WTI crude oil set an upbeat mood at the start of last week and managed to lift the price to $69.89 on Monday, August 6th. They could not keep the positive momentum for very long though, as the price quickly reversed to the south again. By Friday, August 10th, the bears had already dragged WTI…
Japanese Yen Refuses to be the Dollar’s Latest Victim
Last week, when most major currencies like the euro, the Canadian dollar and the British pound (not to mention the Turkish lira) fell against the U.S. dollar, one currency managed not only to hold its ground, but to actually gain some against the greenback. The Japanese yen ‘s rise dragged the USDJPY pair down to…
Two Months Ahead of EURUSD ‘s Turkey-Driven Selloff
EURUSD’s selloff has resumed. The pair fell to as low as 1.1432 earlier today, following a Financial Times report stating the European Central Bank is concerned about some European banks’ exposure to Turkey’s currency crisis. Spain’s BBVA, Italy’s Unicredit, and France’s BNP Paribas were among the big names mentioned in the report. Now, let’s see how…
AUDNZD Gains 500 Pips After Fibonacci Encounter
AUDNZD shot up sharply today, following a statement from the Reserve Bank of New Zealand that cemented the country’s interest rate at its current level for the foreseeable future. The pair was trading below the 1.1000 mark before the announcement, but rose to 1.1175 shortly after it. However, if you have been following our publications…
USDCAD Down After a Tricky Elliott Wave Pattern
USDCAD climbed to 1.3290 on July 19th, but instead of lifting the pair even higher, the bulls lost momentum. A bearish reversal followed as a result. By July 25th, when we had to send our next update to subscribers, USDCAD was down to 1.3135. Was it a buy-the-dip opportunity or the beginning of a bigger…
Crude Oil Even Weaker than Expected
WTI crude oil bulls looked very confident at the start of the week, when they lifted the price to $70.41 a barrel on Monday, July 30th. Unfortunately, their enthusiasm quickly faded, allowing the bears to cause a selloff to $67.34 as of Wednesday, August 1st. One of the possible “reasons” for the decline was the…
“Black Swan” Pattern Sends Crude Oil Plunging
Crude oil bulls gave their best to reach a new high last week. Alas, $74.67 was all they were capable of before running out of momentum. The following sharp plunge dragged the price of WTI crude oil to an intraday low of $69.21 on Thursday for a 7.3% weekly loss. Among the “fundamental” factors the…
Another Week, Another Bitcoin Bloodbath
Another week, another bloodbath for Bitcoin. The largest cryptocurrency climbed to $6815 on Monday, but the bulls quickly lost control and suffered a sharp plunge to $6072 four days later on Thursday. And while bullish predictions by crypto “experts” still call for $60 000 by the end of the year or $280 000 by 2023,…
CVR Energy Remains a Solid Long-Term Oil Play
Almost two years ago, on September 12th 2016, we published an article about a little known oil refiner, whose stock price had plummeted by over 82% in just over three years. The company’s name was CVR Energy Inc. and its crash of course coincided with the great selloff in crude oil prices. And while others…
USDCAD Lost Over 300 Pips in Two Weeks. Here is Why
USDCAD climbed to 1.3386 on June 27th, which was its highest level in over a year. But instead of moving on to 1.3400 and above, the bulls stepped aside and allowed the bears to drag the pair to as low as 1.3077 on July 6th. And while this slump can be explained with the surge…
Bitcoin Falls Because of a 13th Century Mathematician
The price of Bitcoin, the largest cryptocurrency out there, just fell to its lowest level since the start of the year. The previous major low of $5920, registered in early-February, has finally been breached. BTCUSD is currently hovering around $5850, which brings its total loss for the week to 9.3%. But why is Bitcoin crashing…
OPEC Boosts, Oil Surges, Elliott Wave Explains
Correct us if we are wrong, but shouldn’t a supply increase lead to lower prices? Well, at least that was the cause and effect relationship OPEC has been relying on when they decided to increase oil production at a meeting in Vienna on Friday, June 22nd. In an attempt to put the recent oil price…
USDCAD Walks the Path to Month-Old Target
USDCAD bulls proved how stubborn they could be by lifting the pair to a one-year high, despite the numerous bearish interventions along the way. During the last month, USDCAD has been slowly progressing in a choppy and overlapping manner as U.S. – Canada relations took a turn for the worse following the G7 summit. The…
Four Days Ahead of Bitcoin’s “Red Sunday”
Bitcoin is plunging yet again. Following a small recovery from $7027 to $7791 in the first week of the month, BTCUSD just breached the support of $7200 and still seems to be in a downward spiral from its December 2017 high of $19 666. But let’s ignore the bubble-or-not-a-bubble talk for a moment and concentrate…
Dollar Index, Hold Your Horses (Bulls)
Three months ago, while the dollar index was trading below the 90.00 mark following another selloff, we published an Elliott Wave analysis suggesting the bulls were ready to stop the bleeding and lift the index to the resistance area of 95.00. The chart below was what led us to conclude a bullish reversal was on…
