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, October 18, 2023 Munnelly’s Market Minute… Asia – Asian stocks displayed a mixed performance, influenced by escalating tensions in the Middle East ahead of US President Biden’s visit to Israel. The cancellation of scheduled meetings with the Palestinian President and Arab countries added to the geopolitical uncertainty. In economic news, China reported […]
TitleUSDCAD H4 | Bullish bounce off overlap support TypeBullish Bounce Preference:Price is falling towards the pivot point of 1.36075 which is an overlap 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 1.36901 which is a multi-swing-high […]
EURUSD, “Euro vs US Dollar” EURUSD has secured above the upper boundary of the descending channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.0575 is expected, followed by a rise to 1.0755. An additional signal confirming the rise will be a rebound from […]
XAUUSD, “Gold vs US Dollar” Gold has formed a Shooting Star reversal pattern. Currently, the instrument could go by the reversal signal in a descending wave. The pullback target might be 1920.50. Upon breaking the support, the price could rebound from it and continue the uptrend. However, the price might rise to 1965.00 without any […]
Oil Underpinned by Middle East Tensions Oil prices continue to tread water through the middle of the week as prices consolidate following the sharp rally seen on Friday. Tensions in the Middle East are underpinning oil prices here though, with traders awaiting fresh upside impetus, bulls have been unable to capitalise on last week’s momentum. […]
TitleEURJPY H4 | Bullish bounce off 38.2% fibo? TypeBullish Bounce Preference: Price could fall to our pivot point at 157.9, which is a pullback support level, aligning with the 38.2% fibo retracement and 61.8% fibo projection. Since EURJPY is looking to become bullish, there is a high possibility that the multi-swing high resistance could be […]
The Japanese yen, paired with the US dollar, strengthened yesterday but failed to maintain comfortable levels. The current USDJPY exchange rate stands at 149.67. Yesterday, Bloomberg reported that the Bank of Japan will likely discuss raising the price forecast for the financial year ending in March. This led to high volatility in the USDJPY pair, […]
EURUSD, “Euro vs US Dollar” EURUSD has its support level at 1.0533. Today the market is forming a growth movement to 1.0599. Upon reaching it, the market could form a link of decline to 1.0565 (with a test from above). Practically, a consolidation range might form around 1.0565. Escaping the range upwards, the price could […]
Significant improvements were seen on the macroeconomic front on Wednesday following the release of data from China. The third-quarter GDP growth came in at 4.9% on an annual basis, surpassing expectations of 4.4%. Industrial production (4.5% versus a forecast of 4.3%) and even often-underperforming retail sales (5.5% versus 4.9%) also exceeded expectations. Official unemployment in […]
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The BTC price rose to 28,670 USD on Wednesday. The weekly gain is estimated at 5.8%, and the daily gain at 1.8%. The market has successfully breached previously specified resistance levels, both at the 27,800 USD and the 28,500 USD marks. This surge is based on fake news of approval for a BlackRock exchange-traded fund. […]
The primary currency pair surpassed yesterday’s levels on Wednesday, but uncertainties loom regarding future developments. The current EURUSD exchange rate stands at 1.0576. The US released two significant reports yesterday. The first report concerned retail sales, which increased by 0.7% m/m in September, exceeding the forecast (+0.2%) and even surpassing the August figure (+0.6%). The […]