Market Analysis

The Australian dollar has stopped declining against the US dollar. The current AUDUSD quote is 0.6766. On the one hand, the Aussie’s position is still under a lot of pressure from the strong US dollar. On the other hand, the Australian economy is showing some signals of stabilisation, which could support the AUD. The preliminary […]

The major currency pair remains balanced on Tuesday. The current EURUSD quote is 1.1080. Yesterday’s released statistics revealed a mixed performance in the Eurozone. The preliminary PMI in the services sector for July decreased to 51.1 points from the previous 52.0 points. In the manufacturing sector, the indicator dropped to 42.7 points from 43.4 points […]

The FTSE Finish Line – July 25 – 2023 FTSE Miners Shine Again, Fundamental Show Glimmer Of Hope UK’s FTSE 100 has notched up a modest gain on the trading day, driven by mining stocks following Beijing’s pledge to provide more policy support to the Chinese economy. Meanwhile, consumer staples major Unilever saw a significant […]

Daily Market Outlook, July 25, 2023 Munnelly’s Market Commentary…  Asian equity markets traded higher, with Chinese stocks leading the gains. The rally in Chinese stocks came after the country’s Politburo made support pledges, boosting investor sentiment. However, gains in the rest of the region were limited due to soft global PMI data and caution ahead […]

AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In these circumstances, the quotes are expected to break the 7/8 (0.6774) level, reaching the resistance at 8/8 (0.6835). The scenario can be cancelled by a downward […]

EURUSD, “Euro vs US Dollar” EURUSD has completed another structure of decline to 1.1059. Today the market is forming a consolidation range above this level. The price is expected to exit downwards and continue this wave to the level of 1.1024. This is a local target. After the price reaches this level, a correction to […]

Market Muted Ahead of BOJ GBPJPY is currently stuck in a holding pattern between the 179.95 and 184.33 levels. GBP has cooled recently on the back of the latest inflation data which showed that CPI fell sharply last month. The data has allayed fears that the BOE will be pressed into taking more aggressive tightening […]

Lack of Detail at Politburo The keenly awaited Chinese Politburo meeting yesterday was a mixed bag for investors. On the one hand, commodities prices and local markets were seen rising as Chinese leaders promised more measures to help revive the economic recovery in China, signalling a rescue package to come later this year.  However, the […]

XAUUSD, “Gold vs US Dollar” Gold is correcting within a bullish channel. The instrument is going inside the Ichimoku Cloud, which suggests a flat. A test of the Tenkan-Sen line at 1960 is expected, followed by a rise to 2005. An additional signal confirming the rise will be a rebound from the lower boundary of […]

USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The correction target might be 1.3200. Next, the price might rebound from the resistance and continue the downtrend. However, the quotes could drop to 1.3120 without pulling […]

Oil On the Rise Crude prices were seen breaking out to their highest levels in over 3 months yesterday. The rally came amidst the broad uptick in risk appetite we saw in response to the Chinese Politburo. With Chinese leaders once again promising support for the economy. While the statement read out on the back […]

US Manufacturing Bouncing Back Yesterday saw a slew of PMI data sets out of the eurozone, UK and finally the US. The overriding tone to the day of data was negative, headlined by heavy misses on some eurozone and UK PMIs. However, US data was seen bucking the trend with the manufacturing PMI coming in […]