FreshForex broker

[Fresh Forex]

Elliott wave analysis of the market for 29.10.2024 GBPUSD​

GBP/USD. Price preparing for another wave of decline.​

​

The situation over the past trading day for the pair under consideration changed slightly. The pound tried to grow, but after reaching a local maximum, it stopped again. And all these microscopic movements are taking place inside the presumed correction, likely taking the form of a simple zigzag, with a horizontal triangle serving as the link wave . The specified wave currently appears incomplete, so in the near term, continued work on it is expected, which will likely bring the price to the upper boundary of the descending channel.
After that, presumably, the price will start falling again to form wave [c].
Thus, it is necessary to wait for the beginning of the development of the mentioned wave before entering into sell trades. A break below the level of 1.2935 could serve as a signal to act.

Investment idea: sell 1.2935, stop loss 1.2960, take profit 1.2815.

FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!

You can find more analytical information on our website​

 

[Fresh Forex]

Fundamental analysis of the market for 30.10.2024 USDJPY
Event to watch out for today:

14:30 EET. USD - GDP Volume Change

USDJPY:
​

The Japanese yen (JPY) is rising against its US counterpart during Wednesday's Asian session amid concerns that the authorities will intervene in the market to support the domestic currency. However, the rise is not bullish amid expectations that the loss of the parliamentary majority by Japan's ruling coalition could make it difficult for the Bank of Japan (BoJ) to further tighten monetary policy. In addition, the optimistic mood in the market is seen as another factor preventing the yen from strengthening.

Traders are also reluctant to make aggressive directional bets and may prefer to take a wait-and-see stance ahead of the BoJ's important decision on Thursday. Investors will also face important macroeconomic data from the US this week - the advance Q3 GDP report today, the Personal Consumption Expenditures (PCE) price index on Thursday and the Non-Farm Payrolls (NFP) report on Friday. All of these will play a key role in influencing the price dynamics of the US Dollar (USD) in the near term and will give a significant impetus to the USD/JPY pair.

Trading recommendation: Trade mainly with Buy orders from the current price level.

Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

You can find more analytical information on our website​

 

[Fresh Forex]

Elliott wave analysis of the market for 31.10.2024 EURUSD​

Development of the corrective upward movement will continue.​

As expected, buyers moved to decisive action, and their attempt to grow yielded some positive results. The euro exchange rate against the dollar did indeed rise, but based on the current situation and the evolving wave pattern, this is still insufficient. Most likely, this is only the beginning of the movement. Over the remaining days of the current trading week, a continuation of growth is expected.

We must also remember that, apparently, a correction is underway, which is generally expected to take the form of a simple zigzag.
Thus, in the near future, the price will strive to grow even stronger and establish new local highs, so any previously opened buy positions should be kept active. You can also look for opportunities to open additional trading positions at the current market value.

Investment idea: buy 1.0855, stop loss 1.0830, take profit 1.0950.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

You can find more analytical information on our website​