Market Analysis

Munnelly’s Market Commentary…  Asian equity markets traded with mixed results as indecision prevailed heading towards the end of the month, quarter and half year. The performance followed a volatile session in the US, where global markets digested the recent central bank rhetoric from the Sintra Forum. Most central bankers, including Fed Chair Powell, signalled the […]

The price of Bitcoin keeps testing the resistance level of 31000; therefore, it might rebound and drop anytime soon. However, potential pennant formation on the chart might help Bitcoin break this pattern and the resistance through and hit the resistance level of 34330. In any case, Bitcoin is likely to either break the resistance level […]

  Hawkish Fed Expectations Weighing on Metals Silver prices are sitting atop support at the 22.3205 level ahead of the final USD GDP number later today. The metal has come back under heavy selling pressure over the last two weeks amidst an uptick in hawkish Fed expectations. Despite the Fed holding rates unchanged in June, […]

The Australian dollar, paired with the US dollar, has reached its lowest level in four weeks. The current AUDUSD quote is 0.6606. The peak of the Aussie at 0.6900 is now a distant memory. The pause in AUD selling pressure may be due to the release of statistics from Australia. Fresh data demonstrate that May […]

The Japanese yen, paired with the US dollar, returned to weakening following a short pause. The current USDJPY quote is 144.45. The US dollar is edging closer to the 145-yen mark, which previously served as the basis for extensive currency interventions. They took place in September and October last year. However, these measures have not […]

The FTSE Finish Line – June 29 – 2023 FTSE Flounders As Investors Weigh Further Rate Rise Uncertainty   On Thursday, the FTSE 100, the UK’s leading stock index, experienced slight losses of 0.30% as market participants grappled with uncertainty following the indications of additional policy tightening by top central bankers. The heads of the world’s […]

Hawkish ECB Comments The DAX continues to hold within the 15642.76 – 16278.35 range this week. Hawkish comments from ECB’s Lagarde at the bank’s Sintra Symposium have acted as a headwind, keeping prices weighted to the downside despite some initial strength in the week.  The ECB chief reaffirmed the bank’s commitment to pushing ahead with […]

GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is testing the support area. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower border of the Cloud at 1.2665 is expected, followed by a decline to 1.2425. An additional signal confirming the decline will be a rebound from […]

USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes are under the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI is nearing the resistance line. In this situation, a breakout of 2/8 (0.8972) is expected, followed by a decline to the support level of 0/8 (0.8911). The scenario can be […]

Ueda Hints at Potential Policy Shift In the first clear sign that the BOJ is contemplating a shift in policy, BOJ’s Ueda told markets yesterday that the bank sees good reason for a shift in policy into 2024. While the BOJ expects inflation to cool near-term, the bank projects that prices will likely pick up […]

Better US Data Following a sharp move higher last week, Bitcoin prices have stalled this week as hawkish Fed expectations have side-tracked the rally. A raft of better-than-forecast US data his week has pushed back against those warning of an imminent US recession. Soaring new home sales and rising consumer confidence saw traders eyeing further […]

USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 1.3360. Next, the price might have a chance to rebound from it and continue the downtrend. However, the quotes could drop to […]