Day: February 8, 2024
Daily Market Outlook, February 8, 2024 Munnelly’s Market Minute…“SPX Eyeing 5k” Asian stocks exhibited a mixed performance following Wall Street’s attainment of new record levels, with the S&P 500 nearing 5,000. The Nikkei 225 approached 37K handle driven by positive earnings reports, and SoftBank gained momentum after Arm Holdings’ post-earnings surge. Meanwhile, the Hang Seng […]
CPI & PPI Fall Again Further signs that the Chinese economy is in trouble were seen overnight with the latest CPI reading marking the fastest decline in 15 years. CPI printed -0.8% last month, down from -0.3% prior and below the -0.5% the market was looking for. The data marks the biggest drop since 2009 […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the signal lines of the indicator. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 1.2565 is expected, followed by a decline to 1.2485. An additional signal confirming the decline could be a rebound from […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. However, a divergence has formed on the RSI, revealing a probable price decline. As a result, in this situation, a downward breakout of 7/8 (08728) is expected, followed by a price decline to […]
In the midst of the midweek trading session, the EURUSD pair maintains a firm stance above the 1.0750 mark, refusing to relinquish its modest gains. A tug-of-war between the Euro and the US Dollar ensues, with the latter grappling to garner demand following a slight retracement on Tuesday. Despite marking its second consecutive day of […]
Weak US Helps Oil Crude futures are currently undergoing a shallow recovery rally helped by a mid-week pull back in the US Dollar. Softening US yields have seen USD trading lower on Wednesday, allowing commodities and other risk assets some room to climb. Oil prices suffered a heavy 9% loss last week as fresh strength […]
The British pound sterling, paired with the US dollar, is inclined to grow. The current GBPUSD exchange rate stands at 1.2628. Now that the pressure from the US dollar has decreased, the pound has an opportunity for correction. The UK published very few vital statistics this week. However, the house price report for January is […]
After a pause, the Japanese yen, paired with the US dollar, resumed its decline. The current USDJPY exchange rate stands at 148.54. A high-ranking official from the Bank of Japan remarked yesterday that it was challenging to envision a scenario in which the regulator would swiftly raise the interest rate. This official was Shinichi Uchida, […]
TitleHeading into 38.2% Fibonacci Resistance TypeBearish Reversal Preference:Price is rising towards the pivot point of 0.61551 which is a pullback resistance that aligns close to the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.60888 which is a pullback support level. […]
TitlePotential Bearish Reversal off 50% Fibonacci Retracement TypeBearish Reversal Preference:Price is rising towards the pivot point of 0.65386 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.64920 which is a pullback support […]