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GSOIL-OCT24

XM Research

XM Research - 3 hours agoBullish

Copper futures jump above 4.50 but yet to reach 50% FibonacciSigns of overbought market might limit further gains in short termCopper futures (HGCOP) have climbed to more than two-month highs, reaching 4.5495 earlier today. But the price has now reversed lower amid overbought conditions in the momentum indicators. The RSI is about to cross into the overbought 70 region, but the stochastics have already entered it.The pullback comes as the industrial metal approaches the 50% Fibonacci retracement
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XM Research - 5 hours agoBearish

Technical Analysis - USDCAD tumbles and hits support near 1.3425

USDCAD falls sharply, accelerating prevailing retreatBoth the RSI and the MACD detect bearish momentumA break below 1.3425 could extend the fall towards 1.3350For the outlook to brighten, a rebound above 1.3645 may be neededUSDCAD fell sharply on Tuesday, extending the retreat that started on Thursday after the pair hit resistance at 1.3645, slightly above the lower bound of the sideways range that contained most of the price action between April and August.Yesterday’s tumble was paused today
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XM Research - 5 hours agoBullish

Technical Analysis – GBPUSD retreats from 2½-year high

GBPUSD may create bearish correction in short-termStochastic and RSI turn downGBPUSD is ticking lower after it posted a fresh two-and-a-half-year high of 1.3428 during today’s session.According to technical oscillators, the stochastic is creating a bearish crossover between its %K and %D lines in the overbought region, while the RSI is falling from the 70 level.
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XM Research - 6 hours agoNeutral

Technical Analysis – GBPAUD correction might have legs

GBPAUD in the red again todayBoth BoE and RBA have refrained from cutting ratesMomentum indicators are inconclusive at this stage GBPAUD is trading slightly lower today, within the busy 1.9440-1.9521 area, and close to the recent peak of 1.9699. GBPAUD has managed to break below both the July 10, 2024 trendline and the 50-day simple moving average (SMA), but a stronger correction is needed to validate this move.
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XM Research - 6 hours agoNeutral

Technical Analysis – Another record for the US 500 index

US 500 stock index hits another all-time highTechnical signals mixed; more buying awaited above 5,750 The US 500 stock index restarted its positive trend on Tuesday, inching up to a record high of 5,736 after keeping its foot on the rising almost one-year-old constraining line at 5,674.Mixed technical signals are observed, with the RSI slightly below its 70 overbought level and the stochastic oscillator returning to the overbought region with a positive slope, indicating the possibility of add
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XM Research - 8 hours agoNeutral

S&P 500 hits another record on Fed put but tech stocks look shaky – Stock Markets

S&P 500 and Dow Jones close at new peaks but Nasdaq stuttersFed rate cut boosts risk appetite, China stimulus further lifts sentimentBut tech stocks are mixed as AI rally cools, earnings doubts creep inThe bulls return from summer hiatusAfter a prolonged period of unusual calm in the markets, volatility was back with a vengeance during the summer and autumn got off to an equally bumpy start.
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XM Research - 8 hours agoBearish

Gold prices may post bearish correctionMomentum oscillators lose steamGold prices are losing their strong positive momentum after flying to the 2,670.50 record high in the preceding couple of sessions. Moreover, the technical oscillators look overstretched. The MACD is easing above its trigger and zero lines, while the RSI is pointing down from the 70 level.If the commodity ticks lower may move towards the 20-period simple moving average (SMA) at 2,630 ahead of the 2,622 support level.
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XM Research - 9 hours agoNeutral

Technical Analysis – NZDUSD puts life back to short-term uptrend

NZDUSD marks new higher high for 2024Positive momentum might soften; eyes on 0.6368NZDUSD stretched its exciting rally to a new nine-month high of 0.6354 on Wednesday before experiencing mild losses.The pair surpassed August’s bar with a bang, shifting the spotlight to the December 2023 peak of 0.6368. Given the strengthening overbought signals coming from the RSI and the stochastic oscillator, the rally could soon calm down.A decisive close above 0.6368 could stage a new bull wave towards th
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XM Research - 9 hours agoNeutral

Daily Comment – Equities are on autopilot but cannot help the dollar

Increased expectations for another 50bps Fed cutDollar continues to suffer but euro’s strength is perplexingPositive impact of China’s measures gradually fadesGold and oil diverge despite Middle East developmentsIs the Fed preparing for another 50bps cut? The markets seem to have settled down after last week’s big events with equities rallying, the US dollar underperforming and gold climbing regardless of the newsflow.
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XM Research - 10 hours agoNeutral

Bitcoin’s Fed rally slows down, stalls below $64,700 – Crypto News

Bitcoin rallies on speculation of another 50bps cut by the Fed But slows down after policymakers favor a smaller reductionHarris leading the US election polls is also reason for caution Focus remains on US data, PCE inflation on FridayFed rally loses steam ahead of PCE dataBitcoin rallied nearly 5% on Thursday, the day after the Fed decided to cut interest rates by 50bps and to signal that another 50 are on the cards for the remainder of 2024. At the press conference following the decision, Fed
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XM Research - 11 hours agoNeutral

Technical Analysis – EURUSD retests 1.1200 critical level

Will EURUSD break the double bottom to the upside?Strong support at 1.1100Stochastic and RSI look quite positiveEURUSD is continuing the upside rally near the 13-month high of 1.1200, remaining well above the 20-day simple moving average (SMA). A successful break to the upside of the double top pattern could confirm the upside tendency.Technically,
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XM Research - 1 day agoBullish

EURJPY trades within 159.30-161.20 range200-day SMA looks strong resistanceMACD and RSI point upEURJPY is hovering within the 23.6% Fibonacci retracement level of the down leg 175.37-145.40 and the 161.20 resistance over the last couple of days. Noteworthy that the market overcame the short-term descending trend line, adding some optimism of more bullish moves.According to momentum oscillators, the RSI is sloping marginally up near the neutral threshold of 50, while the MACD is extending its mov
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XM Research - 1 day agoNeutral

Technical Analysis – EURUSD still trades above 1.1100

·       EURUSD remains beneath the double top pattern·       Technical oscillator lose momentumEURUSD is still developing above the 1.1100 round number and the 20-day simple moving average (SMA) in the short-term view. The double top around 1.1180-1.1200 seems to be a tough resistance obstacle for the bulls.A potential rally above the aforementioned zone may drive the market until the July 2023 resistance of 1.1275. More aggressive increases could send the bulls towards the Februar
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XM Research - 1 day ago

Volatility drops across the board after the Fed meeting – Volatility Watch

Euro/dollar volatility remains low as dollar underperforms Volatility in commodities stays elevated, led by gold Stock indices experience decent volatility despite the rally Euro/dollar volatility has eased a bit over the past week, as the market digested the strong Fed rate cut. Similarly, volatility of most yen crosses has dropped aggressively lower, as the yen surrendered part of its recent sizeable gains, despite the fact that the BoJ maintained the chances of another rate
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XM Research - 1 day ago

SNB meeting: a single or double cut this time? – Preview

SNB policy meeting has 50-50 chances for 25bps versus 50bps rate cut Potential reaction in Swissy on Thursday at 7:30 GMT SNB: another bank to cut rates The time for Swiss National Bank (SNB) to cut rates again has come. The global economic environment is currently facing substantial problems, including inflationary pressures and geopolitical uncertainty, so this decision comes at a vital time when the landscape is facing these challenges.
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XM Research - 1 day ago

Daily Comment – China’s stimulus blitz supports positive equities sentiment

Dollar tries to recover as Fedspeak favors further cuts China announces new measures, positive initial market reaction Aussie benefits from another hawkish RBA meeting Gold, oil and pound rallies continue   Debate for the next Fed cut intensifies US stocks remain in a positive mood as Fed speakers continue to advocate for further rate cuts, despite the fact that the US data confirm the strength of the US economy.
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XM Research - 1 day ago

Will core PCE inflation corroborate bets for another double Fed cut? – Preview

Fed cuts by 50bps, sees another 50bps by December Investors turn more dovish, which implies upside risks Focus turns to PCE inflation due out on Friday at 12:30 GMT   Some investors expect a back-to-back 50bps cut The Fed decided to begin this easing cycle with a double 50bps rate cut at last week’s decision, with the new dot plot pointing to another 50bps worth of reductions by the end of 2024. At the press conference following the decision, Fed Chair Powell noted that the econ
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XM Research - 1 day agoNeutral

Technical Analysis – EURGBP sinks to the lowest since 2022

EURGBP resumes downtrend, falls rapidly to 2½-year low Oversold signals detected, price trades at the bottom of a channel   EURGBP plummeted to a 2½-year low of 0.8316 but held above the support line of the almost one-year-old bearish channel, fueling hopes that the bulls could still find a footing. It is important to exercise caution as the RSI and stochastic oscillator have not yet found a bottom in the oversold zone, suggesting that downside pressures could persist for a bit lo
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XM Research - 1 day agoBullish

Technical Analysis – GBPUSD unlocks another new 2½-year high

GBPUSD eases a bit after strong rally Technical oscillators move slightly down GBPUSD skyrocketed to a fresh two-and-a-half-year high of 1.3365 earlier today, adding almost 3% after the bounce off the 1.3000 round mark. The technical oscillators indicate an overstretched market. The stochastic is turning slightly lower in the overbought territory, while the RSI is pointing down following the pullback at the 70 level.
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XM Research - 2 days ago

Quick Brief – US PMIs, Fed speak point to 25-bps cuts but markets not convinced

US business activity remains solid despite a slump across the Atlantic Fed officials don’t see need for another 50-bps reduction Dollar holds firm, but investors still expect 75-bps cut by year-end   The flash PMI estimates for the United States did not generate the same doom and gloom as the Eurozone readings did earlier in the day.
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