Happy Friday everyone.
First off a publishing update. I had noted earlier this week that Part 2 of the Elliott Wave Series would be posted this week, However, with the market volatility, it makes more sense for me to post forecasting and analysis pieces....as I have done below.
Part 2 will appear next Tuesday or Wednesday. You can read Part 1 here. Using Elliott Wave Analysis For Objective Decision Making
Oil Bears Set To Pause - Dollar Bears To Take Over
I am not suggesting that weaker oil prices are going away....but I am suggesting that in the near-term we should see prices move higher.
The chart patterns on DXY (Dollar Index) and Crude Oil (USO) point to lower and higher levels respectively.
Under this scenario is reasonable to expect NOK to trade higher. Or if we express that via USD/NOK - lower levels.
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AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.