Day: December 1, 2023
Brent Brent quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the support line. In this situation, a test of 1/8 (78.12) is expected, followed by a breakout of this level and a decline to the support at 0/8 (75.00). The scenario could be cancelled […]
The primary currency pair retreated lower by Friday. The current EURUSD exchange rate stands at 1.0904. Excessive market emotions are gradually subsiding. In October, Americans’ earnings increased by 0.2% m/m, following a previous 0.4% m/m growth. This result was expected. Spending also rose by 0.2% m/m after a 0.7% increase in September. These average results […]
TitleEURJPY H4 | Bearish reversal off 50% fibo? TypeBearish Reversal Preference: Price could rise towards our pivot point at 162.14, which is a swing high resistance level, aligning with the 50% fibo retracement and 61.8% fibo projection. Since there is fibo confluence here, price could react to the pivot point and fall to the 1st […]
Daily Market Outlook, December 1, 2023 Munnelly’s Market Commentary… Asia – Asian-Pacific stocks had a relatively subdued start to the new month, experiencing limited movement as markets took a pause following the November rally. Economic releases and geopolitical developments, including the resumption of the conflict in Gaza, kept investors engaged.The Nikkei 225 index in Japan […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction to 1.1010. Currently, a decline wave to 1.0860 might form, possibly followed by a correction to 1.0920. Practically, a consolidation range is forming around this level. The main scenario presumes a decline to 1.0713. This is the first target. GBPUSD, “Great Britain Pound vs US […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a decline wave to 1.0940. By now, the market has formed a consolidation range around this level and, escaping it downwards, reached the local target of 1.0878. A correction to 1.0940 might develop today (a test from below). After the correction is over, a new decline structure […]
TitleAUDUSD H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference: Price is falling to our pivot point at 0.6588, which is an overlap support, aligning with the 38.2% fibo retracement. If price bounces off our pivot point, price could rise towards the 1st resistance at 0.6629, which is a swing high resistance level. Alternative […]
Crude Lower Crude prices have turned lower into the end of the week following yesterday’s OPEC+ meeting. The market was widely expecting the group to announce an extension of current production restrictions through next year with some speculating that perhaps we might see a deepening of current cuts. However, reports of tensions within the group […]
The British pound sterling has stepped back from the three-month peak against the US dollar and continues its decline. The current GBPUSD exchange rate stands at 1.2643. The instrument rose to 1.2730 on 29 November but is now compelled to decline due to the stabilisation of the US dollar. Despite this movement, the pound, paired […]
EURUSD, “Euro vs US Dollar” EURUSD has found a foothold under the lower boundary of the bullish channel. The instrument is going inside the Ichimoku Cloud, which suggests a flat. A test of the upper boundary of the Cloud at 1.0920 is expected, followed by a decline to 1.0735. A signal confirming the decline will […]
