Commodity prices had a mixed start to 2017, with the S&P Goldman Sachs Commodity Index (S&P GSCI) falling by 15% at its low point in June, driven down mainly by the decline in Oil prices.  However, as the OPEC-led output restrictions started to bite, Crude oil prices turned higher, with a strong performance in the […]

Wave summary: We are looking for a break above the minor resistance at 1.7064 to provide upside acceleration towards 1.7479 on the way higher to the long-term target near 1.7777. Support is seen near 1.6889 and again at 1.6855, which is expected to protect the downside for a break above 1.7064. R3: 1.7220 R2: 1.7130 […]

The chief economist at Moody’s Analytics Mark Zandi said that “it is a good time to be an American worker” given that the economy has been creating two million jobs each year for the last six years. The US labor market remained resilient, with the unemployment rate falling to multi-year lows in 2017, even after […]

Wave summary: EUR/JPY spiked just below the support at 134.83 for a low at 134.77 before turning higher again. We remain positive for EUR/JPY, expecting it to move closer to 137.37, but the rally from 109.48 is becoming stretched and a soon top should not come as a big surprise. A break below 134.77 will […]

A few weeks ago, I wrote about the South African Rand performance against the dollar. In the article, I predicted that the pair would continue to drop if Cyril Ramaphosa took over the ANC party. He did, and the pair continued to drop to below my target price of 12.31. Today, helped by a weaker […]

Here are the latest developments in global markets: Forex: The US dollar traded 0.1% lower against a basket of major currencies during the Asian trading session Thursday, after posting gains on Wednesday. STOCKS: All three major US equity Indices (DOW Jones, S&P 500, NASDAQ Composite) closed at fresh record highs yesterday, buoyed by optimism around […]

EUR/USD: This currency trading instrument corrected lower yesterday in the context of the short-term uptrend. The resistance line at 1.2050 could be tested again in an attempt to maintain the current bullishness. On the other hand, a drop of about 150 pips would result in a bearish bias in the market. USD/CHF: This pair made […]

USDJPY has been neutral both in the short and medium term. Since late September the pair has been trading in the upper half of the 9-month range between 111 and 114. The market does not have any clear direction and this lack of trend is indicated by the horizontal 50-day and 200-day moving averages. Near-term […]

Morning Report: 07.00 London This morning, the dollar is retreating after making gains across the board yesterday on the back of the FOMC meeting minutes. The minutes showed the Fed at least considering the prospect of rate hikes in light of the Trump led tax cuts. This coupled with strong ISM manufacturing PMI made a […]

Federal Open Market Committee Meeting Minutes were released on Wednesday. Most Fed officials agreed to continue with gradual rate hikes. They highlighted the expected increase in the pace of inflation as one of the reasons to shorten the time between hikes. However, they also highlighted the failure of inflation to increase above 2% as a […]

Last year was the best year for GOLD since 2010. The precious metal managed to increase its value for the second time in a row due to the weakness of the US dollar, rates on long-term US debts refusing to increase, periodically flashing geopolitical risks, and also due to uncertainty surrounding the tax reform and […]

http://my.elliottwave.com/resources/free/market-myths-exposed.pdf?tcn=ytv1703

The bedrock belief that earnings drive stock prices permeates Wall Street. The Q1 2018 earnings season is underway, and investors are watching. But have they bothered to inv…

BITCOIN (BTC) has been trading upwards at the price of $15.359. Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member. Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria’s central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction […]

Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.2003. According to the 30M time frame, I found a successful rejection from the lower diagonal of the corrective downward channel, which is a sign that selling looks risky. I also found a successful test of Fibonacci expansion 100% at the […]

Recently, GOLD has been trading upwards. The price tested the level of $1,320.80. According to the 30M time frame, I found a successful rejection from the Fibonacci retracement 50% at the price of $1,311.00, which is a sign that selling looks risky. The short-term trend is bullish and my advice is to watch for potential […]

Monthly Outlook In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450. In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997. […]

BITCOIN has been quite sustainable with the recent gains and was able to push higher towards the $15,000 price area recently. The recent gains have been speculated amid the latest investment in bitcoin from various organizations like Founders Fund. The big investments do indicate that bitcoin is here to stay and not going to disappear […]

Daily Outlook A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart. This resulted in a quick bullish advance towards the next price zones around 0.7150-0.7230 (Key Zone) and 0.7310-0.7380 which was temporarily breached to the upside. The recent bearish […]

It’s 3 PM GMT on this Wednesday and time for the Dukascopy FX Movers and Shakers. Australia/Swissie rose sharply after 8 o’clock and the pair has gained point 7%, which is the day’s top move. Australian Dollar leads the advancers and decliners table and it’s just a fraction up from the safe-haven Yen as Japan […]

The US 500 index recorded an all-time high of 2,701.80 during today’s trading. A positive close would mark the second straight day of advancing after gaining 0.8% on Tuesday. The Tenkan- and Kijun-sen lines are positively aligned, with the former being above the latter. This is pointing to positive momentum in the short-term. The stochastics […]

EUR/JPY has been quite bearish today after breaking above the 134.50 resistance area recently. EUR has been dominating for a last few weeks but despite positive economic reports today EUR lose some grounds during JPY bank holidays. Today EUR Spanish Unemployment Change report was published with a significant decrease to -61.5k from the previous figure […]

In 2009, Iranians went to an election pitting Mahmoud Ahmadinejad and the moderate Mir Hosein Mousavi. Ahmedinejad was announced the winner which led to massive protests in Tehran and other cities in what came to be known as Green Movement. The protests were later suppressed by the government, which killed tens of protesters. On Thursday, […]

GOLD has closed higher in the past eight sessions, closing at a three-month high of $1307 yesterday. In 2017, it gained by about 12% fueled by a dollar that dropped by more than 13%. Gold is unlike other Commodities. It is a precious metal found deep inside earth’s crust. It is found in plenty in […]

USDCAD had a strong sell-off in the previous days following the downward retracement of the 1.2915 resistance level. The pair plunged to a new 14-week low near the 1.2500 strong psychological level during Tuesday’s session. It’s losing some downside momentum in oversold conditions in the 4-hour chart on the RSI and MACD indicators, but intraday bias remains bearish as long […]

The beginning of the year wasn’t too good for all US Dollar bulls as there was not much left for the USD sell-off at the start of the new year, but ultimately it was stopped due to a strong rebound in the US Treasury yield. On such a background, it will be interesting how the […]