Day: June 6, 2023
The British pound sterling is attempting a local rise against the US dollar. The current GBPUSD quote is 1.2443. The British PMI in services in May, according to the final data, rose to 55.2 points against the preliminary 55.1 points. Compared to the April reading (55.9 points), there is clearly a fall. The decline in […]
Daily Market Outlook, June 06, 2023 Munnelly’s Market Commentary… Asian equity markets had a mixed trading session overnight, with price action mostly range bound. The subdued performance on the Wall Street, where investors “sold the news” following Apple’s headset announcement, coupled with weak data releases, contributed to the clouded sentiment, ISM Services data has prompted […]
TitleBCOUSD H4 | Resistance overhead TypeBearish Reversal Preference: Price could approach the pivot point of 78.403 and potentially reverse from here; we could see momentum carry price down to its 1st support of 75.276. Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance of 80.677. To discuss this trading idea, […]
EURUSD, “Euro vs US Dollar” The currency pair has completed a wave of decline to the 1.0674 level. Today the market is correcting this declining wave, with the correction possible to the 1.0727 level. After it is over, a decline to the 1.0666 level could follow. GBPUSD, “Great Britain Pound vs US Dollar” The currency […]
The Australian dollar is in a real rally against the US dollar. The current AUDUSD quote is 0.6658. The Reserve Bank of Australia at the meeting on Tuesday unexpectedly raised the interest rate by 25 basis points, which was a total surprise for the market. The rate now stands at 4.1% per annum. This is […]
Lowe Lifts Off Again The RBA caught markets by surprise once again last night as it lifted its headline cash rate by a further .25% from 3.85% to 4.10%. The move marks the second such unexpected hike from the bank, with the majority of analysts polled ahead of the meeting expecting no change whatsoever. The […]
TitleUSDCAD H4 | Bounce from overlap support TypeBullish Bounce Preference:Price is approaching the pivot point of 1.33956 and could potentially reverse from here; we could see momentum carry price up to its 1st resistance of 1.34604. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support of 1.33405. To discuss this […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 1.2400 is expected, followed by a rise to 1.2625. An additional signal confirming the rise will be […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed an Inverted Hammer reversal pattern on H4. At this stage, the instrument could go by the reversal signal in an ascending wave. The correction target could be 1.3470. Next, the price might rebound from this level and continue the downtrend. However, the quotes might drop to […]
