Day: February 15, 2024
The Japanese yen, paired with the US dollar, remains weak. The current USDJPY exchange rate stands at 150.14. While JPY quotes have marginally rebounded from their lows, their performance is far from impressive. Market attention is heavily focused on the state of the Japanese economy, with today’s statistics confirming the economy’s downturn into recession. The […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are in the overbought area on H4. The RSI has breached the support line. As a result, in this situation, a downward breakout of +1/8 (0.8850) is expected, followed by a decline to the support at 7/8 (0.8728). The scenario could be cancelled by a rise above […]
Daily Market Outlook, February 15, 2024 Munnelly’s Market Minute… “UK In Technical Recession, BoE Governor Optimistic” Asian equities, particularly chip stocks, drove the rise in Asian markets on Thursday. The Nikkei reached a new 34-year peak, while the dollar paused near a three-month high as investors evaluate the potential timing of the Federal Reserve’s easing […]
TitleGBPUSD H1 | Bearish reversal TypeBearish Reversal Preference:Price is rising toward the pivot point of 1.2580 which aligns with the 61.8% Fibo retracement, A reverse from this level could lead the price to fall to 1st support at 1.2520, a swing low support level Alternative scenario:If price breaks above the pivot, it could rise to […]
EURUSD, “Euro vs US Dollar” EURUSD has reached the estimated target of the corrective wave at 1.0734. A consolidation range is expected to form under this level today. With a downward escape from the range, the potential for a wave to 1.0710 could open, from where the decline wave might extend to 1.0685. With an […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF has found a foothold under the Tenkan-Sen line. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 0.8535 is expected, followed by a rise to 0.8995. An additional signal confirming the rise might be a rebound from the […]
TitleGBPJPY H4 | Potential bullish bounce TypeBullish Bounce Preference:The price could reverse to the pivot point at 188.246, the overlap support that alings with 38.2% Fibonacci retracement. It could bounce off the pivot and rise to the 1st resistance at 190.068, the swing-high resistance. Alternative scenario:Price could break out of the pivot and fall to […]
TitlePotential Bearish Reversal TypeBearish Reversal Preference:Price is rising towards the pivot point of 17,041.06 which is a pullback resistance level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 16,822.55 which is a pullback support that aligns close to the 38.2% Fibonacci retracement level. Alternative scenario: […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The correction target could be the 1.3520 level. Next, the price might rebound from the support and extend the uptrend. However, the quotes could rise to […]
The Australian dollar, paired with the US dollar, has halted its decline. The current AUDUSD exchange rate stands at 0.6486. This morning, Australia released employment market statistics, which turned out to be relatively weak. Such data confirms fairly soft expectations for the country’s monetary policy outlook. The unemployment rate rose to 4.1% in January. Employment […]