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USD is dominating the marketGold fees are forecast to range strongly withinside the last days of the week. In the fast term, the treasured steel`s help stage is 2,three hundred USD/ounce and the resistance stage is 2,340 USD/ounce. This treasured steel is attracting cash managers and hedge funds. Look at this need Fed Governor Michelle Bowman on Tuesday reiterated her view that maintaining coverage quotes steady “for a while” will probably be sufficient to manipulate inflation, however additionally reiterated that she is open to growing spending Loan charges if necessary. The marketplace has tilted toward the dollar after the discharge of financial facts highlighting the resilience of americaA economy, growing an possibility for the Fed to preserve excessive hobby quotes for longer.
TVC:GOLD
by NicoTradingMaster
The market has tilted towards the greenback following the releasGold prices are forecast to fluctuate strongly in the remaining days of the week. In the short term, the precious metal's support level is 2,300 USD/ounce and the resistance level is 2,340 USD/ounce. This precious metal is attracting money managers and hedge funds. Look at this need Fed Governor Michelle Bowman on Tuesday reiterated her view that keeping policy rates steady “for a while” will likely be enough to control inflation, but also reiterated that she is open to increasing spending Loan fees if necessary. The market has tilted towards the greenback after the release of economic data highlighting the resilience of the US economy, creating an opportunity for the Fed to maintain high interest rates for longer.
OANDA:XAUUSDShort
by NicoTradingMaster
EURJPY- JPY BULLET TRAIN MAY TAKE A HALT & REVERSE ITS DIRECTIONSymbol - EURJPY EURJPY is currently trading at 168.200 I'm seeing a trading opportunity on sell side. Shorting EURJPY pair at CMP 168.200 I will be adding more if 168.600 comes & will hold with SL of 169.000 Targets I'm expecting are 165.400 & beyond. Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Short
by akshit_official
4
Wondering where the Dollar is headed next? He're is a hint. Analysis A five wave decline from 107.34, the high on Oct 03, 2023 to 100.62, the low on Dec 28, 2023. In Elliott terms, this impulse structure tells us that the movement at the next larger degree of trend is also downwards. Within this impulsive structure, wave (i) is a Leading Diagonal, wave (ii) is a Flat which neatly predicts a Zigzag wave (iv) by guideline of Alternation. Both waves (iii) and (v) are extensions. The impulsive decline holds well within the parallel trend channel as is often expected. A five wave move is always followed by a three wave corrective pullback or variation thereof, irregardless of degree; in this case, a rally wave ((ii)). To where? The Elliott wave guideline on the depth of corrective waves suggests that price action should ideally end within the span of travel of the previous fourth wave of one lesser degree. Second, the ensuing correction, wave (ii) is unfolding as a sharp Double Zigzag correction labelled (w)-(x)-(y) with waves (w) and (x) completed, wave (y) in progress. In ratio relationships, sharp corrections tend more frequently to retrace 61.8% of the previous wave particularly when they occur as wave (ii) of an Impulse or wave (b) in a larger Zigzag. Also, the actionary waves in a Double Zigzag correction namely waves (w) and (y) are often related by equality or Fibonacci (0.618) in time or amplitude. wave (y) = 0.618 X (w) at 104.87; this level falls neatly within the previous guidelines. Thus, the cluster of evidence suggest the rally is nearing its end and a reversal is onset; a third wave. Trade Plan 1) Conservative Approach Entry: Short at 104.879; the 0.618 retracement. Protective Stop: 107.34; in an Impulse wave (ii) CAN NEVER retrace more than 100% of wave (i). Target: 10.87 decline; in an impulse the third wave commonly travels 1.618 times the loss of the first, as in: wave ((i)) = -6.72 (100.62-107.34), wave ((iii))= 1.618 X (-6.72) equals (-10.87) Risk-Reward: 1:3 2) Aggressive Approach Requires price action to break below a recent swing low; wave b of a Zigzag, that will virtually suggest the rally has ended and a reversal was underway. Entry: Break below 103.89 Protective Stop: Recent swing high Targets: Below 100.62 Risk-Reward: Greater than 1:3 NOTE: Stay tuned to get follow-up adjustments to stops as we monitor the move through completion.
TVC:DXYShort
by Aquanet_Market_Forecast
3
EUR/USD: A Third Wave of an Impulse in Sight Analysis The advance from Oct. 03, 2023 low of 1.0448 to 1.1140 subdivides into five waves. This wave pattern is significant because impulse waves identify the direction of the dominant trend. Thus the five wave advance implies further buying to come that would take prices above 1.1140 as wave 3. The subsequent decline in EUR/USD is developing in three waves; Double Zigzag correction labelled ((w))-((x))-((y)) with wave ((y) in progress, supports this analysis. Counter trend price action typically consists of three waves, it's slow, choppy and often contained within parallel lines. The depth of corrective wave guideline suggests that corrections tend to register their maximum retracement within the span of travel of the previous fourth wave of one lesser degree, most often ending near its terminus. More over, in ratio relationships, sharp corrections tend more frequently to retrace 61.8% of the previous wave particularly when they occur as wave 2 of an Impulse or wave B in a larger Zigzag. Observe that this level is near the previous fourth wave of one lesser degree. Within wave 2, wave ((y)) = 0.618 X ((w)) at 1.0701. Observe that this level is near the previous guidelines. All this evidence virtually suggest that a bottom is at hand and a reversal could be around the corner. Trade Plan Entry: Buy at Market Price Protective Stop: 1.0448;in an Impulse wave 2 CAN NEVER retrace 100% of wave 1. Target: 1120 pips; in an Impulse the third wave commonly travels 1.618 times the gain of the first as in; wave 1 = 692 pips (1.1140-1.0448), wave 3 = (1.618 X 692) Risk-Reward: 1:3
Long
by Aquanet_Market_Forecast
2
AUDJPY: Ending Diagonal Pattern; A Reversal on the Horizon.The advance from Mar 24, 2023 low of 86.06 subdivides into five waves. Notice that this price action contains overlapping waves that contract and form a wedge shape. That is the emblem of an ending diagonal which cues a swift and dramatic reversal on the horizon. According to Elliott Wave guideline, the expected reversal is projected to reach at least the point where the diagonal initiation occurred, and potentially extend beyond. In this instance, the relevant level is identified by the conclusion of wave ((b)) at 86.06. A salient attribute of ending diagonal is that all initial subwaves form either a single or multiple zigzag patterns. Waves (i), (iii), (iv) and (v) appear to be single zigzags, while wave (ii) is a double zigzag. Wave (v) often makes a throw-over (a brief break beyond the trendline connecting waves (i) and (iii) ). A throw-over suggests a diagonal has finished. Once price action pushes below the trendline connecting waves (ii) and (iv), we would have compelling proof that the diagonal has ended. The next event should be a swift move to at least 86.06 and probably beyond. The wave count is not the sole basis for considering a short position. Beyond what is illustrated, there has been a divergence in prices and MACD since June 16, 2023, suggesting a diminishing upward momentum and indicating a weakening uptrend. Despite new highs in prices on November 16, 2023 and February 21, 2024, MACD did not follow suit. This bearish divergence frequently foreshadows a potential downturn in prices. (Insert MACD on your chart and draw a trendline connecting the highs) Trading Plan Entry: Sell above wave (iii) high. Protective Stop: 100.95; the price level at which wave (v) would be longer than wave (iii), which would render our diagonal scenario invalid. As a rule, within a contracting ending diagonal, wave three is always shorter than wave one, and wave five is always shorter than wave three. Target: 86.06 and below Risk-Reward: 1:5
Short
by Aquanet_Market_Forecast
AUD/USD: A Third Wave "...Wonders to Behold..."Prices advanced in five waves from 0.6477 to 0.6667. This wave pattern is significant because impulse waves identify the direction of the larger trend. Thus, the five-wave advance in AUDUSD implies further buying to come that would push prices above 0.6667 as wave (iii). The subsequent decline that is developing in three waves supports this analysis. Counter trend price action typically consists of three waves, so we expect another move up. Moreover, the three-wave decline travels to 0.6550 to retrace 61.8% of the previous impulsive advance. 61.8% is a common retracement for corrective waves especially when they occur as wave 2 of an impulse or wave B of a zigzag correction. Also nearby is 0.6558, the price level at which wave c equaled wave a, which is a common Fibonacci relationship between wave C and A of zigzag correction. Also adjacent is 0.6560, the end of the fourth wave of one lesser degree. As a guideline, corrections tend to end upon reaching the end of the previous fourth wave of one lesser degree. Besides, the correction is unfolding as a Zigzag A-B-C with a triangle characteristic in the b wave position as is common. Also, the correction neatly adheres to the parallel channel with wave c hugging the lower boundary of the channel. These cluster of evidence suggests that prices are approaching an important juncture and a reversal to the upside is on the horizon. If so, then a break above 0.6629 would virtually indicate the correction ended and the next significant move is to the upside. Trading Plan Entry : Buy at market. Protective Stop : 0.6477; in an impulse wave 2 can NEVER retrace 100% of wave 1. Target : 307 pips i.e ((0.6667-0.6477) X 1.618) In an impulse, the third wave commonly travels 1.618 times the length of the first. Risk-to-Reward : 1:3
Long
by Aquanet_Market_Forecast
2