Day: March 6, 2024
Daily Market Outlook, March 5, 2024 Munnelly’s Market Minute… “China Data & Congress Stimulus Measures Dissapoint” On Tuesday, Asian shares showed a mixed performance as investors took into account China’s official announcements, including a bold 5% growth target. Mainland China’s markets experienced a strong surge, while Japan’s Nikkei 225 index surpassed the 40,000 level reached […]
TitleBearish Downturn TypeBearish Reversal Preference:Price is rising towards the pivot point of 0.65156 which is a pullback resistance that aligns close to the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.64882 which is a pullback support level. Alternative scenario: If […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD 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 1.3550 mark. Next, the price might rebound from the support and maintain its upward trajectory. However, the quotes could rise to […]
The Japanese yen remains under pressure against the US dollar. The current USDJPY exchange rate stands at 150.50. The instrument hovers within a sideways range, but the yen continues to attract bearish interest. Japan published the February Core CPI for Tokyo. This indicator is considered leading for overall inflation estimation. The index saw a 2.5% […]
On the backdrop of Super Tuesday and anticipation surrounding the potential resurgence of former US President Donald Trump in the Republican Party, the US Dollar commenced the week with a vigorous rally. Meanwhile, across the Pacific, markets received a blow from the subdued economic announcements emerging from China’s National People’s Congress. The absence of anticipated […]
TitlePotential Bullish Breakout TypeBullish Breakout Preference:Price is rising towards the pivot point of 1.35879 which is a potential breakout level and could climb higher from here; we could see momentum carry price up to its 1st resistance at 1.36593 which is an overlap resistance level. Alternative scenario:If price reverses from the pivot point, it could […]