Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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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 […]
The Australian dollar is declining smoothly against the US dollar. The current AUDUSD exchange rate stands at 0.6499. Morning statistics showed that the PMI in the services sector rose to 53.1 points in February from 49.1 points earlier. The forecast expected an increase to 52.8 points. The fact that the indicator returned above the psychologically […]
AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI has broken the support line. In this situation, a further decline to the 0/8 (0.6469) is expected, while the scenario could be cancelled by rising above the resistance at 2/8 (0.6530). […]
TitleEURGBP Day | Potential bullish breakout TypeBullish Breakout Preference:The price is on the pivot at 0.85536and it could continue to trend higher and breakout of the pivot point. A breakout could lead the price to rise to the 1st resistance at 0.86209, the overlap resistance that aligns with 61.8% Fibonacci retracement. Alternative scenario:Price could reverse […]
BTC Rally Continues Bitcoin prices touched their highest level on record over night, before softening back a touch for now. BTC futures reached highs of 69595 overnight, eclipsing the prior all-time-highs of 69355, set in November 2021. The leading crypto coin has been on an impressive run higher in recent weeks, up almost 80% from […]
EURUSD, “Euro vs US Dollar” The EURUSD pair has completed a growth wave to 1.0866. A correction structure to 1.0843 (testing from above) is expected today. Once the correction is over, a growth structure to 1.0880 is not excluded. Next, a new decline wave to 1.0840 is expected to begin. This is the first target. […]
XAUUSD, “Gold vs US Dollar” Gold is rising within the bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 2100 is expected, followed by a rise to 2145. An additional signal confirming the rise will be a rebound from the lower boundary of […]