Orbex - Forex Trading Library

The USDCNH formation hints at a zigzag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ. The last primary wave Ⓒ of this correction pattern takes the form of an intermediate 5-wave impulse (1)-(2)-(3)-(4)-(5). The current structure indicates…
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EURUSD consolidates The US dollar climbed after better-than-expected NFP in April. The euro is licking its wounds after it broke March 2020’s lows near 1.0640. The price is seeking support above March 2017’s lows (1.0500). The previous…
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EURUSD falls as ECB keeps waiting The euro struggles as the ECB remains divisive over interest rate hikes. The sharp contrast in policy between the Fed and the ECB has driven the euro to a five-year low. The Ukraine conflict on…
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At the start of the year, there was a general expectation that gold prices would be on the backfoot. But the rise in risk after Russia invaded Ukraine drove the precious metal to the highest it had been since the pandemic. After fluctuating…
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GBPUSD dips deeper The pound plunged after the BoE slashed its growth forecasts and warned of the risk of a recession. Strong momentum below the lower range (1.2450) of the recent consolidation is a sign of capitulation. This confirms…
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Gold is expected to form a global corrective trend, which takes the form of a cycle triple zigzag. We now look to the final part of the actionary wave y. This took the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. The…
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Although always important, employment data from the US is expected to take a bit of a back seat right after the Fed raised rates by 50 basis points. And the Fed is expected to do the same at the next meeting. So, unless there is some major…
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EURGBP consolidates gains The pound steadies as traders reposition ahead of the BoE interest rate decision today. The pair is inching up along a trend line from its mid-April trough. The latest pullback has found bids in a former…
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