Author: FX
Australia/s treasurer Chalmers is speaking after the CPI data and says: Inflation data a promising resultHowever we are not complacent because we know that people are still under pressureThe AUDUSD moved higher after the reading came in higher than the expectations of 3.4% (was 3.5%), but the high price of 0.68124 could not extend to the 61.8% retracement of the move down from the 2023 high of 0.6818. The price is currently trading at 0.6798 which was the high from last Friday and again on Monday. Will the buyers keep the momentum going, or will the break higher fail? Source…
The foreign exchange market, or forex for short, pulsates with constant movement. Prices ebb and flow, creating a dynamic landscape for traders. But within this volatility, periods of consolidation emerge, offering valuable clues about future price direction. This is where the concept of inside bars comes into play, and the Inside Bar V2 MT4 Indicator steps in as a powerful tool to help you identify them. Imagine a bar on a price chart. It represents a specific timeframe, typically an hour or a day, showcasing the highest price (high), the lowest price (low), the opening price (open), and the closing…
The combination of Ichimoku Cloud and Hull Moving Average (HMA) stands out for its comprehensive analysis and timely signals. Originating from Japan, the Ichimoku Cloud, or Ichimoku Kinko Hyo, offers traders a holistic view of market dynamics through its unique set of indicators. The Kumo (cloud), Senkou Span lines (leading spans), Tenkan Sen (conversion line), and Kijun Sen (baseline) collectively provide insights into trends, support/resistance levels, and potential entry/exit points all condensed into a single chart. This allows traders to grasp market conditions swiftly and make informed decisions. Complementing the Ichimoku Cloud is the Hull Moving Average, which was developed…
Elliott Wave analysis indices SP500 and NASDAQ Minor Elliott Wave 4 appears to be completed with the help of stocks like APPL, NFLX and NVDA. The smaller markets RUT, DAX 40 FTSE and ASX200 are also still very close to the counts on the SP500, which is leading higher over the Nasdaq finding the 20,000 as a strong resistance. As mentioned last week we are heading into an unfriendly trading environment, choppy sidewards price action with the overall trend edging higher and this is still the case. No trading strategy or trend trade recommendations only smaller positions for scalping. Video…
mesut zengin/iStock via Getty Images Bioceres Crop Solutions (NASDAQ:BIOX) +2% post-market Tuesday after the U.S. Department of Agriculture said the type of genetically modified wheat developed by the company may be safely produced in the U.S., putting the agriculture technology company a step closer to its goal of bringing the first genetically modified wheat to the U.S. The USDA said Bioceres’ (BIOX) drought tolerant and herbicide resistant HB4 wheat is unlikely to pose an increased plant pest threat and “may be safely grown and bred in the United States.” The approval makes the U.S. the fourth country to receive clearance…
The numbers via oilprice.com on Twitter:The EIA estimates to be released tomorrow at 10:30 AM show:Crude oil drawdown of -2.265 million barrelsGasoline inventories drawdown of -1.587 million Distillates drawdown of -1.083 million–This data point is from a privately-conducted survey by the American Petroleum Institute (API).It’s a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the…
The U.S. Dollar Index hit its lowest point of 2024 last week after dovish comments from the Federal Reserve Chairman Jerome Powell led global currency markets to expect a more cautious Fed stance than previously thought. This led to continued selling pressure, causing the U.S. dollar to fall to make fresh new lows today! As August draws to a close, the dollar index has fallen by 3.3% so far this month, marking its largest monthly decline since November 2022. Will the U.S. dollar continue its recent decline, or could certain factors stop the drop and even turn things around? The…
Gold rises in risk-on setting, shrugging off robust US data as the US Dollar hits a 12-month low. Powell’s dovish remarks keep US Treasury yields stable, pressuring the US Dollar and boosting Gold. Focus shifts to upcoming core PCE and job data, crucial for Fed decisions; rate cut prospects bolster Gold. Gold prices advanced firmly during the North American session on Tuesday amid a risk-on environment and steady US Treasury yields. Investors ignored better-than-expected economic data from the United States (US), failing to underpin the already battered Greenback. The XAU/USD trades at $2,524 and gains over 0.20%. The financial markets’…
lyash01/iStock via Getty Images Cleveland-Cliffs (NYSE:CLF) +1.8% in Tuesday’s trading as Seaport Global upgrades to Buy from Hold with a $16.50 price target, based on “a tactical call around the current steel price cycle and mounting supply-side response.” Seaport analyst Martin Englert cuts his outlook for Q3 EBITDA given the recent down cycle in steel prices, and thinks it is probable that consensus will lower estimates in the coming weeks, but “the good news is that the disciplined and robust supply-side response is still percolating through the market and will become more evident in the near term.” Even as Englert…
Singapore, Singapore, August 28th, 2024, Chainwire The decentralized derivatives trading platform ELFi Protocol has recently launched a liquidation subsidy program. Prior to September 15th, 2024, 0:00 UTC, users who conduct contract trading on the ELFi Protocol and accumulate a trading volume of no less than 1,000 USDC equivalent will be eligible to receive a maximum of 100 USDC as a subsidy for their first-time liquidation losses. This subsidy program will be implemented on a first-come, first-served basis, until the total subsidy amount of 50,000 USDC is exhausted. Furthermore, ELFi Protocol has launched the $DOGS contract, as well as the Polymarket…