Author: Admin
S&P 500 is recovering very nicely and has broken decisively above 6620 after moving out of the diagonal formation a few weeks back. So clearly, we are now in a new recovery phase that could extend further in the near term because that clearly looks like an impulsive advance, meaning that recovery should be made by five subwaves, so more upside is coming after wave 4 pullback. Support is at 7053 level, followed by the 6976 level.On the daily chart, the market reacted nicely from the 6500 support area, which confirm that a higher degree wave four has been completed.…
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On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.8608 compared to the previous day’s fix of 6.8589 and 6.8347 Reuters estimate. PBOC FAQs The primary monetary policy objectives of the People’s Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market. The PBoC is owned by the state of the People’s Republic of China (PRC), so it is not considered an autonomous institution. The Chinese…
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