At last week’s FOMC meeting, Jerome Powell clearly stated that recent signs of labor market weakness were an important factor in cutting rates.

The dollar recovered as investors sought safety amid rising Middle East tensions. Market participants are pricing a 59% chance of another 50-bps rate cut in November. Sterling has gained about 5.4% against the dollar this year.

Home sales didn‘t bring about the (Monday missed) correction, intraday gains for clients followed, but most importantly the called as not to be bearish MU earnings delivered a great lift to Nasdaq and semis prices after the close.

We are looking at the possibility of a bottom in place in Primary wave 4, to now resume higher, as we found support on top of TL2 at 200$.

Short-term 'exhaustion' - aptly describes this market; especially bigger-caps more so than the broad market, which hasn't rallied all that much. Doubtless a very extended value proposition prevails for big-cap techs particularly.

While the market sighed a collective breath of relief after the Fed cut 50-bps, this week has been anything but bullish for the broad market. I’m looking at 5 consecutive red daily candles on the Russell 2000.

WTI attracts some follow-through sellers and dives to a two-week trough on Thursday. News that Saudi Arabia will raise output and demand worries weigh on the commodity.

The GBP/USD exchange rate rose to its highest level in years and then retreated amid heightened geopolitical issues. It jumped to 1.3428, its highest swing since February 2022 and then pulled back to 1.3323.

On Wednesday, the euro initially went up, based on hawkish comments from ECB Governing Council member Knot, who said that he does not see interest rates returning to extremely low levels before a pandemic.

The wave invalidation level for this structure is set at 17029.88. If the price drops below this threshold, the current wave count would be invalidated, necessitating a reassessment of the wave structure.

AUD/USD price grapples to break above the lower boundary of the ascending channel around the level of 0.6860. The 14-day RSI remains above the 50 level, suggesting that bullish sentiment is still intact.

The BOJ Minutes were out earlier today and offered up no major surprises. The central bank saw more rate hikes ahead, though with uncertainty around the timing and pace of future hikes.

With jobless claims and key economic data, including durable goods orders and the final reading of Q2 GDP, set to be released today.

CADJPY Is Turning Bearish, But More Weakness Is Expected After A Corrective Rally from technical point of view and from Elliott wave perspective.

New home sales in the U.S. were surprisingly muted in August 2024 after rising sharply in July after mortgage rates dropped below seven percent.

Wave 1-grey has just finished as a Diagonal, and wave 2-grey is unfolding as a Zigzag. Wave ((c))-navy looks to be completing, and then wave 3-grey could return to push higher, aiming at the nearest target around 30.00.

When you think “this time is different” on every pullback, pull up this chart we posted in August and sit on your hands or go for a long walk!

My previous EUR/USD signal on 23rd September was not triggered as none of the key support or resistance levels were reached that day.

XRP price failed to climb above the $0.6050 resistance and declined. The price is now testing the $0.5765 support and might consolidate for some time.

We analyze current sentiment in Gold by looking at the level of speculation in Gold, public opinion, and assets in all Gold ETFs.