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By tradinglounge · Posted
Elliott Wave Analysis TradingLounge Daily Chart, NEO/ U.S. dollar(NEOUSD) NEOUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective Position: Wave Y Direction Next higher Degrees: Wave (II) of Impulse Wave Cancel invalid Level: 9.85 Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level NEO/ U.S. dollar(NEOUSD)Trading Strategy: The second wave corrects before rising again in the third wave. In a Double Corrective pattern, the current state is a decline in Wave Y, so wait for the correction to complete to re-enter the uptrend. NEO/ U.S. dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, NEO/ U.S. dollar(NEOUSD) NEOUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective Position: Wave Y Direction Next higher Degrees: Wave (II) of Impulse Wave Cancel invalid Level: 9.85 Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level NEO/ U.S. dollar(NEOUSD)Trading Strategy: The second wave corrects before rising again in the third wave. In a Double Corrective pattern, the current state is a decline in Wave Y, so wait for the correction to complete to re-enter the uptrend. NEO/ U.S. dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here! -
The currency’s weakness has indicated to many investors that Japanese policymakers could step in to strengthen the besieged currency. Japan’s finance minister Shunichi Suzuki has indicated that measures to “respond to disorderly FX moves” were not off the table. Following a meeting of the Bank of Japan with the finance ministry and the Financial Services Agency, Masato Kanda , the vice finance minister for international affairs, on Wednesday said that the yen’s moves were being watched closely and urgently, Reuters reported. Recent fluctuations, which have been as large as 4% within two weeks, were not considered to be mild changes, he added. BOJ officials have said that, if foreign exchange market developments were to affect Japan’s economy, the central bank would respond through monetary policy measures, Kanda noted. Suzuki’s comments and the yen’s movements indicate that a higher likelihood of intervention, which could be set off by further changes, analysts suggested. “There is now a higher chance of Japanese FX intervention. Another sharp lift in USD/JPY in the near term can be the catalyst,” analysts from the Commonwealth Bank of Australia said in a note on Wednesday. A Bank of America Global Research report said that intervention was a “realistic option” for the Japanese government, but that this may not address long-term concerns. “As the yen’s decline is a result of a mixture of structural capital outflows and elevated USD/JPY carry, and not only speculation, FX intervention would not be a fundamental fix,” the report said. Japan’s economy unexpectedly fell into a technical recession at the end of 2023, after contracting for two consecutive quarters. The data was later revised to show an expansion, averting a downturn. The country now faces a new struggle of combating inflation, after decades of addressing deflation. In a historic decision, the Bank of Japan earlier this month ended its policy course of negative interest rates and abolished its yield curve control policy, which sparked a sell-off of the yen. Kanda has previously said that there are pros and cons to a feebler yen. The currency’s weakness has, for example boosted tourism, and led to stronger stock market performance.
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A former New York City police officer was indicted for conspiracy to commit wire fraud after he allegedly lied to investors and lost most of the $4.8 million they put into his foreign exchange-focused investment fund, prosecutors said Wednesday. On Thursday, newly unsealed records in Brooklyn federal court revealed that the business partner of Jason Rodriguez, the ex-cop indicted in the case, last month pleaded guilty to wire fraud conspiracy in connection with their forex investment fund, Technical Trading Team. Rodriguez, 37, is accused of falsely promising investors in Technical Trading Team that there would be guardrails to protect the trading risks for their money. That included a vow to never put a maximum of 1% of investors’ funds at risk at any given time, the indictment says. “In reality, Rodriguez ignored those guardrails and lost millions in investor funds and also misappropriated hundreds of thousands of dollars which he used to pay for luxury car rentals, travel and other personal expenses,” said Brooklyn U.S. Attorney Breon Peace. Peace’s office said that as Rodriguez, who was arrested Wednesday, lost an increasing amount of money in trading in foreign exchange, he used money from new investors to pay prior investors their promised investment returns.
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