2024-11-10 23:33
IndustryPairs in Focus - AUD/USD, GBP/CHF, CAC 40, Nasdaq
AUD/USD
The Australian dollar has been all over the place during the course of the week, as we had broken above the 50 Week EMA, then turned around to drop to the 0.65 level. All things being equal, this is a market that has been very noisy, and of course has a major influence put upon it by risk appetite, so with this being the case I think we have a situation where we are still trying to search for the bottom near the 0.65 level, so as long as we can stay above there, there might be traders willing to jump in and “by the dips” for short-term trades.
USD/CAD
The New Zealand dollar has been all over the place during the course of the week, as we continue to see a lot of noisy behavior. It’s probably worth noting that we are hanging around the crucial 0.60 level, which of course is a large, round, psychologically significant figure, but I also recognize that the true support from a longer-term standpoint is down at the 0.5850 level. In other words, we are getting fairly close to a point where the New Zealand dollar might become “too cheap.”
NASDAQ 100
The NASDAQ 100 has shot straight up in the air during the course of the week, as we continue to see a lot of bullish pressure, as the Federal Reserve cutting rates has boosted the market, right along with the idea of the US election having people willing to come in and buy stocks, as well as jumping in and taking a lot of risk in most markets. With this being the case, I think this continues to be a “buy on the dips” type of stock market.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, as we are closing out near the $70 level. Furthermore, the $65 level underneath will continue to be a major support level, as it has been important over the last 2 years. As long as we can stay above there, then it’s likely that there will be plenty of value hunters willing to jump in and pick oil out. If we were to break down below there, it would be a major disaster just waiting to happen. On the other hand, the market were to break above the $75 level, then we could see a shot toward the $82.50 level.
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Pairs in Focus - AUD/USD, GBP/CHF, CAC 40, Nasdaq
| 2024-11-10 23:33
AUD/USD
The Australian dollar has been all over the place during the course of the week, as we had broken above the 50 Week EMA, then turned around to drop to the 0.65 level. All things being equal, this is a market that has been very noisy, and of course has a major influence put upon it by risk appetite, so with this being the case I think we have a situation where we are still trying to search for the bottom near the 0.65 level, so as long as we can stay above there, there might be traders willing to jump in and “by the dips” for short-term trades.
USD/CAD
The New Zealand dollar has been all over the place during the course of the week, as we continue to see a lot of noisy behavior. It’s probably worth noting that we are hanging around the crucial 0.60 level, which of course is a large, round, psychologically significant figure, but I also recognize that the true support from a longer-term standpoint is down at the 0.5850 level. In other words, we are getting fairly close to a point where the New Zealand dollar might become “too cheap.”
NASDAQ 100
The NASDAQ 100 has shot straight up in the air during the course of the week, as we continue to see a lot of bullish pressure, as the Federal Reserve cutting rates has boosted the market, right along with the idea of the US election having people willing to come in and buy stocks, as well as jumping in and taking a lot of risk in most markets. With this being the case, I think this continues to be a “buy on the dips” type of stock market.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, as we are closing out near the $70 level. Furthermore, the $65 level underneath will continue to be a major support level, as it has been important over the last 2 years. As long as we can stay above there, then it’s likely that there will be plenty of value hunters willing to jump in and pick oil out. If we were to break down below there, it would be a major disaster just waiting to happen. On the other hand, the market were to break above the $75 level, then we could see a shot toward the $82.50 level.
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