The price of oil has been increasing, and OPEC’s recent announcement to reduce production may cause further upside in the energy market due to concerns that the global banking crisis could impact demand. It appears that OPEC aims to stabilize oil markets, as an excess of oil reserves in the face of reduced demand can be bearish. Meanwhile, stock prices are trending upward, with speculation that the FED’s actions are on hold and that they will provide liquidity to banks, viewed by traders and investors as a form of stimulus. These actions are seen as dovish, resulting in decreased yields and increased stock prices. However, despite the rise in stocks, the USD has not seen any significant decline. In normal circumstances, a risk-on environment would typically lead to stronger performance of commodity currencies like the AUD and CAD. Nevertheless, the USD could potentially experience volatility and a drop in the upcoming week, due to reports that Brazil, Russia, India, China, and South Africa are collaborating on creating their own currency.
In today’s Elliott wave Live session I will look at FX pairs, Crude, Aussie, Gold, MXN, nok, jpy, SP500, BTCUSD and ETHUSD
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