Image Source: Pixabay EUR/JPY gains ground as a possibility of market intervention by Japanese authorities. Japan’s Suzuki does not rule out responding to disorderly FX movements. The Euro may encounter pressure on the expectation of the ECB’s rate cut in June. EUR/JPY moves back and forth with a negative tone as the Japanese Yen (JPY) is under selling pressure following the dovish tone of the Bank of Japan (BoJ). The EUR/JPY cross recovers intraday losses and trades around 164.10 during the Asian trading hours on Wednesday.However, the Japanese Yen has gained some ground after the comments made by the Japanese Finance Minister Shunichi...
Image Source: UnsplashUSDCHF has displayed a bullish breakout after a consolidation phase, hinting at a continuation of the uptrend. This analysis examines the technical situation and explores potential scenarios for the currency pair.Uptrend Reignited: Breakout Confirmed: Following a period of consolidation, USDCHF has decisively broken above the resistance level at 0.9019. This technical breakout confirms the continuation of the uptrend that began at 0.8729. The upside move has extended further, reaching a new high of 0.9042. Bullish Momentum Building: Further Rise on the Horizon: As long as the price remains above the initial support ...
Image Source: PixabayElliott Wave Analysis TradingLounge Daily Chart,Binance/ U.S. dollar(BNBUSD)BNBUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave ((v))Direction Next higher Degrees: wave 3Wave Cancel invalid level: 287.5Details: Wave ((V)) is equal to wave ((1) at 734.4Binance/ U.S. dollar(BNBUSD)Trading Strategy:It looks like Wave IV has finished correcting and the price is rising again in Wave V. Wave V usually has the same length as Wave I. Therefore, we predict the trend of Wave V has a chance to test the 0734.4 level before correcting again.Binance/ U.S. dollar(BNBUSD)Technical ...
Image Source: PexelsThe collision of the Singapore-registered container ship, the Dali, with a bridge in Baltimore, has caused significant disruptions and raised concerns about its impact on supply chains and goods inflation. The incident resulted in the closure of the Port of Baltimore, which is a major hub for U.S. automobile and farm equipment imports. Additionally, a major highway was closed, and container traffic has been diverted to other ports across the U.S.This incident adds to existing trade disruptions in the Red Sea and the effects of droughts in the Panama Canal. While the starting point of supply chains is relatively robust, th...
Image Source: UnsplashShort Term Elliott Wave view in Nikkei (NKD) suggests pullback to 38136 on 3.12.204 low ended wave 4. Index then turns higher in wave 5. The rally from 3.12.2024 low is in progress as a 5 waves impulse. Up from wave 4, wave ((i)) ended at 39055. Pullback in wave ((ii)) ended at 38155 as a zigzag. Down from wave ((i)), wave (a) ended at 38310, wave (b) ended at 38740 and wave (c) lower ended at 38155. Index then resumed higher in wave ((iii)).Up from wave ((ii)), wave (i) ended at 38650 and wave (ii) pullback ended at 38390. Wave (iii) higher ended at 39850 and pullback in wave (iv) ended at 39505. Final leg wave (v) end...
Image Source: PexelsInvestors are always looking for stocks with strong momentum whether it be positive news surrounding a new business development or better-than-expected financial results.These scenarios are often catalysts that can produce a nice rally and more reassuring is when the benefitting stock offers a sizable dividend to persuade longer-term interest. In this regard, here are several highly ranked stocks that investors may want to consider at the moment.Golden Ocean Group (GOGL – Free Report): Starting out is Golden Ocean Group, the world’s largest listed owner of large dry bulk vessels. Golden Ocean Group’s sto...
Image Source: UnsplashThe first day out for DJT was a smashing success, although I’d quietly point out that when DWAC was trading back in October 2021, it was substantially higher. All the same, this has been a very powerful stock for months.More By This Author:Index Charts: A Uniform Story With Two Standout Exceptions Boeing’s Gaping HoleReddit IPO: Not A Big Deal...
For the trading week that ended March 22, 2024, my proprietary Canadian Cannabis Company Index (MCCCI) increased 36.5% compared to the prior week when it when was unchanged. The index consists of 14 stocks, many of which are among the most widely held holdings of the 3 ETFs (MJ, CNBS, and THCX) that I consider to be a reliable barometer of the Canadian cannabis sector. MCCCI’s differentiated business model is both weighted and market capitalization-based because I believe that this approach best represents the current landscape of the Canadian cannabis sector. Now let us look at this week’s good, bad, and ugly stocks, shall we?Image S...
Global Macro and Markets Global Markets: A decent 5Y auction ahead of Friday’s PCE release left 2Y and 10Y yields little changed from the previous day. EURUSD is slightly lower, though it was trending higher before declining in late trading. Most of the G-10 currencies were also little changed to fractionally stronger against the USD. The JPY was the main exception at 151.56, slightly weaker than at this time yesterday as markets test the verbal intervention of the last few days to see if there is more substance than just words. Asian FX was fairly muted on Tuesday. The THB and KRW – two of the weaker currencies in the last few days R...
Image Source: PexelsStocks fell sharply in the final hour of trading when a nearly $5 billion sell imbalance was posted at 3:50 PM ET. These orders for the closing cross can start being posted at 2 PM ET and build throughout the afternoon, so it is not surprising that the market started selling off ahead of the release of the cross.There was a reasonably significant volume spike around 3:30 PM ET, which started the afternoon unwind. It led to a sell-off of about 40 bps in the final 30 minutes. This marks the second day in a row with a significant sell imbalance, following yesterday’s nearly $2 billion that came for sale.What could be dri...