The USD/CAD price analysis shows further support for a gradual Fed easing cycle. The US released upbeat data on Tuesday, which boosted the dollar against the Canadian dollar. However, political developments in Canada have allowed the CAD to make a new peak.The greenback soared on Tuesday after two separate economic reports revealed continued resilience in the US economy. Notably, US job openings unexpectedly rose to 8.10 million in November, beating estimates of 7.73 million. The figures indicated higher-than-expected demand for labor in November and a resilient labor market. This will likely keep Fed policymakers cautious. Meanwhile, another report showed that business activity in the US services sector jumped more than expected. The ISM services PMI increased to 54.1, above forecasts of 53.5. A resilient economy shows that the US central bank will keep rates at restrictive levels. As a result, the dollar rose. Traders will now await the FOMC meeting minutes for more clues on future Fed moves.On the other hand, although the loonie gave up some of Monday’s gains, it remained strong. Bullish sentiment soared after Prime Minister Justin Trudeau announced plans to resign. Therefore, there is more clarity about the future, with markets anticipating an election before October. Moreover, they expect a win for the opposition Conservatives.  USD/CAD key events today US ADP non-farm employment change US unemployment claims FOMC Meeting Minutes  USD/CAD technical price analysis: Bears trigger range breakoutUSD/CAD 4-hour chart On the technical side, the  price has made a lower low after breaking below the 1.4351 range support level. […]

Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase. Ethereum started a fresh decline from the $3,750 zone. The price is trading below $3,550 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to start a fresh increase above the $3,450 resistance level.  Ethereum Price Dips Over 8%Ethereum price remained stable above the $3,650 level and extended its upward move like . ETH gained pace for a move above the $3,680 and $3,700 resistance levels.However, the bulls failed to push the price above the $3,750 resistance. A high was formed at $3,742 and the price started a fresh decline. There was a clear move below $3,650 and $3,550. There was also a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD.A low was formed at $3,356 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,356 low.Ethereum price is now trading below $3,550 and the . On the upside, the price seems to be facing hurdles near the $3,450 level. The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550 or the 50% Fib retracement level of the recent decline from the $3,742 […]

Image Source:   Asian markets declined, mirroring the moves in the U.S. overnight, as concerns about rising inflation led to a selloff in Treasuries and a negative sentiment towards China influenced market dynamics as trade tariffs from the incoming Trump administration remain a concern. MSCI’s regional equities index is set to post its largest single-day decline in over two weeks, erasing gains made on Tuesday. China’s main stock index has plunged to its lowest level since September, fuelled by ongoing investor anxiety about the potential for increased U.S. tariffs. The S&P 500 dropped by over 1% on Tuesday following a report that revealed inflation among U.S. service providers has reached its highest point since early 2023. Economic worries are dampening investor confidence across Asia, particularly in China, where there are growing fears of a potential deflationary spiral. This concern is compounded by credit yield premiums nearing their lowest levels since the global financial crisis, causing scepticism about investor appetite for a surge of deals in global debt markets. In China’s $11 trillion government bond market, investor sentiment has turned increasingly pessimistic, with 10-year bond rates recently hitting all-time lows, falling over 300 basis points below those of the U.S., even after the Chinese government, led by President Xi Jinping, announced several economic stimulus measures. In other markets, oil prices increased for the second consecutive day on Wednesday, driven by industry data showing another decline in U.S. inventories, while Bitcoin fell below $100,000.The dollar gained strength on Wednesday, supported by rising Treasury […]

 gains ground to near 1.0350 during the early European session on Wednesday. However, the potential upside of the major pair might be limited amid the prospects for slower interest rate cuts by the Federal Reserve (Fed) in 2025. The Federal Open Market Committee (FOMC) Minutes will be closely monitored later in the day.  The upbeat US economic data could give the US central bank ample room to continue leaving interest rates higher for longer, supporting the Greenback. The US Services Purchasing Managers Index (PMI) rose to 54.1 in December versus 52.1 prior, according to the Institute for Supply Management (ISM) on Tuesday. This reading came in above the market consensus of 53.3. Meanwhile, US JOLTS Job Openings increased to 8.09 million in November, compared to 7.83 million in October. The market expected 7.7 million Job Openings in November.  Additionally, hawkish comments from the Fed officials might contribute to the USD’s upside.  of Atlanta President Raphael Bostic said on Tuesday that inflation is expected to gradually decline this year to the Fed’s 2% target. However, Fed policymakers should be cautious with policy decisions given uneven progress on lowering inflation and err on the side of keeping interest rates elevated to achieve their price stability goals. Earlier on Monday, Fed Governor Lisa Cook noted Fed officials can move more cautiously with interest rate cuts, pointing to a sturdy labor market and sticky inflation. Across the pond, markets continue to anticipate aggressive European Central Bank (ECB) rate cuts in 2025 despite the rise in inflation. This, […]

Swiss Market Index Elliott Wave Analysis – Trading Lounge Day ChartSwiss Market Index Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction (Next Higher Degrees): Orange Wave 3 (Started) Details: Orange wave 1 is complete; orange wave 3 is now in play. Wave Cancel Invalidation Level: 11,245.31 The Swiss Market Index (SMI) is currently in a bullish trend, as analyzed using Elliott Wave Theory on the daily chart. The market is in an impulsive phase, defined by the progression of orange wave 3 within the broader navy blue wave 3 structure. The completion of orange wave 1 has initiated orange wave 3, signifying strong upward momentum.Orange wave 3 is a pivotal phase in the Elliott Wave sequence, often characterized by dynamic and extended price movements within an impulsive trend. Upon its progression, the market is expected to transition into the next corrective phase, adhering to the natural alternation of impulsive and corrective waves within the larger structure.An invalidation level has been established at 11,245.31. Should the price fall below this threshold, the current wave structure will no longer hold valid, requiring a reassessment of the analysis. This level serves as a critical benchmark for confirming or invalidating the ongoing bullish trend.Summary: The Swiss Market Index is in a bullish impulsive phase, with orange wave 3 advancing as part of navy blue wave 3. This stage reflects significant upward momentum within the broader market trend. The invalidation level (11,245.31) is a key reference point for maintaining the accuracy of the wave analysis and guiding expectations for future market movements. As orange wave 3 progresses, it will set the foundation for subsequent phases in the Elliott Wave […]

In this technical article we’re going to take a quick look at the  of GOLD commodity (XAUUSD), published in members area of the website. As our members are aware, XAUUSD recently completed a 3-wave recovery against the 2726.1 peak. The commodity found sellers right at the equal legs zone. Let’s dive deeper into our Elliott Wave forecast in this article. GOLD H1 Update 01.03.2025According to the current analysis, GOLD seems to be in a red wave X recovery , correcting the cycle from the 2727.08 peak. The price has already reached the key zone at 2653.03 -2688.48. In this area, we expect sellers to take over. That could lead to further decline toward new lows or at least a 3-wave pullback.  That’s why we don’t recommend buying this commodity right now.(Click on image to enlarge) GOLD H1 Update 01.07.2025GOLD found sellers at the Equal Legs Zone as anticipated. The commodity showed a significant reaction from the seller’s zone, and we consider the red wave X recovery to have ended at the 2665.42 high. As long as the price stays below this level, we expect further weakness in the red wave Y. A break below the red wave W low at 2583.8 is needed to confirm this scenario.However, if the price rises above the 2665.42 high, an alternative scenario will come into play. We do not recommend selling against the main bullish trend and will instead wait for the red wave Y as a potential buying opportunity if the next extreme zone is reached.You […]