GBPUSD Elliott Wave Analysis – Trading Lounge Day ChartBritish Pound/ U.S. Dollar (GBPUSD)?Day ChartGBPUSD Elliott Wave Technical AnalysisFunction: Bullish Trend Mode: Impulsive Structure: Gray Wave 3 Position: Orange Wave 3 Direction Next Higher Degrees: Gray Wave 3 (Continues) Details: Gray Wave 2 of 3 appears completed, now Gray Wave 3 of 3 is underway. Wave Cancel Invalidation Level: 1.30012The Elliott Wave analysis for the GBPUSD daily chart reflects a bullish trend, indicating upward market movement. The current price action is in an impulsive mode, which signals sustained upward momentum in line with the broader market tren...
The EUR/JPY cross gains momentum around 160.00 during the early European session on Friday. The Bank of Japan (BoJ) decided to keep its policy rate unchanged, as widely expected. However, the uncertain outlook of the BoJ monetary policy is likely to cap the upside of the Japanese Yen (JPY) for the time being. The BoJ kept its benchmark interest rate steady at around 0.25%, the highest level since 2008, at the conclusion of a two-day meeting on Friday. “The central bank is expected to hike rates in October, and “further dial back monetary support this year despite a poor run of economic data,” noted Stefan Angrick, associate director at...
After all, cutting 50 basis points is not something that happens very often, so a lot of traders are a little bit confused. It probably drives up inflation, which could drive up the price of oil, but at the same time, it could work against oil as well, because after all, if the economy slows down, and maybe the Federal Reserve is starting to see this be a thing, that works against the idea of global transportation and therefore demand of crude oil picking up. We are in the midst of trying to somewhat bottom out and you can see that on longer term charts, we definitely bounce from an area that mattered in the form of roughly $65. So even if w...
The Nasdaq-100 Trust ETF, QQQ, is both one of the most loved and most hated ETFs in the US market. Investors who bought and held $10,000 worth 15 years ago on September 10, 2009 have every reason to love it. They now have seen that investment grow to $126,000, an annualized gain of 18.4%. Very few non-leveraged ETFs could even approach this growth, especially considering that less than 20% of the US ETFs being traded today existed in 2009. In contrast, SPY, the S&P 500 Trust managed by SSgA SPDRs, has grown by 13.8% during the same period. This table, courtesy of FinanceCharts.com shows that the performance of QQQ dominated o...
ASX: BLOCK INC. – SQ2 Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BLOCK INC. – SQ2. We are seeing a potential bullish opportunity with wave (iii)-orange of wave ((iii))-navy.ASX: BLOCK INC. – SQ2 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Minor degree, gray) Mode: Motive Structure: Impulse Position: Wave ((iii))-navy of Wave 3-grey Details: The ((iii))-navy wave looks to be unfolding to push higher, while price must remain above 91.11 to maintain this view. I will look for a Long Trade Setup onc...
The USD/CHF pair trades on a softer note around 0.8465 on Friday during the early European session. The Greenback remains under some selling pressure after the Federal Reserve’s (Fed) oversized interest rate cut on Wednesday. Traders will take more cues from the Fed’s Patrick Harker speech later on Friday. The Fed decided to cut its key lending rate by 50 basis points (bps) on Wednesday, the first reduction since the COVID-19 pandemic. Fed Chair Jerome Powell noted after the rate announcement that the US central bank “It is time to recalibrate our policy to something that is more appropriate given the progress on inflation...
Image source: PixabayAs for the unemployment rate, it remains low by historical standards. But it has been trending a bit higher. Last month when the unemployment rate was 4.3%, Fed Chair Jerome Powell said: “We do not seek or welcome further cooling in labor market conditions…The time has come for policy to adjust.”It was one of the more explicit signals that rate cuts would begin soon, a development most market participants welcome. Of course, there are also voices brushing off the rise in unemployment as they argue that the Fed should wait longer until inflation is defeated more definitively.But we continue to get evidence that we a...
Image Source: PixabayIn this video, Ira Epstein reviews the day’s trading in the gold and other relevant metal markets.Video Length: 00:09:40More By This Author:Financial Markets Report For Thursday, Sept 19Financial Markets Report For Wednesday, Sept 18Metal Markets Report For Tuesday, Sept 17...
Image Source: PixabayElliott Wave Analysis TradingLounge Daily ChartUniswap / U.S. dollar(UNIUSD)UNIUSD Elliott Wave Technical AnalysisFunction: Counter trendMode: CounterStructure: Double CorrectivePosition: Wave (Y)Direction Next higher Degrees: wave ((E)) of ImpulseWave Cancel invalid Level:Details: Movement within the Triangle pattern May is complete and the price increase again.Uniswap / U.S. dollar(UNIUSD)Trading Strategy: It looks like the wave (2) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (3) uptrend.Uniswap / U.S. dollar(UNIUSD)Technical Indicators: The price is abov...
Image Source: Pixabay Silver price appreciates as the non-yielding asset becomes more appealing after the bumper 50 basis point Fed rate cut. BoE, PBoC, and BoJ all decided to keep their interest rates unchanged in September. The safe-haven Silver receives support from escalating tensions in the Middle East, as Israeli warplanes conducted intense strikes on southern Lebanon. Silver price (XAG/USD) extends its gains for the second successive day, trading around $31.10 per troy ounce on Friday. The non-yielding Silver receives support following the bumper 50 basis point rate cut by the US Federal Reserve (Fed) on Wednesday.Additionally, incre...