Author: FX
US Dollar under pressure across the board amid risk appetite and falling yields. US: A weak ISM Service sector report follows larger than expected increase in NFP. EUR/USD having best day in a month, still down for the week. The EUR/USD jumped above 1.0600 amid a sharp reversal of the US Dollar that tumbled across the board following the ISM Service PMI report. The pair rose 1.25% from the daily low and is having the best day in a month. NFP and ISM The first leg lower of the US Dollar followed the release of the Nonfarm Payroll report. The…
Greenback drops sharply after NFP and ISM service sector. US yield falls to multi-day lows, commodities rebound. NZD/USD reverses from monthly lows, and trims weekly losses. The NZD/USD has risen a hundred pips from the daily low and it is trading at 0.6290, with a solid bullish tone supported by a broad-based USD decline. The greenback turned to the downside after the release of the Nonfarm Payrolls report that came in above expectations. After a brief recovery, it resumed the downside following the ISM Service Sector report for December that showed a larger than expected slide. Following the numbers, US yields…
December’s US Nonfarm Payrolls data weakened the US Dollar, even though the labor market remains tight. Average Hourly Earnings easing sparked speculations for a dovish move of the Federal Reserve in the February meeting. USD/JPY Price Analysis: Likely to remain downward biased below 133.00. The USD/JPY struggles at the 200-day Exponential Moving Average (EMA) around 134.82, dropping beneath the 134.00 mark, after US economic data, although positive, weighed on the US Dollar, exacerbating a fall of 100 pips in the major. At the time of writing, the USD/JPY is trading at 132.81, below its opening price by 0.44%. The US…
Apple Inc. yet another stock that many people and traders are looking at these days after it’s peak from January 2022. In total the drop so far is about 32%. Almost everyone is aware of them as a big chunk of people worldwide are using an Iphone or a Macbook device. However we must never forget that the market (stock market) runs in cycles. When a larger cycle ends then a correction of that cycle always takes place. In some cases the correction is shallow and in other cases deep. Here at Elliott Wave Forecast by using our system we…
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Tesla ticker symbol: TSLA. In which, the decline from the 01 December 2022 high unfolded as an impulse sequence and showed a lower low sequence within the bigger cycle from November 2021 peak. Therefore, we knew that the structure of Tesla is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: Tesla 1-hour Elliott Wave chart…
US ISM Services PMI dropped below 50 in December. US Dollar continues to weaken against its major rivals. The economic activity in the US service sector contracted in December with the ISM Services PMI dropping to 49.6 from 56.5 in November. This reading came in much worse than the market expectation of 55. Further detail of the publication decealerd that the Employment Index decline to 49.8 from 51.5 and the Prices Paid Index fell to 67.6 from 70, compared to the market expectation of 71.5. Market reaction The US Dollar came under renewed selling pressure after the disappointing PMI survey.…
Rand Dollar Outlook: USD/ZAR Influenced by a Slightly Higher Dollar Post NFP Recommended by Tammy Da Costa Get Your Free USD Forecast US Employment Remains Robust After Strong NFP Report but Rand Resilience HoldsUSD/ZAR is currently trading around 0.95% higher on the week as the safe-haven Dollar recuperated a portion of recent losses.As monetary policy and recession fears continue to influence demand for emerging-market currencies, the economic docket has helped fuel the recent move.DailyFX Economic CalendarWhile the South African economy struggles to increase productivity due to extensive power outages (known as load shedding), the Rand has fared relatively well against…
Stocks went closer to their recent local lows yesterday – is this still a potential bottoming pattern? The S&P 500 index lost 1.16% on Thursday, as it got closer to the 3,800 level again. The broad stock market’s gauge continues to trade within an over two-week-long consolidation following mid-December sell-off from the 4,100 level. On previous week’s Thursday it reached new medium-term low of 3,764.49, before bouncing back above 3,800. Overall it kept extending a consolidation recently. In mid-December the S&P 500 has been negatively reacting to the December 14 FOMC interest rate hike, among other factors. The S&P 500…
Here is what you need to know on Friday, January 6: Nonfarm Payrolls (NFP) gave the market the number they wanted and this time we again have the Fed pivot theory being cited. At some point, this will prove accurate just as a broken clock tells the correct time eventually. But signs of a US recession seem to be getting pushed further away now with a strong employment market. Unemployment falls to 3.5% and wage growth finally shows some signs of abating. The US Dollar is lower as Federal Reserve pivot hopes rise and the front end of the yield curve…
Employment in Canada rose at a stronger pace than expected in December. USD/CAD erased its daily gains and declined below 1.3550 after the data. The data published by Statistics Canada revealed on Friday that the Unemployment Rate declined to 5% in December from 5.1% in November . This reading came in better than the market expectation of 5.2%. Further details of the publication showed that the Net Change in Employment was +104K, much higher than analysts’ estimate of +8K. “Year-over-year growth in the average hourly wages of employees remained above 5% for a seventh consecutive month in December, up 5.1%…