Day: July 5, 2023
TitleNZDUSD H4 | Bearish reversal off pivot point TypeBearish Reversal Preference: Price is approaching our pivot point at 0.6188 which is a multi swing high resistance. Price could potentially become bearish and head towards our 1st support level at 0.6142. Additionally, price is below a major descending trend line, suggesting that there is a strong […]
EURUSD, “Euro vs US Dollar” EURUSD has formed an Engulfing reversal pattern by the support level on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be 1.0945. However, the price might correct to 1.0845 and continue the uptrend after the test of the support. USDJPY, […]
NZDUSD, “New Zealand Dollar vs US Dollar” NZDUSD has secured above the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 0.6155 is expected, followed by a rise to 0.6285. An additional signal confirming the rise will be a rebound […]
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Intervention Coming? Speculation over potential Japanese intervention in FX markets is helping underpin the Yen today. USDJPY is holding around the 145 level, a price point which has previously prompted intervention from Japanese authorities. Last September, the government and the BOJ acted in tandem to help influence FX rates for the first time in over […]
Daily Market Outlook, July 04, 2023 Munnelly’s Market Commentary… Wall Street saw slight gains in a range bound trading session ahead of the Independence Day holiday. The market remained cautious, and upside momentum was limited. Investors digested the weak US ISM Manufacturing PMI data as holiday-thinned trading conditions pinned the price action. Asian markets traded […]
