China reported GDP growth for 2022 that beat expectations as December retail sales came in far better than projected. The Australian and New Zealand Dollars are putting in a mixed-to-better performance on Tuesday following the release of a slew of economic data from China and a pair of domestic reports. On Monday, the Aussie and the Kiwi settled lower in a...
The relentless rally by the U.S. Dollar in 2022 devastated foreign currencies, chewed up multi-national corporate profits and handed investors one of the best trending trades of the year. And even though the greenback has struggled since late September, recession concerns may keep it elevated in 2023. At its peak on September 28, the U.S. Dollar stood at its...
major factor that is likely to control the direction of crude oil prices over the near-term is hopes for less-aggressive U.S. interest rate hikes by the Federal Reserve. This will have a bearish influence on the U.S. Dollar, which could boost oil prices. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other...
we are expecting DJI is going up to complete WXY corrective format toward 50% fibo level @33700 before its fall
US jobs report brings both bad news and good news. The good news is the odds of a soft landing in the economy have likely been boosted in light of the labor market’s performance in December. But that’s just our immediate assessment. We think it may be too soon to celebrate because there was nothing in the report to indicate the Fed is going to back off from...
xrp made a nice pullback on lower channel of wolfe wave .target of wolfe wave is 0.23 .please see what will come out
This update is aligned with both scenarios described earlier and 77$ is key to determine which way oil will go Keep an eye on the level and wait to see how this level will be treated
A rally in the dollar index to a 2-week high weighed on energy prices. Crude prices extended their losses when stocks retreated, which curbed optimism about the economic outlook and energy demand Increased OPEC crude output is bearish for oil prices. OPEC Dec crude production rose +150,000 bpd to 29.140 million bpd. OPEC+ on December 4 decided to keep the...
we see overlapped ks and ts of ichimikou indicating an upward rally before continuation of its fall toward 73$. Bearish Scenario A sustained move under $77.12 will indicate the presence of sellers. This could trigger a quick break into the short-term 50% level at $76.09, followed by the short-term 61.8% level at $74.78. Counter-trend buyers could come in on the...
Traders have their eyes on OPEC+ this week, but don’t expect any changes to current policy. In 2022, OPEC+ largely ignored calls from the U.S. and other key consumers to increase oil supply more aggressively this year amid higher prices and supply concerns. Consequently, the group’s decision to reduce output targets by 2 million barrels per day from November 2022...
whenever tk and ks overlapped each other it means that price will be back toward flat ks and then continue its trend . we can see several examples across different markets including forex and energy market for this pattern . here for WTI on monthlies timeframe such pattern seen indicating price will be headed toward 65$ or 50%fibo level or lower @56$ at 61.8% fibo...
Rising global interest rates are expected to take their toll on the world economy in 2023. This is expected to keep a lid on crude oil prices, its products and natural gas. The drop in demand is expected to drive up inventories, which may be enough to offset any attempts by Russia to cut output. Meanwhile, China’s oil demand restrictions, which were eased in...
we see a WXY format for wave structure and we are in X leg to be completed . for fundamental view :Russian oil exports and the risk of global recession will be key drivers of oil prices in 2023. While logistical issues may temporarily impact Russian exports, China’s growing demand for oil is expected to provide support to markets in the second half of the...
The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through $81.21 will change the main trend to up. A move through $70.56 will reaffirm the downtrend. The minor trend is up. This is controlling the momentum. A trade through $76.94 will change the minor trend to down. The main range is $89.89 to $70.56. Its...
U.S. West Texas Intermediate and international-benchmark Brent Crude oil futures dipped lower on Wednesday as concerns over a surge in COVID-19 cases in China, the world’s biggest oil importer, offset the chances easing pandemic restrictions in the country will boost fuel demand. Although the market weakened from a three-week high hit earlier in the week, there is...
The index has gone back and forth during the course of the week, showing signs of hesitation in both directions but as we head into the holidays, it makes a lot of sense that we would see hesitation. harmonic patterns along with ichimikou signs for further decrease is seen on the chart and fibo levels
Gold futures are edging higher at the mid-session on Friday but remain in a position to post their biggest weekly loss since mid-November. Helping to keep a lid on gains and drive prices lower was the hawkish tone delivered by several central banks as they signaled that more rate hikes are needed to curb inflationary pressures. The survey’s flash manufacturing PMI...
Trader reaction to the long-term 50% level at $72.31 is likely to determine the direction of the January WTI crude oil market on Friday. Bullish Scenario A sustained move over $72.31 will indicate the presence of buyers. This could lead to a test of the minor top at $75.44. Taking out this level will change the minor trend to up and could trigger an acceleration...