Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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The EUR/USD pair, which has embarked on a bullish trajectory since February 14, encountered hurdles today as it relinquished some of its intraday gains. The Asian session witnessed a surge in the pair, predominantly driven by a weaker US Dollar (USD) amid subdued US Treasury yields. However, the Euro faced headwinds amidst market caution over […]
BOC in Focus The Canadian Dollar has softened a little on the back of yesterday’s inflation data. Canadian CPI was seen declining again last month, further dampening tightening expectations. The BOC has recently warned that its discussions have now shifted away from whether to tighten further, instead focusing on when the bank should cut rates. […]
EURUSD, “Euro vs US Dollar” The EURUSD pair formed a structure of a growth wave to 1.0838 and a decline structure to 1.0803 today. Currently, a growth link to 1.0820 is forming. Practically, a new consolidation range might go by these levels. With an escape upwards, the range might expand to 1.0850. With a downward […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are in the overbought area on H4. The RSI has rebounded from the resistance line. In this situation, a breakout of 8/8 (150.00) is expected, followed by a decline to the support at 7/8 (148.43). The scenario could be cancelled by rising above +1/8 (151.56). In this […]
Daily Market Outlook, February 21, 2024 Munnelly’s Market Minute… “Markets On Nvidia Earnings Watch” This morning, Asian stock markets are showing a varied performance, with Chinese indices gaining while most others are experiencing declines. A Chinese media source reported that a key interest rate was kept unchanged this week due to concerns about its impact […]
PBoC Slashes LPR Chinese stocks are surging higher today after the PBoC slashed its 5yr LPR rate to 3.95%. The .25% reduction marks the first LPR cut since June and the largest reduction since the bank introduced the rate in 2019, larger than the .15% cut the market was looking for. Lowering of the rate […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument might go by the reversal signal in a descending wave. The decline target could be the support at 1.0770. However, the quotes might correct to 1.0870 and extend the downtrend after the test […]
The Japanese yen, paired with the US dollar, has reduced its activity to a minimum. The current USDJPY exchange rate stands at 149.98. Morning statistics from Japan revealed a decline in the February Reuters Tankan business confidence index, dropping to -1 points from the previous 6 points. Japanese exports surged in January, increasing by 11.9% […]
TitleSPX500 H4 | Bullish bounce TypeBullish Bounce Preference:The price could fall to the pivot at 4952.82, the overlap support, then it could bounce off the pivot and rise to the 1st resistance at 5038.6, the multi-swing high resistance. Alternative scenario:Price might break below the pivot and fall to the 1st support at 4906.53, the overlap […]
TitleDE30 H4 | Bearish breakout TypeBearish Breakout Preference:The price could continue the downtrend and break the pivot at 17065.2, the overlap support. Then it could fall to the 1st support at 16880.39, the swing-low support that aligns with the 78.6% Fibonacci retracement. Alternative scenario:It could bounce off the pivot and rise to the 1st resistance […]
The Australian dollar, paired with the US dollar, has risen even further. The current AUDUSD exchange rate stands at 0.6565. The Aussie is appreciating gradually, steadily gaining ground. An important supportive factor is the local weakness of the US dollar, as the market awaits the release of the Federal Reserve’s latest meeting minutes this evening. […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is rebounding from the support level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.2605 is expected, followed by a rise to 1.2720. An additional signal confirming the rise might be a rebound […]