It's going to be a busy day for the markets, with (Fed) Chairman Jerome Powell, (ECB) President Christine Lagarde, (BoE) Governor Andrew Bailey and (BoJ) Kazuo Ueda will be speeches at the ECB Forum. So we can expect some volatile price action and possibly in different directions. However, we can expect some optimistic and positive remarks that may try to be positive for the markets in general. I would not be surprised if stocks will hold support and found some buyers today, but for the FX its hard to say anything really, as xxx/USD lost correlation with stocks, while xxx/JPY is moving similarly to indexes, but then you have BoJ who is not happy with current JPY moves.
Looking at DAX as a first update today, there is a nice move up to 16k which we believed it will happen, but it's nto really clear if this is still wave 4 or are we headed higher for 16100. I still think that very good support is at 15630-15700.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended content
Editors’ Picks
AUD/USD struggles near multi-month low; looks to US CPI for fresh impetus
AUD/USD languishes near a multi-month low during the Asian session on Wednesday and seems vulnerable amid a bullish USD. Expectations that inflationary import tariffs from US President-elect Donald Trump will push up prices and limit the scope for the Fed to cut rates remain supportive of elevated US bond yields.
EUR/USD pierces 1.06, finds lowest bids in a year
EUR/USD trimmed further into low the side on Tuesday, shedding another third of a percent. Fiber briefly tested below 1.0600 during the day’s market session, and the pair is poised for further losses after a rapid seven-week decline from multi-month highs set just above 1.1200 in September.
Gold struggles to retain the $2,600 mark
Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.
Ripple could rally 50% following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. XRP could rally nearly 50% if it sustains a firm close above the neckline resistance of an inverted head and shoulders pattern.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.