Analysis for April 24th, 2014
DJIA Index
Index continues its ascending movement and is getting closer to current maximums. Most likely, right now price is forming bullish impulse inside the third wave. Stops on my buy orders are placed below local maximum.
As we can see at the H1 chart, market is forming the third wave inside wave (3). Possibly, market may reach new historic maximum until the end of this week. I’ll move stops higher if price continues growing up.
Crude Oil
Probably, Oil is starting new descending movement inside the third wave. Earlier price formed bearish impulse inside wave 1 and then completed the second wave. In the nearest future, market is expected to continue falling down and reach new local minimum.
More detailed wave structure is shown on H1 chart. After completing zigzag pattern inside wave [Y], price finished initial impulse inside wave (1). Right now, instrument is forming extension inside the third wave (3) and may continue falling down.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.