Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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The US Dollar finds itself ensnared in a tumultuous market landscape, grappling with conflicting data and wavering projections on Federal Reserve policy. As traders brace for the semi-annual testimony from US Federal Reserve Chairman Jerome Powell at Capitol Hill, the greenback suffers a four-day losing streak, besieged by a confluence of events poised to shape […]
Daily Market Outlook, March 6, 2024 Munnelly’s Macro Minute… “UK Budget & Powell Testimony Main Macro Drivers Today” Asian equity markets exhibited a mixed performance ahead of Fed Chair Powell’s congressional testimony. On Wednesday, a news conference featuring prominent Chinese officials aims to unveil the government’s strategies to stimulate consumption. Pan Gongsheng, the central bank […]
The Japanese yen is actively strengthening against the US dollar. The current USDJPY quote stands at 148.57. The yen is currently at a one-month high, made possible by the weakening of the US dollar. The market believes that, due to deteriorating economic conditions, the Federal Reserve may decide to cut interest rates this year. These […]
EURUSD, “Euro vs US Dollar” EURUSD is rising within a bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.0880 is expected, followed by a rise to 1.0985. An additional signal confirming the rise might be a rebound from the lower boundary of […]
TitleGBPJPY H4 | Bearish continuation TypeBearish Breakout Preference:GBPJPY is on a downtrend, it could break below the pivot at 189.034, the swing-low support that aligns with 38.2% Fibonacci retracement. From there, it could continue to fall to 1st support at 187.424, the overlap support which aligns with 61.8% Fibonacci retracement Alternative scenario:Price might rise to […]
TitleUS30 H4 | Bullish bounce TypeBullish Bounce Preference:US30 could fall to the pivot point at 38477.71, from there it could potentially bounce off the pivot and rise to the 1st resistance at 38772.49, the overlap resistance. Alternative scenario: It could potentially break below the pivot and fall to the 1st support at 38220.6, the swing-low […]
EURUSD, “Euro vs US Dollar” The EURUSD pair has completed a growth wave to 1.0914. A consolidation range is expected to form around the 1.0899 level today. With a downward escape from the range, a correction structure could target 1.0884 (testing from above). When the correction is over, a growth structure to 1.0919 is not […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Hanging Man reversal pattern. Currently, the instrument could go by the reversal signal in a descending wave. The correction target could be 2135.00. After testing the support, the price might rebound and maintain its upward trajectory. However, the quotes could rise to 2180.00 without a correction. […]
TitlePotential Bullish Breakout TypeBullish Rise Preference:Price has just broken above a potential breakout level and could climb higher from here. The pivot point of 0.65874 is a suitable entry point and we could see momentum carry price up to its 1st resistance at 0.66160 which is a pullback resistance level. Alternative scenario:If price reverses from […]
TitleCADJPY H4 | Potential bullish breakout TypeBullish Breakout Preference:The price could continue to rise and breakout of pivot at 110.322, the swing-high resistance aligning with 23.6% Fibonacci retracement. Then it could continue to rise to 1st resistance at 110.962. Alternative scenario:It might fall to the 1st support at 109.602, the swing-low support. To discuss this […]
TitlePotential Bullish Bounce TypeBullish Rise Preference:Price has just reacted off a pullback support that aligns with the 61.8% Fibonacci retracement level and momentum could carry price higher. Pivot point is at the market price of 82.725 and bullish momentum could carry price up to its 1st resistance at 84.088 which is a pullback resistance that […]
Powell on Deck Looking ahead today we have plenty to focus on in FX markets with the first of Fed chair Powell’s testimony due, as well as the ADP employment figure and the JOLTS job openings release. FX markets have seen an absence of volatility recently as traders await the next big directional cues. In […]