TRENDING:

XAU/USD

EUR/USD

Bearish EUR/USD outlook strengthens following post-NFP selloff

Gregor Horvat Wavetraders

EUR/USD finally looks ready to resume lower as the market broke sharply down on Friday following the strong NFP report from the US. We can see that price is now trading below the four hour trend line support connected from the March lows, which likely suggests that we are continuing lower into wave C. This structure should unfold in five waves, so there can still be some rallies in the near future, but any bounce will be viewed as a black wave four that could later find resistance at 1.1577.

The invalidation level has now moved lower towards 1.1652. However, if that level is touched, then of course we could see a bit more recovery, but it would still be viewed as part of a bearish sequence that should sooner or later start attacking those March lows.

Also, when looking at the daily chart and this current reversal lower towards 1.1630, it makes us think that sooner or later a higher degree wave C could appear and bring the pair back towards the 1.1300 to 1.12 area shown on the updated wave structure.

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

AUD/USD struggles to recover as hawkish Fed bets escalate

The Australian Dollar is under pressure against the US Dollar as traders have raised bets supporting interest rate hikes by the Federal Reserve this year, with the AUD/USD pair posting a fresh almost eight-week low at around 0.7025. Hawkish Fed bets have accelerated following the release of the surprisingly strong United States Nonfarm Payroll (NFP) data for May.

USD/JPY holds higher ground toward 160.50 despite 'Yentervention' fears

USD/JPY holds higher ground toward 160.50 in Monday's Asian trading, despite intervention fears. Japan’s revised GDP print, which confirmed that the economy lost momentum in the first quarter, weighs on the Japanese Yen. Meanwhile, Friday's upbeat US NFP report and fresh Israel-Iran attacks favor the US Dollar bulls, underpinning the currency pair.

Gold trades flat above $4,300 amid Mideast woes, Fed rate hike bets

Gold remains vulnerable near $4,300 in European trading on Monday, following a modest bounce in Asia to the $4,350-$4,355 area. Renewed hostilities in the Gulf push Crude Oil prices higher, fanning inflationary concerns and bolstering bets for more hawkish central banks. That weighs on Gold, as it trades near three-month lows.

Solana: ETF outflows and bearish sentiment reinforce downside risks

Solana (SOL) remains under pressure, trading below $66 on Monday after losing nearly 20% in the previous week. Institutional demand weakened with spot Exchange Traded Funds recording a net outflow of over $6.5 million last week, snapping a four-week streak of inflows.

$1.75 trillion: Is SpaceX the most popular IPO in history, or the most engineered?

On June 12, the largest initial public offering (IPO) in history is set to hit the tape, and almost nobody is asking whether the price is right, because almost everybody already wants in.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.

Bearish EUR/USD outlook strengthens following post-NFP selloff

Editor's Picks