Day: January 31, 2024
Daily Market Outlook, January 31, 2024 Munnelly’s Market Minute…“Focus Firmly On FOMC” Asian markets were mostly quiet as a result of numerous earnings and important data releases at the end of the month. Initially, the Nikkei 225 declined after disappointing Industrial Production and Retail Sales data, and was also affected by hawkish comments from the […]
The USD Index (DXY) is currently undergoing a consolidative phase, hovering around the 103.50 zone, which aligns with the pivotal 200-day Simple Moving Average (SMA). Despite the recent bullish trend that emerged at the beginning of the new year, there are indications of a potential slowdown, evident as the price endeavors to undergo multiple tests […]
The Australian dollar, paired with the US dollar, declined on Wednesday. The current AUDUSD exchange rate stands at 0.6567. Inflation data in Australia reinforced market expectations of an imminent interest rate reduction. The consumer price index in Q4 dropped to 4.1% year-over-year from the previous 5.4%. Quarterly, the indicator rose by a mere 0.6% against […]
EURUSD, “Euro vs US Dollar” EURUSD is testing the support area. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0860 is expected, followed by a decline to 1.0675. An additional signal confirming the decline could be a rebound from the […]
EURUSD, “Euro vs US Dollar” The EURUSD pair has completed a correction wave to 1.0855. Today the market is forming a decline wave structure to 1.0806. Once this level is reached, a correction to 1.0825 is expected (a test from below), followed by a decline to 1.0790. This is a local target. GBPUSD, “Great Britain […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be the resistance at 1.0860. However, the price might drop to 1.0780 and extend the downtrend without pulling back. USDJPY, “US Dollar vs Japanese […]
EUR Under Pressure The Euro is seeing fresh selling pressure on Tuesday as traders digest the latest data out of the eurozone. One of the big themes which has developed at the start of 2024 is central bank pushback against rate-cut expectations. The Fed, BOE and ECB have all been active in trying to steer […]
Tech Heavy Hitters to Report US earnings season rolls on and today marks an important day for the tech sector with heavy hitters Alphabet and Microsoft both due to report Q4 results at the market close. Given the sudden AI gold-rush we’ve seen emerge over the last year, these two companies’ results are drawing even […]
Daily Trade Setups GBPAUD CADJPY & AUDJPY To access today’s action analysis click here! Source: Tickmill
The Pound Sterling faced a decline as investor sentiment turned cautious in anticipation of a bustling week. The GBP/USD pair experienced a gradual fall, with all eyes on the forthcoming interest rate decisions from both the Bank of England (BoE) and the Federal Reserve. These decisions, widely expected to maintain rates unchanged for the fourth […]