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Wolfe Wave

next target is 1.4The widening interest rate differential made the U.S. Dollar a more attractive investment, contributing to the weakness in CAD. The Forex pair also gained after money market traders lowered the probability of a 50-basis point interest rate hike by the Bank of Canada in October to 85%. The main trend is up according to the daily swing and the trend is likely to continue after the Fed raises its benchmark interest rate. On the daily chart, the next two targets are 1.3421 and then 1.4 . The inflation data wasn’t the only factor weighing on the Canadian Dollar. The currency was also driven lower by a plunge in crude oil prices and weak investor sentiment.
Long
by MtICHI
3
take only sell positions over every corrections until 65$Oil slides on heightened recession worries and a fresh 20-year high for the US dollar.Fears about global recession ramped up after this week's round of rate hikes by central banks. The threat of a global recession continues to weigh on oil prices, with widespread monetary tightening over the last couple of days fueling fears of a significant hit to growth.Central banks now appear to accept that a recession is the price to pay for getting a grip on inflation, which could weigh on demand next year Oil prices were also lower as the US Dollar continued to march higher. The US Dollar Index xontinues to rise non stop, pushing past 112 to reach a fresh 20-year high. Dollar-denominated oil prices can be hurt by gains in the greenback's value as it makes the commodity more expensive to purchase by holders of foreign currencies i only recommend to take short positions over every corrections towards 75$ and then 65 $
FX:USOILShort
by MtICHI
Quick hit n run [risky] shortBearish Wolfe Waves forming inside an ascending wedge. I would wait for price to break the upper Value Area of the volume profile of the current trading range to confirm short entry . RSI but looks ready for a little move to the downside. Golden pocket on the fib marked as well. Will trigger myself a high leverage short taking targets first at the golden pocket, then according to reaction on POC and VAL of the volume profile I will decide wether to book more profits / close position or not. An ideal solution would be a sweep of the low. Triangle fakeout / fake breakout could add confluence: Trade safe and use adequate position sizing.
Short
by xcitedDelirium
2
Russia seaborne crude ban on December5th,1.4 mbpd off the marketRussia side: As the European Union prepares to implement a ban on Russian seaborne crude in December, the market will have to prepare itself for a loss of 2.4 million bpd, according to the International Energy Agency The ban on Russian crude imports by sea will take 1.4 million bpd of oil off the market, along with 1 million bpd of petroleum products. This is in line with the ban on Russian seaborne crude that goes into effect on December 5th, and the embargo on petroleum products, which goes into effect on February 5, 2023. The oil market attempts to determine whether fears of declining demand–particularly coming out of China’s COVID lockdowns–or tight supply will rule fundamentals. The IEA highlighted decelerating growth in global oil demand in its latest monthly report, but also noted that due to significant gas-to-oil switching, total demand growth was actually only slightly lower. Iran Side: Oil prices are also seeing support from the dim prospects for a nuclear deal with Iran that would lift sanctions against Iran and allow its crude back onto the global markets. The International Atomic Energy Agency (IAEA) on Monday said that "the information gap is bigger and bigger" on Iran's recent nuclear activities. Also, the European Union's chief negotiator said Saturday that "in light of Iran's failure to conclude the agreement on the table, we will consult with our international partners on how best to deal with Iran's continued nuclear escalation." supply outlook is gloomy ,it seems that market have two week to continue its bear move due to strong US dollar and China weak demand but after that due to possible supply disruptions oil rally will initiate
FX:USOILShort
by MtICHI
USOIL 1 hour wave count udpate we are in wave 2 of a bigger wave 3 for downward move toward target of 75 $ wave count are seen on the chart and with strong CPI yesterday ,bearish move resumed Recent data showed China’s economy lost further momentum in August, with factory activity extending declines and export growth slowing. The world’s second-largest economy narrowly avoided contracting in the second quarter amid widespread COVID-19 lockdowns and weakness in the property market which have dented consumption and factory activity. Recent hawkish comments from Federal Reserve and European Central Bank (ECB) officials have put investors on alert for possible recessions in the U.S. and Europe. Energy demand worries weighed on crude prices as Tuesday's stronger-than-expected U.S Aug CPI report may push the Fed to keep aggressively hiking interest rates, which risks sending the economy into recession and reducing energy demand, so as crude oil is a dollar-denominated commodity. A stronger dollar tends to be bearish for crude. please see DXY Chart as key factor for crude price
FX:USOILShort
by MtICHI
9
bulls delayed for aggressive interest rate hikes & China’s COVIDbullish scenario delayed for a while due to aggressive interest rate hikes and China’s COVID-19 curbs and invalidated our upward wave count. now with ichimikou overlapped tenkensen and kijensen on daily timeframe we understood that bearish move continuation is imminent toward 75$. Despite the market’s strong performance the past two sessions, crude oil is still poised to post a second consecutive weekly loss. This week’s losses are being fueled by a bleak demand outlook due to a number of aggressive interest rate hikes and China’s COVID-19 curbs. On the bullish side of the equation, Russian President Vladimir Putin is threatening to halt oil and gas exports to Europe if price caps are imposed and a small cut to OPEC+ oil output plans announced this week also supported prices. In bearish news that could have an impact on demand, the city of Chengdu is extending a lockdown for most of its more than 21 million residents on Thursday while millions more in other parts of China were told to shun travel during upcoming holidays.
FX:USOILShort
by MtICHI