Author: FX
Share: NZD/USD bears eye a continuation below structure. Bulls could be lurking at a key area of potential support. NZD/USD remains on the backfoot following the Reserve Bank of New Zealand confirming it would ease mortgage loan-to-value ratio (LVR) restrictions from June 1. The technical outlook is bearish for the meanwhile, but there could be prospects of a bullish correction for the week ahead as the following illustrates. NZD/USD weekly chart The weekly chart shows the M-formation´s last leg penetrating prior lows that might be regarded as stucture and such a move signifies a market that is breaking down.…
AI imageTreasury Secretary Janet Yellen has conjured a few extra days for US politicians to grandstand. She now says that extraordinary measures won’t be exhausted until at least June 5.House Republican leader McCarthy has said his deadline is June 1 but you can never trust a politician. In any case, a deal will get done and the US won’t default, the same as always. I think the market has already moved on. Source link
Share: WTI crude oil closes higher, settling at US$72.67 per barrel, driven by mixed signals from OPEC+ regarding production cuts. Ongoing talks between the Biden Administration and House Republicans bring relief as a deal to raise the US debt ceiling nears completion. US inflation surges as consumer spending exceeds expectations, with the personal consumption expenditures index rising by 4.4% annually. Western Texas Intermediate (WTI), the US crude oil benchmark, recovered some lost ground during the week, driven by factors like mixed signals from OPEC+ regarding potential output cuts, ongoing discussions between US politicians about the debt ceiling, and…
There were non-stop flows into US stock markets on Friday, led by the Nasdaq:S&P 500 +1.3%Nasdaq Comp +2.2%DJIA +1.0%Russell 2000 +1.1%Toronto TSX Comp +0.8%On the week:S&P 500 +0.3%Nasdaq Comp +2.4%Russell 2000 flatToronto TSX Comp -2.1%Broadcom was a big winner on Friday, gaining 11% with Qualcom and Intel making some headway as the chip rally broadens out. This is the fifth week in a row of gains for the Nasdaq and it’s very much looking like the double bottom in Oct/Dec was the low.Nasdaq Comp weeky Source link
Share: EUR/JPY maintains a bullish outlook, on its weekly high around 150.80. Tokyo Consumer Price Index (May) came in below consensus as well as previous values. Gross Domestic Product figures from Q1 from Germany came in surprisingly weaker than expected. The EUR/JPY pair maintains its gains, continuing its upward trajectory for the third consecutive day. Currently, it is oscillating above the significant 150.00 level, signaling a strong bullish sentiment. Despite the recent weakness in Germany’s Q1 Gross Domestic Product figures, the pair maintains a positive outlook, even reaching its weekly high around 150.80. However, it is essential to…
The speculative market remains far too long euros but pared back the position in the latest week of CFTC data, in what might be a sign of what’s to come. the EUR’s net speculative long positioning witnessed a significant decrease, dropping to 173,736 contracts compared to 187,089 in the previous week. As investors appeared to cut their bullish bets, the shift suggests some caution may be seeping into the market sentiment regarding the euro’s performance. The Japanese yen experienced a considerable surge in short positions, hitting 80,660, marking a notable increase from the previous 64,791. This indicates a growing bearish…
Share: Hello Traders, in this article we will analyze our forecast for META in the short term cycle. Since the short term peak of META from 05.22.2023 to end wave (iii) we have been expecting a pullback within wave (iv) to take place. Here at Elliott Wave Forecast we have in place a system that allows us to measure an area in which we can expect a react to take place. We call it equal legs area or blue box area as you might have seen within our charts. These areas provide us with at least an 85%…
AI imageHigher interest rates aren’t yet hitting the consumer hard or bringing inflation back to target, according to today’s April PCE report. Inflation rose 4.4% y/y in an acceleration from 4.2% previously while personal spending surged 0.8% in the month.Bank of America has reaffirmed its base case expectation that the Federal Reserve will not implement a rate hike in June, though the bank maintains an inclination towards a hike in the future, noting that it’s a “close call”. According to BofA, three conditions need to be met for a Fed rate hike: 1) strong economic data, 2) an increase in…
We put up five short-term FX strategies this week, with three directional calls arguably playing out as we hoped to a degree. Check out our quick recap to see how they played out and how we may be able to improve in the future! Forex Setup of the Week: Simple NZD/USD Correction Play – May 21, 2023 NZD/USD 2-Hour Forex Charts by TV At the start of the week, expectations were pretty high that the Reserve Bank of New Zealand would raise interest rates, and with bullish momentum in NZD/USD, we were eyeing the potential for more upside moves in…
US non-farm payrolls have beaten the consensus 13 times in a row and the market will try to stretch that unprecendented streak a week from today.Overall, the week promises a number of key economic data releases that could move the market but the week starts quietly on Monday due to Memorial Day holiday. Tuesday, May 30, will see the release of the House Price Index for March, and the S&P CoreLogic measure, along with the Confidence Board Consumer Confidence for May. Thomas Barkin, a non-voter from Richmond, will speak at 1:00 PM ET.Wednesday, May 31, will begin with MBA Applications…