FxPro

2022-06-16 11:34:32 #WaveAnalysis

#AUDUSD reversed from support level 0.6850
• Likely to rise to resistance level 0.7000

AUDUSD currency pair recently reversed up from the key support level 0.6850 (which stopped the earlier sharp downward impulse wave 1 in the middle of May).

The upward reversal from the support level 0.6850 is likely to create the daily Japanese candlesticks reversal pattern Bullish Engulfing – a strong buy signal for this currency pair.

Given the oversold daily Stochastic, AUDUSD can be expected to rise further toward the next round resistance level 0.7000.

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2022-06-16 11:19:03 Open / Comment

2022-06-16 10:25:48 Yesterday, financial markets received the fastest monetary policy tightening in almost 30 years, which has hardly added to the appeal of cryptocurrencies for the foreseeable future.

Investors and traders should be prepared that yesterday’s rebound could choke out rather quickly. We need to be ready that cryptocurrencies and risky assets in financial markets are unlikely to reliably bounce back before there are signals that the economy has stopped slowing. The Fed is no longer tightening its rhetoric.

Despite the massive fall in the crypto market, MicroStrategy CEO Michael Saylor continues to express confidence in bitcoin’s growth. He said the company is safe, has enough collateral for its loan, and could survive a BTC’s fall as low as $3562. MicroStrategy has already lost more than $1.2 billion due to the decline in BTC.

According to a Bank of America survey, 90% of Americans plan to buy cryptocurrencies in the next six months.

According to market veteran Peter Brandt, people are willing to buy anything in the hope of an “ace” but end up losing their hard-earned money. Open / Comment

2022-06-16 10:25:21 Bitcoin bounced up from $20K, but lack of reasons for a rally

Bitcoin was down 0.7% on Wednesday, ending it near $21.8K, although it was a hair away from $20K in the first half of the day.

Ethereum gained 5% in the past 24 hours, losing 35% in 7 days. Altcoins from the top 10 are growing ahead of the curve, rising between 7% (BNB) and 18.6% (Solana). The top altcoins are behaving better than the flagships (ETH, BTC) this week, as they have fewer institutions and crypto enthusiasts find them relatively stable and still cheap.

Total crypto market capitalisation, according to CoinMarketCap, added 5% overnight to $0.94 trillion. The Bitcoin dominance index declined 0.6 points overnight and 2.2 points in 7 days to 44.3%.

By Thursday, the cryptocurrency fear and greed index remained unchanged at 7 points (“extreme fear”).

It isn’t easy to rely on the resulting rebound as it is not due to easing financial conditions. Bitcoin’s recovery to Tuesday’s levels looks like a technical bounce after a quick collapse. Open / Comment

2022-06-15 16:59:15 Open / Comment

2022-06-15 16:53:19 Open / Comment

2022-06-15 13:10:18 Oil is also turning around. Brent is in its fifth trading session showing a downtrend with a sequence of increasingly lower lows and highs. Yesterday morning, we saw bulls’ efforts to break the trend run into furious selling as the price lost 5% or almost $6 in less than five hours.

We had already seen in early March that oil was looking too expensive for buyers in the market and economy, causing a demand shock and triggering a correction. Fresh data from the IEA highlights that global inventory rose in April for the first time in almost two years. However, OPEC+ is increasingly falling short of quotas, and US production has stagnated near 11.9m BPD for the last ten weeks.

Our estimate is that we will see the end of a multi-month rally in oil strengthen if Brent consolidates below $114. Open / Comment

2022-06-15 13:09:27 Yesterday’s oil and gas crash is the first sign of a break in the energy uptrend

Oil and gas took a massive hit during the New York trading session. Oil and gas fell sharply for different reasons, but in both cases, we could witness a bearish energy reversal after more than fivefold price gains from the macrocycle lows of April 2020.

Natural gas was momentarily losing over 20% on Tuesday on reports that Freeport LNG is set to get its terminal back online within 90 days. It is speculated that a full recovery is not expected until the end of the year, but gas futures have managed to cut losses from 20% to 18%, trading at $7.26 at the time of writing.

It’s counter-intuitive, but the gas price peaked on the day the Freeport LNG fire was announced on June 8, and from a peak at $9.6, the price has fallen by a quarter. If we do see a reversal, it would not be surprising if gas loses ground rapidly down to 6.5 or even 6.0 before the bears make their first attempts to lock in profits. Open / Comment

2022-06-15 10:35:50 #WaveAnalysis

#EURGBP broke resistance level 0.8585
• Likely to rise to resistance level 0.8700

EURGBP currency continued to rise strongly after this currency pair broke above the key resistance level 0.8585 (which has been repeatedly reversing the pair from November).

The breakout of the resistance level 0.8585 accelerated the active impulse waves 3 and (3) – which then broke above the next major resistance level 0.8650.

EURGBP can be expected to rise further toward the next resistance level 0.8700 (former strong resistance from April of 2021).

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2022-06-15 10:33:50 #WaveAnalysis

#GBPUSD broke support level 1.2175
• Likely to fall to support level 1.1945

GBPUSD currency was under bearish pressure after the pair broke the support level 1.2175 (which stopped wave 3 in the middle of 2022).

The breakout of the support level 1.2175 accelerates the active impulse wave 5 of the intermediate impulse wave (3) from the start of January.

Given the clear daily downtrend, GBPUSD can be expected to fall further toward the next support level 1.1945 (target for the completion of the active impulse wave 5).

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