The global financial markets are facing mixed signals. The US dollar remains strong, while the Euro and British Pound are under pressure. The outlook for the Japanese Yen and Australian Dollar is uncertain. Cryptocurrency prices are expected to decline in the short term.


EUR (Euro):

  • SShort-term outlook: Bearish. There’s a continuation of the downtrend with a target around 1.0462. However, a technical rebound in the next few days is possible if the price consolidates above 1.0742.
  • Long-term outlook: Uncertain. The downtrend might extend below 1.04, but a complex wave analysis makes it difficult to predict with certainty.
  • Trading Signal: Buy above 1.0742 with target of 1.0864
  • Analysis: The euro is expected to continue its downtrend despite a potential technical rebound in the coming days. The ISM manufacturing PMI data from the US favors the US dollar.


GBP (British Pound):

  • Short-term outlook: Mixed. The pound is currently experiencing a technical rebound but faces strong resistance at 1.27 levels. A decline towards 1.25 is still possible if JOLTS data is strong.
  • Long-term outlook: Bearish. Analysts expect the pound to decline further, possibly reaching 1.20. However, a renewed surge in demand for the pound is also a possibility.
  • Trading Signal: No signal provided
  • Analysis: The wave pattern for GBP/USD suggests a decline, but the confirmation for the downtrend is lacking due to the sideways movement. A break below 1.25 could bring the pair further down.


JPY (Japanese Yen):

  • Short-term outlook: Uncertain. The market is waiting for FOMC member speeches that could impact the dollar’s strength and potentially push USD/JPY higher.
  • Long-term outlook: Neutral. No strong directional bias is evident.
  • Trading Signal: Bulls – Buy when the price hits 151.75 and take profit at 152.02; Bears – Sell when the price reaches 1.51.55 and take profit at 151.29
  • Analysis: The direction of USD/JPY depends on the outcome of FOMC member speeches and US economic data. Strong data and hawkish comments could push the price up, while weak data or dovish comments could cause a decline.


AUD (Australian Dollar):

  • Short-term outlook: Mixed. The AUD is facing resistance at 0.6519 but could break through if the RBA’s dovish stance is confirmed.
  • Long-term outlook: Neutral to slightly bearish. The RBA might consider rate cuts later in the year, putting downward pressure on AUD.
  • Analysis: The Reserve Bank of Australia (RBA) minutes indicate a shift towards a more neutral stance, reducing expectations for future rate hikes. The AUD/USD is currently facing resistance at 0.6519 and support at 0.6480 


Cryptocurrencies (BTC, ETH, XRP):

  • Short-term outlook: Bearish
  • Trading Signals:
    • BTCUSD – Sell 66572.84, Take profit: 62958.69
    • XRPUSD – Sell 0.594, Take profit: 0.562
    • ETHUSD – Sell 3362.19, Take profit: 3054.42
  • Analysis: The Elliott wave analysis suggests a downtrend for Bitcoin, Ripple, and Ethereum in the short term.


Categories: Market News

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