A fall can continue. On the 4-hour chart, the price broke down the 61.8% Fibonacci correction (14.90) and the 50% arc for the medium-term trend.
China cut interest rates for the fifth time since November and lowered the amount of cash banks must set aside, falling back on its major levers to stem the biggest stock market rout since 1996 and a deepening economic slowdown.
U.S. Investors are on edge following last week’s and today’s sell-off in stocks around the globe. Bonds and gold are getting most of the safe-haven buying.
At the beginning of this week, gold kept growing against the USD but later fell slightly. The growth was a result of the weakened USD.
At the beginning of the week, the oil prices are declining sharply, hitting 2009 year lows. On Monday, Brent crude oil fell to $42.08 per barrel.
On Monday, the USD kept falling against its major competitors and reached 2-months lows in the USD/CHF pair.
The European currency is strengthening. Assumingly, the third wave of the senior level 3 continues forming.
A growth is expected. Assumingly, wave C continues forming. Locally, the first wave i of C is likely to be forming.
Crude oil futures rose on Tuesday, one day after plunging to levels not seen since the peak of the global financial crisis in 2009, as European and U.S. equity markets rebounded from a brutal selloff in the prior session.