Day: February 1, 2024
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 might be 2060.50. Upon testing the resistance, the price could break it and continue with the uptrend. However, the quotes might pull back to 2030.00 before growing. […]
The British pound sterling, paired with the US dollar, is being pulled down. The current GBPUSD exchange rate stands at 1.2675. The Bank of England will meet today to decide on the interest rate. The rate will likely remain at 5.25% per annum. The BoE will allow its counterparts to lead, initiating the reduction in […]
Aussie Inflation Falls Again The Australian Dollar is looking a little softer across the European morning on Wednesday following the latest domestic data overnight. Australian CPI was seen falling back to 0.6% QoQ, down by half from the prior quarter’s 1.2% figure. On the year, inflation stood at 3.4%, down sharply from the prior 4.3% […]
EURUSD, “Euro vs US Dollar” The EURUSD pair continues developing a decline wave to 1.0740. This is the first target. Once it is reached, a correction to 1.0935 is expected (a test from below), followed by a decline to 1.0565. This is a local target. Next, a rise to 1.0740 is expected. Upon reaching this […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is rebounding from the support level. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the upper boundary of the Cloud at 1.2695 is expected, followed by a decline to 1.2555. An additional signal confirming the decline could be a rebound […]
Daily Market Outlook, February 1, 2024 Munnelly’s Market Minute…“Focus Shifts To BoE After Post FOMC Selloff” Asian markets showed a mixed performance following losses on Wall Street due to concerns in the banking sector and Federal Reserve Chair Powell’s resistance to a rate cut in March. However, Chinese Caixin Manufacturing PMI data exceeded expectations. The […]
The price of Bitcoin is heading up. However, the asset will have to face resistance at two levels: 45500 and 49000. The asset’s price might potentially rebound from these levels and drop. Yet it would be wise to follow the candlestick formations to forecast what is about to come next. Should the price of Bitcoin […]
Alphabet Sinks Despite Earnings Beat The harsher nuances of equities trading confronted tech bulls yesterday. Both Alphabet and Microsoft saw their stock prices plunging despite better-than-forecast headline results. Alphabet bore the brunt of the misery with the stock now down around 7% from the YTD highs seen earlier this week. On the numbers front, Alphabet […]
Fed in Focus All eyes today are on the US Dollar as the Fed prepares to deliver its January FOMC decision. While no policy change is expected this time around, traders will be carefully scouting the contents of the statement and post-meeting presser as they look to gauge when the Fed is likely to ease […]
The primary currency pair is decreasing on Wednesday. The current EURUSD exchange rate stands at 1.0820. This evening, the US Federal Reserve’s meeting will conclude. The regulator will decide on the interest rate and likely provide indications regarding the timing of the first reduction in loan costs in this cycle. The interest rate will remain […]