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, September 7, 2023 Munnelly’s Market Commentary… Asian equity markets faced headwinds as they followed the negative lead from the US, where both stocks and bonds retreated in response to hawkish ISM Services data. Additionally, market participants analysed the latest Chinese trade figures. The Nikkei 225 index experienced a turbulent day, initially benefiting […]
EURUSD, “Euro vs US Dollar” EURUSD is correcting within a Triangle pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0725 is expected, followed by a decline to 1.0605. An additional signal confirming the decline will be a rebound from the […]
XAUUSD, “Gold vs US Dollar” Gold has formed an Engulfing reversal pattern near the support level. Currently, the instrument could go by the reversal signal in an ascending wave. The growth target might be 1930.00. Upon testing the resistance level, the price could break it and continue the uptrend. However, the quotes might pull back […]
On Wednesday, appetite for risk in US equities decreased, with major stock indices finishing the session slightly in the red. The American market successfully passed the bearish baton to Asian and European markets as investors gradually sold off stocks amidst rising oil prices. US Treasury bond yields increased as traders apparently factor in the risks […]
TitleUS30USD H4 | Bullish bounce off 78.6% fibo? TypeBullish Bounce Preference: Price is approaching our pivot point at 34271.6, which is an overlap support, and at the 78.6% fibo retracement. If price bounces off the pivot point, then price could head towards the 1st resistance at 34592.7, which is a pullback resistance level, and at […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is in the overbought area, giving hints on a possible price correction. In this situation, a downward breakout of 6/8 (0.8911) is expected, after which the price might drop to the support […]
The Australian dollar, paired with the US dollar, is plummeting. The current AUDUSD exchange rate stands at 0.6365. The Aussie is updating lows last seen in November 2022 as market participants continue to analyse earlier data. Australia’s trade balance surplus in July decreased to its lowest point in 17 months. The report shows that imports […]
TitleGBPJPY H4 | Bullish reversal off 78.6% fibo? TypeBullish Bounce Preference:Price has made a lower high, and we can expect price to fall further to our pivot point at 184.06, which is an overlap support level, aligning with the 61.8% fibo projection and 78.6% fibo retracement. Price could potentially reverse from our pivot point, and […]
The Japanese yen, paired with the US dollar, is undergoing an active phase of devaluation. The current USDJPY exchange rate is 147.41. The current levels for the yen are the lowest in the past 10 months. Overall, the yen has lost more than 12% of its value since the beginning of the year. The primary […]
Oil Cuts Extended Crude prices broke out to yet further new highs for the year yesterday. The move was driven by news that Saudi Arabia and Russia have extended their additional production cuts through year-end. On top of the production cuts agreed among OPEC+ members, the two producers undertook additional, voluntary cuts which totalled around […]
The rapid bullish advance of the greenback in the past few days has encountered some selling pressure near the 105 level on the US Dollar Index (DXY). Today, the index is treading water amid a pullback in oil prices following yesterday’s OPEC+ decision. It’s worth noting that currencies of energy-importing nations entered a downside in […]
The BTC exchange rate dropped to 25,737 USD on Wednesday. Over the past week, the flagship cryptocurrency has lost 6.26%, with bearish trends in the last 24 hours contributing to most of the impact. Support for BTC is at the level of 25,150 USD. This mark is gaining importance as sellers become more active. The […]