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USD/JPY: US Elections and Middle East War!USD/JPY fell towards 152.00 after reaching a 12-week high near 153.20, due to a temporary correction in the US Dollar (USD), which saw the Dollar Index (DXY) dip to 104.20. Despite this, the Dollar's outlook remains bullish, supported by positive economic data such as the October US services PMI, which exceeded expectations with an expansion to 55.3. Political uncertainty and the upcoming US presidential elections further enhance the Dollar's appeal as a safe-haven currency. In Japan, the cautious statements from Bank of Japan (BoJ) Governor Kazuo Ueda, who indicated a gradual approach to assessing inflation, suggest that further rate hikes are unlikely in the near term. This divergence in monetary policies between the US and Japan continues to support a bullish trend for USD/JPY, with the current correction seen as temporary.
Long
by Forex48_TradingAcademy
1
USOIL Ready for $75!WTI oil prices have climbed back to $71.60 per barrel, supported by geopolitical tensions in the Middle East, particularly due to the conflict between Israel and Hezbollah. The possibility of disruptions in oil supplies from the region fuels market uncertainty. However, the significant increase in US crude oil inventories, far exceeding expectations, is putting downward pressure on prices, indicating a potential oversupply. Additionally, the strengthening US dollar, which has reached its highest level since July, is reducing oil demand by making it more expensive for foreign buyers. These factors limit the potential for price increases, despite geopolitical concerns.
TVC:USOILLong
by Forex48_TradingAcademy
1
XAU/USD: Ready for a Pullback!The price of gold (XAU/USD) has recently retreated from an all-time high of around $2,560 and is currently trading slightly below $2,720, complicated by the strength of the US dollar and rising US Treasury yields. Technically, the $2,750 level has shown signs of rejection, making it a key resistance, while immediate support is located at $2,725, near the lower boundary of a two-week ascending channel. A convincing break below this support could trigger technical selling, pushing the price down toward $2,700 and subsequently to $2,680-2,675, where the 100-period simple moving average resides. Despite overbought conditions and pressure from the dollar, political uncertainty and the risk of escalating tensions in the Middle East continue to support demand for gold as a safe haven. That said, gold seems poised for a correction toward $2,675, and we will see in the coming days if it gives us a signal for a short entry. Good evening and happy trading to everyone.
OANDA:XAUUSDShort
by Forex48_TradingAcademy
1
DreamAnalysis | SPX500 at a Crossroads Key Trading Strategies✨ Today’s Focus: SPX500 (US500) – A Key Market Driver We dive into recent price movements and analyze critical market levels to identify potential trends. 📊 Current Market Overview: The price is currently consolidating within the Previous Weekly Range, showing little movement for now. However, it's important to note that the Previous Month's High (PMH) has already been taken, and the market needs to accumulate more liquidity before making a decisive move—hence the consolidation. 🔴 What to Expect: Short-Term vs. Long-Term Scenarios We'll explore both short-term and long-term outlooks, offering insights into bullish and bearish possibilities for day traders. 🗣 Short-Term Outlook: In the short term, we may see a retracement into the Fair Value Zone or the Equilibrium (50% of the range). However, without significant information from higher timeframes, it's best to wait for lower timeframe confirmations before entering a trade. 🗣 Long-Term Outlook: From a long-term perspective, the price may dip lower to absorb sell-side liquidity before continuing its upward trend. 🕓 Key Levels to Watch: Keep an eye on these levels, which could impact price action: - PMH: Previous Month High - PML: Previous Month Low - PWH: Previous Week High - PWL: Previous Week Low - BSL: Buy-Side Liquidity - SSL: Sell-Side Liquidity - Daily FVG: Fair Value Gap (Imbalance Zone) These levels highlight potential liquidity absorption points and areas where price might rebalance. Fair Value Gaps (FVGs) are key zones for potential retracement before the market resumes its trend. 🔔 1Hour Outlook: 📈 Bullish Scenario: For a bullish setup, we need the Previous Week Low (PWL) to be taken out, or we can use the lower timeframes to identify Sell-Side Liquidity (SSL) levels. Once price sweeps these liquidity levels, we can look for an entry model to target the Buy-Side Liquidity, such as the Previous Week High (PWH). 📉 Bearish Scenario: On the bearish side, lower timeframes are already offering potential entry models. With the monthly high (PMH) taken and a Smart Money Technique (SMT) divergence with the NASDAQ (US100), there’s a strong confluence for bearish continuation. 📝 Conclusion: Stay flexible as market conditions shift. Monitor these key levels and setups closely to fine-tune your strategy and seize high-probability trading opportunities. 🔮 Looking Ahead: Keep following as we track developments in NASDAQ, DXY, EUR/USD, and other major markets. Timely insights will be provided as trends unfold. ⚠️ Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and consult a licensed financial advisor before making any investment decisions.
CAPITALCOM:US500
by DreamAnalysis
GBP/USD: Is the Dollar Weakness Back?After a brief two-day recovery, GBP/USD reversed course on Monday, losing 0.5% and continuing to show signs of weakness on Tuesday morning, trading slightly below the 1.3000 level. Market sentiment was cautious at the beginning of the week due to escalating geopolitical tensions in the Middle East, which bolstered demand for the US Dollar as a safe haven. The US economic calendar features the Richmond Fed Manufacturing Index for October, though it is not expected to significantly impact the market. Additionally, Bank of England Governor Andrew Bailey will deliver a speech at the Bloomberg Global Regulatory Forum in New York, but without expected comments on monetary policy, the event could have a minimal effect on the pound. The next important data releases for GBP/USD will be on Thursday, with the preliminary PMI Manufacturing and Services Index data for the UK and the US, which could provide further direction for the pair. It is also worth noting that on Tuesday, the market closed the day with a doji candle, opening up a potential bullish opportunity. We will see if today, during the London session, the market provides a clear confirmation to go long. Happy trading, and have a great day!
Long
by Forex48_TradingAcademy
1
Why BATT Could Be A Great ETF To Buy & HoldHere I have AMEX:BATT Amplify Lithium & Battery Technology ETF on a Multi-Timeframe Analysis with a Monthly & Weekly Chart! Technicals: Starting with the Monthly Chart, taking the Fibonacci Retracement Tool from the All Time Low @ $5.91 to the All Time High @ $20.78, we see that the Selling Pressure is waning with the Price Exhaustion happening in the Fibonacci 78.6% - 88.6% "Kill Zone" Range from ( $9.09 - $7.61 ) -Bears are losing grip on the asset Zooming down to the Weekly where Price has visited the Kill Zone, we can see a ICT Concept Method called the Bullish Order Block taking place! After Price found Support, Price created a New Swing Low Breaking Sellside Liquidity, then shortly after, Breaking Structure again while surpassing the Swing High! -The Week Starting Monday, 29th of July 2024 creates the Bullish Order Block we should suspect Price to revisit before continuing its Uptrend behavior. -This High of the Weekly candle sits right at the Upper Limits of the Support Zone and at the 50% Fibonacci Retracement Level! **Price also could potentially make a deeper Retracement to the 61.8% Level to visit the LH it created before Breaking up through the Support Zone! -Will be looking for Buy Entries in the ( $8.96 - $8.67 ) Range! Fundamentals: Lithium Stocks hit alot of hype in 2023 with the expectations of the EV Industry being our Near-Future way of transportation as a move toward a greener way of living! EV sales wax and wane but as time as gone on, the look for the essential metal and mineral components needed for this industry to boom has began to fill as we are finding more and more vast and rich deposits of Lithium and other Rare Earth Minerals! -https://www.tradingview.com/news/zacks:e90ae995b094b:0-bullish-views-power-long-term-lithium-etf-prospects/ With that, EV Demand will come -https://www.tradingview.com/news/benzinga:5ead3a15a094b:0-arkansas-may-be-sitting-on-19m-tons-of-lithium-amid-rising-demand-for-ev-batteries-how-to-invest-in-what-elon-musk-calls-the-new-oil/ ** Once Price goes Bullish, I have upcoming Areas of Value that it may contend with on the way up!
AMEX:BATTLong
by Novi_Fibonacci
Gold Buy or SellThis week we had alot of ATH's (All time high's back to back Technically as Gold was in Bullish trend so we hace witnessed these also due to geopolitical tension we have seen these New ATH as investors have invested in gold now we are expecting a drop as tension in middle is losen up and drop can be seen in near times We have a level over 2749-52 level which is fibonachi extension level so we are bullish over gold but a bearish move can be seen after 2749- 52 resistance level if we witness a rejection over there
OANDA:XAUUSDLong
by Wakeel_Saab