Day: February 9, 2024
EURUSD, “Euro vs US Dollar” The EURUSD pair has formed a consolidation range around 1.0766, completing a growth structure to 1.0782 with an escape upwards from the level. A technical return to 1.0766 is expected today (a test from above). Next, another correction link to 1.0791 might form. Once this correction is over, a decline […]
Brent Brent quotes have broken the 200-day Moving Average on H4 and are currently above it, which indicates the probability of an uptrend development. However, the RSI has reached the overbought area. As a result, in this situation, a rebound from 4/8 (81.25) is expected, followed by a price decline to the support at 3/8 […]
TitleEURUSD M15 I Bearish drop TypeBearish Drop Preference:Price is currently at the pivot point of 1.0771 close to the 78.6% Fibo retracement. A reverse from this level could lead the price to fall to 1st support at 1.0756 Alternative scenario:If price breaks above the pivot, it could rise to 1st resistance at 1.0792, above the […]
TitlePotential Bullish Bounce TypeBullish Bounce Preference:Price is falling towards the pivot point of 0.61186 which is a pullback support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.61579 which is a pullback resistance level. Alternative scenario:If price breaks below the pivot point, it could […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Hammer pattern. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target might be 2050.00. Upon testing the resistance, the price could break it and continue developing the uptrend. However, the quotes might pull back to 2025.00 before growth. NZDUSD, […]
The Japanese yen, paired with the US dollar, has fallen to its lowest point in ten weeks. The current USDJPY exchange rate stands at 149.40. Investors seem to have abandoned all expectations about the Bank of Japan raising interest rates soon. At the same time, forecasts regarding the future actions of the US Federal Reserve […]
Daily Market Outlook, February 9, 2024 Munnelly’s Market Minute…“SPX Tips Over 5k” Many Asian markets observe holidays today, with those open displaying mixed but relatively minor fluctuations. Anticipation surrounds potential further stimulus measures in China. A European Central Bank official remarked that this year could see interest rate cuts if no adverse events occur, yet […]
TitleUSDJPY H4 I Falling to a pullback support TypeBearish Reversal Preference:Price is rising toward the pivot point of 149.49, which aligns with a 61.8 % Projection + 161.8% Extension. A reverse from this level could lead the price to fall to 1st support at 148.83, a pullback support level. Alternative scenario:If price breaks above the […]
EURUSD, “Euro vs US Dollar” EURUSD is rebounding from the resistance level. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0800 is expected, followed by a decline to 1.0635. An additional signal confirming the decline could be a rebound from […]
The Australian dollar, paired with the US dollar, started declining again a couple of days after the RBA’s meeting. The current AUDUSD exchange rate stands at 0.6492. So, the AUD has now dropped to its 12-week low against the US dollar. This development occurred within several days after the Reserve Bank of Australia meeting. Investors […]