Market Analysis
Detailed market analysis for the global markets provided by various regulated forex brokers technical analysis teams
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Pound Under Pressure The British Pound has come under fresh selling pressure today on the back of the latest UK economic data released this morning. UK retail sales were seen plunging lower last month, printing -3.2% from the prior month’s 1.4%, well below the -0.5% the market was looking for. Given that December is typically […]
Daily Market Outlook, January 19, 2024 Munnelly’s Market Minute…“China Short Sales Ban Adds To Regional Concerns” Asian stocks mainly gained momentum from the tech-driven advances on Wall Street, where sentiment was boosted by the lowest initial jobless claims since September 2022. Tech stocks were also lifted by TSMC’s earnings, which drove the company’s shares up […]
The primary currency pair remains in a consolidation phase on Friday. The current EURUSD exchange rate stands at 1.0877. The US statistics released yesterday came out mixed, strengthening the market’s belief that the Federal Reserve does not probably need to reduce the interest rate now. Initial jobless claims decreased to 187 thousand over a week […]
EURUSD, “Euro vs US Dollar” EURUSD has completed a decline structure to 1.0845. Today the market has corrected to 1.0888 (a test from below). Next, a new decline wave to 1.0838 is expected, after which a cosolidation range might form. With an escape downwards, the potential for a decline wave to 1.0733 could open. GBPUSD, […]
Tech Rally Continues Alphabet Shares in Google’s parent company Alphabet are trading higher ahead of the open on Friday. US stocks have been broadly firmer on the back of better-than-forecast labour market and consumer spending data this week. A continued fall in unemployment claims, following a strong December NFP is bolstering hopes that the US […]
TitlePotential Bearish Resistance TypeBearish Reversal Preference:Price could rise towards the pivot point of 79.679 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price down to its 1st support at 76.452 which is a multi-swing-low support level. Alternative scenario: If price […]
The Japanese yen, paired with the US dollar, continues declining. The current USDJPY exchange rate stands at 148.77. So, the yen has reached a new seven-week low. The decrease was provoked by verbal interventions by a high-ranking Japanese official. Shunichi Suzuki, the Japanese Minister of finance, has announced today that the authorities keep a close […]
GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is correcting after a rebound from the support level. The instrument is going inside the Ichimoku Cloud, which suggests a sideways trend. A test of the upper boundary of the Cloud at 1.2715 is expected, followed by a decline to 1.2555. The decline could be additionally supported […]
Gold Under Pressure Gold prices have come under heavy selling pressure this week with gold futures revering sharply lower from their initial Monday highs. The week started on a good footing for gold bulls with safe-haven demand driving the asset higher. However, a shift in the market’s central bank outlook across the week has seen […]
TitlePotential Bullish Bounce TypeBullish Bounce Preference:Price is trading close to the pivot point of 0.86371 which is an overlap support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.87166 which is an overlap resistance that aligns with the 78.6% Fibonacci retracement level. Alternative scenario:If […]
The EURUSD is attempting to develop the ascending impulse that emerged in the second half of the American session yesterday. However, resistance appeared above the 1.09 level, causing the price to drop below, and it is consolidating near the round level. Higher timeframes indicate a breakout of the ascending corridor, which strengthened after the release […]
TitlePotential Bearish Reversal off 50% Fibo Resistance TypeBearish Reversal Preference:Price is trading close to the pivot point of 1.26907 which is an overlap resistance that aligns with the 50.0% Fibonacci retarcement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.26412 which is a pullback […]