Forex

Elliott Wave Live: Bitcoin, JPY Breaking higher, Dollar Lower, Focus on US CPIMar 11, 2024

Last week was very interesting and volatile, the USD moved lower as US yields keeps dropping. We have also seen dollar weakness pushed by speculation that BOJ is ready to change their negative rate policy, and also ECB where members are not convinced yet about cutting rates. It appears that FED should do it first, and that’s why this “sentiment” is driving down yields and other markets have been pushed higher. NFP figures came out higher on Friday, but the unemployment rate jumped to 3.9%, so possibly FED is closer to cuts than we think, but key data will be the US CPI release tomorrow. Expectations are for no change compared to the actual number in the previous month, 3.1%! Figure around 3% or lower will make dollar much weaker. But above 3.2% will cause dollar rally.

From an Elliott wave perspective, DXY is at the decision point for the next short-term move, but based on the mid-term view of the emerging markets and yields, I think USD weakness will resume after any rallies.

I talked about this and more in our EW webinar below.

Grega

Webinar:

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close