Day: December 18, 2023
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction to 1.0889. A growth link to 1.0949 is expected today. Practically, a consolidation range is forming around 1.0950. With an escape from the range upwards, the quotes could rise to 1.1050. With a downward escape, the potential for a price decline to 1.0770 might open. […]
EURUSD, “Euro vs US Dollar” EURUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is nearing the support line. In this situation, a test of 1/8 (1.0864) is expected, followed by a rebound from this level and a price rise to the resistance at 2/8 (1.0986). […]
USD Stays Down The US Dollar remains under pressure as we commence the final full trading week of 2023. Last week, the Fed’s signal that rates will be cut next year acted as confirmation for those who have speculated over the likelihood of such a shift across recent months. On the back of the meeting, […]
TitlePotential bearish reaction off pullback resistance TypeBearish Reversal Preference:Price is rising towards the pivot point of 77.855 which is a pullback resistance that aligns close to the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 72.067 which is a multi-swing-low support […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 1.2635 is expected, followed by a rise to 1.2885. An additional signal confirming the rise will be a rebound from […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Hammer reversal pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be 2065.00. Upon testing the resistance, the price might break it and continue developing the uptrend. However, the quotes could pull back to 2005.00 before growing. […]
Aussie On the Up The Australian Dollar continues its attempted breakout today, fuelled by ongoing USD weakness. The shift in perspective on the Fed sets AUD up as a prime candidate for strength in coming months. With risk flows improving and commodities prices gaining, AUD looks well positioned to benefit from further USD weakness as […]
Daily Market Outlook, December 18, 2023 Munnelly’s Market Minute… Last week, a notable theme in the markets was a divergence in messaging from the Federal Reserve (Fed), Bank of England (BoE), and European Central Bank (ECB). The Fed adopted a somewhat dovish tone and did not resist market expectations for significant rate cuts in 2024. […]