Day: January 27, 2024
TitleXAUUSD H4 | Bearish reversal TypeBearish Reversal Preference:Gold is trading below the pivot point at 2022.1, the overlap resistance which coincides with the 50% Fibonacci retracement level. Price is likely to reverse to 1st support at 2005.86, an overlap support. Alternative scenario:The price could break out of the pivot point and rise to 1st resistance […]
The EURUSD exhibited an upward trajectory, nearing 1.0880 during the European session on Friday. This surge was attributed to the relatively optimistic remarks from ECB members. Gediminas Simkus, an ECB policymaker, exuded confidence, asserting that March wouldn’t witness a rate cut based on available data. Simkus indicated a higher likelihood of rate cuts later in […]
Red Sea Tensions Underpinning Oil Oil prices are softening a touch ahead of the US open on Friday. However, crude futures are still on course to end the week in the green and are currently trading above the December highs, keeping the focus on further upside near-term. Oil prices have seen fresh upside pressure recently […]
GDP Beats Forecasts The US Dollar is pushing higher on Friday following yet a further set of positive data yesterday. Advance Q4 GDP was seen at 3.3% vs 2% expected. While down from the prior quarter’s 4.9%, the reading was far stronger than expected and shows the US economy is holding up a lot better […]
Daily Market Outlook, January 26, 2024 Munnelly’s Market Minute…“China Stimulus Bid Fades” Asian markets have experienced broad declines following a recent period of gains. The negative sentiment follows disappointing projections from chipmaker Intel, despite a strong finish to trading on Wall Street. U.S. markets were lifted by a robust GDP report, showing annualized growth of […]
The Japanese yen, paired with the US dollar, continues to balance in a sideways range. The current USDJPY exchange rate stands at 147.76. A week ago, the instrument reached a peak at 148.80. Core inflation in Tokyo in January dropped to 1.6% y/y, compared to the previous figure of 2.1% and a forecast of 1.9%. […]
The primary currency pair is in decline on Friday. The current EURUSD quote stands at 1.0842. At its meeting in January, the European Central Bank maintained the current monetary policy structure unchanged. The interest rate remained at 4.5% per annum, a historical maximum. In its comments, the ECB explained that the rate is at a […]