2023

In the long term, USOIL could form a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The primary waves Ⓦ-Ⓧ-Ⓨ seem fully completed. Since December 2022, the market has been moving in an upward primary wave Ⓧ. Perhaps it takes the form of an intermediate…
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EURUSD pops higher The US dollar plunged after the Fed’s 25 bp hike raised hopes that the peak rate is getting closer. On the daily chart, the euro has bounced off the 20-day SMA (1.0800) as it sought to preserve its gains above last…
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Over the last several weeks, many ECB members have been making the case that rates need to go up. Not just that there needs to be at least a "double" hike at the coming meeting, but further hikes after that. Only Centeno intimated that the…
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USDCNH seems to be forming a double zigzag of the cycle degree w-x-y. The first large wave w is completed as a standard zigzag. The bearish intervening wave x could also be fully constructed. At the moment it looks completed as a…
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USDCAD gives up gains The Canadian dollar recouped losses after November’s GDP beat expectations. On the daily chart, the pair is still in a flag consolidation. A break above the previous resistance of 1.3400 eased some pressure…
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The overwhelming consensus is that the Fed will hike by another 25bps at the conclusion of its meeting tomorrow. With such strong agreement among traders and economists, it's unlikely the rate decision itself will move the markets. That is,…
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Just like a few weeks ago, USDCAD formed a correction triple zigzag consisting of cycle waves w-x-y-x-z. The first four sub-waves w-x-y-x are fully completed. The final actionary sub-wave z is being built. The wave z takes the form…
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