Market Analysis

TitleEURUSD H4 | Bounce off Support level? TypeBullish Bounce Preference:Price is currently at our pivot of 1.09792 which is an overlap support that aligns with 61.8% Fibo retracement, A bounce off from here, price could push to 1st resistance at 1.10342 which is an overlap resistance level. Alternative scenario:However, if price breaks below the pivot, […]

Daily Market Outlook, August 1, 2023 Munnelly’s Market Commentary…  Asian equity markets showed a mostly positive trend, taking cues from Wall Street’s S&P 500, which marked its 5th consecutive monthly gain. However, market participants were also digesting disappointing Chinese Caixin Manufacturing PMI data and the Reserve Bank of Australia’s (RBA) decision to keep rates unchanged. […]

EURUSD, “Euro vs US Dollar” EURUSD has completed a wave of decline to the 1.0990 level. At the moment, a consolidation range is forming around this level. A downward breakout will open the potential for a decline to 1.0940. With an upward breakout, a wave of growth to the 1.1033 level could develop with the […]

Crude Breaking Higher Oil prices are this week trading at their highest levels since April. Crude futures have put in a solid rally over the last month, rising by over 17% from the July lows. Price is now testing a key resistance level which will be make or break for the bull move. With USD […]

Rising USD Weighing on Gold The US Dollar is pushing higher again this week which is weighing heavily on gold prices currently. Despite the market no longer pricing in any further Fed rate hikes this year, the drive seems to be linked to the resilience of the US economy, as shown through recent data strength. […]

EURUSD, “Euro vs US Dollar” EURUSD has formed the first wave of decline to 1.0944. Today a correction to 1.1111 could develop. This is the second wave. Once the correction is over, the third wave of decline to 1.0888 could follow. With a downward breakout of this level, the wave could extend to 1.0666. This […]

XAUUSD, “Gold vs US Dollar” Gold has formed a Hammer reversal pattern near the support level. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 1980.00. Upon testing the resistance, the price could break it and continue an uptrend. However, the quotes could pull back to […]

The FTSE Finish Line – August 1 – 2023 FTSE Miners Lose Their Shine Weighing On Sentiment  On Tuesday, the UK’s FTSE 100 initially saw gains, but later reversed its course due to losses in mining firms outweighing the positive impact of upbeat earnings reports from HSBC, Weir Group, and Diageo. BP’s shares edged higher […]

AUD Under Pressure The Aussie Dollar has been under heavy selling pressure across the European morning on Tuesday, following the August RBA meeting overnight. The bank caught markets a little offside by keeping rates steady at 4.10%. While expectations were split, consensus favoured a further .25% hike yesterday, as reflected in the Bloomberg economists survey […]

AUDUSD, “Australian Dollar vs US Dollar” AUDUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the support line. In these circumstances, a downward breakout of the 5/8 (0.6652) level is expected, followed by a decline to the support level at 4/8 (0.6591). The scenario can be […]

Indices, Unemployment, and UK Interest Rate: this upcoming week is set to be eventful, with several key data releases impacting global markets. Here’s a breakdown of what to watch out for. USD: Anticipation for Index Data The US dollar quote will be heavily influenced by two critical data points – the Purchasing Managers’ Index (PMI) […]

TitleNZDUSD H4 | Bearish reversal TypeBearish Reversal Preference: Price has reversed from the pivot point of 0.62198 which is an overlap resistance that aligns with the 61.8% Fibonacci retracement level; we could see momentum carry price down to its 1st support at 0.61318 which is an overlap support that aligns with a confluence of Fibonacci […]