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, 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 […]
Core CPI Rises The US Dollar is pushing higher midweek on the back of yesterday’s US inflation figures. Annualised headline CPI was seen at 3.1% last month, lower than the 3.4% seen a month prior but above the 2.9% the market was looking for. Month on month, headline CPI was unchanged at 0.3%. However, core […]
TitlePotential Pullback before Resuming the Uptrend TypeBullish Bounce Preference:Price could fall towards the pivot point of 1.35412 which is a pullback support that aligns with the 23.6% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.36207 which is a pullback resistance that aligns […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Hammer reversal pattern. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be 2010.00. Upon testing the resistance, the price might rebound from it and continue developing the downtrend. However, the quotes could drop to 1980.50 before correcting. […]
USDJPY, “US Dollar vs Japanese Yen” The USDJPY pair and the RSI on H4 are in their respective overbought areas. In this situation, a test of 8/8 (150.00) is expected, followed by a breakout of the level and a price decline to 7/8 (148.43). The scenario could be cancelled by rising above +1/8 (151.56). In […]