Day: October 28, 2023
TitleNZDUSD H4 | Potential bearish reversal TypeBearish Reversal Preference: Price is rising towards the pivot point of 0.58333 which is a pullback resistance that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.57733 which is a swing-low overlap […]
PCE Inflation vs. CPI: The Fed’s Guiding Star The release of the Personal Consumption Expenditures (PCE) inflation report has sent ripples through the markets. PCE inflation, second in importance only to the Consumer Price Index (CPI), is closely monitored by the Federal Reserve. In September, the Core PCE, a measure that excludes volatile food and […]
TitleUSDCHF H4 | Falling to support level? TypeBearish Reversal Preference:Price has just reacted off our pivot point of 0.8999, which serves as an overlap resistance level. A reversal from this point could lead the price to drop to the 1st support at 0.8951, a pullback support level. Alternative scenario:However, if the price breaks above the […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a wave of decline to 1.0521. Today the quotes might correct to 1.0590. After the price reaches this level, a new wave of decline to 1.0515 could begin. This is the first target. GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD has completed a wave of decline […]
Brent Brent quotes are below the 200-day Moving Average on H4, revealing the probability of a downtrend development. The RSI is testing the resistance line. In this situation, a downward breakout of 4/8 (87.50) is expected, followed by a decline to the support at 2/8 (84.38). The scenario can be cancelled by rising above the […]
Daily Market Outlook, October 27, 2023 Munnelly’s Market Commentary… Asia – Asian stocks are trading with a positive bias, driven by well-received earnings reports from Amazon and Intel, which lifted sentiment after a mostly lower close on Wall Street. The Nikkei 225 is experiencing gains, primarily driven by its Industrial sectors, potentially in response to […]
US Yields Rising A fresh rise in US yields this week linked to a slew of better-than-forecast US data has seen US stocks coming under fresh pressure. Against the backdrop of rising uncertainty linked to the conflict in the Middle East, the near-term outlook for US stocks has dimmed considerably. Of course, tech stocks are […]