Day: August 2, 2023
TitleGBPUSD H4 | Potential bullish reversal? TypeBullish Bounce Preference: Price is currently at our pivot point of 1.27734 which is an overlap support that lines up with 61.8% Fibo projection. A bounce off from here, price could push up to 1st resistance at 1.28715 Alternative scenario:However, if price breaks below the pivot, it could fall […]
US Data Disappoints The US Dollar is trading higher today as stocks come under pressure on the back of weak US data yesterday and a ratings downgrade from Fitch. On the data front, the US ISM manufacturing PMI was seen printing 46.4, below the 46.9 the market was looking for. Meanwhile the ISM prices index […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are hovering above the 200-day Moving Average on H4, which indicates a prevailing uptrend. The RSI is nearing the support line. In these circumstances, the quotes are expected to test the 6/8 (142.18) level, then rebound from it and reach the resistance at 8/8 (143.75). The scenario […]
The steep increase in yields of US Treasury bonds across all maturities triggered a correction in the US dollar’s value this week. The US currency index tested the resistance level near 102.50 yesterday and continued its upward trend on Wednesday: The price remains within a downtrend corridor but is vigorously growing due to surprises in […]
The FTSE Finish Line – August 2 – 2023 FTSE US Credit Rating Adjustment Weighs Risk Appetite UK’s FTSE 100 index opened lower, before trading down by 1.35%, reaching a two-week low. The global risk sentiment was affected by ratings agency Fitch’s decision to cut the United States’ credit rating. Meanwhile, the FTSE 250 midcap […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3255. Next, the price could break the support and continue the downtrend. However, the quotes could correct to 1.3340 before a […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to the 1.0955 level and a link of correction to the 1.1018 level. Today another link of decline to 1.0950 could develop. A wide consolidation range is forming around 1.0999. With an upward breakout, a correction could continue to the 1.1122 level. A […]
Daily Market Outlook, August 2, 2023 Munnelly’s Market Commentary… Asian equity markets are trading lower, following a negative lead from Wall Street. The sentiment has been dampened by higher yields and weak economic data. One of the factors affecting the market is Fitch’s credit rating downgrade for the United States from AAA to AA+. The […]
TitleAUDUSD H4 | Bearish momentum TypeBearish Reversal Preference: Price has reversed from the pivot point of 0.67351 which is a pullback resistance that aligns close to the 61.8% Fibonacci retracement level; we could see momentum carry price down to its 1st support at 0.66198 which is an overlap support that aligns with the 61.8% Fibonacci […]
TitleEURUSD H4 | Bounce off Support level? TypeBullish Bounce Preference:Price is currently at our pivot of 1.09792 which is an overlap support that aligns with 61.8% Fibo retracement, A bounce off from here, price could push to 1st resistance at 1.10342 which is an overlap resistance level. Alternative scenario:However, if price breaks below the pivot, […]