Day: January 30, 2024
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of the 4/8 (0.6591) level is expected, followed by a decline to the support at 3/8 (0.6530). The scenario could […]
EURUSD, “Euro vs US Dollar” The EURUSD pair has completed a decline wave to 1.0795. Today the market is forming a correction wave to 1.0850. Once this level is reached, the decline wave is expected to continue to 1.0790. This is a local target. GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD has completed a […]
Daily Market Outlook, January 29, 2024 Munnelly’s Market Minute…“China Winds Up Evergrande, Middle East Tensions Rise” Over the weekend, news emerged that China’s securities regulator would halt the lending of certain stocks for short selling starting today. Initially, this led to a rise in equities across China and Asia. However, optimism quickly faded, and stocks […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has found a foothold under the lower boundary of the Triangle pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.3435 is expected, followed by a decline to 1.3255. An additional signal confirming the […]
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 correction target might be the 1.3445 level. Next, the price could rebound from this level and extend the downtrend. However, the quotes might drop to 1.3355 […]
UK Shop Prices Fall British consumers will no doubt be cheering the latest data out of the UK today. The BRC shop price index was seen falling to 2.9% in January, down from 4.3% last month. At this level, shop price inflation is at its lowest point in 18-months. The BRC noted that the decline […]
Daily Market Outlook, January 30, 2024 Munnelly’s Market Minute…“Eurozone Q4 GDP Eyed” Asian markets saw a mixed trading session with the momentum from Wall St’s record highs offset by weakness in China. The Nikkei 225 initially rose after a surprise drop in Japan’s unemployment rate, but later gave up most of its gains. This evening, […]
The price of Brent oil rebounded from the broken downtrend and dropped. As can be seen from the daily timeframe, the price of this asset is moving within a large range. The asset might potentially have to face resistance at the level of 95.00 and head south. So, let’s observe what is going to happen […]
Middle East Tensions Driving Safe-Haven Demand Gold prices are seeing a decent bid across early European trading on Monday. Traders are braced for an important week with the FOCM due on Wednesday. As trading begins, however, focus is on the rising tensions in the Middle East. News of fresh attacks on ships in the Red […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a correction wave to 1.0884. Today the market is forming a structure of a decline wave to 1.0839. Once this level is reached, a narrow consolidation range is expected to form around this level. With an escape from the range upwards, a growth link to 1.0860 is […]