Day: August 5, 2023

TitleGBPUSD H4 | Potential bearish reversal? TypeBearish Reversal Preference: Price has just reacted off our pivot point of 1.27397 which is an overlap resistance level that aligns with 50% Fibo retracement. A reverse from here, price could fall to 1st resistance at 1.26532 which is an overlap support level. Alternative scenario: However, if price breaks […]

US Labour Data Due The latest round of US jobs data is due later today and traders will be closely watching the release on the back of the Fed recently hiking rates.  Ahead of the release, the US Dollar has paused, reflecting some uncertainty among traders. While the Fed is no longer expected to hike […]

Daily Market Outlook, August 4, 2023 Munnelly’s Market Commentary…  Asian equity markets experienced a mixed trading session as most bourses in the region lacked a clear direction. This uncertainty followed a subdued performance in Wall Street, where investor sentiment was affected by concerns about a higher yield environment and mixed economic data. Market participants also […]

On Friday, major currency pairs experienced limited price movements, with slight gains observed in commodity dollars such as the Australian Dollar (AUD) and Canadian Dollar (CAD), owing to moderate positive developments in the commodity market. US equities showed signs of weakness yesterday, as the S&P 500 index drifted towards 4500 points. However, today, index futures […]

TitleEURUSD H4 | React off resistance level? TypeBearish Reversal Preference: price is approaching our pivot point of 1.09574 which is an overlap support level that aligns with 50% Fibo retracement. A reverse from here, price could fall to1st support level at 1.09192 which is an overlap support level. Alternative scenario:However,  if price breaks above the […]