Day: January 24, 2023
AUDUSD, “Australian Dollar vs US Dollar” On H4, the quotes are nearing the overbought area, while the RSI is nearing the resistance line. A test of 8/8 (0.7080) should be expected, followed by a bounce off it and falling to the support level of 6/8 (0.6958). The scenario can be cancelled by rising over the […]
EURUSD, “Euro vs US Dollar” On H4, at the support level, the pair has formed an Inverted Hammer reversal pattern. The pair now continues going by the signal in an ascending wave. The goal of the growth might be 1.0960. However, the price may pull back to 1.0835, bounce off it, and continue the uptrend […]
Microsoft Announces ‘Third Phase Investment In Open AI Shares in US tech giant Microsoft are trading around 1% higher ahead of the US open today. The move comes on the back of yesterday’s announcement that the company will strengthen its partnership with ChatGPT maker Open AI via a new multibillion dollar investment deal. While the […]
UK Service Sector in Trouble The latest set of PMI readings for the eurozone and the UK today highlighted some clear divergence with regards to economic performance between the two. In the eurozone, the services sector was seen moving back into positive territory last month, printing 50.7, up from 47.8 in November. This marked a […]
EURUSD, “Euro vs US Dollar” The currency pair has corrected to 1.0846. Today the market goes on developing a structure of growth to 1.0948. After this level is reached, the pair may correct to 1.0840. Then the quotes might grow to 1.0965 and extend the wave to 1.0980. GBPUSD, “Great Britain Pound vs US Dollar” […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF is correcting in a descending channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the upper border of the Cloud at 0.9230 is expected, followed by falling to 0.9045. An additional signal confirming the decline will be a bounce off the […]
Daily Market Outlook, January 24, 2023 Tech Rally on Wall Street Sees Nikkei Back Above 27K The Nikkei (the only major Asian market open during the lunar holiday week) managed to shake off a third successive monthly decline in manufacturing data to reclaim the pivotal 27k level, as markets were buoyed by another impressive led […]
Equities Bulls Competing With Hawkish Central Bank Comments We’ve seen a mixed start to the week for global equities benchmarks. Against a backdrop of ongoing weakness in the Dollar, most indices were seen trading higher yesterday though gains have since been tempered across the European open on Tuesday. Indeed, the FTSE is seeing decent selling […]
The Pros of Using a Demo Trading Account A demo trading account is a great tool for learning to trade without incurring financial risk. However, it is not a substitute for developing the key qualities needed for success as a trader such as discipline, humility and a calm attitude. Here are some of the main […]
What Is Revenge Trading? Revenge trading is when a trader takes on bigger and riskier trades in an effort to quickly recoup losses from previous trades. It is motivated by a desire to make up for previous losses. This approach is only successful if the subsequent trade results in a profit, but as all traders […]
