Market Analysis

The FTSE Finish Line – July 18 – 2023 FTSE Finds Its Footing Supported By Ocado & Homebuilders FTSE 100 index is up 0.22% on an overall positive session driven by Shares of Ocado Plc, the British online supermarket and technology group, surged by as much as 19% to a five-month high, making it the […]

Daily Market Outlook, July 18, 2023 Munnelly’s Market Commentary…  Asian equity markets failed to sustain the momentum from Wall Street. The Nikkei 225 initially made gains upon its return from a long weekend but eventually erased those gains, reflecting weakness in its peers. The Hang Seng and Shanghai Composite were also lower, with property stocks […]

EURUSD, “Euro vs US Dollar” The currency pair has broken the high of the consolidation range and might extend it to 1.1288. After they reach this level, the quotes could drop to 1.1200. And if this level also breaks downwards, the potential for a wave of decline to 1.1000 could open. GBPUSD, “Great Britain Pound […]

AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI is testing the support line. In these circumstances, the price is expected to break the 8/8 (0.6835) level and continue growing to the resistance level of +2/8 (0.6658). The scenario can […]

TitleNZDUSD H4 | Approaching pullback support  TypeBullish Reversal Preference: Price is falling towards the pivot point of 0.62973 and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.63785. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 0.62413. To discuss […]

The US stock market closed in the green on Monday, helping to stabilize sentiment on Tuesday. The decision regarding the rebalancing of the Nasdaq index had no unexpected consequences, which itself served as a positive signal for the market. Negative concerns arising from the Chinese data (GDP below forecasts) were mitigated by the manufacturing sector […]

EURUSD, “Euro vs US Dollar” EURUSD is testing the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.1230 is expected, followed by a rise to 1.1345. An additional signal confirming the rise will be a rebound […]

EURUSD, “Euro vs US Dollar” EURUSD has formed a Hanging Man 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 level of 1.1200. However, the price might rise to 1.1320 and continue the uptrend without any […]

RBA Cites Fresh Economic Fears The Australian Dollar has been a little softer on the back of the latest meeting minutes, released overnight. The minutes revealed that while most members agreed that further tightening would likely be necessary, concerns over the health of the economy warranted a fresh pause in July. In particular, the board […]

CAD Inflation on Watch Canadian CPI will be on watch today. Following the bank’s latest hike this month, the market has become more uncertain over its BOC expectations. With two consecutive hikes in June and July, putting an end to the neutral streak which ran from January, the market is geared towards expecting more hikes […]

Daily Market Outlook, July 17, 2023 Munnelly’s Market Commentary…  Asian equity markets started the week on a subdued note as market participants digested mixed economic growth and activity data from China. The closure of markets in Japan due to a holiday and disruptions caused by a typhoon in Hong Kong further thinned trading conditions. The […]

Fed Expectations Gold prices are holding steady at the start of the week following a firm rally across the backend of last week. Fluctuating expectations regarding the Fed continue to be the main driver for gold prices. A further fall in US inflation, as confirmed by last week’s CPI readings, has seen traders scaling back […]