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Wave Tech Analysis

FxPro Forex Analysis: CADJPY Wave Analysis – 31 July , 2018

• CADJPY broke key resistance level 85.70 • Further gains are likely CADJPY continues to rise after the recent breakout of the key resistance level 85.70 (which has been steadily reversing the price from the start of June, as can be seen from the daily CADJPY chart below). The breakout of the resistance level 85.70 should accelerate the active the short-term impulse wave 3 of the medium-term impulse wave (3) from last month. CADJPY is likely to rise further and re-test the next major resistance ...

Wave Tech Analysis

FxPro Forex Analysis: Sugar Wave Analysis – 31 July , 2018

• Sugar broke major support level 10.80 • Further losses are likely Sugar today broke below the major support level 10.80 (which stopped the previous sharp medium-term impulse wave (1) at the end of April, as can be seen from the daily Sugar chart below). The breakout of the support level 10.80 is aligned with the active short-term impulse wave 3 which belongs to intermediate impulse wave (3) from the start of June. Sugar is likely to fall further and re-test the next round resistance support ...

Alexander Kuptsikevich

FxPro Forex Analysis: Bitcoin’s rally stalled above $8000

Last week it became obvious that the Bitcoin had big difficulties with further growth above $8000. During the weekend it held above $8,200 mark, but yesterday it suddenly fell below $7900. Most likely, it was “a belated reaction” on SEC refusal to launch the Bitcoin ETF. Nevertheless, shortly after this rollback new buyers entered the market. As a result, trading volumes increased by 22% and the price went back to the latest levels. Market participants evaluated this movement as a large ...

Alexander Kuptsikevich

FxPro Forex Analysis: BoJ cautions keep forex calm

In the currency market, the dollar was under some pressure following the data that indicated a weakening of the inflation in the Eurozone. The slowdown in prices in Germany and Spain can be seen as a harbinger of the inflation easing in the entire euro region, the preliminary statistics on which will be published later today. Low inflation increases the real value of the investment in the euro and makes it a bit more attractive to invest in this currency at a time when the ECB intends not to ...

Alexander Kuptsikevich

FxPro Forex Analysis: IT selloff continues: Twitter and Facebook still did not find support

Sale off of technological stocks continues. Twitter and Facebook, the biggest movers last week, could not find support yesterday; moreover, they fell by 7.7% and 2%, respectively. Both shares are in the oversold area, according to RSI index that fell below the signal level 30 on the daily charts. However, technical analysis points out that the proper moment to buy will only be when the current sales impulse will lose power and the RSI will return above 30. Current sale of IT shares should be ...

Wave Tech Analysis

FxPro Forex Analysis: EURGBP Wave Analysis – 30 July , 2018

• EURGBP reversed from support area • Further gains are likely EURGBP continues to rise after the recent upward reversal from the support area lying between the key support level 0.8800 (former resistance from June) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of May. The upward reversal from this support area stated the short-term corrective wave (b) of the active ABC correction 4 from the major resistance level 0.8960. EURGBP is likely to re-test the ...

Wave Tech Analysis

FxPro Forex Analysis: Cotton Wave Analysis – 30 July , 2018

• Cotton broke key resistance level 88.70 • Further gains are likely Cotton continues to rise after the earlier breakout of the key resistance level 88.70 (which stopped the previous short-term impulse wave (i) at the start of July, as can be seen below). The breakout of the resistance level 88.70 should accelerate the active short-term impulse wave (iii) – which belongs to the impulse wave 3 from the start of July. Cotton is likely to continue to rise in the active impulse waves (iiii), 3, (3) ...

Alexander Kuptsikevich

Low inflation reinforces euro

The single currency is increasing on Monday against the backdrop of the inflation in Germany, which is weaker than expected. A preliminary estimate of the inflation for July showed a 0.3% increase in prices and a slowdown in the annual rate from 2.1% to 2.0%. Usually sluggish inflation growth provokes weakening of currency, as it implies more dovish rhetoric from Central Bank and potentially delays the increase in interest rates. But now the situation is slightly different. Last week the ECB ...

Alexander Kuptsikevich

FxPro Forex Analysis: Markets summer lull can be broken by major Central Banks

The currencies of developed countries are moving within a narrow range at the beginning of the eventful week. The dollar index is around the mark of 94.50 and has been trading for two months in a range of slightly over 1% around this level. This quiet trading environment can be broken this week after the announcement of the decisions took by the Bank of Japan, the Fed, and the Bank of England, as well as the publication of the U.S. employment data. Developed markets currencies are experiencing ...