Expanded Elliott Wave analysis by Ivo Petrov revisits the S&P 500’s complex recovery since 2020. The update highlights a completed 13-year impulse wave followed by an ongoing corrective A-B-C sequence, with Wave C potentially driving prices below 2022 lows. This deeper look offers critical insights for traders applying Elliott Wave Theory into 2024.
Forex Market Update: The US dollar weakens as Treasury yields fall below 5%, prompting traders to reassess Fed rate hike expectations. Key points:
– US Dollar Index slips to 106.20 amid declining bond yields
– FOMC meeting eyed; over 85% chance rates hold steady next session
– Softening US inflation and recession fears weigh on the dollar
– Euro gains on prospects ECB may pause hikes amid slowing growth
– Watch upcoming US GDP and Core PCE inflation data; ECB meeting to drive volatility
Full analysis credit to Aaron S at Mitrade. Stay tuned as markets react to critical economic indicators shaping FX trends.
US dollar edges closer to key resistance near 106.50 amid mixed economic data and ongoing geopolitical risks. Hawkish Fed hints and rising Treasury yields support the greenback, while euro faces pressure from slowing Eurozone growth. Market eyes November Fed decision for clues on next moves. #ForexUpdate
EUR/USD slips below 1.0600 as robust US economic data and hawkish Fed signals bolster the Dollar. Weak Eurozone PMIs deepen concerns over regional stagnation, adding downward pressure on the pair. Traders await central bank cues amid geopolitical tensions shaping market flows.
GBP/USD edged higher amid mixed UK labor data and fluctuating US dollar moves, resulting in choppy trading. Pound recouped some losses but cautious BoE signals and market uncertainty kept the pair in a narrow range. Traders await further economic data for clearer direction.
EUR/USD declines as eased U.S.-China trade tensions and President Trump’s softer tone boost risk appetite. Investors favor the dollar over the euro amid reduced geopolitical uncertainty and improved global outlook, signaling a bearish phase for the euro-dollar pair.
USD/JPY nears key 152 level amid Japan’s political turmoil and delayed Fed rate cuts. Rising U.S. Treasury yields widen interest rate gap, boosting the dollar and sparking intervention talk. Market eyes potential yen support as uncertainty grows. #Forex #USDJPY
The Canadian dollar strengthened against the US dollar after stronger-than-expected March inflation data boosted expectations that the Bank of Canada will maintain higher interest rates longer. Markets now see lower odds for mid-year rate cuts, supporting the loonie’s recent gains.
Global forex markets remain dynamic amid contrasting US and Eurozone economic signals. Fed’s potential pause in hikes and ECB’s cautious stance fuel EUR/USD volatility. Watch key support at 1.0650 and resistance near 1.0900 as traders weigh macro data and geopolitical risks shaping currency trends ahead.
The U.S. dollar pulled back from recent weekly highs as traders reassessed Federal Reserve rate expectations following stronger labor market data. EUR/USD rebounded from lows near 1.08 amid ECB rate cut uncertainty, GBP/USD showed resilience supported by UK economic data, USD/CAD retreated alongside oil price shifts, and USD/JPY held firm amid ongoing Bank of Japan policy divergence. Markets now await the Fed meeting for clearer direction.
