Day: January 9, 2024
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 testing the resistance line. In this situation, the quotes are expected to rise above the 4/8 (1.0986) level and reach the resistance at 5/8 (1.1047). The scenario could be cancelled by […]
On Tuesday, the primary currency pair appears neutral. The current EURUSD quote is 1.0965. The market has finally found the equilibrium point after a notably volatile first week of January. During that week, investors urgently reassessed their forecasts about the future actions of the US Federal Reserve. Statistics on the employment market for December came […]
TitleUSDCHF H4 | Bullish bounce TypeBullish Bounce Preference:The price could pull back to the pivot at 0.84541, the overlap support before bouncing off and rising to the 1st resistance level at 0.85777, the pullback resistance. Alternative scenario: USDCHF could break out of the pivot point at 0.84541, and fall to the 1st support level at […]
TitleUSDJPY H4 | Bearish reversal TypeBearish Reversal Preference:USDJPY could rise to the pivot at 144.563, the pullback resistance before reversing off to the 1st support at 141.845, the overlap support. Alternative scenario:The price could rise and break the pivot point at 144.563, and rise to the 1st resistance level at 146.48, the overlap resistance. To […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction, reaching 1.1138. A new decline wave could follow, targeting 1.0763. The market has already completed the first impulse to 1.0940 and is in a consolidation phase around this level today. With an upward breakout, the price could correct to 1.1010. A downward breakout will open […]
EURUSD, “Euro vs US Dollar” EURUSD has completed the first decline wave to 1.0877. A consolidation range could form around 1.0942 today. With an escape from the range upwards, a correction to 1.1010 at least could follow. With a downward escape, the potential for further wave extension to 1.0750 might open. This is a local […]
Daily Market Outlook, January 9, 2024 Munnelly’s Market Minute…“Snapback In Risk Sentiment” Stocks in Asia traded higher, taking cues from the positive performance of Wall Street. The tech sector stood out, driven by a growing appetite for risk in a low-yield environment and a decline in oil prices. Fedspeak contributed to positive sentiment as Governor […]
TitleEURGBP H4 | Bouncing off Fibo level TypeBullish Bounce Preference:EURGBP is bouncing off the pivot point at 0.85884, the pullback support that aligns with the 78.6% Fibonacci level. The price could continue to rise to 1st resistance at 0.8647, the overlap resistance level. Alternative scenario:The price could pull back and break through the pivot point […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD has found a foothold under the lower boundary of the bullish channel. The instrument is going under the Ichimoku Cloud, revealing the prevalence of a downtrend. A test of the Tenkan-Sen line at 0.6715 is expected, followed by a decline to 0.6570. The decrease could be additionally supported […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The pullback target might be 1.3440. Next, the price might rebound from the resistance and extend the downtrend. However, the quotes could drop to 1.3300 without testing […]