Day: November 7, 2023
The primary currency pair is facing a retreat on Tuesday. The current EURUSD exchange rate stands at 1.0706. Risk sentiment in the global foreign exchange market has become notably complex, benefitting both the USD and the EUR. The macroeconomic calendar brought forth the statistics from the eurozone on Monday. The final services PMI remained at […]
The Australian dollar is falling against the US dollar on Tuesday. The current AUDUSD exchange rate stands at 0.6437. At its November meeting, the Reserve Bank of Australia decided to raise the interest rate to 4.35% per annum from the previous 4.10%. In its comments, the RBA noted long-term inflation concerns. Naturally, this did not […]
Daily Market Outlook, November 7, 2023 Munnelly’s Market Commentary… Asia – stocks experienced a decline across the board, retreating from the previous day’s gains, with Wall Street’s mixed performance contributing to the uncertainty. South Korea’s KOSPI was a significant underperformer, dropping over 2.8% following the previous day’s surge driven by the ban on stock short-selling. […]
Historical records indicate that November has historically been a challenging month for the Dollar, and it appears that this November is following the trend. The currency commenced the month with a notable decline, shedding roughly 1.7% of its trading value in less than a week. The DXY index made a sharp move downward, breaking out […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 1.3790. Next, the price could break the resistance level and continue the uptrend. However, the quotes could pull back to 1.3655 before […]
EURUSD, “Euro vs US Dollar” EURUSD has gained a foothold below the Tenkan-Sen line. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 1.0645 is expected, followed by growth to 1.0815. An additional signal confirming the rise could be a rebound from the upper boundary […]
China Exports Fall Again Copper prices are coming under fresh pressure today on the back of weaker-than-forecast data out of China overnight. Total exports were seen contracting deeper than expected last month, reflecting an overall dip in output. With recent manufacturing sector data reflecting this weakness, traders are once again concerned over the health of […]
TitleGBPJPY H4 | Bullish bounce off 78.6% fibo? TypeBullish Bounce Preference: Price could potentially fall to our pivot point at 185.13, which is a pullback support, 78.6% fibo projection, and 50% fibo retracement. If price bounces off from our pivot point, then we can expect price to rise towards the 1st resistance at 186.05, which […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a growth wave, reaching 1.0750. Today it could develop a downward trajectory to 1.0670, later potentially rising to 1.0715. After hitting this level, the price could fall to 1.0660, from where the trend could possibly continue to 1.0600. This is the first target. GBPUSD, “Great Britain Pound […]
EURUSD, “Euro vs US Dollar” EURUSD quotes rebounded from 8/8 on H4. The RSI has left the overbought area and broke the support line. In this situation, the quotes are expected to test the 6/8 (1.0681) level, break it and fall to the support at 4/8 (1.0620). The scenario can be cancelled by rising above […]