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US Dollar Majors, Stocks, Gold & Oil - Weekly Technical Outlook

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    • $PayPal(PYPL)$ PayPal Holding Ltd., Elliott Wave Technical Analysis PayPal Holding Ltd., (PYPLNASDAQ): Daily Chart, December 12022,  PYPL Stock Market Analysis: We have had an additional move lower which we weren’tanticipating, however the overall count stays intact as there has been no massive wave countinvalidation. PYPL Elliott Wave Count: Wave {ii} of 3. PYPL Technical Indicators:Below all EMAs. PYPL Trading Strategy:Looking for further upside into wave {iii} with an aggressive tradewhich could guarantee a high return given the high risk with a stop below 71$. TradingLounge Analyst: Alessio Barretta         PayPal Holding Ltd., PYPL: 4-hour Chart, December 1 2022 PayPal Holding Ltd., Elliott Wave Technical Analysis PYPL Stock Market Analysis: It looks like there is a possibility the correction is completed as wealso reacted higher form a high volume level. PYPL Elliott Wave count: Wave {ii} of 3. PYPL Technical Indicators: Below all EMAs. PYPL Trading Strategy:Similar strategy to the daily chart, it is worth mentioning that going longnow carries a higher risk as there is no strong evidence in favor of the fact the correction in wave{ii} is finished.
    • Gold and Brent crude turn higher as dollar weakens, with natural gas on the back foot Gold, Brent crude, and natural gas at risk of losing ground as concerns over Chinese demand grow. Source: Bloomberg      Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 01 December 2022  Gold pushes back towards resistance after risk-on move Gold has benefitted from a wider risk-on sentiment that has been evident throughout global markets in the wake of yesterday’s appearance from Jerome Powell. His insistence that the Federal Reserve (Fed) would seek to slow their pace of tightening helped lower the perceived terminal rate, driving the dollar lower. That dollar move helped the commodity space, with gold rising back into the $1786 resistance level. While price has failed to push through that key level, it will be worth watching as a signal that we are set for another leg higher here. As such, while the recent bullish phase does highlight the potential for further upside, a break through $1786 would be required to negate the idea that we falter at this level once again. Beyond $1786, keep an eye on $1808 as the next level of resistance. Source: ProRealTime Brent crude turns higher from Fibonacci support Brent crude has managed to turn upwards after a decline into the long-term 76.4% Fibonacci support level at $81.26. While there is a possibility that this reversal has longevity to it, a move through the first swing-high of $89.30 would bring about the first signal that we are set to continue this push higher over the near-term. Be aware, we could see major volatility up ahead, with Sunday’s OPEC meeting leading into a Monday implementation of the G7/EU price cap on Russian seaborne oil. Source: ProRealTime Natural gas closes in on trendline support Natural gas has been on the back foot over the course of the past week, with the peak from last Wednesday giving way to a period of downside that is now taking us back towards the ascending trendline. This market remains in an uptrend since the lows established in mid-October, with a break through the $5.898 level required to bring an end to this bullish move. As such, we look likely to turn higher before long, with a move into trendline support looking likely to resolve in another push higher before long. Source: ProRealTime
    • With less than two weeks to go until the last FOMC rate decision of the year, Fed Chairman Jerome Powell addressed the markets with remarks to suggest a smaller pace of rate hikes is ahead but that the end point for the benchmark is still higher than previously thought. A S&P 500 break suggests the market focused on the tempo.           
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