Day: June 17, 2023
TitleUSDJPY H4 | Potential bullish reversal TypeBullish Bounce Preference:Price could approach the pivot point of 140.13 and potentially reverse from here; we could see momentum carry price up to its 1st resistance of 141.509. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support of 139.112. To discuss this trading idea, […]
Tough Time for Silver It’s been a tricky time recently for silver traders. Following the heavy sell off seen across May, the market has since stabilised with price now sitting around 5% higher off the May lows. However, the move has been laboured and seen plenty of volatility making it difficult to gauge if this […]
The European Central Bank (ECB) managed to meet the market’s hawkish expectations at yesterday’s meeting. Like the Federal Reserve (Fed), the European regulator attempted to convey the message that interest rates will remain high for an extended period, opening the door for short-term yields to rise. However, whether central banks will stick to this narrative […]
After numerous earthquakes that damaged thousands of homes, the Netherlands has decided to permanently close the largest gas field in Groningen in October of this year. This news has caused a 30% increase in European natural gas futures, according to Business Insider. While a final decision on the oldest Groningen field, which has been in […]
Daily Market Outlook, June 16, 2023 Munnelly’s Market Commentary… Asian equity markets traded higher, taking cues from the gains on Wall Street. The major indices in the US were boosted by a weaker dollar and lower yields, as investors processed a hawkish European Central Bank (ECB) announcement and the increase in US jobless claims. The […]
TitleEURUSD H4 | React off 1st resistance TypeBearish Reversal Preference: Price is currently at our pivot point of 1.09421 which is an overlap resistance. A reverse from here, price could fall to 1st support at 1.08878 which is an overlap support level. Alternative scenario: However, if price breaks above the pivot point, it could hit […]
BOJ Stands Firm JPY has come under heavy selling pressure today as the BOJ kept rates on hold at its latest monetary policy meeting overnight. Despite simmering speculation that the bank might be approaching a shift in monetary policy, new BOJ chief Ueda held policy steady. Ueda warned that the bank would remain patient in […]
Weaker Dollar Helping Following heavy selling at the start of the week, oil prices are trading higher ahead of the weekend. Crude futures have climbed back into positive territory on the week, helped by a weaker USD and look poised for further upside near-term. The Dollar fell on the back of the FOMC meeting on […]