Friday’s report from Baker Hughes, the total number of Oil rigs in the US was 497 compared to 496 and 499 in the last two weeks. We have been seeing fluctuations around ..read more
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Bitcoin cautious despite global rise in risk appetite
FxPro News & Financial Market Analytics
by The FxPro Analyst Team
3d ago
Market picture Crypto market capitalisation rose 5.2% over the past seven days to $2.41 trillion. Over the weekend, it reached $2.44 trillion, its highest level in nearly four weeks. Bitcoin is treading near local highs, remaining just below $67K. That’s a gain of 8.4% in seven days and a retest of the previous peak area in late April. Despite the burgeoning risk appetite in global markets, demand for Bitcoin, Ethereum and many altcoins is rather subdued. However, BTCUSD remains firmly above the 50-day moving average, indicating an upward trend. Investors are more optimistic about Solana, who ..read more
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Brent crude oil Wave Analysis 17 May 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
6d ago
– Brent crude oil reversed from key support level 81.00 – Likely to test resistance level 84.00 Brent crude oil recently reversed up from the key support level 81.00 (which has been reversing the price from the start of February) intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December. The upward reversal from the support level 81.00 created the daily Hammer, which stopped the earlier correction ii. Brent crude oil can then be expected to rise further to the next resistance level 84.00, which reversed the price at the start of May ..read more
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Silver Wave Analysis 17 May 2024
FxPro News & Financial Market Analytics
by The FxPro Tech Analysis Team
6d ago
– Silver broke multi-year resistance level 29.50 – Likely to reach resistance level 32.00 Silver recently broke the key multi-year resistance level 29.50 (which has been reversing the price from the middle of 2020, as can be seen from the weekly Silver chart below). The breakout of the resistance level 29.50 should accelerate the active impulse waves 5 and (3). Given the clear daily uptrend, if the price closes this week above 29.50, Silver can then be expected to rise further to the next resistance level 32.00 ..read more
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