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By tradinglounge · Posted
Corn Elliott Wave Analysis Function - Trend Mode - Counter-Trend Structure - Impulse wave Position - Wave 3 of (3) Direction - Wave 3 of (3) is still in progress Details - Wave 3 appears to be on a decent momentum upside but more is needed to increase the likelihood above wave 1 high. The invalidation level remains at 438’4 Corn prices have experienced a substantial surge, increasing over 16% from the February 2024 low. However, this is only a 16% recovery from the April 2022 to February 2024 sell-off, indicating that there is still significant upside potential. From an Elliott wave perspective, the current recovery is expected to extend higher, potentially correcting up to the 610-661 Fibonacci retracement area. This analysis aims to show traders how to capitalize on this bullish corrective cycle. Daily Chart Analysis: On the daily chart, the recovery from the February 2024 low of 394’6 is anticipated to evolve into either an impulse wave or one of the zigzag structures. Assuming an impulse wave of intermediate degree from that low, it appears the price is still in wave (3), which could be an extended one based on the sub-waves 1 and 2. By projection, wave (3) could reach 523, provided the wave (2) low is not breached. H4 Chart Analysis: On the H4 chart, wave 2 of (3) ended at 438’4 with a zigzag structure, and the price is now reacting upwards as part of wave 3. It appears that wave i (circled) of 3 is completing with a diagonal structure, suggesting a pullback for the corresponding wave ii (circled) could occur before the price resumes its upward movement. As long as 438’4 remains unbreached, wave 2 stays valid at this level, and wave 3 is in progress with the potential to reach 523 in the coming weeks. Summary: Corn prices have surged over 16% from the February 2024 low but have only recovered a fraction of the earlier sell-off from April 2022 to February 2024. The Elliott wave analysis suggests that the current recovery is likely to extend higher, targeting the 610-661 Fibonacci retracement area. On the daily chart, the recovery from the February 2024 low is evolving into an impulse wave, with wave (3) potentially reaching 523, provided wave (2) low remains unbreached. On the H4 chart, wave 2 of (3) ended at 438’4, and the price is progressing upwards in wave 3. A pullback for wave ii (circled) may occur, but as long as 438’4 holds, wave 3 is expected to continue towards 523 in the coming weeks. Traders should monitor the key levels of 438’4 and 523 to gauge the continuation of the bullish trend and to identify potential entry and exit points. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By AlphaTrade · Posted
Good morning: Alpha Trade US data weakened further, and the US dollar fell steadily against G10 currencies again, as did gold. With gold prices reaching a 13-month high, the US dollar against gold is currently in a unilateral downward trend. The weaker-than-expected JOLTS data and the decline in job vacancies to the lowest level since May 2021 have panicked the market, and dovish interest rate bets have been digested, with the market expecting the Fed to either raise interest rates or pause at its next meeting. The sharp decline in job vacancies has put pressure on stocks, and this tone remained when European markets opened. Also shocking the market was that the Reserve Bank of New Zealand announced a 50 basis point rate hike and said it would raise rates further to bring inflation back to target levels. The unexpected rate hike made the New Zealand dollar stand out among G10 currencies. The background of New Zealand's rate hike is that the New Zealand economy is heading for recession, and housing data released during the session also showed that house prices fell 10% year-on-year, the largest drop on record, making the decision of the Reserve Bank of New Zealand even more difficult to understand. Asia-Pacific stocks were mixed, with the NZX50 giving up gains after New Zealand raised rates. The dollar index was just above 101.50 and was trying to get back to 102. The euro was just above 1.0950 and the pound was just below 1.2500. A number of US data are due to be released soon, including ADP data, international trade data and the ISM services PMI. The data will be closely watched, and market makers want to study the data to predict the path of US rate hikes. Regarding the ADP private sector employment data, the market expects the US to add 200,000 jobs in March, compared with 242,000 in February. Meanwhile, the much-watched ISM services PMI is expected to fall to 54.5 in March from 55.1 in February, and the ISM employment index, prices paid index and new orders index will also fall compared with previous months. There is no doubt that the disappointing data will cause the US dollar to fall, and the New Zealand dollar and gold will be the main beneficiaries. Alpha Trade The current price of gold is $2,023, mainly due to the weaker-than-expected JOLTS data yesterday. Gold traders will now be keeping a close eye on the $2030-2035 area above, which if breached (perhaps due to weak data in the afternoon) could test the all-time high of $2070. Currently $2000-2010 is seen as support, having previously been resistance.
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Question
Lunar
Is there a problem with how much margin is required for CFDs on 10 year Treasuries? To buy or sell one contract (the $2 contract) more than $5000 of margin is required. That's more than I have available, but I'm sure I've traded CFDs on them before. Have the margin requirements changed?
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