Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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TitlePotential Bullish Bounce off 61.8% Fibonacci Support TypeBullish Bounce Preference:Price could fall towards the pivot point of 190.732 which is an overlap support that aligns with the 61.8% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price up to its 1st resistance at 191.297 which is a pullback resistance that […]
The Australian dollar, paired with the US dollar, is on a downward trajectory. The current AUDUSD exchange rate stands at 0.6517. The Aussie dropped to a weekly low against the USD following the release of softer-than-expected inflation data in Australia. The consumer price index stood at a two-year low of 3.4% in January, remaining unchanged […]
The New Zealand dollar responded negatively to the RBNZ’s remarks and is now decreasing against the US dollar. The current NZDUSD exchange rate stands at 0.6112. NZD dropped to a two-week low after the Reserve Bank of New Zealand kept the interest rate unchanged and proposed a less aggressive approach to monetary policy. The interest […]
ETH Soaring The rally in Bitcoin is helping drive a broad bull move across the crypto space currently. Second largest traded coin Ethereum is now back up to its highest levels since March 2022, close to testing the 2022 highs. The coin has put in an impressive 57% move higher this year, up more than […]
Daily Market Outlook, February 28, 2024 Munnelly’s Market Minute… “Markets Cautious Ahead of US GDP Then PCE Tomorrow” Asian Markets: Markets in the region are cautious ahead of key US data releases. The number of Fed rate cuts discounted by markets has fallen to three, equaling the signal provided in policymakers’ ‘dot plot’ of interest […]
In Tuesday’s early New York session, gold showcased its resilience against the US Dollar, buoyed by hopes of an eventual dovish turn in Federal Reserve policy. Investors, eyeing a potential rollback of the Fed’s restrictive interest rate stance, flocked towards non-yielding assets like gold, seeking refuge from the uncertainties looming in the market. However, the […]
Japanese Inflation Tops Forecasts The Japanese Yen is seeing better demand across early European trading on Tuesday. Overnight, the latest Japanese inflation data has once again turned for onto potential BOJ policy normalisation. National Core CPI was seen coming in at 2% last month, above the 1.9% the market was looking for. The data increases […]
EURUSD, “Euro vs US Dollar” EURUSD has formed a Harami reversal pattern near the resistance level on H4. Currently, the instrument could go by the reversal signal in a descending wave. The correction target could be the support at 1.0820. However, the price could rise to 1.0900 and maintain its upward momentum without testing the […]
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 breakout of 2/8 (0.6530) is expected, followed by a price decline to the support at 1/8 (0.6500). The scenario might be cancelled […]
Daily Market Outlook, February 27, 2024 Munnelly’s Market Minute… “US Budget Negotiations In The Spotlight” Asian Equity Markets: Most markets in the region are higher, with Japan experiencing a smaller-than-expected fall in annual inflation, potentially signaling a rise in interest rates. UK Economy: The UK’s BRC shop price index indicates a monthly fall in food […]
TitleApproaching Pullback Support TypeBullish Bounce Preference:Price is falling towards the pivot point of 150.354 which is a pullback support that aligns with the 100.0% Fibonacci projection level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 150.607 which is a pullback resistance level. Alternative scenario:If price […]
The British pound sterling, paired with the US dollar, continues its rise. The current GBPUSD exchange rate stands at 1.2682. According to fresh statistics, inflation in UK stores has dropped to a two-year low. Observations by the BRC indicate that the index rose by 2.5% in February, marking the lowest figure since March 2022. Simultaneously, […]