Day: February 7, 2024
Dollar Correction The US Dollar has softened into the middle of the week following a breakout move in the DXY which saw the index trading up to its highest levels since November earlier this week. Speaking yesterday, Fed’s Mester signalled that the Fed will likely feel comfortable to begin cutting rates later this year if […]
Daily Market Outlook, February 7, 2024 Munnelly’s Market Minute…“FedSpeakers On Deck, With A Scant Data Docket” Asian stocks were mostly positive due to a decline in global yields and further Chinese support efforts. Nikkei 225 was indecisive due to a slew of earnings and with the BoJ reportedly on track for a policy shift by […]
The Japanese yen, paired with the US dollar, is gradually reaching equilibrium. The current USDJPY exchange rate stands at 147.97. At the beginning of the week, the yen hit a two-month low against the USD after the US dollar began to rally. This development occurred as investors reassessed prospects for the Federal Reserve’s future actions. […]
The primary currency pair on Wednesday appears more assured compared to yesterday. The current EURUSD exchange rate stands at 1.0763. While the US dollar continues to hover near its three-month highs, its aggressive stance has softened. With a nearly 1.5% decrease over two days, it is time to pause. Declining yields on US treasury bonds […]
TitleUS30 H4 | Rising to Fibo level TypeBullish Breakout Preference:The price is rising to the pivot at 38622.79, the swing-high resistance. It could potentially break out of the pivot and rise to 1st resistance at 38944.28, the 127% Fibonacci extension level. Alternative scenario:Price might reverse and fall to the 1st support at 38121.57, the overlap […]
TitleEURJPY H4 | Potential bearish breakout TypeBearish Breakout Preference:EURJPY could reverse and break out of pivot at 158.468, the swing-low support. From there it might drop further to the 1st support at 157.254, the swing-low support that aligns with the 38.2% Fibonacci retracement. Alternative scenario:The price could rise and break out of the 1st resistance […]
EURUSD, “Euro vs US Dollar” The EURUSD pair has completed a correction wave to the 1.0745 level. By now, a consolidation range has formed around this level. Today the market has escaped this range upwards, suggesting a further correction to 1.0770. Once it is over, the decline wave could extend to 1.0700, from where the […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are above the 200-day Moving Average on H4, which reveals the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above 7/8 (148.43), subsequently reaching the resistance level at 8/8 (150.00). The scenario could be cancelled […]
BTC Remains in Range Bitcoin remains firmly range-bound as we cross through the middle of the week. Following a rebound off the post-SEC lows, the leading crypto asset has failed to gain further bullish momentum and now sits in a congested block mid-way between 40345 – 45520. The price action reflects a market which is […]
TitlePotential Resistance at 61.8% Fibonacci Retracement TypeBearish Reversal Preference:Price could rise towards the pivot point of 0.65586 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price down to its 1st support at 0.64671 which is a pullback support level. Alternative […]