Market News & Blog
A very interesting night of disparate moves.
Since the middle of February, we have seen a drop in the price of AUDJPY which has followed the C-D line of a bullish crab pattern. The price has now reached point D which according to chart theory means the pattern has been completed and there should now be a reversal.
The AUDUSD rate has been declining since the middle of March towards point D but this has been interrupted by a short bounce and retracement which is creating a new possible harmonic pattern in the form of a bearish butterfly. If by the end of trading over the next couple of days, the price continues to drop to around the 0.75006 level we could see a possible reversal back up the new C-D line.
GBP strength persists; Aussie Dollar declines along with equities
Sterling might have been the big mover but global markets are in a state of flux right now.
This is not a good environment for the Australian dollar.
Sterling soars after Theresa May calls snap election, stocks, bonds and the US dollar down: Markets Wrap
Politics is the new Black.
Copper breaks below key support; Gold regains strength
Since the 10th of March we have seen a fall in the USDJPY rate which has created multiple Wolfe Waves indicating that after the recent drop, we could be looking at a reversal. The price has been falling since the announcement from Trump that the USD is overvalued but how much longer can this influence the market.